Duos Technologies Group, Inc. reported its financial results for the third quarter ended September 30, 2024, on November 19, 2024. Total revenues for Q3 2024 increased 112% to $3.24 million, up from $1.53 million in the third quarter of 2023.
The revenue increase was primarily driven by a $1.4 million contract modification for two high-speed Railcar Inspection Portals project and an 88% increase in recurring services and consulting revenue. This recurring revenue growth stemmed from new AI and subscription customers, as well as $505,982 from power consulting work.
Gross margin for Q3 2024 increased 306% to $919,000 compared to $226,000 in the prior year period. The net operating loss decreased to $1.92 million from $2.97 million, and net loss decreased to $1.40 million from $2.95 million year-over-year.
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