Duos Technologies Reports Record 2025 Results, Driving Momentum in AI and Edge Infrastructure

Rhea-AI Summary

Duos Technologies (Nasdaq: DUOT) reported record 2025 results with $27.02M revenue, a ~271% YoY increase, and Q4 revenue of $9.46M. The company raised $110M in two financings, deployed 15 EDC pods, launched GPU-as-a-Service and secured a 2,304 GPU deployment contract.

Backlog was about $25.8M with ~$12.4M expected in 2026; management expects 2026 revenue to exceed $50M.

Positive

• Revenue +271% year-over-year to $27.02M
• Raised $110M in combined capital financings
• Deployed 15 Edge Data Center pods
• Contract to deploy 2,304 GPUs across EDC platform
• Backlog of $25.8M; $12.4M expected in 2026
• Launched GPU-as-a-Service and Technology Solutions

Negative

• Net loss of $9.84M for full-year 2025
• Operating expenses increased 54% to $17.64M
• Q4 results heavily driven by single AMA with New APR
• Delays in Railcar Inspection Portal deployments reduced systems revenue

News Market Reaction – DUOT

-5.25%

4 alerts

-5.25% Session close to close

+3.5% Peak Tracked

-6.5% Trough Tracked

$204.73M Market Cap

0.9x Rel. Volume

In the Apr 1 session, DUOT declined 5.25%, reflecting a notable negative market reaction. Argus tracked a peak move of +3.5% during that session. Argus tracked a trough of -6.5% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -5.3% in the session following this news. A negative reaction despite record 2025 re...

Analysis

The stock moved -5.3% in the session following this news. A negative reaction despite record 2025 results fits the pattern where several prior AI expansion updates saw price declines even on seemingly positive news. Investors may have focused on the ongoing $9.84M annual net loss, increased operating expenses, or potential dilution risk following recent equity raises and shelf usage. With shares already below the $8.41 200‑day MA, past behavior shows that strong operational headlines have not always translated into durable upside.

Key Figures

Q4 2025 revenue: $9.46M Full-year 2025 revenue: $27.02M Capital raised 2025–2026: $110M +5 more

8 metrics

Q4 2025 revenue $9.46M Fourth quarter 2025 total revenue, up 548% vs Q4 2024

Full-year 2025 revenue $27.02M 2025 total revenue, 271% growth from 2024

Capital raised 2025–2026 $110M $45M in Jul 2025 and $65M in Mar 2026 raises

Q4 AMA services revenue $8.53M Services revenue from Asset Management Agreement with New APR in Q4 2025

Q4 2025 net loss $3.20M Net loss in Q4 2025 vs $3.41M in Q4 2024

2025 net loss $9.84M Full-year 2025 net loss vs $10.76M in 2024

Year-end 2025 liquidity $22.28M Cash $15.47M plus $6.81M receivables and contract assets

2026 revenue outlook $50M+ Management expectation for 2026 total revenue to exceed $50M

Previous AI Reports

5 past events · Latest: Mar 19 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 19	EDC deployment	Positive	+0.3%	Second Edge Data Center deployment in Amarillo, Texas expanding AI capacity.
Mar 17	AI partnership	Positive	-4.6%	Partnership with Seimitsu to strengthen Georgia digital infrastructure using edge AI.
Jan 13	EDC deployment	Positive	-2.0%	Hereford, Texas EDC deployment to support education and regional AI workloads.
Jan 07	EDC deployment	Positive	-2.2%	New Abilene, Texas EDC serving over 40 school districts across 11 counties.
Dec 30	EDC expansion	Positive	+16.7%	Expansion of Edge Data Centers in Texas and Chicagoland plus patent highlight.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

AI expansion headlines have produced mixed reactions, with slightly more divergence than alignment between positive news and price moves.

Recent Company History

Recent AI-focused news for Duos has centered on expanding its Edge Data Center footprint and digital infrastructure partnerships. Since Dec 30, 2025, the company has added multiple EDC deployments in Texas and the Chicagoland area and partnered with Seimitsu to enhance connectivity across Georgia. Price reactions to these AI announcements have varied, including a notable 16.72% move on one expansion update and several small declines on other deployments, framing today’s record-2025 results and AI/edge momentum within an already active build-out story.

Key Terms

gpu-as-a-service, edge data center, colocation, gross margin, +3 more

7 terms

gpu-as-a-service technical

"launches GPU-as-a-Service (“GPUaaS”) and Technology Solutions."

