Duos Technologies Reports First Quarter 2026 Results
Rhea-AI Summary
Duos Technologies (Nasdaq: DUOT) reported Q1 2026 revenue of $2.72 million, down 45% year over year, with gross margin rising to $1.61 million. Operating expenses increased to $5.24 million, driving a net loss of $3.49 million.
The company completed a $65 million capital raise, secured a $176 million GPUaaS contract within a $200 million Hydra Host partnership, and ended the quarter with $33.03 million in cash and total near-term liquidity of about $40.07 million. Management expects 2026 revenue to exceed $50 million.
AI-generated analysis. Not financial advice.
Positive
- Completed $65 million capital raise in March 2026
- Secured $176 million, 36‑month GPUaaS contract with Hydra Host
- Hydra Host contract projects gross margins above 80% and ~$40 million annual EBITDA
- Q1 2026 gross margin increased to $1.61 million from $1.31 million
- Cash and cash equivalents of $33.03 million at March 31, 2026
- Total cash plus receivables and contract assets of about $40.07 million
- Bookings of approximately $43.5 million expected to be recognized in 2026
- Company expects 2026 revenue to exceed $50 million
- 10 MW contracted and 15 MW planned for deployment in 2026
- Management anticipates positive adjusted EBITDA in the second half of 2026
Negative
- Q1 2026 revenue of $2.72 million, a 45% decline year over year
- Cost of revenues down, but operating expenses up 69% to $5.24 million
- Net operating loss widened to $3.63 million from $1.79 million
- Q1 2026 net loss increased to $3.49 million from $2.08 million
- Adjusted EBITDA for Q1 2026 was negative $1.5 million
- Revenue decline tied to reduced scope under the New APR AMA
News Market Reaction – DUOT
On the day this news was published, DUOT declined 5.35%, reflecting a notable negative market reaction. Argus tracked a trough of -7.9% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $15M from the company's valuation, bringing the market cap to $262.78M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
DUOT is up 4.42% on heavy volume while close peers show mixed moves (e.g., SSTI up 7.99%, DMRC up 2.08%, HIT down 7.02%, SVCO down 5.35%), pointing to a stock-specific reaction rather than a broad software rerating.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 11 | Q1 2026 call set | Neutral | +3.8% | Scheduled Q1 2026 earnings call and webcast details for investors. |
| Mar 26 | FY 2025 call set | Neutral | -5.6% | Announced date and access details for Q4 and full-year 2025 call. |
| Nov 05 | Q3 2025 call set | Neutral | -3.1% | Outlined timing and logistics for Q3 2025 earnings discussion. |
| Aug 14 | Q2 2025 results | Positive | +1.0% | Reported strong Q2 2025 revenue and margin growth, backed by AMA and capital raises. |
| Aug 07 | Q2 2025 call set | Neutral | -7.6% | Set date and dial-in details for upcoming Q2 2025 earnings call. |
Earnings-related news has historically seen a modestly negative average move of about -2.3%, suggesting past market reactions around updates have been cautious.
Recent history shows DUOT steadily building an AI and edge infrastructure story. Prior earnings-tag items were mainly call announcements, with mixed but generally modest price reactions. The 10-Q and earlier 8-K detailed a pivot toward edge data centers, GPUaaS, and a high-margin $176M GPU contract while winding down legacy rail and AMA-driven revenue. Today’s Q1 2026 results continue that transition, with lower near-term revenue and higher operating loss but reaffirmed $50M 2026 revenue expectations and significant contracted backlog and liquidity.
Historical Comparison
Over the past five earnings-tagged releases, DUOT’s average move was about -2.3%. Today’s Q1 2026 results with reaffirmed $50M 2026 revenue and a large GPU contract fit the ongoing earnings-transition narrative.
Earnings news has evolved from scheduling calls to reporting accelerating growth tied to AMA-driven revenue, and now toward a data center and GPUaaS-focused model with multi-year contracted revenue visibility.
Regulatory & Risk Context
Duos has an effective Form S-3 shelf filed on 2026-02-11, allowing up to $250,000,000 of securities issuance through 2029-02-11. The shelf has been tapped via at least 2 prospectus supplements (424B5) in February and March 2026, providing flexibility for future capital raises alongside its current growth strategy.
