Business
Duos Technologies Group Reports Third Quarter and Nine Month 2022 Results
Third Quarter Results Highlighted by Revenue Increase to $4.02 Million, up 131% Year-Over-YearReaffirmed Full Year 2022 Revenue Outlook of Between $16.5
About this update from Duos Technologies Group, Inc.
[{"type":"text","content":"Third Quarter Results Highlighted by Revenue Increase to $4.02 Million, up 131% Year-Over-YearReaffirmed Full Year 2022 Revenue Outlook of Between $16.5 Million and $18 Million, Representing an Increase of 99% to 117% Year-Over-YearJACKSONVILLE, FL / ACCESSWIRE / November 14, 2022 / Duos Technologies Group, Inc. (\"Duos\" or the \"Company\") (Nasdaq:DUOT), a provider of machine vision and artificial intelligence that analyzes fast moving trains and trucks, reported financial results for the third quarter (\"Q3 2022\") ended September 30, 2022.Third Quarter 2022 and Recent Operational HighlightsScanned approximately 2.0 million railcars during the quarter, detecting thousands of actionable defects in the field. This represents a 33% increase in the number of railcars scanned over the previous quarter with the number of detections increasing as the AI software is deployed and becomes more effective.Released five (5) new AI detection models for use within the Company's RIP solution covering the following key areas: brake beam bent, ladder stile condition, retainer valve handle position, side handhold condition, and ladder tread condition. Duos now has 30 AI detection models deployed at the track edge.Total revenue was $4.02 million, an increase of 131% over comparable quarter in 2021. Includes $1.31 million recurring services and consulting revenue.Received gross proceeds of approximately $4.01 million from a securities purchase agreement with existing investors and other accredited investors that closed on October 29, 2022. Duos intends to use the net proceeds from this offering to support its planned business expansion within its target rail market and working capital.Announced an expanded business plan to build, own, and operate Railcar Inspection Portals (\"rip®\" or \"RIP\") at strategic locations within the North American rail network. The portals will be 100% owned and operated by Duos and will supply near real-time machine vision-based data and artificial intelligence-based detections to railcar owners who will be able to access these enhanced services on a recurring, subscription model.Formed an Industry Advisory Group to be a key resource for the Company as it expands its offerings to private railcar owners, lessors, and shippers, naming David McKee as first member. McKee brings nearly 40 years of experience in the indust...