The following is a summary of the Duos Technologies Group, Inc. (DUOT) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Duos Technologies reported a significant revenue increase in Q3 2024 to $3.24 million, up 112% compared to $1.53 million in Q3 2023, primarily due to a $1.4 million contract modification.

• Gross margin increased to $919,000 in Q3 2024 from $226,000 in Q3 2023, highlighting effective cost management and value from new contracts.

• Net loss for Q3 2024 significantly reduced to $1.4 million from $2.95 million in Q3 2023, illustrating improved operational efficiency and revenue growth.

Business Progress:

• Signed a $42 million two-year asset management agreement to manage 850 megawatts of power generation assets, marking significant expansion into power management.

• Expanded the Duos Edge AI subsidiary adding three new Edge Data Centers, totaling six, enhancing their operational capabilities and reach in data center services.

• Continuing robust developments in Railcar Inspection Portal business, including ongoing installations and new agreements enhancing their service offerings.

Opportunities:

• The recent expansion and agreement in energy management and new Edge Data Centers highlight substantial growth opportunities in both the power generation and data center markets.

Risks:

• Growth in AI and power services could face delays in execution and integration, impacting projected profitability and operational scaling.

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