Duos Technologies Group Releases Nine-Month Financial Results for 2024

Duos Technologies Group, Inc., a company listed on NASDAQ under the ticker DUOT, has released its financial results for the nine months ending September 30, 2024. The company's financial report provides insights into its stock performance, cash flows, and overall financial health.

Stock Performance

Duos Technologies has a range of convertible preferred stocks, including Series A, B, C, D, E, and F, each with specific conversion rates into common stock. As of September 30, 2024, the company had issued and outstanding shares across these series, with the Series E convertible preferred stock showing significant activity, having 13,625 shares issued and outstanding, convertible at $2.61 per share. The common stock had 8,051,189 shares issued and 8,049,865 shares outstanding, reflecting an increase from the previous year.

Financial Overview

The company reported a net loss of $7,358,143 for the nine months ended September 30, 2024, which is an improvement from the $8,080,819 loss reported in the same period in 2023. Despite the losses, there was a notable increase in additional paid-in capital from $69,120,199 to $73,623,552.

Cash Flows

Duos Technologies experienced a net cash outflow from operating activities amounting to $6,200,147, compared to $5,637,072 in the previous year. Investing activities led to a cash outflow of $1,555,544, primarily due to the purchase of fixed assets. However, financing activities provided a positive cash inflow of $5,959,962, bolstered by proceeds from notes payable and preferred stock issued.

Impact and Outlook

The financial results indicate that Duos Technologies is actively managing its capital structure and financing activities to support its operations and growth. The increase in common stock and preferred stock issuance suggests a strategic approach to raise capital. The improvement in net loss figures and the increase in additional paid-in capital reflect positive financial adjustments.

Overall, while the company continues to face challenges with operating losses, its strategic financing activities and capital management could potentially position it for future growth and stability.