Duos Technologies (US:DUOT)2024-11-21 21:30Revenue Growth - Total revenue for Q3 2024 increased 112% to $3.24 million compared to $1.53 million in Q3 2023, with approximately $1.685 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, a 111.1% increase from $1,530,923 in the same period of 2023[29] - Technology systems revenue rose to $1,686,456, up 138% from $705,849 year-over-year, while services and consulting revenue increased to $1,552,454, up 88% from $825,074[29] Profitability and Loss - Gross margin for Q3 2024 increased 306% to $919,000 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), an improvement from $(2,947,736) in the same period of 2023[29] - Net loss for Q3 2024 totaled $1.40 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 $2.84 million compared to $3.20 million in Q3 2023, attributed to reductions in development and administrative costs[9] - Total operating expenses decreased to $2,839,379 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 $0.65 million, down from $2.44 million at December 31, 2023, with over $2.21 million in receivables and contract assets[12] - Total assets increased to $22,024,867 as of September 30, 2024, compared to $12,842,285 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 $2,441,842 at the end of 2023[32] Liabilities - Total liabilities rose to $19,512,398 as of September 30, 2024, compared to $7,475,771 at the end of 2023, indicating increased financial obligations[32] - Accounts payable increased significantly to $1,131,552 from a negative $1,670,625 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) 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 $8,080,819 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 $5,637,072 in the prior year[35] - Net cash used in investing activities was $1,555,544, up from $898,435 in the same period last year[35] - Net cash provided by financing activities was $5,959,962, a decrease from $8,681,331 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 $393,057 in the prior year[35] - The company issued $2,995,002 in preferred stock during the period, compared to $9,000,000 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 $197,777 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]