GPU-as-a-Service is a pay-as-you-go model that lets businesses rent powerful graphics processing units (GPUs) over the internet instead of buying the hardware outright. It matters to investors because it lowers upfront costs and speeds time-to-market for companies using AI, data analysis, or 3D rendering—similar to renting a high-performance car for a specific trip rather than owning one—and can make firms more flexible, scalable, and capital-efficient.

edge data center technical

"rapid expansion of its Edge Data Center platform, entry into high-density AI infrastructure"

An edge data center is a small, local facility that stores and processes digital information close to where it is created or used — like a neighborhood warehouse for internet traffic instead of a central city depot. Because it cuts the delay between devices and servers, it matters to investors as a way companies improve performance for real‑time services (streaming, connected devices, 5G) while potentially lowering network costs and unlocking new revenue streams.

colocation technical

"a provider of modular, colocation Edge and AI data centers and technology infrastructure"

Colocation is the practice of placing a trader’s computer servers inside or next to an exchange’s data center so their orders travel the shortest possible distance to the exchange’s computers. For investors this matters because even tiny gains in speed can mean better trade prices or reduced slippage—like being first in line at a checkout—so firms that colocate can gain steady, measurable advantages or incur extra costs that affect returns.

gross margin financial

"continued improvement in gross margins driven by enhanced execution"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

View in glossary

stock-based compensation financial

"largely attributed to non-cash stock-based compensation charged for restricted stock"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

View in glossary

non-voting equity interest financial

"related to the Company's 5% non-voting equity interest in the ultimate parent of New APR"

A non-voting equity interest is an ownership stake in a company that gives the holder a share of profits, losses and potential appreciation but does not grant the right to vote on company decisions like board elections or major transactions. For investors this matters because they can benefit financially if the business grows while having no formal say in how it is run, making such stakes similar to owning a piece of a property without a seat at the homeowners’ association table.

backlog financial

"the Company’s contracts in backlog represented approximately $25.8 million in revenue"

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Achieves 270% revenue growth, raises $110 million, launches GPUaaS and high-density EDCs, and expands Technology Solutions to support scalable 2026 growth

JACKSONVILLE, Fla., March 31, 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 fourth quarter (“Q4 2025”) and the year ended December 31, 2025. The Company delivered record annual revenue and marked a pivotal year of transformation, driven by rapid expansion of its Edge Data Center platform, entry into high-density AI infrastructure, and the launch of GPU-as-a-Service (“GPUaaS”) and Technology Solutions. Supported by significant capital raises and accelerating customer demand, Duos enters 2026 with strong momentum and a growing pipeline of opportunities across AI, hyperscale, and enterprise markets.

Fourth Quarter 2025 and Recent Operational Highlights

• Generated $9.46 million in fourth quarter revenue, including $9.08 million in services revenue, of which $8.53 million was derived from the Asset Management Agreement (“AMA”) with New APR Energy
• Achieved record full-year 2025 revenue of approximately $27 million, representing more than 270% year-over-year growth and marking the highest annual revenue in the Company’s history
• Delivered strong operational momentum, with sequential quarterly revenue growth exceeding 37% and continued improvement in gross margins driven by enhanced execution and operating efficiencies
• Completed a $45 million capital raise in July 2025 and an additional $65 million capital raise in March 2026, significantly strengthening the Company’s balance sheet and providing capital to accelerate deployment of its Edge Data Center (“EDC”) platform and high-performance compute infrastructure
• Successfully deployed 15 Edge Data Center pods, achieving a key strategic milestone and demonstrating the Company’s ability to rapidly design, manufacture, and deploy modular infrastructure in underserved Tier 3 and Tier 4 markets
• Expanded into high-density data center deployments, including a 4.8MW high-power EDC configuration designed to support hyperscaler and AI-driven workloads, positioning the Company to address growing demand for large-scale compute capacity
• Launched GPU-as-a-Service and high-power colocation offerings, including a contract to deploy 2,304 NVIDIA GPUs across the Company’s EDC platform, expected to generate significant recurring revenue over a multi-year term and deliver strong margin contribution
• Established Duos Technologies Solutions, Inc., a new infrastructure solutions business focused on manufacturer-agnostic sourcing, logistics coordination, and fulfillment services for data center and IT environments. The division has already generated approximately $10 million in new backlog within its first quarter of operations, highlighting strong market demand and early commercial traction
• Advanced strategic transition to a data center-focused platform, with increased emphasis on Duos Edge AI and Technology Solutions as primary growth drivers, while initiating the planned divestiture of the legacy rail inspection business to streamline operations and reallocate resources toward higher-growth opportunities
• Continued expansion of the Company’s Edge Data Center pipeline, with additional units in production and plans to scale capacity to support increasing demand for AI inference, training, and high-performance computing workloads

Fourth Quarter 2025 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., and Duos Energy Corporation (“Duos Energy”).

