Duos Technologies Group Inc ( (DUOT) ) has released its Q4 earnings. Here is a breakdown of the information Duos Technologies Group Inc presented to its investors.
Duos Technologies Group Inc., based in Jacksonville, Florida, specializes in machine vision and artificial intelligence solutions for fast-moving vehicles, Edge Data Centers, and power consulting services. The company operates through its subsidiaries, Duos Technologies, Duos Edge AI, and Duos Energy Corporation.
In its latest earnings report for the fourth quarter and full year of 2024, Duos Technologies Group Inc. highlighted a transformative year with the addition of two new business lines, a strengthened balance sheet, and enhanced operational capabilities. The company also issued guidance for 2025, anticipating significant revenue growth.
Key financial highlights include a 4% decrease in total revenue for Q4 2024 compared to the previous year, with recurring services and consulting revenue increasing by 9%. Despite a decrease in gross margin due to lower business activity and cost-driven power consulting work, operating expenses were reduced by 21% for the quarter. For the full year, total revenue decreased by 3%, with a notable increase in services and consulting revenues driven by new AI and subscription customers.
Looking ahead, Duos Technologies Group Inc. is optimistic about its future, with a backlog representing approximately $50.5 million in revenue, of which $22.6 million is expected to be recognized in 2025. The company anticipates total revenue for 2025 to range between $28 million and $30 million, reflecting a substantial increase from 2024 levels.