Business
Duos Technologies Group Reports Fourth Quarter and Full Year 2021 Results
JACKSONVILLE, FL / ACCESSWIRE / March 30, 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 / March 30, 2022 / Duos Technologies Group, Inc. (\"Duos\" or the \"Company\") (NASDAQ:DUOT), a provider of vision based analytical technology solutions, reported financial results for the fourth quarter (\"Q4 2021\") and full year ended December 31, 2021.Fourth Quarter 2021 and Recent Operational HighlightsAwarded 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.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 contract for an additional rip® with existing Class I rail customer CSX Transportation. This agreement marks the third portal to be installed as part of the Company's continued partnership with CSX. Installation is expected to be completed by the third quarter of 2022.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.In November, the Company consolidated its operations into a single location in Jacksonville, FL. In addition to creating a more collaborative working environment, the new facility will have sufficient space for the Company's anticipated expansion over the next 12 months.Fourth Quarter 2021 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 for Q4 2021 was essentially unchanged at $3.72 million compared to $3.78 million in the fourth quarter of 2020 (\"Q4...