UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 000-55497 Duos Technologies Group, Inc. (Exact name of registrant as specified in its charter) (State or ...

As filed with the Securities and Exchange Commission on October 5, 2023. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ———————— FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ———————— DUOS TECHNOLOGIES GROUP, INC. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation) (Primary Standard Industrial Classification Code Number) Florida 7373 65-0493217 (I.R.S. Employer Identification Number) If this F ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2023 decreased 51% to $1.77 million compared to $3.62 million in Q2 2022 [1] - For the first six months of 2023, total revenue decreased 13% to $4.41 million from $5.06 million in the same period last year [14] - Net operating loss for Q2 2023 totaled $3.2 million compared to a net operating loss of $1.39 million for Q2 2022 [20] - Net loss for Q2 2023 totaled $3.04 million compared to a net loss of $1.34 million for Q2 2022 [21] - Cash position improved to approximately $6 million in cash and cash equivalents as of the end of the quarter, up from $1.1 million at December 31, 2022 [41][42] Business Line Data and Key Metrics Changes - Technology systems revenue for Q2 2023 was approximately $870,000, while recurring services and consulting revenue was approximately $900,000 [1] - Cost of revenues for Q2 2023 decreased 33% to $1.56 million compared to $2.33 million for Q2 2022 [15] - Gross margin for Q2 2023 decreased 83% to $212,000 compared to $1.28 million for Q2 2022 [17] Market Data and Key Metrics Changes - The company is experiencing increased commercial inquiries following the derailment in East Palestine, Ohio, which has heightened focus on safety across the industry [11] - The Railway Safety Act is progressing through Congress, which could lead to increased demand for the company's technology [10][88] Company Strategy and Development Direction - The company is transitioning from a CapEx-focused business model to a subscription-based model, aiming for recurring revenues to grow to over 50% of total revenue [83] - The company has initiated its first subscription services agreement valued at $300,000 per year with a passenger rail operator [22] - The company plans to expand its subscription portal network to 40 to 50 locations within the next 18 to 36 months [29] Management's Comments on Operating Environment and Future Outlook - Management believes the company is in its strongest position ever and is optimistic about achieving financial profitability within the next 12 to 24 months [9] - The company expects revenues in Q3 2023 to moderately increase compared to Q2 2023, with significant ramp-up anticipated in Q4 2023 and into 2024 [33] - Management acknowledges risks associated with project delays but remains focused on long-term growth through subscription offerings [36] Other Important Information - The company has strengthened strategic partnerships with Dell and NVIDIA to enhance its technology offerings [2] - The company has a backlog of contracts representing approximately $7.8 million in revenue, with $3 million to $5 million expected to be recognized during the remainder of 2023 [64][65] Q&A Session Summary Question: What will be the revenue mix between services and systems revenue for this year? - The company anticipates an 80% CapEx and 20% recurring revenue split in 2022, expecting this to grow in the latter half of 2023 [76] Question: How is the company advancing its AI technology? - The company controls all aspects of its AI development in-house, which allows for better performance and integration compared to competitors relying on third-party AI [80] Question: Will recent derailments drive more sales in the next 12 months? - Management believes that increased familiarity with their technology among regulators and labor unions will lead to a higher pace of adoption, regardless of the occurrence of derailments [82] Question: What is the likelihood of the FRA mandating automated inspections? - The company is optimistic about the potential passage of the Railway Safety Act, which would require the FRA to establish regulations for wayside detection devices [84][61]

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR Commission file number 000-55497 Duos Technologies Group, Inc. (Exact name of registrant as specified in its charter) (State or other ...

As filed with the Securities and Exchange Commission on August 4, 2023. Registration No. 333-273272 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ———————— AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ———————— DUOS TECHNOLOGIES GROUP, INC. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation) (Primary Standard Industrial Classification Code Number) Florida 7373 65-0493217 (I.R.S. Employer Identifi ...

As filed with the Securities and Exchange Commission on July 14, 2023. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ———————— FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ———————— DUOS TECHNOLOGIES GROUP, INC. (Exact name of registrant as specified in its charter) (Primary Standard Industrial Classification Code Number) Florida 7373 65-0493217 (I.R.S. Employer Identification Number) (State or Other Jurisdiction of Incorporation) 7660 Centur ...

Duos Technologies Group, Inc. (NASDAQ:DUOT) Q1 2023 Earnings Conference Call May 15, 2023 4:30 PM ET Company Participants Chuck Ferry - CEO & Director Andrew Murphy - CFO Conference Call Participants Michael Latimore - Northland Capital Markets Edward Woo - Ascendiant Capital Operator Good afternoon. Welcome to Duos Technologies First Quarter 2023 Earnings Conference Call. Joining us for today's call are Duos' CEO, Chuck Ferry, and CFO, Andrew Murphy. Following their remarks, we will open the line for your ...

