Here are a few analogies to describe Duos Technologies:

• Duos Technologies is like **Cognex for the railway industry**, providing AI-powered vision systems for automated train inspection.
• Imagine **IBM for industrial infrastructure management**, offering AI-driven platforms for automated inspection, asset management, and operational control in sectors like rail and logistics.
• Think of **Verkada for smart industrial security gates and logistics hubs**, using AI to automate security, inspection, and access control.

• centraco: An enterprise information management system forming a core part of their technology solutions.
• truevue360: An integrated platform for developing and deploying artificial intelligence algorithms, including machine learning and computer vision for real-time applications.
• Praesidium: Software designed to manage various image capture devices and sensors, feeding data into the centraco software.
• Railcar Inspection Portal: An automated system for inspecting freight and transit trains while they are in motion.
• Vehicle Undercarriage Examiner: A proprietary application used to inspect the undercarriage of railcars.
• Thermal Undercarriage Examiner: A system for thermal inspection of railcar undercarriages.
• Enterprise Command and Control Suite: A solution for information consolidation, connectivity, and communications.
• Automated Logistics Information Systems (ALIS): An intelligent system designed to automate security gate operations.
• IT Asset Management Services: Specialized services for data center operators.
• Maintenance and Technical Support Services: Ongoing support for deployed technology solutions.
• Consulting and Auditing Services: Professional services offering expert advice and system reviews.
• Software Licensing and Hardware Sales: Providing access to their proprietary software and optional associated hardware.
• Training Services: Educational programs for clients on the use and management of their technology solutions.

Based on the provided description, Duos Technologies (DUOT) primarily sells its intelligent technology solutions and services to other companies and organizations, rather than to individuals.

The background information does not explicitly list the names of Duos Technologies' specific major customer companies. However, based on the types of products and services it offers, its major customers would fall into the following categories:

• Freight and Transit Rail Operators: Duos Technologies' proprietary applications like the Railcar Inspection Portal, Vehicle Undercarriage Examiner, and Thermal Undercarriage Examiner are designed for the automated inspection of freight and transit trains. This indicates that major customers are likely to be large freight railroad companies and passenger transit authorities.
  • Examples of public companies in this sector (potential customers):
    • Union Pacific Corporation (UNP)
    • CSX Corporation (CSX)
    • Norfolk Southern Corporation (NSC)
    • Canadian National Railway Company (CNI)
    • Canadian Pacific Kansas City Limited (CP)
• Data Center Operators: The company provides IT asset management services specifically for "data centers operators." This category includes companies that own and operate large data center facilities.
• Logistics and Industrial Enterprises: Duos's Automated Logistics Information Systems for security gate operations and the Enterprise Command and Control Suite suggest customers would include large logistics companies, port authorities, major manufacturing facilities, and other industrial sites requiring automated security, information consolidation, and communications.

The key risks to Duos Technologies (DUOT) primarily revolve around the challenges in securing and executing projects, financial performance, and the successful diversification into new business areas:

1. Project Delays and Slow Customer Adoption in the Rail Sector: Duos Technologies has faced significant challenges with project delays that are outside of its control, particularly concerning the deployment of its high-speed Railcar Inspection Portals. This has led to considerable revenue shortfalls and has been identified as a primary risk. The slow adoption of its technology by new customers in the rail sector further exacerbates this issue, impacting the company's financial performance and contributing to increased net losses.

2. Financial Performance and Cash Management: The company has been described as quickly burning through cash and has experienced significant stock volatility. Duos Technologies reported a substantial decline in financial performance, with Q4 2023 revenue dropping by 76% and annual revenue decreasing by 50%. The company has operated at a net loss for extended periods, and while it aims to transition to a more stable, subscription-based revenue model and diversify its market reach, sustained profitability remains a critical concern. The company has also resorted to public offerings to fund expansion, with past offerings sometimes leading to negative market reactions, indicating potential investor apprehension regarding capital raises.

