24/7 Market News Snapshot 20 November, 2024 – Duos Technologies Group, Inc. Common Stock (NASDAQ:DUOT)

November 20, 2024

DENVER, Colo., 20 November, 2024 (247marketnews.com) – (NASDAQ:DUOT) are discussed in this article.
Duos Technologies Group, Inc. (DUOT) is experiencing significant momentum in both its trading performance and operational growth. The company’s stock opened today at $4.97 and is currently trading at $5.51, marking a substantial rise of approximately 19.78% since its previous session close of $4.60. This upward trend is supported by a trading volume of 510.03K, highlighting increased investor interest and enhanced market liquidity. Analysts emphasize the importance of maintaining support at $4.97, while a sustained break above $5.50 may invite further buying and catalyze continued upward movement.

In tandem with its positive market activity, Duos has released its financial results for the third quarter of 2024, showcasing impressive growth metrics. Total revenues surged 112% year-over-year, amounting to $3.24 million, predominantly due to a $1.4 million contract modification related to its high-speed Railcar Inspection Ports project. The company’s commitment to innovation is further evidenced by the advancements of Duos Edge AI, which now operates six Edge Data Centers (EDCs), with anticipated annual recurring revenue from this segment projected at $3.3 million for 2025.

Operationally, Duos has achieved significant milestones, having completed over 2.3 million railcar scans across 13 portals, which now account for about 24% of the North American freight car population. This highlights the company’s leadership in leveraging AI and machine vision technology to enhance transportation safety and efficiency.

Financially, Duos boasts a robust backlog exceeding $18.8 million, having successfully eliminated all outstanding warrants. The net loss of $1.40 million represents a 53% improvement from the prior year, attributed to increased revenues and effective cost management. The company anticipates recognizing at least $1.6 million in additional revenue by year-end 2024, further solidifying its position as a key player in the technology solutions and AI sectors. As Duos Technologies capitalizes on emerging opportunities, it is well-positioned for sustained growth and operational excellence in the evolving market landscape.

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