Duos Technologies Group, Inc. (DUOT) Q2 2021 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Duos Technologies' second quarter 2021 earnings conference call. Joining us for today's call are Duos CEO Chuck Ferry and CFO Adrienne Goldfarb. Following their remarks, we will open the call for your questions. Then before we conclude today's call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. Now I would like to turn the call over to Duos CEO Chuck Ferry. Sir, please proceed. Welcome, everyone, and thank you for joining us. Earlier today, we issued a press release announcing our financial results for the second quarter of 2021, as well as other operational highlights. A copy of the press release is available in the investor relations section of our website. I encourage all of our listeners to view that release, as well as our forthcoming 10-Q filing with the SEC, to better understand some of the details we'll be discussing during our call. Now let's get started. During the second quarter, we made continued progress in our ongoing transition to becoming a profitable, high-growth, and self-sustaining business. That said, we did encounter some challenges in the form of short-term industry and operational headwinds. Within procurement, we are experiencing delays in receiving necessary components for our rail car inspection portals, including advanced cameras and high-speed servers, which are critical to our inspection portals. In response, we are taking certain steps to mitigate some of these issues, such as obtaining long lead items in advance of formal notice to proceed in order to reduce the overall deployment time for technology systems. Additionally, within our artificial intelligence business, we've made some staffing changes to our internal team to meet the demand for more comprehensi...