3. Reliance on Successful Execution of New Business Lines and Key Contracts: Duos Technologies is actively pivoting and diversifying its offerings into new areas, such as AI-driven edge data centers and energy services, and has secured transformative contracts. While these new ventures offer significant growth potential and are aimed at stabilizing revenue, they introduce a substantial risk tied to the company's ability to flawlessly execute these complex projects across multiple markets. The heavy reliance on new, large contracts, such as the one with APR Energy, means that any delays, failures in execution, or issues with contract renewals could severely impact the company's projected revenue and overall financial stability.

Duos Technologies Group, Inc. (DUOT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and expanded operations:

1. Expansion into Edge Data Centers (Duos Edge AI) and Related IT Infrastructure Contracts: Duos Technologies is aggressively expanding its modular Edge Data Centers (EDCs), particularly in underserved Tier 3 and Tier 4 markets, targeting sectors like education and healthcare. The company deployed 12 EDCs in Texas during fiscal year 2025 and signed approximately $7 million in IT infrastructure contracts in Q4 2025, with a new Infrastructure Solutions Group launched to accelerate these capabilities. This expansion is supported by a new patent for modular data centers and is expected to generate high-margin, sticky, long-term contracts.
2. Revenue from the Asset Management Agreement (AMA) with New APR Energy: The Asset Management Agreement with New APR Energy has been a significant contributor to Duos's revenue growth, specifically within its service and consulting segments. The company anticipates earning approximately $42 million from this agreement over a two-year period, as stated in its Q4 2024 earnings call. This agreement involved taking control of an existing contract with a utility company in Southern California and deploying additional gas turbines for a large U.S.-based AI data center operator.
3. Growth in Recurring Services and AI/Software Subscriptions: Duos is actively focused on expanding its recurring revenue base through renewals and new agreements. This includes securing new multi-year AI subscription and data services contracts with major Class 1 railroads and large passenger railway systems. The company has also seen growth from higher service contract pricing and power consulting work. This strategic shift emphasizes data subscription, AI software, and support services.
4. Increased Adoption and Deployment of Railcar Inspection Portals (RIPs) and Proprietary Applications: Despite some project delays encountered in 2023, Duos continues to pursue broader adoption of its advanced AI-based defect detection technology, such as the Railcar Inspection Portals (RIPs), for freight and transit trains. The company is engaging with major railroads, labor unions, and legislative bodies to facilitate the widespread implementation of this cutting-edge technology, with ongoing production of high-speed transit-focused RIPs and general enhancements to its proprietary offerings.

Share Issuance

• In March 2026, Duos Technologies Group completed an underwritten public offering of 8,666,666 shares of common stock at $7.50 per share, generating approximately $65 million in gross proceeds.
• The company granted the underwriters a 30-day option to purchase up to an additional 1,299,999 shares to cover over-allotments.
• In July 2025, Duos priced an upsized $40 million equity offering at $6.00 per share to fund its Edge Data Center expansion.

Inbound Investments

• Duos Energy Corporation, a subsidiary of Duos Technologies, closed an Asset Management Agreement (AMA) with affiliates of Fortress Investment Group in January 2025, initially announced in November 2024.
• This AMA is valued at up to $42 million over a two-year period and involves deploying and operating a fleet of mobile gas turbines with 850 megawatts of generation capacity.
• Duos secured a 5% equity stake in the parent company that owns the assets managed under the Fortress partnership.

Capital Expenditures

• The net proceeds from the March 2026 public offering are primarily allocated to expand, accelerate, and further commercialize the Company's Edge Data Center business, along with providing working capital and general corporate purposes.
• As of December 31, 2025, Duos Technologies reported property, plant, and equipment valued at $26.92 million.
• In the fourth quarter of 2024, the company acquired six Edge Data Centers for initial deployments to Texas Regional Schools and is developing a high-density Data Center Park in Pampa, Texas, including the deployment of two Edge Data Centers and up to 500MW of power.