Duos Technologies Group Announces Fiscal Year 2024 Financial Results

Duos Technologies Group Reports 4th Quarter and FY 2024 Results

February 27, 2025 - Duos Technologies Group Inc. (NYSE American: DUOS), a leading provider of video surveillance and security solutions, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2024.

For the fourth quarter, the Company reported revenue of $2.8 million, a 15% increase compared to the same period in the prior year. Gross profit was $1.4 million, representing a gross margin of 50%. Net loss for the quarter was $2.3 million, or $0.11 per diluted share.

For the fiscal year ended December 31, 2024, the Company reported revenue of $10.5 million, a 21% increase compared to the prior year. Gross profit was $5.3 million, representing a gross margin of 51%. Net loss for the year was $8.5 million, or $0.41 per diluted share.

"We are pleased to report a strong finish to the year, with revenue growth and improved gross margins," said Duos Technologies Group CEO, Mike Reynolds. "Our focus on expanding our sales and marketing efforts, as well as our investment in product development, are paying off. We are confident that our innovative solutions will continue to drive growth and improve our financial performance in the future."

The Company also announced that it has entered into a new financing agreement with a major financial institution, providing for a senior secured line of credit of up to $5.0 million. The line of credit is available for working capital and general corporate purposes.

Duos Technologies Group Inc. is a leading provider of video surveillance and security solutions. The Company's innovative solutions are designed to improve the safety and security of people and property, while also reducing costs and improving efficiency. Duos Technologies Group is headquartered in Charlotte, North Carolina.