Duos Technologies Group, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 14, 2023 at 04:31 pm EDT
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Duos Technologies Group, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 0.870494 million compared to USD 2.78 million a year ago. Revenue was USD 1.77 million compared to USD 3.62 million a year ago. Net loss was USD 2.99 million compared to USD 1.34 million a year ago. Basic loss per share from continuing operations was USD 0.42 compared to USD 0.22 a year ago.
For the six months, sales was USD 2.7 million compared to USD 3.56 million a year ago. Revenue was USD 4.41 million compared to USD 5.06 million a year ago. Net loss was USD 5.13 million compared to USD 3.99 million a year ago. Basic loss per share from continuing operations was USD 0.72 compared to USD 0.7 a year ago.
Duos Technologies Group, Inc., through its wholly owned subsidiary, Duos Technologies, Inc., designs, develops, deploys, and operates intelligent vision-based technology solutions using machine vision and artificial intelligence (AI) to analyze fast moving freight, passenger and transit trains and trucks streamlining operations, improving safety, and reducing costs. The Company provides solutions that automate the mechanical and security inspection of fast-moving trains, trucks, and automobiles through a broad range of hardware, software, information technology and AI. Its Railcar Inspection Portal (RIP) provides both freight and transit railroad customers and select government agencies the ability to conduct fully remote railcar inspections of trains while they are moving at full speed. It has also developed the automated logistics information system (ALIS) which automates gatehouse operations where transport trucks enter and exit large logistics and intermodal facilities.