Duos Technologies Group Inc Stock Price, News & Analysis

Duos Technologies Group, Inc. (NASDAQ:DUOT) has appointed rail industry expert Ed L. Harris to its Board of Directors. Harris, former COO of CSX Corporation, will lead the Nominating and Governance Committees and serve on the Audit Committee. His extensive experience in rail operations and technology is expected to enhance Duos' growth strategy and customer solutions. With a strong focus on improving rail industry technology, Harris aims to address significant market needs as the sector undergoes transformation.

Duos Technologies Group reported Q3 2020 revenues of $1.28 million, a 42% decline from $2.20 million year-over-year. Gross profit decreased 71% to $295,000, influenced by increased costs and project delays. Operating expenses rose 39% to $3.00 million, primarily due to a one-time CEO retirement charge. The net loss expanded to $2.71 million from $1.14 million last year. Despite challenges, Duos secured contracts worth $1.3 million and aims for $7.5-$8 million in 2020 revenues, anticipating improved performance in 2021.

Duos Technologies Group, Inc. (NASDAQ:DUOT) will hold a conference call on November 12, 2020, at 4:30 p.m. Eastern to discuss its third quarter financial results for the period ending September 30, 2020. The financial results will be shared via press release before the call, which will include a Q&A session with management. Dial-in details are provided for U.S. and international participants. Duos Technologies offers advanced analytical technology solutions, focusing on machine learning and AI for sectors including transportation and banking.

Duos Technologies Group, Inc. (NASDAQ: DUOT) announced a new contract with CN, a major North American railroad, effective immediately. This agreement covers full service, support, maintenance, and sourcing of spare parts for seven existing Railcar Inspection Portals (rip®) through 2022. The contract will generate recurring revenue and enhance productivity by integrating AI applications into Duos' centraco® platform for efficient railcar inspections. CEO Chuck Ferry emphasized the importance of this partnership for operational success.

Duos Technologies Group, Inc. (NASDAQ:DUOT) announced a significant contract valued at approximately $1.3 million with an existing Class 1 railroad customer. The contract aims to enhance automated mechanical inspections at a current Railcar Inspection Portal (rip®). Expected to be completed by year-end, it includes future recurring payments through 2022 for maintenance and spare parts. The upgrade focuses on integrating AI applications to improve railcar inspections and may expand to additional locations based on successful proof-of-concept.

Duos Technologies Group, Inc. (NASDAQ:DUOT) has been invited to present at the 9th Annual Gateway Conference on September 9-10, 2020. The presentation is scheduled for September 9 at 10:30 a.m. Eastern time and will be webcast live. Interested parties can schedule one-on-one meetings with the management team during the conference. The Gateway Conference connects compelling companies with institutional investors and analysts, featuring various growth industries including technology and life sciences. For more details, visit gatewayir.com/conference.

Duos Technologies Group, Inc. (NASDAQ:DUOT) has appointed Charles "Chuck" Ferry as its new Chief Executive Officer, effective September 1, 2020. Ferry, an experienced executive with a background in the energy and defense sectors and 26 years of military service, succeeds founder Gianni Arcaini, who remains on the Board. Ferry aims to leverage his leadership experience to enhance the company’s growth strategy. The transition is set to foster Duos' expansion in intelligent security solutions across various sectors, including transportation and government.

Duos Technologies Group reported strong second-quarter results for 2020, with total revenue increasing by 47% to $1.98 million compared to last year. Gross profit surged by 324% to $739,000, reflecting improved contract completions. Despite an overall revenue decrease of 48% in the first six months due to COVID-related delays, the company secured multiple contracts totaling over $4.8 million. Operating expenses rose slightly by 4%, while net loss improved from $3.61 million to $1.47 million year-over-year. Cash reserves are strong at $5.37 million.

Duos Technologies Group reported its Q2 2020 results, highlighting a 47% increase in total revenue to $1.98 million, driven by contract completions. Gross profit surged 324% to $739,000, representing 37% of total revenue. The company secured contracts totaling over $4.8 million, including a $2.1 million deal with a railroad customer. However, the six-month revenue declined 48% to $2.97 million, contributing to a net loss of $3.61 million. Management remains optimistic about a potential turnaround in the second half of 2020.