Business
Duos Technologies Group Reports First Quarter 2025 Results
Company records approximately $5 million in revenue, a 363% revenue increase with a strong start in its services and consulting business for fast power.
About this update from Duos Technologies Group, Inc.
[{"type":"text","content":"Company records approximately $5 million in revenue, a 363% revenue increase with a strong start in its services and consulting business for fast power.\nJACKSONVILLE, Fla., May 15, 2025 (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 2025”) ended March 31, 2025. First Quarter 2025 and Recent Operational Highlights Recorded over $4.8 million in Services and Consulting revenue including $3.9 million for services related to the Asset Management Agreement (“AMA”) with New APR Energy.Significant improvement in Gross Margin compared to the same quarter one year ago and further improvements expected in Q2.Showcased the first production standalone Edge Data Center with revenues starting April 1.Placed orders for 4 additional data centers for a total of 10 units so far all of which have identified locations and expect to meet goal of 15 deployed units by year end.Over 2.3 million comprehensive railcar scans performed in the first quarter across 13 portals, of which more than 379,000 were unique railcars. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 24% of the total freight car population in North America.As of the end of the first quarter, the Company had $17.8 million of revenue in backlog plus $7.0 - $8.0 million near-term awards and renewals to be recognized during the remainder of 2025. First Quarter 2025 Financial ResultsIt should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Duos Edge AI, Inc., and Duos Energy Corporation (“Duos Energy”). Total revenues for Q1 2025 increased 363% to $4.95 million compared to $1.07 million in the first quarter of 2024 (“Q1 2024”). Total revenue for Q1 2025 represents an aggregate of approximately $65,000 of technology systems revenue and approximately $4,890,000 in recurring services and consulting revenue. The significant revenue increase in the first quarter, compared to the same quarter last year, was primarily driven by Duos Energy beginning to execute against the Asset Management Agreement (\"AMA\") with New APR that was signed on December 31, 2024...