Revenue growth remains highly volatile with a 45.0% contraction in 2026Q1, while operating margins remain deeply negative at -133.4% due to SG&A expenses consistently outpacing gross profits.
| 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 |
|---|
| Sales/Revenue | 24.79M | 27.02M | 7.28M | 7.47M | 15.01M | 8.26M | 8.04M | 13.64M | 12.05M | 3.88M | 6.1M | 6.77M | 401.31K | 607.6K | 617.19K | 666.15K | 1.07M | 780.24K | 1.23M | 459.91K |
| Revenue Growth % | 122.12% | 271.16% | -2.55% | -50.23% | 81.75% | 2.74% | -41.07% | 13.22% | 210.16% | -36.37% | -9.79% | 1586.41% | -33.95% | -1.55% | -7.35% | -37.78% | 37.23% | -36.33% | 166.46% | - |
| Cost of Goods Sold | 16.62M | 19.15M | 6.81M | 6.16M | 10.26M | 6.22M | 7.8M | 7.16M | 6.84M | 2.29M | 2.73M | 3.2M | 168.29K | 276.25K | 389.14K | 62.6K | 31.4K | 37.57K | 44.69K | 5.59K |
| COGS % of Revenue | - | 70.85% | 93.56% | 82.48% | 68.37% | 75.31% | 97.07% | 52.49% | 56.81% | 59.07% | 44.76% | 47.23% | 41.94% | 45.47% | 63.05% | 9.4% | 2.93% | 4.81% | 3.65% | 1.21% |
| Gross Profit | 8.17M | 7.91M | 469.21K | 1.31M | 4.75M | 2.04M | 235.84K | 6.48M | 5.2M | 1.59M | 3.37M | 3.57M | 233.02K | 331.35K | 228.04K | 603.55K | 1.04M | 742.68K | 1.18M | 454.32K |
| Gross Margin % | 32.97% | 29.29% | 6.44% | 17.52% | 31.63% | 24.69% | 2.93% | 47.51% | 43.19% | 40.93% | 55.24% | 52.77% | 58.06% | 54.53% | 36.95% | 90.6% | 97.07% | 95.19% | 96.35% | 98.79% |
| Gross Profit Growth % | - | 1586.65% | -64.15% | -72.43% | 132.8% | 764.81% | -96.36% | 24.54% | 227.3% | -52.85% | -5.58% | 1432.75% | -29.68% | 45.3% | -62.22% | -41.93% | 39.94% | -37.1% | 159.9% | - |
| Operating Expenses | 19.78M | 17.64M | 11.45M | 12.76M | 11.61M | 9.5M | 6.87M | 8.89M | 6.77M | 5.03M | 5.12M | 4.22M | 662.81K | 785.79K | 804.77K | 1.46M | 1.79M | 1.75M | 1.77M | 486.83K |
| OpEx % of Revenue | - | 65.28% | 157.3% | 170.73% | 77.36% | 114.97% | 85.46% | 65.15% | 56.22% | 129.58% | 83.81% | 62.36% | 165.16% | 129.33% | 130.39% | 218.74% | 167.23% | 224.47% | 144.38% | 105.85% |
| Selling, General & Admin | 19.36M | 16.79M | 9.92M | 10.94M | 9.96M | 6.98M | 6.77M | 7.41M | 6.29M | 4.72M | 4.84M | 4M | 3.47M | 785.79K | 804.77K | 1.46M | 1.79M | 1.75M | 1.77M | 392.46K |
| SG&A % of Revenue | - | 62.14% | 136.27% | 146.46% | 66.36% | 84.52% | 84.19% | 54.31% | 52.17% | 121.59% | 79.36% | 59.15% | 863.77% | 129.33% | 130.39% | 218.74% | 167.23% | 224.47% | 144.38% | 85.33% |
| Research & Development | 422.42K | 846.85K | 1.53M | 1.81M | 1.65M | 2.52M | 102.22K | 1.48M | 488.69K | 310.1K | 271.95K | 216.81K | 191.66K | 259.25K | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 3.13% | 21.03% | 24.27% | 11% | 30.46% | 1.27% | 10.84% | 4.06% | 7.98% | 4.45% | 3.2% | 47.76% | 42.67% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.2K | 0 | 7.77K | 0 | 200.8K | 179.82K | 0 | 0 | 0 | 0 | 0 | 94.37K |
| Operating Income | -11.6M | -9.76M | -10.98M | -11.45M | -6.87M | -7.46M | -6.63M | -2.41M | -1.57M | -3.44M | -1.74M | -2.23M | -429.79K | -454.44K | -576.73K | -853.55K | -751.24K | -1.01M | -588.58K | -32.51K |
| Operating Margin % | -46.81% | -36.13% | -150.85% | -153.21% | -45.73% | -90.28% | -82.52% | -17.64% | -13.03% | -88.64% | -28.57% | -32.91% | -107.1% | -74.79% | -93.44% | -128.13% | -70.16% | -129.29% | -48.03% | -7.07% |
| Operating Income Growth % | - | 11.11% | 4.05% | -66.73% | 7.94% | -12.4% | -175.69% | -53.29% | 54.41% | -97.44% | 21.69% | -418.23% | 5.42% | 21.2% | 32.43% | -13.62% | 25.53% | -71.39% | -1710.53% | - |