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported an 84% revenue increase to $2.6 million and a reduced net loss of $2.1 million for Q1 2023 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2023 | December 31, 2022 | Change | | :--- | :--- | :--- | :--- | | Cash | $4,340,947 | $1,121,092 | +287.2% | | Total Current Assets | $8,546,516 | $6,834,757 | +25.1% | | Total Assets | $14,868,332 | $13,089,119 | +13.6% | | Total Current Liabilities | $4,686,177 | $4,495,705 | +4.2% | | Total Liabilities | $9,153,061 | $9,038,648 | +1.3% | | Total Stockholders' Equity | $5,715,271 | $4,050,471 | +41.1% | - The significant increase in cash and stockholders' equity was primarily driven by the issuance of 4,000 shares of Series E convertible preferred stock, which provided **$4.0 million in proceeds** during the quarter[16](index=16&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statements of Operations (Unaudited, For the Three Months Ended March 31) | Metric | 2023 | 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | $2,644,288 | $1,439,316 | +83.7% | | Gross Margin | $537,172 | $222,066 | +141.9% | | Loss from Operations | ($2,146,798) | ($2,641,618) | -18.7% | | Net Loss | ($2,143,683) | ($2,644,616) | -19.0% | | Net Loss Per Share (Basic & Diluted) | ($0.30) | ($0.49) | -38.8% | - The substantial increase in revenue was primarily driven by the Technology Systems segment, which **grew 133% YoY** from $783,269 to $1,827,764[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows (Unaudited, For the Three Months Ended March 31) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($7,086) | ($827,733) | | Net cash used in investing activities | ($261,144) | ($102,078) | | Net cash provided by financing activities | $3,488,085 | $5,365,954 | | **Net increase in cash** | **$3,219,855** | **$4,436,143** | - Cash from financing activities in Q1 2023 was primarily from **$4.0 million in proceeds** from issuing Series E preferred stock, offset by issuance costs and debt repayments[22](index=22&type=chunk) [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail operations, liquidity, debt, and equity changes, highlighting its RIP technology and recent financing - The company develops and deploys vision-based analytical technology, including the **Railcar Inspection Portal (RIP)** which uses AI to automate inspections of trains in transit[24](index=24&type=chunk)[25](index=25&type=chunk) - Despite a net loss of $2.1 million in Q1 2023, management believes recent capital raises, including **$4.0M from Series E Preferred Stock**, provide sufficient liquidity to operate for at least the next twelve months[77](index=77&type=chunk)[78](index=78&type=chunk)[80](index=80&type=chunk) - In March 2023, the company issued 4,000 shares of Series E Convertible Preferred Stock for **$4.0 million in proceeds**[112](index=112&type=chunk)[114](index=114&type=chunk)[118](index=118&type=chunk) Disaggregation of Revenue (For the Three Months Ended March 31, 2023) | Segments | Rail | Commercial | Government | Artificial Intelligence | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$2,376,449** | **$28,831** | **$11,353** | **$227,655** | **$2,644,288** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses an 84% revenue increase, improved margins, and a strengthened liquidity position from a $4.0 million capital raise [Overview and Outlook](index=27&type=section&id=Overview%20and%20Outlook) - The company's core business involves providing technology solutions like the **Rail Inspection Portal (RIP)** to the railroad and logistics industries[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk) - A key strategic initiative is the pursuit of a **subscription platform for its RIPs**, selling data access to a wider range of customers[165](index=165&type=chunk) - The company anticipates favorable prospects for 2023, driven by product upgrades and a **large, multi-year contract** with a national rail carrier[168](index=168&type=chunk)[169](index=169&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Revenue Comparison (For the Three Months Ended March 31) | Revenue Source | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Technology systems | $1,827,764 | $783,269 | +133% | | Services and consulting | $816,524 | $656,047 | +24% | | **Total revenues** | **$2,644,288** | **$1,439,316** | **+84%** | - The substantial increase in revenue is primarily attributed to the **production and manufacturing of new and upgraded RIPs**[173](index=173&type=chunk) - **Gross margin improved significantly to 20.3%** of revenue in Q1 2023, compared to 15.4% in Q1 2022, due to profit recognition on new RIPs[179](index=179&type=chunk) - **Total operating expenses decreased by 6% YoY** to $2.7 million, mainly due to an 8% reduction in General and Administrative costs[181](index=181&type=chunk) - The **net loss for Q1 2023 was $2,143,683**, a 19% improvement from the prior year, driven by higher revenues and lower operating expenses[184](index=184&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2023, the company had a **working capital surplus of $3,860,339**[185](index=185&type=chunk) Cash Flow Summary (For the Three Months Ended March 31) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($7,086) | ($827,733) | | Net cash provided by financing activities | $3,488,085 | $5,365,954 | - The company's liquidity was significantly bolstered in Q1 2023 by **net proceeds of approximately $3.7 million** from the issuance of Series E Convertible Preferred Stock[189](index=189&type=chunk) - Management has determined that the company has sufficient cash and access to capital to operate for at least the next 12 months, removing **substantial doubt about its ability to continue as a going concern**[196](index=196&type=chunk)[197](index=197&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is not applicable to the company for this reporting period - The company has indicated that quantitative and qualitative disclosures about market risk are **not applicable**[217](index=217&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to a material weakness and is implementing a remediation plan - Management concluded that the Company's disclosure controls and procedures were **not effective** as of March 31, 2023[219](index=219&type=chunk) - The ineffectiveness is due to a **material weakness in internal control** over financial reporting previously identified in the Annual Report on Form 10-K[219](index=219&type=chunk) - Planned remediation activities include reassessing IT infrastructure, upgrading software, and **augmenting staff to enhance review and segregation of duties**[221](index=221&type=chunk)[223](index=223&type=chunk) [PART II – OTHER INFORMATION](index=37&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material litigation - The company reports that it is **not currently involved in any material legal proceedings**[225](index=225&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the previous Annual Report were reported - There are **no material changes** from the risk factors previously disclosed in the Annual Report on Form 10-K filed on March 31, 2023[226](index=226&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities were reported during the period - **None reported** for the period[227](index=227&type=chunk) [Defaults Upon Senior Securities](index=37&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults on its senior securities - There have been **no defaults** on any indebtedness of the Company[227](index=227&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including agreements and certifications related to Series E Preferred Stock - Exhibits filed include documents related to the **Series E Convertible Preferred Stock**, Securities Purchase Agreement, Registration Rights Agreement, and Sarbanes-Oxley certifications[229](index=229&type=chunk)

