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Duos Technologies Group Reports Third Quarter and Nine Month 2021 Results
JACKSONVILLE, FL / ACCESSWIRE / November 15, 2021 / Duos Technologies Group, Inc. ("Duos" or the "Company") (Nasdaq:DUOT), a provider of vision based
About this update from Duos Technologies Group, Inc.
[{"type":"text","content":"JACKSONVILLE, FL / ACCESSWIRE / November 15, 2021 / Duos Technologies Group, Inc. (\"Duos\" or the \"Company\") (Nasdaq:DUOT), a provider of vision based analytical technology solutions, reported financial results for the third quarter and nine months ended September 30, 2021.Third Quarter 2021 and Recent Operational HighlightsReceived \"Notice to Proceed\" on a significant upgrade for two Railcar Inspection Portals (rip®) with an existing Class I rail operator customer. This upgrade is being provided in connection with a larger overall contract, which includes complete North American service, support, maintenance, and spare components sourcing for the seven (7) portals currently in operation for the customer. The services contract will be recognized as recurring revenue through 2022.Received an order for an Automated Pantograph Inspection System, or apis®, to be installed at a transit system based in Canada.Elected new independent board member Craig Nixon at the Company's Annual Shareholder Meeting in July. A retired high-ranking military officer with extensive, recent experience in technology consulting with several prominent Silicon Valley companies, Nixon is ideally suited to help lead Duos towards excellence in operations and strategic planning.In November, Duos will be consolidating operations across the company into a single location. 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.Awarded Patent No. 11172107 from the USPTO for \"Optical Path Alignment Guide.\" The new patent is in concert with the Company's strategic focus on visual analysis technology for moving objects.Continued marketing partnership with NVIDIA, which featured Duos in a recent Blog published on their corporate website: Duos Technologies Uses AI-Powered Inspection to Help Railway Operators Stay on Track.Third 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 the third quarter increased 36% to $1.74 million compared to $1.28 million in the same period last year. This was the aggregate of about $1.15 million for technology systems and $587,000 in recurring services and consu...