| EBITDA | -9.58M | -7.12M | -8.43M | -10.58M | -6.28M | -6.93M | -6.18M | -2.01M | -1.47M | -3.4M | -1.7M | -2.18M | -425.66K | -448.72K | -542.53K | -688.14K | -594.93K | -989.1K | -566.38K | -19K |
| EBITDA Margin % | -38.65% | -26.33% | -115.73% | -141.6% | -41.83% | -83.91% | -76.84% | -14.72% | -12.21% | -87.4% | -27.8% | -32.25% | -106.07% | -73.85% | -87.9% | -103.3% | -55.56% | -126.77% | -46.22% | -4.13% |
| EBITDA Growth % | -44.13% | 15.56% | 20.35% | -68.49% | 9.41% | -12.19% | -207.7% | -36.49% | 56.67% | -100.06% | 22.26% | -412.82% | 5.14% | 17.29% | 21.16% | -15.67% | 39.85% | -74.64% | -2881.55% | - |
| D&A (Non-Cash Add-back) | 2.02M | 2.65M | 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 |
| EBIT | -11.49M | -9.76M | -10.48M | -11.23M | -6.86M | -5.99M | -6.6M | -2.4M | -1.56M | -633.44K | -2M | -1.58M | -1.59M | -456.89K | -576.73K | -1.07M | -798.56K | -1.01M | -588.58K | -32.51K |
| Net Interest Income | 382.45K | 16.15K | -286.11K | -7.16K | -9.19K | -20.27K | -150.14K | -69.32K | -17.18K | -4.52M | -561.17K | -744.34K | -515.54K | -208.11K | -288.27K | -146.81K | -10.22K | 191 | 267 | 0 |
| Interest Income | 499.13K | 455.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.23K | 0 | 0 | 0 | 191 | 267 | 0 |
| Interest Expense | 116.68K | 439.26K | 286.11K | 7.16K | 9.19K | 20.27K | 150.14K | 69.32K | 17.18K | 4.52M | 561.17K | 744.34K | 515.54K | 217.34K | 273.85K | 39.99K | 10.22K | 0 | 0 | 0 |
| Other Income/Expense | 357.34K | -72K | 219.07K | 204.85K | 366 | 1.45M | -113.01K | -64.36K | -10.98K | -1.71M | -817.51K | -98.64K | -305.43K | -194.13K | -288.27K | -40.37K | -57.53K | -439 | 267 | -22.21K |
| Pretax 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 | -588.32K | -54.72K |
| Pretax Margin % | -45.37% | -36.39% | -147.85% | -150.47% | -45.73% | -72.75% | -83.93% | -18.11% | -13.12% | -132.64% | -41.96% | -34.37% | -183.21% | -106.74% | -140.15% | -134.19% | -75.54% | -129.34% | -48.01% | -11.9% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.2K | 4.52M | 0 | 744.34K | 0 | 0 | 0 | 0 | 0 | 439 | 37.79K | -9.07K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.39% | -87.71% | 0% | -32% | 0% | 0% | 0% | 0% | 0% | -0.04% | -6.42% | 16.58% |
| 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 |
| Net Margin % | -45.37% | -36.39% | -147.85% | -150.47% | -45.73% | -72.75% | -83.93% | -18.11% | -13.12% | -132.64% | -41.96% | -34.37% | -183.21% | -106.74% | -140.15% | -134.19% | -75.54% | -129.34% | -51.09% | -11.66% |
| Net Income Growth % | -11.45% | 8.63% | 4.25% | -63.76% | -14.24% | 10.95% | -173.08% | -56.3% | 69.32% | -101.14% | -10.13% | -216.36% | -13.36% | 25.02% | 3.24% | -10.53% | 19.86% | -61.19% | -1067.39% | - |
| Net Income (Continuing) | -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 | -45.64K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.48 | -0.64 | -1.39 | -1.56 | -1.11 | -1.63 | -2.09 | -1.43 | -1.06 | -20.00 | -19.04 | -2.49 | -0.45 | -58.30 | -89.30 | -76.38 | -91.90 | -137.03 | -113.98 | -10.97 |
| EPS Growth % | 32.5% | 53.96% | 10.9% | -40.54% | 31.9% | 22.01% | -46.15% | -34.91% | 94.7% | -5.04% | -664.66% | -453.33% | 99.23% | 34.71% | -16.92% | 16.89% | 32.93% | -20.22% | -939.02% | - |
| EPS (Basic) | - | -0.64 | -1.39 | -1.56 | -1.11 | -1.63 | -2.09 | -1.43 | -1.06 | -20.00 | -19.04 | -2.49 | -0.45 | -58.30 | -89.30 | -76.38 | -91.90 | -137.03 | -113.98 | -10.97 |
| Diluted Shares Outstanding | 23.62M | 15.28M | 7.74M | 7.2M | 6.18M | 3.69M | 3.32M | 1.78M | 1.49M | 257.6K | 134.54K | 935.72K | 1.62M | 11.12K | 9.69K | 11.7K | 8.8K | 7.37K | 5.49K | 4.89K |
