Free cash flow remains deeply negative, evidenced by a $42.6 million outflow in 2026Q1, as capital expenditure as a percentage of revenue spiked to 15.2%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | -10.36M | -13.75M | -3.49M | -8.75M | -7.87M | -6.58M | -4.23M | -4.02M | -345.29K | -3.56M | -1.84M | -2.12M | -297.92K | -160.83K | -169.75K | -637.5K | -135.03K | -183.65K | -145.2K | -74.28K |
| Operating CF Margin % | - | -50.87% | -47.92% | -117.07% | -52.45% | -79.65% | -52.63% | -29.47% | -2.87% | -91.7% | -30.14% | -31.27% | -74.24% | -26.47% | -27.5% | -95.7% | -12.61% | -23.54% | -11.85% | -16.15% |
| Operating CF Growth % | -233.28% | -294.08% | 60.11% | -11.09% | -19.67% | -55.49% | -5.27% | -1064.12% | 90.31% | -93.57% | 13.05% | -610.42% | -85.23% | 5.25% | 73.37% | -372.12% | 26.47% | -26.47% | -95.48% | - |
| Net Income | -11.25M | -9.84M | -10.76M | -11.24M | -6.86M | -6.01M | -6.75M | -2.47M | -1.58M | -5.15M | -2.56M | -2.33M | -735.22K | -648.57K | -865K | -893.92K | -808.77K | -1.01M | -626.11K | -53.63K |
| Depreciation & Amortization | 1.53M | 2.49M | 2.56M | 866.98K | 586.03K | 525.83K | 456.51K | 398.72K | 98.92K | 48.28K | 47.05K | 44.41K | 4.13K | 5.71K | 34.19K | 165.42K | 156.31K | 19.66K | 22.21K | 13.51K |
| Stock-Based Compensation | 1.2M | 4.06M | 108.98K | 710.05K | 819.19K | 262.41K | 454.77K | 44.87K | 447.83K | 0 | 441.14K | 99.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -447.83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37.15K | -10.72K |
| Other Non-Cash Items | 4.62M | 1.23M | 87.39K | 143.06K | 157.5K | -1.19M | 91.41K | 285.06K | 447.83K | 1.4M | 949.29K | 1.9M | 265.48K | 357.71K | 295.96K | 124.82K | 577.28K | 672.07K | 458.36K | 0 |
| Working Capital Changes | -6.46M | -11.7M | 4.52M | 775.07K | -2.57M | -171.81K | 1.51M | -2.28M | 688.85K | 140.49K | -275.02K | -1.73M | 167.7K | 124.3K | 365.09K | -33.81K | -59.85K | 133.82K | -37.13K | -23.45K |
| Change in Receivables | -4.36M | -5.72M | 981.66K | 1.59M | -2.1M | -512.01K | 2.64M | -1.46M | -1.24M | -41.31K | 195.25K | -134.3K | -12.59K | 3.52K | 148.52K | -91.34K | -60.71K | 59.31K | 20.05K | -83.98K |
| Change in Inventory | 17.91K | 28.53K | 52.7K | -97.8K | -1.13M | -185.91K | 112.42K | 0 | -647.67K | 199.57K | 113.08K | -780.8K | 185.51K | 39.8K | 136.31K | -10.32K | -2.11K | -8.49K | 0 | 17.91K |
| Change in Payables | 3.75M | 3.89M | 374.19K | -1.69M | 1.25M | 437.48K | -2.05M | 1.22M | 604.1K | 184.83K | -211.31K | -657.92K | 17.39K | 85.24K | 41.81K | 71.04K | 1.66K | 82.63K | -77.74K | 41.53K |
| Cash from Investing | -64.34M | -23.73M | -1.84M | -1.09M | -644.89K | -552.94K | -287.33K | -219.57K | -285.68K | -41.71K | -35.41K | -75.24K | 1.73K | -17.63K | 0 | -51.94K | 8.29K | -173.41K | 95.68K | -101.67K |
| Capital Expenditures | -64.4M | -23.66M | -1.83M | -496.69K | -344.92K | -545.5K | -279.15K | -206.48K | -285.68K | -41.71K | -35.41K | -76.58K | -24.85K | -14.34K | 0 | -55.34K | -1.71K | -173.41K | -9.5K | -7.95K |
| CapEx % of Revenue | 259.74% | 87.56% | 25.16% | 6.65% | 2.3% | 6.6% | 3.47% | 1.51% | 2.37% | 1.07% | 0.58% | 1.13% | 6.19% | 2.36% | - | 8.31% | 0.16% | 22.22% | 0.78% | 1.73% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.35K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 55.47K | -71.57K | -9.54K | -597.22K | -299.97K | -7.43K | -8.19K | -13.1K | -73.28K | 0 | -70 | -10.42K | 1.73K | -3.29K | 0 | 3.4K | 0 | -159.2K | 105.17K | -93.73K |
| Cash from Financing | 103.93M | 46.69M | 9.15M | 11.16M | 8.75M | 4.06M | 8.43M | 3.09M | -101.55K | 5.37M | 1.91M | 2.25M | 299.51K | 161K | 168.76K | 620.1K | 176.01K | 173.33K | 240.97K | 10.51K |
| Debt Issued (Net) | -3.92M | -4.35M | 2.2M | -22.85K | -80.33K | -89.62K | 441.36K | 1.06M | -295.09K | -865.28K | 1.98M | 2.24M | 89.51K | 165.61K | 174.67K | 389.13K | 16.01K | 23.33K | -9.03K | 9.03K |
| Equity Issued (Net) | 107.92M | 55.08M | 6.54M | 11.5M | 10.1M | 4.5M | 9.25M | -7.99K | -1.46K | 6.46M | 148K | 0 | 210K | 0 | 0 | 230K | 160K | 150K | 250K | 1.48K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -319.68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.99K | -1.46K | 0 | -148K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -64.16K | -4.04M | 414.75K | -315.93K | -1.27M | -353.44K | -1.26M | 2.03M | 195K | 98.7K | -220.8K | 10.96K | 0 | -4.61K | -5.91K | 970 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 29.23M | 9.21M | 3.82M | 1.32M | 227.37K | -3.08M | 3.91M | -1.15M | -732.52K | 1.77M | 34.25K | 54.69K | 3.31K | -17.47K | -988 | -69.34K | 49.28K | -183.72K | 191.44K | -165.45K |
| Free Cash Flow | -74.69M | -37.41M | -5.33M | -9.84M | -8.52M | -7.13M | -4.52M | -4.24M | -630.97K | -3.6M | -1.88M | -2.19M | -322.77K | -175.18K | -169.75K | -692.84K | -136.74K | -357.05K | -154.7K | -82.23K |
| FCF Margin % | -301.24% | -138.44% | -73.21% | -131.71% | -56.74% | -86.35% | -56.21% | -31.08% | -5.24% | -92.78% | -30.72% | -32.4% | -80.43% | -28.83% | -27.5% | -104.01% | -12.77% | -45.76% | -12.62% | -17.88% |
| FCF Growth % | -774.45% | -601.9% | 45.84% | -15.52% | -19.43% | -57.84% | -6.6% | -571.85% | 82.49% | -92.14% | 14.47% | -579.46% | -84.25% | -3.2% | 75.5% | -406.7% | 61.7% | -130.8% | -88.13% | - |
| FCF per Share | -3.16 | -2.45 | -0.69 | -1.37 | -1.38 | -1.93 | -1.36 | -2.38 | -0.42 | -13.99 | -13.94 | -2.34 | -0.20 | -15.75 | -17.53 | -59.20 | -15.54 | -48.48 | -28.16 | -16.82 |
| FCF Conversion (FCF/Net Income) | 6.64x | 1.40x | 0.32x | 0.78x | 1.15x | 1.09x | 0.63x | 1.63x | 0.22x | 0.69x | 0.72x | 0.91x | 0.41x | 0.25x | 0.20x | 0.71x | 0.17x | 0.18x | 0.23x | 1.39x |
| Interest Paid | 91.2K | 282.83K | 3.87K | 7.16K | 9.29K | 30.82K | 33.7K | 6.32K | 0 | 0 | 245.13K | 59.4K | 52.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 50.36K | 91.46K | 20.13K | 29.09K | 1.26K | 0 | 0 | 0 | 0 | 0 | 10.15K | 3.14K | 4.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative cash burn
As reported in financial statements, the persistent gap between net income and operating cash flow suggests that DUOT's earnings quality is significantly impaired, with OCF/NI ratios frequently exceeding 1.0 or turning negative, indicating that accounting profits are not being converted into tangible cash resources for the firm.
The lack of alignment between net income and operating cash flow highlights the difficulty in translating project-based revenue into actual liquidity. Investors should monitor whether this divergence is driven by aggressive revenue recognition or the inherent timing mismatches of long-cycle rail infrastructure contracts.
Based on recent SEC filings, DUOT's free cash flow trajectory remains deeply negative, with quarterly outflows reaching as high as $42.6 million in 2026Q1, reflecting a business model that continues to consume capital at a rate that far outpaces its current ability to generate internal funding.
The consistent negative FCF margins suggest that the company is currently unable to self-fund its operations or R&D requirements. This trajectory warrants further investigation into whether the company can reach a cash-flow-positive state before exhausting its available liquidity or requiring further dilutive capital raises.
According to the provided data, DUOT's capital expenditure as a percentage of revenue has spiked to 15.2% in 2026Q1, signaling that the company is heavily reinvesting in physical assets to support its rail portal deployments rather than scaling a capital-light software-as-a-service business model.
The high capital intensity relative to revenue suggests that the company remains tethered to the physical costs of hardware installation. This heavy reliance on tangible asset deployment may continue to suppress free cash flow and limit the company's ability to achieve the margin profile of a pure-play software provider.
As indicated by the quarterly cash flow data, working capital changes have been highly erratic, swinging from a $4.9 million inflow in 2024Q4 to a $4.8 million outflow in 2025Q1, which suggests significant instability in the company's ability to manage its receivables and payables cycle effectively.
This volatility in working capital appears to be a direct consequence of the lumpy, project-based nature of rail infrastructure contracts. Such fluctuations make it difficult for the company to maintain a predictable cash position, potentially forcing management to rely on external financing to bridge the gaps between project milestones.
Quick answers to the most common questions about buying DUOT stock.
Duos Technologies Group, Inc. (DUOT) generated $-13.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Duos Technologies Group, Inc. (DUOT) reported negative free cash flow of $37.4M in 2025, indicating capital requirements exceeded cash from operations.
Duos Technologies Group, Inc. (DUOT) spent $23.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.