Market Pulse Summary
The stock moved -5.3% in the session following this news. A negative reaction despite reiterated 2026 revenue above $50M would fit a cautious pattern, as prior earnings-tagged news averaged about -2.3% moves. Q1 2026 revenue declined to $2.72M and net loss widened to $3.49M, reflecting the planned wind-down of AMA-driven business and higher operating costs. Even with a $176M GPUaaS contract, strong cash of $33.03M, and a $65M raise, concerns around execution, losses, and potential further use of the $250M shelf could weigh.
Key Terms
gpu-as-a-service technical
gpuaaS technical
edge data center technical
edc technical
ebitda financial
adjusted ebitda financial
gross margin financial
asset management agreement financial
AI-generated analysis. Not financial advice.
Company remains on target to achieve
2026 marks Company’s next phase of growth and will be focused on scaling modular EDCs, expanding GPU hosting capabilities, and executing a disciplined capacity expansion
JACKSONVILLE, Fla., May 18, 2026 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), a provider of modular, colocation Edge and AI data centers and technology infrastructure solutions, reported financial results for the first quarter (“Q1 2026”) ended March 31, 2026.
First Quarter 2026 and Recent Operational Highlights
- Completed a
$65 million capital raise in March 2026, significantly strengthening the Company’s balance sheet and providing capital to fund GPU-as-a-Service (“GPUaaS”) business model and accelerate deployment of its Edge Data Center (“EDC”) platform - Secured
$176 million GPUaaS contract in March 2026 with Hydra Host to deploy a high-density NVIDIA B300 GPU cluster for a leading global technology company. The agreement covers a 36-month term, including an initial$15 million customer pre-payment, with approximately$26 million in revenues expected to be recognized in the second half of 2026 and approximately$135 million expected to be recorded over the balance of the contract period. The Company projected gross margins exceeding80% and expected annual EBITDA of approximately$40 million . The partnership will be fully funded through the Company's existing cash from the previously noted capital raise, and hardware financing arrangement. - The Company now has 10 MW contracted with 15 MW planned for deployment in 2026, demonstrating an ability to rapidly design, manufacture, and deploy modular infrastructure in underserved Tier 3 and Tier 4 markets
- Advanced strategic transition to a data center-focused platform, with increased emphasis on Duos Edge AI and Technology Solutions as primary growth drivers, while making continued progress on the planned divestiture of the legacy rail inspection business, which is currently expected to be finalized in the second half of 2026
- Continued expansion of the Company’s EDC pipeline, with additional units in production and plans to scale capacity to support increasing demand for AI inference, training, and high-performance computing workloads
First Quarter 2026 Financial Results
It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiaries Duos Technologies, Duos Edge AI, Inc., Duos Technology Solutions, Inc. and Duos Energy Corporation (“Duos Energy”).
Total revenues for Q1 2026 decreased
The Technology Solutions business unit provides manufacturer-agnostic infrastructure sourcing, integration, and value-added supply chain services supporting data center, AI, and enterprise deployments. The Company is actively investing capital to build out a network of Edge Data Centers and expects revenue from both its Hosting and Technology Solutions to increase throughout 2026.
Cost of revenues for Q1 2026 decreased
Gross margin for Q1 2026 increased
Operating expenses for Q1 2026 increased
Net operating loss for Q1 2026 totaled
Net loss for Q1 2026 totaled
Cash and cash equivalents at March 31, 2026 totaled
Financial Outlook
At the end of the first quarter, the Company’s bookings represented approximately
Based on these committed contracts and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2026, the Company is reconfirming its expectation for total revenue in 2026 to exceed
Adjusted EBITDA for the first quarter of 2026 was (
Management Commentary
“We entered the year with significant momentum and a clear path to scale our diversified AI infrastructure platform,” said Duos CEO Doug Recker. “We are now entering the execution phase on several significant projects, most notably our
Conference Call
The Company’s management will host a conference call today, Monday, May 18, 2026, at 8:30 a.m. Eastern Time to discuss these results, followed by a question-and-answer period.
| Date: | Monday, May 18, 2026 | |
| Time: | 8:30 a.m. Eastern time (5:30 a.m. Pacific time) | |
| U.S. dial-in: | +1 877-407-3088 | |
| International: | Dial-In Matrix Link | |
| Confirmation: | 13760459 | |
If you experience any difficulty accessing the call or wish to submit questions in advance, please contact the Company at DUOT@duostech.com. An audio webcast of the call will also be available in the Investor Relations section of the Company’s website as a replay following the event.
For additional information about the Company, please visit: www.duostechnologies.com | www.duosedge.ai.
