JACKSONVILLE, Fla. - Duos Technologies Group, Inc. (NASDAQ:DUOT), a micro-cap technology company valued at $41.46 million specializing in machine vision and artificial intelligence for the rail industry, has been granted a new patent for its obliquevue® system by the U.S. Patent and Trademark Office. According to InvestingPro data, the stock has shown significant momentum with a 69% gain over the past six months, despite recent volatility. The patented technology, titled "Device to capture high resolution images of the undercarriage of a freight car," is part of Duos' Railcar Inspection Portal (RIP®) and is designed to enhance the safety and efficiency of railcar inspections.
The obliquevue® system offers a new perspective by capturing oblique images of a train's undercarriage, which can reveal anomalies that may be missed by traditional inspection methods. This technology integrates with the company's existing RIP® and CENTRACO® platforms, employing advanced imaging sensors and artificial intelligence to adhere to safety standards set by the Association of American Railroads (AAR (NYSE:AIR)) and the Federal Railroad Administration (FRA).
In 2024, Duos' imaging systems scanned approximately 10 million railcar images, indicating the widespread adoption of its technologies. While the company generated $7.35 million in revenue over the last twelve months, InvestingPro analysis reveals challenges with cash burn and profitability. InvestingPro subscribers have access to 15+ additional insights about DUOT's financial health and growth prospects. The CEO of Duos, Chuck Ferry, emphasized that the obliquevue® system delivers "unparalleled accuracy and efficiency," allowing for real-time identification and resolution of safety concerns, thus ensuring the reliability of rail networks worldwide.
The recent patent extends Duos' intellectual property portfolio to 11 granted patents, with 6 additional applications pending. Duos is expanding its service offerings to include edge data processing and subscription-based services for customized rail data analytics.
The company continues to innovate within the rail sector, providing solutions that not only improve the existing infrastructure but also set new standards in railcar inspection technology. This innovation is part of Duos' broader mission to deploy intelligent technology solutions across various applications, including vehicle analysis and power consulting.
This news is based on a press release statement and reflects the company's ongoing commitment to advancing rail safety and efficiency through technological innovation. With a gross profit margin of 15% and analysts projecting continued losses this year, investors seeking detailed analysis can access the comprehensive Pro Research Report available on InvestingPro, which covers all critical aspects of DUOT's business model and growth potential.
In other recent news, Duo Technologies reported a substantial surge in its Q3 revenue, which increased by 112% to $3.24 million compared to the same period last year. The company also narrowed its net loss by 53% to $1.4 million, a significant reduction from the previous year's Q3 loss of $2.95 million. This financial improvement was largely driven by an 88% quarter-over-quarter rise in recurring services and consulting revenue.
In addition to these financial highlights, Duo Technologies inked a substantial $42 million asset management contract and is expanding its Edge Data Center operations. The company is also moving forward with a subscription-based model for its Railcar Inspection Portal Business.
Duo Technologies anticipates a transition period in Q4, with more predictable financial outcomes expected in 2025. The company is also exploring collaborations with hyperscalers to expedite edge data center deployments. Notably, Duo Technologies has secured a $42 million asset management agreement for power generation assets and aims to expand its Edge Data Center footprint to 15 centers by the end of 2025.
In terms of organizational changes, Chris King has been appointed as the new Chief Operating Officer, and Doug Recker's role has been expanded to Chief Commercial Officer. The company has restructured its staff to support enhanced cross-functional operations. These are the recent developments surrounding Duo Technologies, as per the latest reports.
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