Duos Technologies Group, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, on March 31, 2025. Total revenue for Q4 2024 decreased 4% to $1.46 million, while full year 2024 revenue decreased 3% to $7.28 million, primarily due to customer-driven delays in railcar inspection portal deployments.
Despite the revenue decline in Q4 and FY2024, services and consulting revenues increased by 31% for the full year, driven by new AI and subscription customers and $921,562 from power consulting work. Gross margin for FY2024 decreased to $469,000 (6%) from $1.31 million (18%) in 2023, impacted by project timing and at-cost power consulting.
The company reinstituted formal guidance for 2025, projecting total revenue between $28 million and $30 million, representing a 285% to 312% increase from 2024. Duos expects to achieve positive adjusted EBITDA for the full year 2025, supported by a backlog of approximately $50.5 million, with $22.6 million expected in 2025, and 390MW in power contracts secured in the first three months of operation.
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