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Duos Technologies Q1 Loss Narrows - Quick Facts

Duos Technologies Group Inc. (DUOT), a developer of artificial intelligence driven intelligence technologies systems, reported a net loss for the first quarter that narrowed from last year on higher revenues.

The company's net loss for the first quarter was $743 thousand or $0.04 per share, narrower than net loss of $2.30 million or $1.21 per share in the year-ago period.

The improvement in net loss was primarily attributable to the non-cash charges incurred for 2017 in debt discount expense and warrant derivative loss on debt related to bridge financing, which has now been eliminated.

Total revenue for the quarter grew 11 percent to $1.15 million from $1.04 million for the same period in the prior year, largely the result of an increase in project revenue, offset by a decrease in maintenance, technical support and IT asset management services.

For the fiscal year ending December 31, 2018, Duos Technologies expects total revenue to be at least $9.3 million, representing a 146 percent increase compared to $3.9 million in the prior year.

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