Duos Technologies Group, Inc. reported a revenue of $7.28 million for the fiscal year ending December 31, 2024, reflecting a 3% decrease from $7.47 million in 2023. The decline in revenue was primarily attributed to delays in deploying two high-speed Railcar Inspection Portals (RIPs), which were ready for installation but faced customer-related site preparation holdups. Despite this, the company saw a 31% increase in service and consulting revenues, driven by new AI and subscription customers, as well as a $921,562 contribution from power consulting work, which was not present in the previous year. The net loss for the year narrowed to $10.76 million from $11.24 million in 2023, indicating a slight improvement in operational efficiency.
In terms of operational changes, Duos Technologies made significant strategic moves in 2024, including the formation of two new subsidiaries: Duos Edge AI and Duos Energy Corporation. These subsidiaries aim to capitalize on the growing demand for edge computing solutions and behind-the-meter energy generation, respectively. The company also entered a long-term Asset Management Agreement (AMA) with Fortress Investment Group, expected to generate approximately $42 million in revenue over two years. This agreement is anticipated to enhance Duos' market position in the power generation sector.
The company’s operational metrics showed a total employee count of approximately 84, with a focus on enhancing its technology offerings in the rail, logistics, and energy sectors. Duos has deployed 13 RIP systems across North America, with plans for further expansion into Europe, Asia, and the Middle East. The company is also exploring applications for its technologies in other vehicle inspection markets, including trucks and aircraft, which could provide additional revenue streams.
Duos Technologies reported a gross margin of $469,215 for 2024, a significant decrease from $1.31 million in 2023, primarily due to the timing of project activities and the costs associated with the power consulting work. Operating expenses decreased by 10% year-over-year, driven by reductions in general and administrative costs and a strategic focus on sales and marketing investments. The company’s liquidity position improved, with a cash balance of $6.27 million as of December 31, 2024, and a commitment to maintaining sufficient working capital to support ongoing operations and growth initiatives.
Looking ahead, Duos Technologies aims to achieve profitability in 2025 by expanding its revenue base through new market opportunities and enhancing its existing product offerings. The company plans to leverage its expertise in AI and edge computing to drive growth, while also focusing on securing long-term contracts and partnerships to bolster its market presence. The anticipated revenue from the AMA and the ongoing development of its RIP technology are expected to play crucial roles in the company’s financial recovery and growth trajectory.
About DUOS TECHNOLOGIES GROUP, INC.
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