| Basic Shares Outstanding | 23.62M | 15.28M | 7.74M | 7.2M | 6.18M | 3.69M | 3.32M | 1.78M | 1.49M | 257.6K | 134.54K | 935.72K | 1.62M | 11.12K | 9.69K | 11.7K | 8.8K | 7.37K | 5.49K | 4.89K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High customer concentration dependency
As evidenced by the quarterly data, DUOT's revenue trajectory remains highly inconsistent, with year-over-year fluctuations ranging from significant contractions to triple-digit growth, reflecting the inherent lumpiness of project-based rail infrastructure deployments that complicate the predictability of the company's top-line performance across successive reporting periods.
The revenue profile appears heavily dependent on the timing of milestone-based project completions rather than a steady stream of recurring demand. Investors should monitor whether the company can successfully transition toward its stated goal of software-as-a-service revenue to smooth out these extreme cyclical swings.
According to the provided financial statements, gross margins have struggled to maintain consistency, frequently dipping below 30% and even turning negative in certain quarters, which suggests that the current business model remains burdened by the high costs of physical hardware procurement and complex field-based installation services.
The inability to consistently achieve higher gross margins indicates that the software-driven AI component of the business has yet to reach the scale necessary to offset the hardware-heavy cost structure. This margin profile appears to limit the company's ability to generate the internal cash flow required to fund its own R&D initiatives.
Based on reported figures, DUOT continues to exhibit negative operating margins, with SG&A expenses consistently outpacing gross profit, indicating that the company has not yet achieved the necessary operational scale to leverage its fixed cost base effectively against its current revenue generation capacity.
The persistent gap between revenue growth and operating income suggests that every incremental dollar of sales is currently accompanied by a disproportionate increase in overhead. This dynamic warrants further investigation into whether management can rationalize its cost structure without compromising the technical development of its proprietary AI platform.
Financial data reveals that the company's reliance on equity-linked financing and the persistent cash burn, as seen in the negative net income across nearly all reported quarters, raise significant questions regarding the long-term viability of the current capital-intensive business model without further dilutive funding rounds.
Short-term revenue spikes may mask the underlying difficulty of converting project-based installations into a self-sustaining, profitable enterprise. Investors should monitor the backlog conversion rate closely, as any delay in project acceptance could exacerbate the existing liquidity pressures and force management to seek additional external capital.
Quick answers to the most common questions about buying DUOT stock.
For fiscal year 2025, Duos Technologies Group, Inc. (DUOT) reported total revenue of $27.0M. This represents a 5775.9% increase compared to $0.5M in 2007.
Duos Technologies Group, Inc. (DUOT) reported a net loss of $9.8M for the fiscal year ending 2025.
Duos Technologies Group, Inc. (DUOT) reported an operating income of $-9.8M, resulting in an operating profit margin of -36.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Duos Technologies Group, Inc. (DUOT) generated $7.9M in gross profit for the year, representing a gross profit margin of 29.3%. This demonstrates the company's core pricing power and production efficiency.