Business
Duos Technologies Group Reports Fourth Quarter and Full Year 2019 Results
Company Drives Record Quarterly and Annual Performance Supporting Return to ProfitabilityJACKSONVILLE, FL / ACCESSWIRE / March 30, 2020 / Duos Technologies
About this update from Duos Technologies Group, Inc.
[{"type":"text","content":"Company Drives Record Quarterly and Annual Performance Supporting Return to ProfitabilityJACKSONVILLE, FL / ACCESSWIRE / March 30, 2020 / Duos Technologies Group, Inc. (\"Duos\" or the \"Company\") (NASDAQ:DUOT), a provider of intelligent security analytical technology solutions, reported financial results for the fourth quarter and full year ended December 31, 2019.Fourth Quarter 2019 and Recent Operational HighlightsSuccessfully listed onto the Nasdaq Capital Market and began trading under the ticker symbol \"DUOT\" effective February 13, 2020. In connection with the listing, Duos management rang the ceremonial Nasdaq Opening Bell on February 21, 2020.Also in connection with being listed on the Nasdaq, completed underwritten public offering of 1,542,188 shares of common stock at an offering price of $6.00 per share, resulting in total gross proceeds of $9.25 million, which includes the exercise of its over-allotment option prior to deducting underwriting discounts, commissions and offering expenses payable by the Company.Implemented first full-scale Rail Inspection Portal (rip®) in record time for CSX Transportation, Inc., one of the seven Class 1 Railroad operators who own and operate a combined 140,000 miles of rail track.Substantially completed another rip® with a different customer, which is scheduled for final acceptance at a site in Mexico within the next 60 days.Completed engineering and the launch of a beta test installation of a state-of-the-art, 3D version of Duos' pantograph inspection system (apis®), at a transit rail location in Chicago.Completed installation of an industrial portal for tank car inspection in Michigan.Completed next generation centraco® platform designed to provide additional security and logistics for a banking group.Successfully transitioned the Company's artificial intelligence (AI) models to its new, proprietary truevue360 platform.Fourth Quarter 2019 Financial ResultsIt should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Inc. and truevue360™.Total revenue increased 125% to $5.75 million compared to $2.56 million in the same quarterly period. This significant increase in total revenue was partially the result of timing shifts from previous quarters and was also driven by the current strength of the projects po...