Duos Technologies Group: Backlog more than $19.6M in revenue at Q2-end

At the end of the second quarter, the company’s contracts in backlog and near-term renewals and extensions is now more than $19.6 M in revenue, of which approximately $6.9 M is expected to be recognized during the remainder of 2024. The balance of contract backlog is comprised of multi-year service and software agreements as well as project revenues. It should be noted that $10.7M of the revenue in backlog is for data access to support the new subscription business and is accounted for as a “non-monetary exchange” that resulted from an amendment to a Master Material and Service Purchase Agreement with a Class 1 railroad. Any new subscription business going forward will be offset by royalty payments by Duos…Duos anticipates an improvement in operating results to be reflected over the next 12 months as a result of the new initiatives described in this release. Results are expected to improve in Q3 and the company will provide further updates as they become available…