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Duos Technologies (DUOT) - 2024 Q3 - Quarterly Results
DUOTDuos Technologies (DUOT)2024-11-21 21:30

Revenue Growth - Total revenue for Q3 2024 increased 112% to 3.24millioncomparedto3.24 million compared to 1.53 million in Q3 2023, with approximately 1.685millionfromtechnologysystemsand1.685 million from technology systems and 1.55 million from recurring services and consulting[6] - Total revenues for the three months ended September 30, 2024, increased to 3,238,910,a111.13,238,910, a 111.1% increase from 1,530,923 in the same period of 2023[29] - Technology systems revenue rose to 1,686,456,up1381,686,456, up 138% from 705,849 year-over-year, while services and consulting revenue increased to 1,552,454,up881,552,454, up 88% from 825,074[29] Profitability and Loss - Gross margin for Q3 2024 increased 306% to 919,000comparedto919,000 compared to 226,000 in Q3 2023, primarily due to a change order related to high-speed Railcar Inspection Portals[8] - The net loss for the three months ended September 30, 2024, was (1,401,663),animprovementfrom(1,401,663), an improvement from (2,947,736) in the same period of 2023[29] - Net loss for Q3 2024 totaled 1.40million,a531.40 million, a 53% decrease from a net loss of 2.95 million in Q3 2023, driven by increased revenues and reduced operating costs[11] Operating Expenses - Operating expenses for Q3 2024 decreased 11% to 2.84millioncomparedto2.84 million compared to 3.20 million in Q3 2023, attributed to reductions in development and administrative costs[9] - Total operating expenses decreased to 2,839,379forthethreemonthsendedSeptember30,2024,downfrom2,839,379 for the three months ended September 30, 2024, down from 3,197,565 in the same period of 2023, a reduction of 11.2%[29] Cash and Assets - Cash and cash equivalents at September 30, 2024, totaled 0.65million,downfrom0.65 million, down from 2.44 million at December 31, 2023, with over 2.21millioninreceivablesandcontractassets[12]−Totalassetsincreasedto2.21 million in receivables and contract assets[12] - Total assets increased to 22,024,867 as of September 30, 2024, compared to 12,842,285attheendof2023,reflectinggrowthinthecompany′sassetbase[32]−Cashandcashequivalentsdecreasedto12,842,285 at the end of 2023, reflecting growth in the company's asset base[32] - Cash and cash equivalents decreased to 613,594 as of September 30, 2024, down from 2,441,842attheendof2023[32]Liabilities−Totalliabilitiesroseto2,441,842 at the end of 2023[32] Liabilities - Total liabilities rose to 19,512,398 as of September 30, 2024, compared to 7,475,771attheendof2023,indicatingincreasedfinancialobligations[32]−Accountspayableincreasedsignificantlyto7,475,771 at the end of 2023, indicating increased financial obligations[32] - Accounts payable increased significantly to 1,131,552 from a negative 1,670,625inthepreviousyear[35]FutureOutlook−Thecompanyanticipatesimprovedoperatingresultsoverthenext12monthsduetonewinitiativesandmarketopportunities[21]−Thecompanyexpectstoprovidefurtherupdatesongrowth,particularlyin2025andbeyond,asnewbusinessesandmarketopportunitiesareestablished[22]OtherFinancialMetrics−Thecompanyreportedabasicanddilutednetlosspershareof1,670,625 in the previous year[35] Future Outlook - The company anticipates improved operating results over the next 12 months due to new initiatives and market opportunities[21] - The company expects to provide further updates on growth, particularly in 2025 and beyond, as new businesses and market opportunities are established[22] Other Financial Metrics - The company reported a basic and diluted net loss per share of (0.18) for the three months ended September 30, 2024, compared to (0.41)inthesameperiodof2023[29]−NetlossfortheninemonthsendedSeptember30,2024,was(0.41) in the same period of 2023[29] - Net loss for the nine months ended September 30, 2024, was 7,358,143, compared to a net loss of 8,080,819forthesameperiodin2023,indicatinganimprovement[35]−Netcashusedinoperatingactivitiesincreasedto8,080,819 for the same period in 2023, indicating an improvement[35] - Net cash used in operating activities increased to 6,200,147 for the nine months ended September 30, 2024, from 5,637,072intheprioryear[35]−Netcashusedininvestingactivitieswas5,637,072 in the prior year[35] - Net cash used in investing activities was 1,555,544, up from 898,435inthesameperiodlastyear[35]−Netcashprovidedbyfinancingactivitieswas898,435 in the same period last year[35] - Net cash provided by financing activities was 5,959,962, a decrease from 8,681,331inthepreviousyear[35]−Thecompanyreportedadepreciationandamortizationadjustmentof8,681,331 in the previous year[35] - The company reported a depreciation and amortization adjustment of 1,472,965 for the nine months ended September 30, 2024, compared to 393,057intheprioryear[35]−Thecompanyissued393,057 in the prior year[35] - The company issued 2,995,002 in preferred stock during the period, compared to 9,000,000inthepreviousyear[35]−Thecompanyreportedagainonsettlementofwarrantliabilitiesamountingto9,000,000 in the previous year[35] - The company reported a gain on settlement of warrant liabilities amounting to 379,626[35] - The company had a significant increase in inventory, with a change of 197,777comparedtoadecreaseof197,777 compared to a decrease of 97,552 in the previous year[35] Railcar Scanning - The company performed over 2.3 million railcar scans across 13 portals, scanning more than 379,000 unique railcars, representing approximately 24% of the total freight car population in North America[4]