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Total Revenue (Q3 2024): $3.24 million, up 112% from $1.53 million in Q3 2023.
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Technology Systems Revenue (Q3 2024): Approximately $1.69 million.
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Recurring Services and Consulting Revenue (Q3 2024): More than $1.55 million, an 88% increase quarter over quarter.
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Gross Margin (Q3 2024): $919,000, up 306% from $226,000 in Q3 2023.
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Operating Expenses (Q3 2024): $2.84 million, a decrease of 11% from $3.2 million in Q3 2023.
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Net Operating Loss (Q3 2024): $1.92 million, reduced from $2.97 million in Q3 2023.
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Net Loss (Q3 2024): $1.4 million, a 53% reduction from $2.95 million in Q3 2023.
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Cash and Cash Equivalents (September 30, 2024): Approximately $646,000.
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Backlog (End of Q3 2024): More than $18.8 million in revenue.
Release Date: November 20, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Duos Technologies Group Inc (NASDAQ:DUOT) signed a two-year asset management agreement worth an estimated $42 million to manage 850 megawatts of power generation assets.
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The company has expanded its investment in the Duos Edge AI subsidiary, adding three new edge data centers for a total of six ready for deployment.
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Revenue for Q3 2024 increased by 112% to $3.24 million compared to the same quarter in 2023, driven by technology systems and recurring services.
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Operating expenses for Q3 2024 decreased by 11% compared to Q3 2023, attributed to reductions in development and administrative costs.
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Duos Technologies Group Inc (NASDAQ:DUOT) anticipates becoming profitable in 2025 due to new initiatives and expected growth in various business segments.
Negative Points
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Total revenue for the first nine months of 2024 decreased slightly to $5.82 million from $5.95 million in the same period last year.
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The company experienced a net operating loss of $1.92 million for Q3 2024, although this was an improvement from the previous year.
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Cash and cash equivalents decreased to approximately $646,000 as of September 30, 2024, compared to $2.44 million at the end of 2023.
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The company implemented a 5% reduction in staff in early Q3 2024 as part of cost management efforts.
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There are ongoing delays with the Amtrak railcar inspection portal project, impacting financial performance in previous quarters.
Q & A Highlights
Q: Chuck, did you say that the assets you will be deploying and managing are the same ones you used to work with at APR? A: Yes, that's correct. I was the CEO for APR Energy, and many of the folks who worked with me there have joined me at Duos. We are very familiar with these assets and will be off to a fast start in managing them.