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Duos Technologies Group Inc - Ordinary Shares (DUOT+6.46%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The report details the company's operations, which include the development and deployment of technology systems focused on inspecting and evaluating moving vehicles. The company operates under its brand name duostech and has expanded into new markets with the formation of subsidiaries Duos Edge AI Inc. and Duos Energy Corporation.
Duos Technologies reported total revenues of $7,280,885 for 2024, a decrease from $7,471,198 in 2023. The decrease is attributed to delays in deploying high-speed Railcar Inspection Portals.
The company's cost of revenues increased to $6,811,670 in 2024 from $6,162,317 in 2023, resulting in a gross margin of $469,215, down from $1,308,881 in the previous year.
Operating expenses decreased by 10% to $11,452,741 in 2024, primarily due to reductions in general and administration costs and research and development expenses.
Duos Technologies reported a net loss of $10,764,457 for 2024, compared to a net loss of $11,241,718 in 2023. The decrease in net loss is mainly due to reduced operating expenses.
The company has a cash balance of $6,266,296 as of December 31, 2024, with a working capital deficit of $8,002,361.
In 2024, Duos Technologies entered into an Asset Management Agreement with New APR Energy, LLC, expected to generate approximately $42 million in revenue over two years.
The company continues to focus on expanding its technology base through organic development, strategic partnerships, and targeted acquisitions, with an emphasis on the Vision Technology market sector.
Duos Technologies is addressing the growing demand for high-speed data processing and power generation, with plans to deploy Edge Data Centers and provide consulting services for electrical power solutions.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.