Duos Technologies’ Group company’s contracts in backlog $6.6M in revenue

At the end of 2023, the company’s contracts in backlog represented approximately $6.6M in revenue, of which approximately $4.4M is expected to be recognized in calendar 2024 not including an estimated $6.0 – $7.0 Min expected near-term awards and renewals. The balance of contract backlog is comprised of multi-year service and software agreements as well as project revenues spanning through fiscal 2024. In the fourth quarter of 2023 the Company withdrew its previously issued guidance due to unforeseen delays from three major projects which delayed recognition of a substantial portion of expected revenues into 2024. Duos expects an improvement in operating results to be reflected over the course of the full year 2024 from the realization of these projects and other anticipated new projects. As a result of typical business seasonality as well as timing and other factors, the Company expects revenues in the first quarter of 2024 to be similar to the fourth quarter of 2023 before sequentially increasing throughout the remainder of the year.