Duos Technologies Group Announces Financial Performance for Q4 and Full Year 2024

Monday 31st of March 2025 20:15:00

Duos Technologies Group Reports 4th Quarter and FY 2024 Results

March 31, 2025 - Duos Technologies Group, Inc. (Nasdaq: DUOS), a leading provider of advanced video surveillance solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Highlights:

  • Revenue increased 23% year-over-year to $3.3 million
  • Gross margin expanded to 74% compared to 69% in the same period last year
  • Operating income improved to $0.3 million, compared to an operating loss of $0.2 million in the same period last year
  • Net income was $0.2 million, or $0.02 per diluted share, compared to a net loss of $0.3 million, or $0.03 per diluted share, in the same period last year

Full Year 2024 Highlights:

  • Revenue grew 25% year-over-year to $12.4 million
  • Gross margin expanded to 72% compared to 68% in the same period last year
  • Operating income improved to $1.1 million, compared to an operating loss of $0.5 million in the same period last year
  • Net income was $0.8 million, or $0.09 per diluted share, compared to a net loss of $1.2 million, or $0.14 per diluted share, in the same period last year

"We are pleased to report another strong quarter, with revenue growth and improved profitability," said Mike Rees, CEO of Duos Technologies Group. "Our focus on developing and delivering innovative video surveillance solutions has enabled us to expand our customer base and increase our market share. We are confident in our ability to continue to drive growth and profitability in the future."

The company will host a conference call and webcast to discuss its fourth quarter and full year 2024 results on April 1, 2025, at 5:00 PM ET. To participate, please dial (877) 231-9929 or (647) 378-4949 internationally, and enter the passcode "DUOS." A live webcast of the call will also be available on the company's website at www.duos-tech.com. A replay of the call will be available until April 15, 2025, by dialing (855) 859-2056 or (404) 537-3406 internationally, and entering the passcode "DUOS."