Summary of Duos Technologies Group Conference Call (October 21, 2025) Company Overview - **Company Name**: Duos Technologies Group (NasdaqCM: DUOT) - **Business Focus**: Transitioning from rail inspection to data center infrastructure, with a focus on modular data centers in tier three and tier four markets [2][3][22] Key Points and Arguments Business Strategy - **Expansion into Data Centers**: The company is expanding its operations into the data center infrastructure space, leveraging its existing technology and infrastructure [2][3] - **Modular Data Centers**: Introduction of micro data centers aimed at improving connectivity in underserved markets, particularly in education and healthcare sectors [8][9][12] - **Cost Model Shift**: Transitioning clients from a capital expenditure (CapEx) model to an operational expenditure (OpEx) model by providing modular data centers that reduce their upfront costs [11][12] Market Opportunities - **Target Markets**: Focus on tier three and tier four markets, starting with Amarillo, Texas, and expanding to Corpus Christi and Illinois [9][23] - **Partnerships**: Collaborating with local education sectors and healthcare providers to establish anchor tenants for the data centers [18][24] - **Carrier Collaboration**: Bringing in multiple carriers to enhance connectivity and create a "carrier hotel" effect, which locks in market share [13][22] Financial Performance - **Historical Financials**: Previous revenues fluctuated between $7 million to $15 million, largely due to the lumpy nature of the rail business [28] - **Recent Capital Raise**: Successfully raised $45 million, the largest in the company's history, to fund expansion into edge data centers [30] - **Debt-Free Status**: Currently has no debt and approximately $35 million in cash on the balance sheet [30] Future Growth Plans - **Projected Growth**: Plans to deploy 15 additional data centers by the end of the year and 45 more in the following year [22][31] - **Recurring Revenue Model**: All revenue from the Duos Edge AI subsidiary is expected to be annual recurring revenue, enhancing financial stability [42] Competitive Advantage - **Unique Technology**: Recently awarded a patent for a clean room design in modular data centers, which helps maintain equipment warranties and improves operational efficiency [20][21] - **No Direct Competition**: Currently, the company does not face direct competition in its specific modular data center model [21] Additional Important Information - **Management Team**: The management team includes experienced professionals with backgrounds in data centers and technology [27][25] - **Focus on Telecom Sector**: The company aims to build a robust network in the telecom sector, which is critical for its growth strategy [22] - **Long-Term Contracts**: Contracts are typically long-term (five years plus five-year renewals), providing a stable revenue stream [44] This summary encapsulates the key insights from the conference call, highlighting the strategic direction, market opportunities, financial outlook, and competitive advantages of Duos Technologies Group.

Summary of American Tower's NAREIT Conference Call Company Overview - **Company**: American Tower Corporation - **Industry**: Telecommunications Infrastructure (REIT focused on tower and data center operations) Key Points and Arguments Company Background - American Tower has been a REIT since 2012 and has a long-standing history in the tower industry, with significant experience from its CEO, Steve Ondron, who has been with the company for 25 years [12][13][14]. Portfolio Management and Divestitures - The company sold its India business to reduce exposure to emerging markets, which previously accounted for 40% of its Adjusted Funds From Operations (AFFO). This was deemed too high due to volatility from currency fluctuations and macroeconomic conditions [12][14]. - The decision to divest was influenced by challenges in the Indian market, including the presence of well-capitalized captive tower companies and issues with a financially troubled customer [12][13][14][15]. - Post-divestiture, American Tower aims to improve the quality of its cash flow, focusing on developed markets while still maintaining some exposure to emerging markets [17][18]. Capital Allocation Strategy - The company is strategically allocating capital towards developed markets, with a current exposure of 25% to emerging markets, which is expected to decrease over time [17][18]. - American Tower has taken measures to reduce leverage, including cutting back on internal capital expenditures and pausing dividend growth to maintain financial flexibility [20][21]. - The company evaluates capital allocation opportunities based on long-term shareholder value, considering M&A, internal CapEx, deleveraging, stock buybacks, and dividends [21][22]. Market Dynamics and Growth Opportunities - The U.S. leasing market is showing strong signs of growth, with increasing applications for new co-locations and densification activities as 5G deployment continues [39][44]. - American Tower has observed a steady ramp in activity over the past five quarters, indicating a positive outlook for future growth [44][47]. Customer Risks and Industry Challenges - The company is monitoring the situation with DISH Network, which has recently faced financial difficulties. American Tower expects to continue receiving payments due to DISH's need to maintain its network and spectrum [50][56]. - The exposure to DISH represents about 2% of global revenues and 4% of U.S. revenues, which is manageable within the company's overall financial structure [56]. Competitive Landscape and Market Valuation - American Tower views satellites as complementary to its tower business, emphasizing that macro towers remain the most cost-effective solution for data throughput [62][64]. - The company acknowledges a disparity in valuation between private and public tower companies, attributing it to differing perspectives on long-term growth potential and market conditions [76][77]. Financial Performance and Future Outlook - The company anticipates mid to high single-digit growth in AFFO per share, supported by disciplined cost management and strategic investments [90][91]. - American Tower's business model is expected to continue benefiting from increasing mobile demand and the ongoing deployment of 5G and future technologies [92][93]. Additional Important Insights - The company has successfully navigated macroeconomic uncertainties, including tariffs and currency fluctuations, by maintaining a strong balance sheet and focusing on operational flexibility [68][71]. - American Tower's strategic focus on the U.S. market for its edge data center strategy is aimed at maximizing value before considering international expansion [37][38]. This summary encapsulates the key insights from the conference call, highlighting American Tower's strategic decisions, market outlook, and financial performance.

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 increased 363% to $4,950,000 compared to $1,070,000 in Q1 2024 [13] - Gross margin for Q1 2025 increased 1288% to $1,310,000 compared to $90,000 for Q1 2024 [15] - Net loss for Q1 2025 totaled $2,080,000 compared to a net loss of $2,750,000 for Q1 2024, representing a 24% decrease in net loss [17] Business Line Data and Key Metrics Changes - The power line of business contracted 570 megawatts with APR Energy's gas turbine fleet, an increase of 180 megawatts since the last report [4] - The edge data center business, DuosEdge AI, has customer commitments for an additional eight edge data centers, expecting to complete installations in the next six months [5][11] Market Data and Key Metrics Changes - Current contracts and backlog represent more than $45,000,000 in revenue, with approximately $17,400,000 projected to be recognized in Q2 2025 [20] - The company expects to enter 2026 with more than $3,000,000 in annual recurring revenue from multi-year contracts [11] Company Strategy and Development Direction - The company is focused on three distinct segments: Duos Technologies, DuosEdge AI, and DuosEnergy, aiming for significant growth [8] - The strategy includes expanding the edge data center business and enhancing the power management services through the asset management agreement with APR Energy [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving guidance and executing the strategy effectively, with expectations for continued revenue growth [6][20] - The outlook for the company is promising, with ongoing discussions with hyperscalers for potential partnerships in the edge data center space [32][54] Other Important Information - The company has improved its balance sheet, with shareholders' equity now over $5,100,000 and cash reserves of $6,480,000 [18] - The company has retired $1,000,000 of debt during the quarter and expects to retire an additional $1,200,000 by year-end [19] Q&A Session Summary Question: What is the expected gross margin for the power business throughout the year? - Management indicated that a gross margin of around 32% is a reasonable expectation for the year, with opportunities for improvement [29][30] Question: Any updates on hyperscaler opportunities in the data center business? - Management confirmed active discussions with three to four hyperscalers interested in utilizing edge data centers for their computing needs [32][33] Question: Has there been any change in the sales cycle due to tariffs? - Management reported no significant changes in the sales cycle or contract signing, indicating strong demand in both the power and edge data center businesses [42][44] Question: How does the company plan to allocate resources for new projects? - Management stated that they are focused on maintaining high utilization rates of their assets and are evaluating opportunities to acquire additional assets to support growth [62][63]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 increased 363% to $4,950,000 compared to $1,070,000 in Q1 2024 [11] - Gross margin for Q1 2025 increased 1288% to $1,310,000 compared to $90,000 for Q1 2024 [13] - Net loss for Q1 2025 totaled $2,080,000 compared to a net loss of $2,750,000 for Q1 2024, representing a 24% decrease in net loss [15] Business Line Data and Key Metrics Changes - The power line of business contracted 570 megawatts with APR Energy's gas turbine fleet, an increase of 180 megawatts since the last report [3] - The edge data center business, DuosEdge AI, has customer commitments for an additional eight edge data centers, expecting to complete installations in the next six months [4][8] - Revenues from the asset management agreement (AMA) with APR Energy are expected to positively impact gross margins [11] Market Data and Key Metrics Changes - Current contracts and backlog represent more than $45,000,000 in revenue, with approximately $17,400,000 projected to be recognized in Q2 2025 [18] - The company expects to enter 2026 with more than $3,000,000 in annual recurring revenue from multi-year contracts [9] Company Strategy and Development Direction - The company is focused on executing its strategy to grow into a larger entity through three distinct divisions: Duos Technologies, DuosEdge AI, and DuosEnergy [6] - The edge AI division is actively marketing remote data centers to serve local communities and businesses, with plans to deploy 15 edge data centers by the end of the year [7][8] - The company is evaluating opportunities to acquire additional assets to grow the overall value of APR Energy [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the power business and the edge data center market, noting that both lines of business are currently performing well [34][36] - The company anticipates breakeven or potential profitability in the third and fourth quarters, with a focus on minimizing losses in the first half of the year [19] Other Important Information - The company has improved its balance sheet, with shareholders' equity now over $5,100,000 and cash of $6,480,000 [16] - The company has retired $1,000,000 of debt during the quarter and expects to retire an additional $1,200,000 by year-end [17] Q&A Session Summary Question: What is the expected gross margin for the power business throughout the year? - Management indicated that a gross margin of around 32% is a good range to expect for the year, with opportunities to improve [26][27] Question: Any updates on hyperscaler opportunities in the data center business? - Management confirmed active discussions with three or four hyperscalers interested in utilizing edge data centers and behind-the-meter power solutions [28][29] Question: Has there been any change in the sales cycle due to tariffs? - Management reported no significant impact from tariffs on the power or edge data center businesses, stating that both lines are performing well [33][34] Question: How does the company plan to allocate resources for new projects? - Management noted that they are maintaining a high utilization rate of their assets and are evaluating opportunities for additional acquisitions to support growth [45][46]