Business
Duos Technologies Group Reports First Quarter 2023 Results
Strong First Quarter Performance Driven by 84% Revenue Increase to $2.64 Million Continued Progress in Artificial Intelligence Development with Over 50
About this update from Duos Technologies Group, Inc.
[{"type":"text","content":"Strong First Quarter Performance Driven by 84% Revenue Increase to $2.64 Million Continued Progress in Artificial Intelligence Development with Over 50 Planned Use Cases by Year-end JACKSONVILLE, Fla., May 15, 2023 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, reported financial results for the first quarter (“Q1 2023”) ended March 31, 2023. First Quarter 2023 and Recent Operational Highlights Announced an add-on award of $1.9 million for the enhancement of a planned Railcar Inspection Portal (“rip®” or “RIP®”) system in the passenger transportation sector, pushing the total contract value to more than $13.5 million. This latest addition is part of a long-term installation of the Company's most advanced RIP system, which will capture high-speed images of railcars at up to 125 miles per hour.Performed over 1.7 million comprehensive railcar scans in the first quarter across 11 portals, of which more than 238,000 were unique railcars. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 15% of the total freight car population in North America.Released eight new AI detection models for use within the Company’s RIP solution since the beginning of the year. The Company currently has 37 models deployed and operational for freight and transit customers with plans to deploy more than 50 different models by the end of 2023.Signed strategic partnership with a regional railroad to identify and deploy RIPs to monitor their railcar fleet.Filed two additional patent applications related to the process and method for detecting defects on moving trains and inspecting aircraft during ground operations.Provided input to the Rail Safety Act of 2023 on technology for wayside detection. This Bill recently made it through the U.S. Senate Committee on Commerce, Science, and Transportation. It is expected to be voted upon in the full Senate.As of the end of the first quarter, the Company had $9.4 million of revenue in backlog and expects $7.7 million to be recognized during the remainder 2023. First Quarter 2023 Financial ResultsIt should be noted that the following Financial Results represent the consolidation of the Company with its subsidiary Duo...