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, is focused on providing and managing modular data center colocation facilities and infrastructure solutions. Through its wholly owned subsidiaries Duos Edge AI, Inc., and Duos Technology Solutions, Inc., the Company delivers high function computing infrastructure at the “Edge” designed to support high power computing facilities suitable for AI and Enterprise Computing. Duos is strategically focused on scaling its edge data center platforms in conjunction with its data center infrastructure solutions business. It provides manufacturer-agnostic sourcing and fulfillment services to support efficient deployment of data centers and IT environments. Together, these platforms position the Company to address the growing demand for distributed digital infrastructure, while continuing to support legacy applications in Tier 3 and Tier 4 markets.
For more information, visit www.duostech.com and www.duosedge.ai.
Forward- Looking Statements
This news release includes forward-looking statements regarding the Company's financial results and estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Forward-looking statements relate to future events and typically address the Company's expected future business and financial performance. The forward-looking statements in this news release relate to, among other things, information regarding anticipated timing for the installation, development and delivery dates of our systems; anticipated entry into additional contracts; anticipated effects of macro-economic factors (including effects relating to supply chain disruptions and inflation); timing with respect to revenue recognition; trends in the rate at which our costs increase relative to increases in our revenue; anticipated reductions in costs due to changes in the Company's organizational structure; potential increases in revenue, including increases in recurring revenue; potential changes in gross margin (including the timing thereof); statements regarding our backlog and potential revenues deriving therefrom; and statements about future profitability and potential growth of the Company. Words such as "believe," "expect," "anticipate," "should," "plan," "aim," "will," "may," "should," "could," "intend," "estimate," "project," "forecast," "target," "potential" and other words and terms of similar meaning, typically identify such forward-looking statements. Forward-looking statements involve risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the Company's ability to generate sufficient cash to expand operations, the competitive environment generally and in the Company's specific market areas, changes in technology, the availability of and the terms of financing, changes in costs and availability of goods and services, economic conditions in general and in the Company's specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting the use of the Company's technology, changes in operating strategy or development plans and the ability to attract and retain qualified personnel. The Company cautions that the foregoing list of risks, uncertainties and factors is not exclusive. Additional information concerning these and other risk factors is contained in the Company's most recently filed Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other filings filed by the Company with the U.S. Securities and Exchange Commission (the "SEC"), which are available at the SEC's website, http://www.sec.gov. The Company believes its plans, intentions and expectations reflected in or suggested by these forward-looking statements are based on reasonable assumptions. No assurance, however, can be given that the Company will achieve or realize these plans, intentions or expectations. Indeed, it is likely that some of the Company's assumptions may prove to be incorrect. The Company's actual results and financial position may vary from those projected or implied in the forward-looking statements and the variances may be material. Each forward-looking statement speaks only as of the date of the particular statement. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
Contacts
Investor Relations
Tom Colton and Greg Bradbury
Gateway Group, Inc.
+1 949-574-3860 | DUOT@duostech.com
| DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| For the Three Months Ended | ||||||||||||
| March 31, | ||||||||||||
| 2026 | 2025 | |||||||||||
| REVENUES: | ||||||||||||
| Technology systems | $ | 44,259 | $ | 64,684 | ||||||||
| Technology solutions | 562,454 | $ | - | |||||||||
| Services and consulting | 532,467 | 972,751 | ||||||||||
| Services and consulting - related parties | 1,552,572 | 3,914,750 | ||||||||||
| Hosting Revenue | 30,275 | - | ||||||||||
| Total Revenues | 2,722,027 | 4,952,185 | ||||||||||
| COST OF REVENUES: | ||||||||||||
| Technology systems | 17,545 | 232,264 | ||||||||||
| Technology solutions | 506,570 | - | ||||||||||
| Services and consulting | 4,254 | 748,194 | ||||||||||
| Services and consulting - related parties | 543,857 | 2,658,068 | ||||||||||
| Hosting | 39,433 | - | ||||||||||
| Total Cost of Revenues | 1,111,659 | 3,638,526 | ||||||||||
| GROSS MARGIN | 1,610,368 | 1,313,659 | ||||||||||
| OPERATING EXPENSES: | ||||||||||||
| Sales and marketing | 488,847 | 294,975 | ||||||||||
| Research and development | - | 424,431 | ||||||||||
| General and administration | 4,753,067 | 2,383,881 | ||||||||||
| Total Operating Expenses | 5,241,914 | 3,103,287 | ||||||||||
| LOSS FROM OPERATIONS | (3,631,546 | ) | (1,789,628 | ) | ||||||||
| OTHER INCOME (EXPENSES): | ||||||||||||
| Interest expense | 0 | (322,577 | ) | |||||||||
| Change in fair value of warrant liabilities | - | 0 | ||||||||||
| Gain (Loss) on extinguishment of debt | - | 0 | ||||||||||
| Interest income on lease receivable | 3,440 | - | ||||||||||
| Interest income | 83,559 | 32,728 | ||||||||||
| Gain on sale of investments | 52,302 | (186 | ) | |||||||||
| Total Other Income (Expenses), net | 139,301 | (290,035 | ) | |||||||||
| NET LOSS | $ | (3,492,245 | ) | $ | (2,079,663 | ) | ||||||
| Basic and Diluted Net Loss Per Share | $ | (0.15 | ) | $ | (0.18 | ) | ||||||
| Weighted Average Shares-Basic and Diluted | 23,618,144 | 11,390,016 | ||||||||||
| DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | ||||||||||||
| March 31, | December 31, | |||||||||||
| 2026 | 2025 | |||||||||||
| ASSETS | ||||||||||||
| CURRENT ASSETS: | ||||||||||||
| Cash | $ | 33,030,791 | $ | 15,472,229 | ||||||||
| Accounts receivable, net | 2,538,189 | 730,211 | ||||||||||
| Accounts receivable, net - related parties | 688,214 | 5,304,231 | ||||||||||
| Subscription receivable | - | - | ||||||||||
| Lease receivable | 35,831 | 35,361 | ||||||||||
| Contract assets | 3,772,388 | 741,722 | ||||||||||
| Inventory | 306,759 | 306,759 | ||||||||||
| Prepaid expenses and other current assets | 979,713 | 489,071 | ||||||||||
| Note Receivable, net | - | - | ||||||||||
| Total Current Assets | 41,351,885 | 23,079,584 | ||||||||||
| Inventory - non current, net | 391,770 | 391,770 | ||||||||||
| Deposits on equipment | 41,230,217 | - | ||||||||||
| Lease receivable, less current portion | 218,493 | 227,629 | ||||||||||
| Property and equipment, net | 27,630,520 | 27,737,806 | ||||||||||
| Operating lease right of use asset - Office Lease, net | 3,550,592 | 3,650,717 | ||||||||||
| Financing lease right of use asset - Edge Data Centers, net | - | - | ||||||||||
| Operating lease right of use asset - Land, net | 604,885 | 357,561 | ||||||||||
| Security deposit | 450,000 | 450,000 | ||||||||||
| OTHER ASSETS: | ||||||||||||
| Equity Investment - Sawgrass APR Holdings LLC | 7,233,000 | 7,233,000 | ||||||||||
| Intangible Asset, net | - | - | ||||||||||
| Note Receivable, net | - | - | ||||||||||
| Patents and trademarks, net | 193,342 | 186,073 | ||||||||||
| Software development costs, net | 62,358 | 95,275 | ||||||||||
| Total Other Assets | 7,488,700 | 7,514,348 | ||||||||||
| TOTAL ASSETS | $ | 122,917,062 | $ | 63,409,415 | ||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| CURRENT LIABILITIES: | ||||||||||||
| Accounts payable | $ | 4,447,650 | $ | 4,860,782 | ||||||||
| Notes payable - financing agreements | 442,454 | 2,041 | ||||||||||
| Accrued expenses | 496,768 | 306,205 | ||||||||||
| Operating lease obligation - Office Lease -current portion | 823,625 | 818,519 | ||||||||||
| Financing lease obligations - Edge Data Centers - current portion | - | - | ||||||||||
| Operating lease obligation- Land - current portion | 93,824 | 53,000 | ||||||||||
