Business
Duos Technologies Group Reports Second Quarter 2024 Results
Continuing progress on Corporate initiatives in conjunction with improving sequential results establishing solid foundation for growth and profitability in
About this update from Duos Technologies Group, Inc.
[{"type":"text","content":"Continuing progress on Corporate initiatives in conjunction with improving sequential results establishing solid foundation for growth and profitability in 2025\nJACKSONVILLE, Fla., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), reported financial results for the second quarter (“Q2 2024”) ended June 30, 2024. Second Quarter 2024 and Recent Operational Highlights Closed initial 5-Year support services and data sharing agreement with Class 1 railroad valued at $10.9 million. The agreement provides full data availability for 7 existing client portals. Additionally, we now have data available from an eighth portal from a Mexican railroad, which we plan to leverage all 8 portals for subscription marketing starting in Q3.Over 2.3 million comprehensive railcar scans were performed in the second quarter across 13 portals, with more than 383,000 unique railcars scanned. 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.Delivered and installed Edge Data Center for Amtrak at the Secaucus location. Initial construction work beginning at the site and negotiating contract modifications for additional products and services.Received 10th Patent for \"Device to Capture High Resolution images of a Train as it passes through an Inspection Portal\", covering all aspects of the automated visual inspection of railcars. The Company has a further 6 patents pending for visualization of moving objects and expects to announce major product and feature enhancements over the next 6 – 9 months.Announced formation of new subsidiary, “Duos Edge AI” aimed at expanding Duos business into the Edge Data Center (“EDC”) market. First three EDCs now in production with expected delivery to field in Q3 and with initial customer indications of approximately $1 million in annual recurring revenue starting in Q4. Initial debt funding secured for EDC production.Formed new subsidiary, Duos Energy Corporation, aimed at additional market expansion into the increasing demand for power to support new data centers. Using our existing in-house expertise to support the massive demand for AI, Edge computing, and 5G rollout this new subsidiary is aligned with our strategy to be an important part o...