Business
Duos Technologies Group Reports Fourth Quarter and Full Year 2022 Results
Record Year Performance Driven by 82% Revenue Increase to $15.01 Million Reaffirmed 2023 Revenue Outlook of Between $20.0 Million and $21.0 Million,
About this update from Duos Technologies Group, Inc.
[{"type":"text","content":"Record Year Performance Driven by 82% Revenue Increase to $15.01 Million Reaffirmed 2023 Revenue Outlook of Between $20.0 Million and $21.0 Million, Representing an Increase of 33% to 40% Over 2022 Subscription Business Expansion Remains On Track, Initial Site Installations Scheduled for Later This Year JACKSONVILLE, Fla., March 30, 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 fourth quarter (“Q4 2022”) and full year ended December 31, 2022. Fourth Quarter 2022 and Recent Operational Highlights Performed over seven million comprehensive railcar scans in 2022 across 11 portals, of which more than 573,000 were unique railcars. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 35% of the total freight car population in North America.Released 13 new AI detection models for use within the Company’s Railcar Inspection Portal (“rip®” or “RIP®”) solution since the end of the third quarter. The Company currently has 35 models deployed and operational for freight and transit customers with plans to reach up to 50 different models by the end of 2023.Achieved a 100% renewal rate on recurring revenue contracts throughout 2022 with $2 million cash inflow from those contracts received during the first quarter of 2023. Underlying recurring revenues for support and artificial intelligence grew 32% in 2022.Entered 2023 with estimated total backlog of more than $10.7 million of which the Company expects to recognize $8.4 million during 2023.Secured contract modifications worth an additional $1.1 million in upgrades to a new system for an existing customer in the passenger transportation sector. The add-ons are part of a long-term installation of the Company’s high-end RIP, which is designed to capture images at up to 125 miles per hour.Appointed industry veteran Thomas Hughes to the newly created role of Vice President of Sales, where he is responsible for supporting the Company's commercial and go-to-market strategies for its new subscription offerings.Continued to invest in and expand intellectual property by submitting additional AI and engineering patent applications. Fourth Quarter 2022 Financia...