Net operating loss for the quarter widened slightly to $3.44 million from $3.22 million a year earlier
JACKSONVILLE: Duos Technologies Group, Inc. (Nasdaq: DUOT) on Thursday reported a 280% year-over-year increase in second-quarter revenue, driven by strong performance in its energy services and edge computing segments. The Jacksonville, Florida-based company said it remains on track to meet its full-year revenue guidance of $28 million to $30 million.
Net operating loss for the quarter ended June 30 widened slightly to $3.44 million from $3.22 million a year earlier, primarily due to non-cash stock-based compensation and one-time expenses. Net loss totaled $3.52 million, or $0.30 per share, compared with $3.20 million, or $0.43 per share, in Q2 2024.
Duos posted $10.7 million in revenue for the first half of 2025, marking the highest six-month revenue in its history. The company attributed the growth to its Asset Management Agreement (AMA) with New APR Energy and the rollout of its standalone Edge Data Centers (EDCs), with installations underway at multiple leased sites.
Backlog at the end of Q2 stood at $40.7 million, with $18 million expected to be recognized in calendar 2025. This includes $12.3 million in contracted backlog and $5.7 million in anticipated near-term awards and renewals.
CEO Chuck Ferry said the company’s strategic pivot in mid-2024 to expand its portfolio is yielding results. “We have recorded higher revenues in the first half than at any other time in the Company’s history,” Ferry said. “I am highly confident of our continued progress in the second half.”
Operational highlights included $5.69 million in services and consulting revenue, installation of six gas turbine generators in Mexico, and orders for four additional EDCs, bringing the total to 10 units with plans to deploy 15 by year-end. Duos also completed a $40 million public offering and raised $12.5 million via an ATM offering to support its infrastructure expansion.