| Notes payable, net of discount - related parties | - | - | ||||||||||
| Contract liabilities, current - Technology Systems | 92,303 | 134,331 | ||||||||||
| Contract liabilities, current - Technology Solutions | 2,896,585 | 1,132,164 | ||||||||||
| Contract liabilities, current - CN Digital Agreement | - | - | ||||||||||
| Contract liabilities, current - Services and consulting | 166,449 | 169,369 | ||||||||||
| Contract liabilities, current - related parties | 2,712,375 | 3,616,500 | ||||||||||
| Total Current Liabilities | 12,172,034 | 11,092,911 | ||||||||||
| Equipment financing payable, less current portion | - | |||||||||||
| Contract liabilities, less current portion - CN Digital Agreement | - | - | ||||||||||
| Contract liabilities, less current portion - related parties | - | - | ||||||||||
| Operating lease obligation - Office Lease, less current portion | 3,338,457 | 3,452,481 | ||||||||||
| Operating lease obligation - Land, less current portion | 530,899 | 311,457 | ||||||||||
| Financing lease obligations - Edge Data Centers, less current portion | - | - | ||||||||||
| Total Liabilities | 16,041,390 | 14,856,849 | ||||||||||
| Commitments and Contingencies (Note X) | ||||||||||||
| STOCKHOLDERS' EQUITY: | ||||||||||||
| Preferred stock: | ||||||||||||
| Series A redeemable convertible preferred stock, | - | - | ||||||||||
| 500,000 shares designated; 0 and 0 issued and outstanding at March 31, 2026 and December 31, 2025, respectively, | ||||||||||||
| convertible into common stock at | ||||||||||||
| Series B convertible preferred stock, | - | - | ||||||||||
| 15,000 shares designated; 0 and 0 issued and outstanding at March 31, 2026 | ||||||||||||
| and December 31, 2025, respectively, convertible into common stock at | ||||||||||||
| Series C convertible preferred stock, | - | - | ||||||||||
| 5,000 shares designated; 0 and 0 issued | ||||||||||||
| and outstanding at March 31, 2026 and December 31, 2025, respectively, | ||||||||||||
| convertible into common stock at | ||||||||||||
| Series D convertible preferred stock, | 1 | 1 | ||||||||||
| 4,000 shares designated; 999 and 999 issued | ||||||||||||
| and outstanding at March 31, 2026 and December 31, 2025, respectively, | ||||||||||||
| convertible into common stock at | ||||||||||||
| Series E convertible preferred stock, | ||||||||||||
| 30,000 shares designated; 12,500 and 12,500 issued | ||||||||||||
| and outstanding at March 31, 2026 and December 31, 2025, respectively, | 13 | 13 | ||||||||||
| convertible into common stock at | ||||||||||||
| Series F convertible preferred stock, | ||||||||||||
| 5,000 shares designated; 0 and 0 issued | ||||||||||||
| and outstanding at March 31, 2026 and December 31, 2025, respectively, | - | - | ||||||||||
| convertible into common stock at | ||||||||||||
| Common stock: | ||||||||||||
| 20,558,377 and 20,449,462shares issued, 20,557,053 and 20,448138 | 29,559 | 20,449 | ||||||||||
| shares outstanding at March 31, 2026 and December 31, 2025, respectively | ||||||||||||
| Additional paid-in-capital | 194,698,836 | 132,892,595 | ||||||||||
| Accumulated deficit | (87,695,285 | ) | (84,203,040 | ) | ||||||||
| Sub-total | 107,033,124 | 48,710,018 | ||||||||||
| Less: Treasury stock (1,324 shares of common stock | ||||||||||||
| at March 31, 2026 and December 31, 2025) | (157,452 | ) | (157,452 | ) | ||||||||
| Total Stockholders' Equity | 106,875,672 | 48,552,566 | ||||||||||
| Total Liabilities and Stockholders' Equity | $ | 122,917,062 | $ | 63,409,415 | ||||||||
| DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| For the Three Months Ended | |||||||
| March 31, | |||||||
| 2026 | 2025 | ||||||
| Cash from operating activities: | |||||||
| Net loss | $ | (3,492,245 | ) | $ | (2,079,663 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Impairment of property, plant & equipment | - | - | |||||
| Depreciation and amortization | 144,146 | 712,388 | |||||
| Gain on sale on investments | (52,302 | ) | - | ||||
| Inventory write-off | - | 25,000 | |||||
| Credit loss recovery | - | - | |||||
| Insurance premium credit | - | - | |||||
| Stock based compensation | 1,379,330 | 995,647 | |||||
| Stock issued for services | 95,000 | 50,000 | |||||
| Amortization of debt discount related to warrant liabilities | - | 269,311 | |||||
