Duos Technologies Group ( NASDAQ: DUOT ) shares surged 17% premarket on Tuesday after the vision-based technology solutions provider reported its highest ever annual revenue .
The company expects total revenue for the full year 2022 to be ~$15.4M (+86% Y/Y) vs. $16.64M consensus . For Q4, it expects total revenue of ~$6.3M (+71% Y/Y) vs. $7.55M consensus.
Duos also ended the year with a strong short-term liquid asset position in cash and receivables to serve as a platform into executing its FY23 strategy.
CEO Chuck Ferry said: "Based on our current projections, we expect another year of strong revenue growth ahead. As we continue to grow our high-margin recurring revenue base through further AI enhancements, expanded service and maintenance agreements, and our new subscription offerings, we also expect steady progress towards improved profitability in the quarters ahead."
The company is entering 2023 with an estimated total backlog of more than $10.7M. For fiscal year 2023, it is issuing preliminary revenue guidance between $20M and $21M (consensus: $18.38M) based on existing contracts and contracts expected to be executed during the remainder of the year, planned expansion of the company's subscription business model and other contributing factors.
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Duos Technologies stock rises on record annual performance