Total revenues for Q4 2025 increased 548% to $9.46 million compared to $1.46 million in the fourth quarter of 2024 (“Q4 2024”). Total revenue for Q4 2025 represents an aggregate of approximately $10,000 of technology systems revenue, $343,000 of technology solutions revenue and approximately $9.12 million in recurring services and consulting and hosting revenue. The significant revenue increase in the fourth quarter, compared to the same quarter last year, was primarily driven by Duos Energy executing against the AMA with New APR that was signed on December 31, 2024. Under the AMA, Duos Energy oversees the deployment and operations of a fleet of mobile gas turbines and related balance-of-plant inventory, providing management, sales, and operational support services to New APR. Other revenue sources included the start of hosting revenues for its edge data centers and limited progress of two Railcar Inspection Portals (“RIP®”) currently being developed for Amtrak.

Cost of revenues for Q4 2025 increased 287% to $6.93 million compared to $1.79 million for Q4 2024. The significant increase in cost of revenues was primarily due to supporting the AMA with New APR. The cost of revenues on technology systems decreased compared to the equivalent period in 2024. This reduction is primarily driven by our ability in Q4 2025 to reallocate certain fixed operating and servicing costs for technology systems to support the AMA, an allocation we could not make in the comparative period because the agreement was not yet in effect. It also reflects the limited manufacturing progress ahead of field installation of our two high-speed RIP®s while we await customer readiness for site deployment.

Gross margin for Q4 2025 increased $2.86 million to $2.53 million compared to negative $330,000 for Q4 2024. Gross margin improved primarily due to Duos Energy’s performance of the AMA with New APR. This also includes $904,125 in revenue recognized during the three months ended December 31, 2025, related to the Company's 5% non-voting equity interest in the ultimate parent of New APR, which carries no associated costs and therefore contributes at a 100% margin. These revenues and the associated margin contribution were not present in the prior year period.

Operating expenses for Q4 2025 increased 116% to $5.95 million compared to $2.76 million for Q4 2024. The increase in expenses is largely attributed to non-cash stock-based compensation charged for restricted stock granted to the executive team on January 1, 2025, under new employment agreements with a three-year cliff vesting schedule as well as one-time incremental personnel-related costs that were not in the comparative period. Overall, sales and marketing costs declined as resources were allocated to costs of service and consulting revenues in support of the AMA with New APR. Additionally, research and development expenses fell by 100% owing to scaled-back testing of prospective technologies. The Company continues to focus on stabilizing operating expenses, including evaluating reductions in some areas, while continuing to meet the increased requirements of our new businesses.

Net operating loss for Q4 2025 totaled $3.42 million compared to net operating loss of $3.09 million for Q4 2024. The slight increase in loss from operations was primarily the result of increased revenues during the quarter, driven by revenue generated by Duos Energy through the AMA with New APR, offset by non-cash stock-based compensation charged for restricted stock and one-time incremental personnel-related costs that were not in the comparative period.

Net loss for Q4 2025 totaled $3.20 million compared to net loss of $3.41 million for Q4 2024. The 6% decrease in net loss was mostly attributed to the non-cash stock-based compensation charged for restricted stock and one-time compensation expenses that were not in the comparative period, offset by an increase in revenues generated by Duos Energy through the AMA with New APR as described above. Net loss per common share was $0.15 and $0.41 for the three months ended December 31, 2025 and 2024, respectively. 

Cash and cash equivalents at December 31, 2025 totaled $15.47 million compared to $6.27 million at December 31, 2024. In addition, the Company had over $6.81 million in receivables and contract assets for a total of approximately $22.28 million in cash and expected short-term liquidity.