| Fair value of warrant liabilities | - | - | |||||
| Loss on extinguishment of debt | - | - | |||||
| Amortization of operating lease right of use asset - Office Lease | 100,125 | 91,142 | |||||
| Amortization of right of use asset - land | 9,441 | - | |||||
| Amortization of lease right of use asset - Edge Data Centers | - | 75,633 | |||||
| Provision for credit losses, accounts receivable | 65,312 | - | |||||
| Provision for credit losses, note receivable | - | - | |||||
| Write off of inventory | - | - | |||||
| Changes in assets and liabilities: | |||||||
| Accounts receivable | (1,873,290 | ) | (106,053 | ) | |||
| Accounts receivable-related parties | 4,616,018 | (1,466,191 | ) | ||||
| Subscription receivable | - | - | |||||
| Lease receivable | 8,666 | - | |||||
| Note receivable | - | - | |||||
| Contract assets | (3,030,666 | ) | (64,684 | ) | |||
| Inventory | - | 10,624 | |||||
| Prepaid expenses and other current assets | 181,191 | (42,467 | ) | ||||
| Accounts payable | (413,128 | ) | (271,304 | ) | |||
| Accounts payable-related party | |||||||
| Security deposit | - | - | |||||
| Accrued expenses | 190,562 | 77,879 | |||||
| Operating lease obligation - Office Lease | (108,919 | ) | (94,956 | ) | |||
| Operating lease obligation - land | 3,501 | - | |||||
| Financing lease obligations - Edge Data Centers | - | 33,680 | |||||
| Contract liabilities, Services and Consulting | (2,921 | ) | - | ||||
| Contract liabilities, Technology Systems | (42,028 | ) | (187,165 | ) | |||
| Contract liabilities, CN Digital Agreement | - | (548,121 | ) | ||||
| Contract liabilities, Technology solutions | 1,764,421 | - | |||||
| Contract liabilities, related parties | (904,125 | ) | (2,154,125 | ) | |||
| Net cash used in operating activities | (1,361,911 | ) | (4,673,425 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchase of patents/trademarks | (11,212 | ) | (9,264 | ) | |||
| Deposits on equipment | (41,230,217 | ) | - | ||||
| Purchase of Marketable Securities | (29,693,638 | ) | |||||
| Sale of Marketable Securities | 29,745,940 | ||||||
| Purchase of property and equipment | (572,359 | ) | |||||
| Net cash used in investing activities | (41,189,127 | ) | (581,623 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayments on financing agreements | (231,420 | ) | (136,606 | ) | |||
| Proceeds from notes payable, related parties | - | - | |||||
| Repayments of lease financing | - | - | |||||
| Repayments of notes payable, related parties | - | (1,000,000 | ) | ||||
| Proceeds from warrant excercises | - | - | |||||
| Proceeds from common stock issued | 64,999,995 | 3,954,940 | |||||
| Proceeds from excercise of stock options | 16,025 | 107,925 | |||||
| Stock issuance costs | (4,675,000 | ) | (138,226 | ) | |||
| Proceeds from shares issued under Employee Stock Purchase Plan | - | - | |||||
| Proceeds from preferred stock issued | - | - | |||||
| Net cash provided by financing activities | 60,109,601 | 2,788,033 | |||||
| Net increase (decrease) in cash | 17,558,564 | (2,467,015 | ) | ||||
| Cash, beginning of year | 15,472,229 | 6,266,296 | |||||
| Cash, end of year | $ | 33,030,791 | $ | 3,799,281 | |||
| Supplemental Disclosure of Cash Flow Information: | |||||||
| Interest paid | $ | - | $ | 3,865 | |||
| Taxes paid | $ | - | $ | 15,945 | |||
| Supplemental Non-Cash Investing and Financing Activities: | |||||||
| Debt discount for warrant liability | $ | - | $ | - | |||
| Notes issued for financing of insurance premiums | $ | 671,833 | $ | 249,448 | |||
| Transfer of inventory to property and equipment | $ | - | $ | 49,609 | |||
| Intangible asset acquired with contract liability | $ | - | $ | - | |||
| Non-cash intangible write-off | $ | - | $ | - | |||
| Equity Investment - Sawgrass APR Holdings LLC | $ | - | $ | - | |||
| Right of use asset and liability for Edge Data Centers | $ | - | $ | - | |||
| Transfer of property and equipment to lease receivable | $ | 2,305,016 | $ | - | |||
| Non-cash financing activity: Warrants issued as part of equity raise | $ | - | $ | - | |||
| Conversion of series E Preferred stock to common stock | $ | - | $ | - | |||
| Transfer of finance lease asset to property and equipment | $ | - | $ | - | |||
| Right of use asset and liability for land lease | $ | 256,765 | $ | - | |||
