Duos Technologies Group reports Q4 revenue $1.5MS , consensus

Net loss for Q4 2023 totaled $3.16M compared to a net loss of $952,427 for Q4 2022…Secured contract for expansion of recurring revenues including $2.4 million, multiyear AI subscription and services agreement with Class 1 railroad for advanced AI-Based Defect Detection models.”2023 was a challenging year for our Company with strong progress in many areas of operations offset by project delays from three major clients which were out of our control,” said Duos Chief Executive Officer Chuck Ferry. “However, during the year we made substantial progress in the delivery of our AI algorithms and Centraco software update, the backbone of our Railcar Inspection Portal. We have significantly increased the breadth of our AI applications to also include passenger rail use cases, and continued to grow our recurring revenue base through strong renewals and add-on work as evidenced by the renewed and added contracts in early 2024.