DUOS Technologies Group, Inc.(DOUT), a leading provider of advanced techno logy solutions for industries such as transportation and security, has released its financial results for the second quarter of 2023. The company reported a net loss of $2.99 million for the quarter, while generating revenue of $1.77 million during the same period. Let's take a closer look at the financial performance and key highlights from DUOS Technologies' latest consolidated financial statements.
The unaudited consolidated balance sheets as of June 30, 2023, and December 31, 2022, revealed that the company's total assets amounted to $12.30 million and $13.08 million, respectively. In terms of current assets, DUOS Technologies reported cash of $2.45 million, accounts receivable of $286,871, contract assets of $1.01 million, inventory of $1.54 million, and prepaid expenses and other current assets of $496,545.
Liabilities and Stockholders' Equity
The company's total liabilities as of June 30, 2023, were $8.92 million, compared to $9.04 million as of December 31, 2022. DUOS Technologies reported current liabilities of $4.53 million, including accounts payable, notes payable, and accrued expenses. Stockholders' equity stood at $3.38 million, representing a decrease compared to $4.05 million at the end of 2022.
Consolidated Statements of Operations
For the three months ended June 30, 2023, DUOS Technologies generated total revenues of $1.77 million. The company's revenues were divided between technology systems, which brought in $870,494, and services and consulting, which contributed $899,565. The cost of revenues for the same period totaled $1.53 million, resulting in a gross margin of $241,337.
Loss from Operations and Other Income (Expenses)
The loss from operations for the three months ended June 30, 2023, amounted to $3.15 million, reflecting increased operating expenses compared to the same period in the previous year. The company reported other income of $158,850, including interest expense and other income items.
DUOS Technologies reported a net loss of $2.99 million for the quarter, resulting in a basic and diluted net loss per share of $0.42. This marked a decrease compared to the net loss of $1.34 million and the corresponding net loss per share of $0.22 in the same period last year.
The company's cash flow from operating activities for the six months ended June 30, 2023, was negative, amounting to approximately $1.92 million. Cash used in investing activities totaled approximately $548,360, reflecting investments in patents, trademarks, software development, and fixed assets.
Financing Activities
DUOS Technologies reported repayments of insurance and equipment financing, as well as a repayment of finance lease, totaling $273,965 for the six months ended June 30, 2023. Additionally, there were no proceeds from common stock issuance during this period.
DUOS Technologies Group, Inc. continues to navigate the challenges and opportunities within its industry, leveraging its advanced technology solutions to drive revenue growth and enhance its market position. The company's financial results for the second quarter of 2023 reflect both achievements and areas for further improvement as it pursues its strategic goals.