JACKSONVILLE, Fla., June 27, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (Nasdaq: DUOT), CEO Chuck Ferry and newly appointed President of Duos Edge AI, Doug Recker, are being featured on "This Week in Jacksonville - Business Edition", broadcasting today at 9am EDT. They will discuss Duos' recent business expansion and expected contributions to economic growth and development in the Jacksonville area and beyond. The interview is available for viewing at https://www.news4j ...

During the show, Chuck Ferry will also introduce Doug Recker, an IT veteran and former Marine, as the President of Duos' new subsidiary, Duos Edge AI, Inc., effective July 15, 2024. With over 30 years of experience in telecommunications and data centers, Mr. Recker will lead the subsidiary's efforts to provide Edge Data Centers to remote areas, including schools and health facilities as well as other data and processing intensive applications such as automated vehicle guidance. This new venture will leverag ...

Core Insights - Duos Technologies Group, Inc. is expanding its business strategy by focusing on AI, data center deployment, and power infrastructure, which are fast-growing sectors in the technology landscape [2][3] Business Developments - The company held a press conference on June 18, 2024, to announce key developments in its strategy, attended by local dignitaries and industry stakeholders [1] - Duos has appointed Doug Recker as the President of its new subsidiary, Duos Edge AI Inc., effective July 15, 2024, to lead efforts in providing Edge Data Centers to underserved areas [3] - A strategic partnership has been signed with a Class 1 railroad to roll out a subscription-based railcar inspection system, with Amtrak as a current user [8][9] Technological Advancements - The company is leveraging its expertise in AI and machine vision to automate inspections of fast-moving freight and passenger trains, enhancing operational efficiency and safety [5] - The new Edge Data Center will support mechanical analysis of trains at speeds up to 125 MPH, delivering actionable safety data within 60 seconds [8][9] Market Position - The CEO emphasized that these developments reinforce the company's leadership in rail safety and expand its technological reach into new markets [9] - The demand for data centers is being driven by AI, with recent leasing activity comparable to adding an entire New York City to the US electricity grid [2]

Contacts Corporate Fei Kwong, Director, Corporate Communications Duos Technologies Group, Inc. (NASDAQ:DUOT) 904-652-1625 fk@duostech.com of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or ...

Date: June 18, 2024 Time: 11:00 AM ET Location: Duos Technologies Headquarters, 7660 Centurion Parkway, Suite 100, Jacksonville, FL Agenda: Please join us in person or virtually on June 18th at 11:00 AM ET at YouTube Live stream (https://www.youtube.com/live/wsHquC9JmLY) to learn more about how Duos is shaping the future of rail safety and expanding its technological horizons. JACKSONVILLE, Fla., June 11, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT) through ...

JACKSONVILLE, Fla., May 30, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. ("Duos" or the "Company") (Nasdaq: DUOT), through its operating subsidiary Duos Technologies, Inc., a provider of Machine Vision and Artificial Intelligence ("AI") to analyze fast moving freight, passenger and transit trains and trucks, has entered into a three-year agreement with Canadian Pacific Kansas City (CPKC) (NYSE: CP) (TSX: CP) allowing CPKC to use Duos developed Artificial Intelligence Solutions for mechanical inspe ...

Revenue Performance - Total revenues for Q1 2024 decreased 60% to $1.07 million compared to $2.64 million in Q1 2023, primarily due to timing in revenue recognition for a major customer[5] - The company anticipates revenues in Q2 2024 to be in line with Q1 2024 before ramping up in the latter half of the year[13] Expenses and Losses - Operating expenses for Q1 2024 increased 6% to $2.86 million compared to $2.68 million in Q1 2023, attributed to investment in sales resources[8] - Net loss for Q1 2024 totaled $2.75 million, a 28% increase compared to a net loss of $2.14 million in Q1 2023, mainly due to decreased revenues[10] - Net loss for the three months ended March 31, 2024, was $2,752,309, compared to a net loss of $2,143,683 for the same period in 2023, representing an increase of 28.5%[26] Cash and Assets - Cash and cash equivalents at March 31, 2024, totaled $2.98 million, an increase from $2.44 million at December 31, 2023[11] - Cash and cash equivalents at the end of the period increased to $2,977,592 from $2,441,842, an increase of approximately 22%[26] - Total assets decreased to $12,742,440 from $12,842,285, a decline of approximately 0.78%[23] - Current liabilities reduced to $3,081,046 from $3,247,053, a decrease of about 5.13%[23] - Total stockholders' equity rose to $5,519,839 from $5,366,514, an increase of about 2.85%[24] Operational Metrics - The company performed over 2.4 million comprehensive railcar scans in Q1 2024, representing approximately 24% of the total freight car population in North America[3] - The company was awarded a contract for an additional Railcar Inspection Portal system valued at approximately $2.7 million, expected to be installed in 2024[3] Cash Flow - Cash from operating activities resulted in a net cash outflow of $2,032,719, significantly higher than the outflow of $7,086 in the prior year[26] - Cash flows from financing activities provided $2,578,279, compared to $3,488,085 in the previous year, a decrease of approximately 26%[26] Inventory and Receivables - Accounts receivable decreased to $596,090 from $1,462,463, a decline of about 59%[23] - Inventory slightly decreased to $1,502,337 from $1,526,165, a reduction of approximately 1.55%[23] - Contract liabilities increased to $1,692,940 from $1,666,243, an increase of about 1.61%[23] Strategic Initiatives - Duos formed a new subsidiary, "Duos Edge AI, Inc.", to build and operate Edge Data Centers, aligning with its strategy in the AI value chain[3]

Duos Technologies Group, Inc. (NASDAQ:DUOT) Q1 2024 Results Conference Call May 13, 2024 4:30 PM ET Company Participants Chuck Ferry - CEO Adrian Goldfarb - CFO Conference Call Participants Ed Woo - Ascendiant Capital Markets Operator Good afternoon. Welcome to Duos Technologies' First Quarter 2024 Earnings Conference Call. Joining us for today's call are Duos CEO, Chuck Ferry; and CFO, Adrian Goldfarb. Following their remarks, we will open the call for your questions. Then before we conclude today's call, ...

Duos Technologies Group, Inc. (DUOT) came out with a quarterly loss of $0.38 per share versus the Zacks Consensus Estimate of a loss of $0.43. This compares to loss of $0.30 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 11.63%. A quarter ago, it was expected that this company would post a loss of $0.31 per share when it actually produced a loss of $0.44, delivering a surprise of -41.94%. Over the last four quarters, the com ...

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 March 31, 2024 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 other ...