Q3 2024 Duos Technologies Group Inc Earnings Call Transcript
Key Points
- Duos Technologies Group Inc (DUOT) signed a two-year asset management agreement worth an estimated $42 million to manage 850 megawatts of power generation assets.
- The company has expanded its investment in the Duos Edge AI subsidiary, adding three new edge data centers for a total of six ready for deployment.
- Revenue for Q3 2024 increased by 112% to $3.24 million compared to the same quarter in 2023, driven by technology systems and recurring services.
- Operating expenses for Q3 2024 decreased by 11% compared to Q3 2023, attributed to reductions in development and administrative costs.
- Duos Technologies Group Inc (DUOT) anticipates becoming profitable in 2025 due to new initiatives and expected growth in various business segments.
- Total revenue for the first nine months of 2024 decreased slightly to $5.82 million from $5.95 million in the same period last year.
- The company experienced a net operating loss of $1.92 million for Q3 2024, although this was an improvement from the previous year.
- Cash and cash equivalents decreased to approximately $646,000 as of September 30, 2024, compared to $2.44 million at the end of 2023.
- The company implemented a 5% reduction in staff in early Q3 2024 as part of cost management efforts.
- There are ongoing delays with the Amtrak railcar inspection portal project, impacting financial performance in previous quarters.
Good afternoon. Welcome to the Duals Technologies third quarter, 2024 earnings conference call.
Joining us for today's call are due CEO Chuck ferry and CFO Adrian Goldar following the remarks when we open the call for questions.
Then before we conclude today's call, I'll provide the necessary questions regarding the forward-looking statements made by management during this call.
Now, I'd like to turn the call over to Duos, CEO Chuck Berry. Thank you. You may begin.
Welcome everyone and thank you for joining us. Yesterday. We issued our earnings press release and our 10-Q for the third quarter. This morning, we released news concerning the signing of an agreement for our newly formed Duos Energy Corporation.
And just prior to this call, we have filed an eight K covering this matter, this recent material event and the expected material impact on our financial performance in the coming years or a milestone achievement for doo copies are available
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