Full Year 2025 Financial Results

Total revenue for the full year 2025, increased 271% to $27.02 million from $7.28 million in 2024. Total revenue for the full year 2025 represents an aggregate of approximately $370,000 of technology systems revenue, $350,000 of technology solutions revenue and approximately $26.3 million in recurring services and consulting revenue. The significant revenue increase in the period, compared to the prior year, was primarily driven by Duos Energy executing against the AMA with New APR originally signed on December 31, 2024. The decrease in technology systems’ revenues was primarily attributed to delays outside of the Company’s control with deployment of our two high-speed Railcar Inspection Portals. Although these systems remain largely ready for deployment, customer delays at the deployment site continue to prevent the Company from entering the installation phase. The Company has begun recognizing its first revenues from the Technology Solutions business unit, which provides manufacturer-agnostic infrastructure sourcing, integration, and value-added supply chain services supporting data center, AI, and enterprise deployments. The Company is now recording its first revenues from the deployment of Edge Data Centers and identified as “Hosting”. The $56,000 of revenues recorded in the year 2025 represent those received from the first data center which became “live” in the second quarter. The Company is investing capital in building out a network of these data centers all of which will begin generating revenue following deployment with the “anchor” tenant. The Company expects services revenue from both its hosting and technology solutions to increase throughout 2026. This growth is expected to be driven by the deployment of additional edge data centers coming online, as well as expanding technology solutions revenue tied to growth in the data center market.

Cost of revenues for the full year 2025, increased 181% to $19.15 million from $6.81 million in 2024. The significant increase in cost of revenues was primarily due to supporting the AMA with New APR. The cost of revenues on technology systems decreased compared to 2024. This reduction is primarily driven by our ability in the period to reallocate certain fixed operating and servicing costs for technology systems to support the AMA, an allocation we could not make in the comparative period because the agreement was not yet in effect. It also reflects the ramp-down of manufacturing ahead of field installation of our two high-speed RIP®s, which have continued to temporarily slow project activity and further reduce cost of revenues while we await customer readiness for site deployment.

Gross margin for the full year 2025, increased 1,579% to $7.88 million from $469,00 in 2024. Gross margin improved primarily due to Duos Energy’s performance of the AMA with New APR. This includes $3,616,500 in revenue recognized during the period, related to the Company's 5% non-voting equity interest in the ultimate parent of New APR, which carried no associated costs and therefore contributed at a 100% margin. These revenues and the associated margin contribution were not present in the prior year.

Operating expenses for the full year 2025, increased 54% to $17.64 million from $11.45 million in 2024. The Company experienced a significant increase in overall operating expenses compared to 2024. Sales and marketing costs declined as resources were allocated to costs of service and consulting revenues in support of the AMA with New APR. Additionally, research and development expenses fell by 45% owing to scaled-back testing of prospective technologies. General and administration costs increased 100%, largely due to non-cash stock-based compensation charged for restricted stock granted to the executive team on January 1, 2025, under new employment agreements with a three-year cliff vesting schedule as well as one time compensation costs related to the closing of the AMA and 5% ownership agreements as previously described. Additionally, there were general and administration costs that were allocated to cost of service and consulting revenues in support of the AMA with New APR. Overall, the Company continues to focus on stabilizing operating expenses while meeting the increased needs of our customers. 

Net operating loss totaled $9.76 million compared to net operating loss of $10.98 million in 2024. The decrease in loss from operations was primarily the result of increased revenues during the period, driven by revenue generated by Duos Energy through the AMA with New APR.

Net loss totaled $9.84 million compared to a net loss of $10.76 million in 2024. The 9% decrease in net loss was mostly attributed to the increase in revenues generated by Duos Energy through the AMA with New APR as described above. Net loss per common share was $0.64 and $1.39 for the years ended December 31, 2025, and 2024, respectively, an improvement of $0.75 per share (basic). 

Financial Outlook
At the end of 2025, the Company’s contracts in backlog represented approximately $25.8 million in revenue, of which approximately $12.4 million is expected to be recognized during the year, including contracted backlog and near-term anticipated awards. In addition, approximately $1 million of contracted Technology Solutions revenue recorded in 2025 will be recorded as revenue in 2026, further supporting near-term performance.

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 expects total revenue for 2026 to exceed $50 million. A significant portion of this revenue is anticipated to be recognized in the second half of the year, aligned with project timing and infrastructure deployments, supporting continued operating leverage and progression toward the Company growth strategy.

