Business
Duos Technologies Group Reports First Quarter 2022 Results
JACKSONVILLE, FL / ACCESSWIRE / May 16, 2022 / Duos Technologies Group, Inc. ("Duos" or the "Company") (Nasdaq:DUOT), a provider of vision based analytical
About this update from Duos Technologies Group, Inc.
[{"type":"text","content":"JACKSONVILLE, FL / ACCESSWIRE / May 16, 2022 / Duos Technologies Group, Inc. (\"Duos\" or the \"Company\") (Nasdaq:DUOT), a provider of vision based analytical technology solutions, reported financial results for the first quarter (\"Q1 2022\") ended March 31, 2022.First Quarter 2022 and Recent Operational HighlightsConfirmed $9 million order for thermal and vision scanner solution. As part of the initial award, Duos will install two Railcar Inspection Portals (rip®) specifically designed and built to meet requirements for high-speed passenger rail service. Installation is expected to begin in the latter part of 2022 and complete in 2023. Duos has also been selected to supply maintenance services once the portals are in operation.Awarded a $2.7 million contract with an existing Class I rail operator customer to deploy an additional Railcar Inspection Portal (rip®) on the U.S. side of the customer's Southwestern border operations. The contract includes a recurring revenue portion encompassing annually renewable site maintenance and artificial intelligence services. Installation and development efforts are expected to be completed by the third quarter of 2022.Joined NVIDIA Metropolis, a partner program, application framework, and set of developer tools that bring to market a new generation of vision artificial intelligence (\"AI\") applications. The Company adopted the application framework to meet its desire for the latest AI-powered video analytics tools.Successfully raised approximately $5.3 million in gross proceeds through an underwritten public offering of 1,325,000 shares of common stock at a price of $4.00 per share. The Company raised a further $795,000 as an over-allotment issuing a further 198,750 shares. The total net proceeds received were $5.5 million. The Company intends to use the proceeds from the offering for potential acquisitions, general corporate purposes and working capital.Awarded a $500,000 contract for Automatic Pantograph Inspection System (apis®) with a large Canadian transit agency, establishing a strategic transit partner in Canada for Duos. The system is expected to be installed and fully operational by the third quarter of 2022.First Quarter 2022 Financial Results It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologie...