Core Insights - Duos Technologies Group, Inc. reported a significant revenue increase of 363% in Q1 2025, reaching approximately $5 million compared to $1.07 million in Q1 2024, driven primarily by the execution of the Asset Management Agreement with New APR [5][10][14] - The company showcased strong operational performance, including over 2.3 million railcar scans and a substantial backlog of $17.8 million in revenue, with expectations for continued growth throughout 2025 [6][13][14] Financial Performance - Total revenues for Q1 2025 were $4.95 million, with $4.89 million coming from recurring services and consulting, and $65,000 from technology systems [5][22] - Cost of revenues increased by 273% to $3.64 million, largely due to the support of the Asset Management Agreement with New APR [7][22] - Gross margin improved significantly by 1,288% to $1.31 million, attributed to the high-margin revenue from the Asset Management Agreement [8][22] - Operating expenses rose by 9% to $3.10 million, primarily due to non-cash stock-based compensation and increased research and development costs [9][22] Loss and Cash Position - The net operating loss for Q1 2025 was $1.79 million, a decrease from $2.76 million in Q1 2024, reflecting improved revenue performance [10][11] - The net loss for Q1 2025 was $2.08 million, down from $2.75 million in the same quarter last year, indicating better financial health [11][12] - Cash and cash equivalents at the end of Q1 2025 totaled $3.80 million, down from $6.27 million at the end of 2024, with additional receivables bringing total liquidity to approximately $6.48 million [12][24] Future Outlook - The company has a backlog of approximately $45.4 million in contracts, with $17.4 million expected to be recognized in 2025, alongside an estimated $7.0 - $8.0 million in near-term awards [13][14] - Duos Technologies expects total revenue for 2025 to range between $28 million and $30 million, representing a growth of 285% to 312% from 2024 [14][15]