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Duos Technologies Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports an increase in total revenues to $3,238,910 for the quarter, up from $1,530,923 in the same quarter of the previous year. This growth is attributed to an equitable adjustment related to the high-speed Railcar Inspection Portals project.
Cost of revenues for the quarter was $2,319,811, compared to $1,304,335 in the same period last year. The increase is mainly due to ongoing procurement and production of the Railcar Inspection Portals.
The company reported a gross margin of $919,099 for the quarter, a significant increase from $226,588 in the previous year, driven by the aforementioned project adjustment.
Operating expenses decreased to $2,839,379 from $3,197,565, reflecting reductions in general and administrative costs.
Net loss for the quarter was $1,401,663, down from $2,947,736 in the previous year, with the improvement primarily due to increased revenues and reduced operating expenses.
Other income for the quarter was $518,617, primarily due to gains from fair value adjustments and extinguishment of warrant liabilities.
Cash used in operating activities for the nine months ended September 30, 2024, was $6,200,147, compared to $5,637,072 in the previous year.
The company raised $5,959,962 from financing activities during the nine months, primarily from preferred stock issuances and an ATM offering.
Duos Technologies continues to focus on its Railcar Inspection Portal as a key revenue driver while expanding into new markets with Edge Data Centers.
The filing also highlights the company's efforts to manage costs and improve operational efficiency to support future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Duos Technologies Group Inc - Ordinary Shares quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.