Business
Duos Technologies Group Issues Preliminary Fourth Quarter and Full Year 2022 Results, Sets Initial 2023 Outlook
2023 Revenue Guidance Set Between $20.0 Million and $21.0 Million JACKSONVILLE, Fla., Feb. 07, 2023 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos"
About this update from Duos Technologies Group, Inc.
[{"type":"text","content":"2023 Revenue Guidance Set Between $20.0 Million and $21.0 Million\nJACKSONVILLE, Fla., Feb. 07, 2023 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (\"Duos\" or the \"Company\") (Nasdaq: DUOT) through its operating subsidiary Duos Technologies, Inc., a provider of machine vision and artificial intelligence that analyzes fast moving trains and trucks, today reported select preliminary financial results for the fourth quarter and full year ended December 31, 2022. Based on preliminary unaudited fourth quarter results, the Company expects total revenue for the full year 2022 to be approximately $15.4 million, representing an 86% increase over the prior year and the highest annual revenue in the Company’s history. Duos estimates that recurring revenues for support and artificial intelligence grew 25-30% over 2021. The Company also ended the year with a strong short-term liquid asset position in cash and receivables to serve as a platform into executing its FY23 strategy. Based on preliminary, unaudited results, the Company expects total revenue for the fourth quarter of 2022 to be approximately $6.3 million, representing a 71% increase over the prior year’s equivalent quarter, the highest quarterly revenue performance in the Company’s history. Management also estimates short-term liquidity of $4.5 million at the close of 2022 versus $2.6 million from the year prior. “Despite facing significant external challenges throughout the entirety of 2022, we were able to produce a record performance in the fourth quarter and for the full year. The resilience of our collective team combined with the operational and technical improvements we’ve made have allowed us to succeed and enter 2023 in stride,” said Duos Chief Executive Officer Chuck Ferry. “Based on our current projections, we expect another year of strong revenue growth ahead. As we continue to grow our high-margin recurring revenue base through further AI enhancements, expanded service and maintenance agreements, and our new subscription offerings, we also expect steady progress towards improved profitability in the quarters ahead.” The Company is entering 2023 with an estimated total backlog of more than $10.7 million of which we expect to recognize $8.4 million during 2023. Duos is issuing preliminary revenue guidance between $20.0 million and $21.0 million for fiscal year 2023 ...