The following is a summary of the Duos Technologies Group, Inc. (DUOT) Q1 2024 Earnings Call Transcript:
Financial Performance:
Duos Technologies Group reported a total revenue decline of 60% to $1.07 million in Q1 2024, with a gross margin drop of 82% to $94,000.
The cost of revenues fell by 54% due to the revenue decline.
Net operating loss for the quarter was reported at $2.76 million, and the net loss per share was negative $0.38.
As of Q1 2024, the company held cash and cash equivalents of $2.98 million.
Business Progress:
Duos Technologies made significant progress in its business operations including a $2.7 million contract for a new Railcar Inspection Portal, thus increasing their backlog to $10 million.
It formed a new entity, Duos Edge AI, focused on edge data centers and is negotiating contracts for the installation of four new centers.
The company noted an increased interest in their services due to the pending Railway Safety Act and border challenges, with their pipeline value increasing to over $100 million.
More details: Duos Technologies IR
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