Financial Data and Key Metrics Changes - Revenue increased 60% in Q4 to $5.9 million compared to $3.7 million in Q4 2021, and for the full year, revenue rose 82% to just over $15 million from $8.2 million in 2021 [41][21][35] - Gross margin for Q4 increased 24% to $2.1 million compared to $1.73 million for Q4 2021, and for the year, gross margins increased 133% to $4.7 million compared to $2 million for 2021 [43] - Net operating loss for Q4 totaled approximately $950,000 compared to a loss of $240,000 for Q4 2021, while the net operating loss for the year was $6.87 million compared to $7.4 million for 2021 [45][46] Business Line Data and Key Metrics Changes - The company successfully deployed two new Railcar Inspection Portals (RIPs) in 2022, with plans for at least two additional RIPs in 2023, aiming for a total of 15 RIPs installed by the end of Q3 2023 [4][8] - The AI catalog has 35 models available for deployment, with expectations to grow to 50 use cases by the end of 2023 [4][55] - The company achieved a 100% renewal rate of recurring revenue contracts in 2022, leading to a 30% increase in support and AI revenues compared to 2021 [35][26] Market Data and Key Metrics Changes - The current backlog sits north of $10 million, with more than $8 million expected to be recognized in 2023, indicating strong visibility for future revenue [8][20] - The company has engaged with various stakeholders, including congressional leaders, to discuss the deployment of its technology in response to recent rail safety concerns [3][22] Company Strategy and Development Direction - The company is focused on increasing recurring revenue through a subscription model, support services, and maintenance, while also diversifying revenue sources [11][25] - A strategic communications plan has been initiated to respond to increased interest in the company's technology following recent rail incidents [22][50] - The company aims to achieve breakeven and profitability within the next 12 to 14 months, with a focus on enhancing its technology capabilities, particularly in AI [39][36] Management's Comments on Operating Environment and Future Outlook - Management noted that recent derailments have heightened focus on safety and compliance, leading to increased demand for the company's technology [50][3] - The company expects revenue in Q1 2023 to decline compared to Q4 2022 but anticipates growth throughout the remainder of the year [49] - Management expressed confidence in the company's ability to scale operations to meet potential increased demand due to regulatory changes [108][60] Other Important Information - The company has raised $4 million from its largest shareholder to support the buildout of its subscription RIP business [60][47] - The company is actively exploring new business lines, including applications in the trucking and intermodal industries [25][30] Q&A Session Summary Question: Can you mention what type of company your first subscription customer is? - The customer is one of the four major centers, but the name cannot be disclosed at this time [62] Question: What is the plan for building your own railcar inspection portals? - The plan is to build three to five of its own portals in key locations, focusing on high traffic areas [63] Question: How does the company view the competition in the rail safety technology space? - The main competitors include Wabtec and Class 1 railroads, but the company believes its technology is more advanced due to significant investments [76][98] Question: What are the expected contract lengths for the subscription model? - Most customers are looking at a minimum of three years, with some Class 1 customers interested in longer terms of 10 to 15 years [90] Question: Has the company seen increased safety regulations in other countries? - Yes, Canada has rigorous safety regulations similar to the U.S., and the company works closely with Canadian railroads [100]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ——————— FORM 10-K ——————— ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: _____________ to _____________ Commission file number: 000-55497 ——————— DUOS TECHNOLOGIES GROUP, INC. (Exact name of registrant as specified in its charter) ——————— Florid ...