Management Commentary
“2025 marked a pivotal year for Duos as we scaled our platform and firmly positioned the Company at the intersection of AI compute and edge infrastructure,” said Doug Recker. “With a $65 million capital raise, the launch of our GPU-as-a-Service offering, and the deployment of high-density infrastructure supporting hyperscale workloads, we are addressing a clear and growing shortage of power and compute capacity across the market. Demand continues to accelerate from enterprises, neo-cloud, and hyperscale customers, particularly for megawatt-scale solutions, and we are focused on expanding our high-density footprint, increasing recurring revenue, and executing on a pipeline of opportunities that we believe will drive meaningful growth and long-term shareholder value.”

Conference Call
The Company’s management will host a conference call today, Tuesday, March 31, 2026, at 4:30 p.m. Eastern Time to discuss these results, followed by a question-and-answer period.

Date:	Tuesday, March 31, 2026
Time:	4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in:	+1 877 407 3088
International:	Dial-In Matrix Link
Confirmation:	13759531

If you experience any difficulty accessing the call or wish to submit questions in advance, please contact the Company at DUOT@duostech.com. A live audio webcast of the call will also be available in the Investor Relations section of the Company’s website, along with 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
Corporate
Fei Kwong
VP, Investor Relations and Corporate Communications
Duos Technologies Group, Inc. (Nasdaq: DUOT)
+1.904.652.1625 | DUOT@duostech.com

DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Years Ended
	December 31,
	2025				2024
REVENUES:
Technology systems	$	373,270			$	2,252,357
Technology solutions		349,166			$	-
Services and consulting		3,888,372				4,106,966
Services and consulting - related parties		22,356,843				921,562
Hosting Revenue		56,000				-
Total Revenues		27,023,651				7,280,885
COST OF REVENUES:
Technology systems		1,050,671				2,818,078
Technology solutions		320,143				-
Services and consulting		2,320,444				3,051,301
Services and consulting - related parties		15,297,513				942,291
Hosting		157,171				-
Total Cost of Revenues		19,145,942				6,811,670
GROSS MARGIN		7,877,709				469,215
OPERATING EXPENSES:
Sales and marketing		1,227,740				2,138,431
Research and development		846,850				1,531,390
General and administration		15,565,997				7,782,920
Total Operating Expenses		17,640,587				11,452,741
LOSS FROM OPERATIONS		(9,762,878	)			(10,983,526	)
OTHER INCOME (EXPENSES):
Interest expense		(439,261	)			(286,114	)
Change in fair value of warrant liabilities		-				245,980
Gain (Loss) on extinguishment of debt		(95,718	)			379,626
Interest income on lease receivable		8,466				-
Interest income		446,941				37,224
Other Income (Expenses), net		7,419				(157,647	)
Total Other Income (Expenses), net		(72,153	)			219,069
NET LOSS	$	(9,835,031	)		$	(10,764,457	)
Basic and Diluted Net Loss Per Share	$	(0.64	)		$	(1.39	)
Weighted Average Shares-Basic and Diluted		15,265,022				7,736,281

DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
	December 31,				December 31,
	2025				2024
ASSETS
CURRENT ASSETS:
Cash	$	15,472,229			$	6,266,296
Accounts receivable, net		730,211				109,007
Accounts receivable, net - related parties		5,304,231				294,434
Lease receivable		35,361				-
Contract assets		741,722				635,774
Inventory		306,759				605,356
Prepaid expenses and other current assets		489,070				176,338
Total Current Assets		23,079,584				8,087,205
Inventory - non current, net		391,770				196,315
Lease receivable, less current portion		227,629				-
Property and equipment, net		27,737,806				2,771,779
Operating lease right of use asset - Office Lease, net		3,650,717				4,028,397
Financing lease right of use asset - Edge Data Centers, net		-				2,019,180
Operating lease right of use asset - Land, net		357,561				-
Security deposit		450,000				500,000
OTHER ASSETS:
Equity Investment - Sawgrass APR Holdings LLC		7,233,000				7,233,000
Intangible Asset, net		-				9,592,118
Note Receivable, net		-				-
Patents and trademarks, net		186,073				127,300
Software development costs, net		95,275				403,383
Total Other Assets		7,514,348				17,355,801
TOTAL ASSETS	$	63,409,415			$	34,958,677
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	4,860,782			$	969,822
Notes payable - financing agreements		2,041				17,072
Accrued expenses		306,205				373,251
Operating lease obligation - Office Lease -current portion		818,519				798,556
Financing lease obligations - Edge Data Centers - current portion		-				367,451
Operating lease obligation- Land - current portion		53,000				-
Notes payable, net of discount - related parties		-				1,758,396
Contract liabilities, current - Technology Systems		134,331				403,634
Contract liabilities, current - Technology Solutions		1,132,164				-
Contract liabilities, current - CN Digital Agreement		-				2,192,484
Contract liabilities, current - Services and consulting		169,369				592,400
Contract liabilities, current - related parties		3,616,500				8,616,500
Total Current Liabilities		11,092,911				16,089,566
Equipment financing payable, less current portion		-				-
Contract liabilities, less current portion - CN Digital Agreement		-				7,399,634
Contract liabilities, less current portion - related parties		-				3,616,500
Operating lease obligation - Office Lease, less current portion		3,452,481				3,867,042
Operating lease obligation - Land, less current portion		311,457				-
Financing lease obligations - Edge Data Centers, less current portion		-				1,724,604
Total Liabilities		14,856,849				32,697,346
Commitments and Contingencies (Note 13)
STOCKHOLDERS' EQUITY:
Preferred stock: $0.001 par value, 10,000,000 authorized, 9,441,000 shares available to be designated
Series A redeemable convertible preferred stock, $10 stated value per share,		-				-
500,000 shares designated; 0 and 0 issued and outstanding at December 31, 2025 and December 31, 2024, respectively,
convertible into common stock at $6.30 per share
Series B convertible preferred stock, $1,000 stated value per share,		-				-
15,000 shares designated; 0 and 0 issued and outstanding at December 31, 2025
and December 31, 2024, respectively, convertible into common stock at $7 per share
Series C convertible preferred stock, $1,000 stated value per share,		-				-
5,000 shares designated; 0 and 0 issued
and outstanding at December 31, 2025 and December 31, 2024, respectively,
convertible into common stock at $5.50 per share
Series D convertible preferred stock, $1,000 stated value per share,		1				1
4,000 shares designated; 999 and 1,299 issued
and outstanding at December 31, 2025 and December 31, 2024, respectively,
convertible into common stock at $3.00 per share
Series E convertible preferred stock, $1,000 stated value per share,
30,000 shares designated; 12,500 and 13,500 issued
and outstanding at December 31, 2025 and December 31, 2024, respectively,		13				14
convertible into common stock at $2.61 per share
Series F convertible preferred stock, $1,000 stated value per share,
5,000 shares designated; 0 and 0 issued
and outstanding at December 31, 2025 and December 31, 2024, respectively,		-				-
convertible into common stock at $6.20 per share
Common stock: $0.001 par value; 500,000,000 shares authorized,
20,449,462 and 8,922,576 shares issued, 20,448,138 and 8,921,252		20,449				8,921
shares outstanding at December 31, 2025 and December 31, 2024, respectively
Additional paid-in-capital		132,892,595				76,777,856
Accumulated deficit		(84,203,040	)			(74,368,009	)
Sub-total		48,710,018				2,418,783
Less: Treasury stock (1,324 shares of common stock
at December 31, 2025 and December 31, 2024)		(157,452	)			(157,452	)
Total Stockholders' Equity		48,552,566				2,261,331
Total Liabilities and Stockholders' Equity	$	63,409,415			$	34,958,677

DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
	For the Years Ended
	December 31,
	2025				2024
Cash from operating activities:
Net loss	$	(9,835,031	)		$	(10,764,457	)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of property, plant & equipment		72,872				-
Depreciation and amortization		2,112,197				2,161,722
Inventory write-off		25,000				126,703
Insurance premium credit		(36,040	)			-
Stock based compensation		4,064,390				108,981
Stock issued for services		566,397				165,000
Amortization of debt discount related to warrant liabilities		345,886				184,002
Fair value of warrant liabilities		-				(245,980	)
Loss on extinguishment of debt		95,718				(379,626	)
Amortization of operating lease right of use asset - Office Lease		377,680				344,757
Amortization of right of use asset - land		6,962				-
Amortization of lease right of use asset - Edge Data Centers		150,821				50,820
Provision for credit losses, accounts receivable		-				76,037
Provision for credit losses, note receivable		-				161,250
Changes in assets and liabilities:
Accounts receivable		(621,204	)			982,985
Accounts receivable-related parties		(5,009,797	)			-
Subscription receivable		-				-
Lease receivable		19,782				-
Note receivable		-				(7,500	)
Contract assets		(105,948	)			6,173
Inventory		28,534				52,700
Prepaid expenses and other current assets		164,994				414,091
Accounts payable		3,890,960				374,188
Security deposit		50,000				50,000
Accrued expenses		(67,049	)			209,138
Operating lease obligation - Office Lease		(394,598	)			(342,206	)
Operating lease obligation - land		(66	)			-
Financing lease obligations - Edge Data Centers		(12,358	)			22,055
Contract liabilities, Services and Consulting		(423,031	)			(661,048	)
Contract liabilities, Technology Systems		(269,302	)			4,044,701
Contract liabilities, CN Digital Agreement		(1,461,656	)			(623,173	)
Contract liabilities, Technology solutions		1,132,164				-
Contract liabilities, related parties		(8,616,500	)			-
Net cash used in operating activities		(13,748,223	)			(3,488,687	)
Cash flows from investing activities:
Purchase of patents/trademarks		(71,572	)			(9,535	)
Purchase of property and equipment		(23,663,033	)			(1,831,763	)
Net cash used in investing activities		(23,734,605	)			(1,841,298	)
Cash flows from financing activities:
Repayments on financing agreements		(456,718	)			(430,855	)
Proceeds from notes payable, related parties		-				2,200,000
Repayments of lease financing		(2,150,000	)			-
Repayments of notes payable, related parties		(2,200,000	)			-
Proceeds from warrant excercises		-				899,521
Proceeds from common stock issued		53,960,455				3,544,689
Proceeds from excercise of stock options		865,948				-
Stock issuance costs		(3,584,925	)			(220,183	)
Proceeds from shares issued under Employee Stock Purchase Plan		254,001				166,265
Proceeds from preferred stock issued		-				2,995,002
Net cash provided by financing activities		46,688,761				9,154,439
Net increase (decrease) in cash		9,205,933				3,824,454
Cash, beginning of year		6,266,296				2,441,842
Cash, end of year	$	15,472,229			$	6,266,296
Supplemental Disclosure of Cash Flow Information:
Interest paid	$	286,113			$	3,865
Taxes paid	$	222,507			$	20,126
Supplemental Non-Cash Investing and Financing Activities:
Debt discount for warrant liability	$	-			$	625,606
Notes issued for financing of insurance premiums	$	477,727			$	434,882
Transfer of inventory to property and equipment	$	49,609			$	545,091
Intangible asset acquired with contract liability	$	-			$	11,161,428
Non-cash intangible write-off	$	8,130,461			$	-
Equity Investment - Sawgrass APR Holdings LLC	$	-			$	7,233,000
Right of use asset and liability for Edge Data Centers	$	-			$	2,070,000
Transfer of property and equipment to lease receivable	$	282,772			$	-
Non-cash financing activity: Warrants issuead as part of equity raise	$	836,989			$	-
Conversion of Series E Preferred Stock to common stock	$	1			$	-
Transfer of finance lease asset to property and equipment	$	1,938,662			$	-
Right of use asset and liability for land lease	$	364,523			$	-

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FAQ

What were Duos Technologies (DUOT) full-year 2025 revenues and growth rate?

Duos reported $27.02 million in revenue for 2025, a ~271% increase year-over-year. According to the company, the growth was primarily driven by execution of the Asset Management Agreement with New APR and expanded hosting and services.

How much capital did Duos Technologies (DUOT) raise and when were the rounds?

Duos raised a total of $110 million via two capital raises: $45M in July 2025 and $65M in March 2026. According to the company, the financings strengthen the balance sheet to accelerate EDC and high-performance compute deployments.

What is Duos Technologies' (DUOT) GPU-as-a-Service announcement and contract size?

Duos launched GPU-as-a-Service and announced a contract to deploy 2,304 NVIDIA GPUs across its EDC platform. According to the company, this multi-year deployment is expected to generate significant recurring revenue and margin contribution.

What backlog and 2026 revenue outlook did Duos Technologies (DUOT) provide?

The company reported backlog of approximately $25.8 million, with ~$12.4 million expected to be recognized in 2026. According to the company, it expects total 2026 revenue to exceed $50 million, with much of it realized in H2 2026.

How did Duos Technologies' (DUOT) earnings and expenses look in Q4 2025?

Q4 2025 revenue was $9.46 million, with gross margin improving to $2.53 million; net loss was $3.20 million. According to the company, higher operating expenses included non-cash stock-based compensation and one-time personnel costs.