Total Revenue Q1 2024

-60% (from $2.64 million in Q1 2023 to $1.07 million in Q1 2024)

Total revenue declined by 60% primarily due to timing delays in revenue recognition for a major customer, as delivery of high-speed Railcar Inspection Portals was postponed to Q4 2024, and a 2% drop in recurring services revenue was observed due to a transition from services to subscription-based revenue. " " " "

Total Revenue Q1 2025

+363% (from $1.07 million in Q1 2024 to $4.95 million in Q1 2025)

Total revenue increased by 363% as Duos Energy began executing the Asset Management Agreement (AMA) with New APR Energy, generating significant services revenue (approximately $3.9 million) and a 510% surge in recurring services revenue, which underpinned the dramatic revenue growth. " " " " "

Major Business Segments Q1 2024

Technology systems revenue down by 85% and services/consulting revenue down by 2%; overall revenue decline of 60%

Technology systems revenue dropped 85% (from $1,827,764 to $269,855) due to deployment delays of Railcar Inspection Portals, while a 2% decrease in services and consulting revenue reflects the ongoing transition to a subscription model; these changes contributed to the overall 60% revenue reduction. " " "

Major Business Segments Q1 2025

Technologies segment revenue at $65,000 (decline) and recurring services & consulting revenue up to $4.89 million

Q1 2025 saw a strategic reorganization into distinct segments: Although the traditional Technologies segment suffered from delays (yielding only $65,000), the introduction of the Asset Management Services and Data Center Hosting segments generated heavy recurring revenue—$3.9 million from the AMA and $4.89 million overall. " " "

Key Geographic Regions Q1 2024

Not explicitly quantified in revenue breakdown; operationally notable with 2.4 million railcar scans across North America

While revenue by geographic region was not explicitly detailed, Duos operated 13 portals across the U.S., Canada, and Mexico—scanning 2.4 million railcars, which indirectly supports its North American market penetration representing approximately 24% of the freight car population. "

Key Geographic Regions Q1 2025

14% of revenue from non-U.S. customers (down from 61% in Q1 2024)

The revenue concentration shifted due to the AMA with New APR, which focuses on North American operations, reducing the revenue contribution from three non-U.S. customers from 61% to 14%—a clear indicator of a geographic focus driven by contractual execution. " " "

YoY Changes Q1 2024

Revenue: -60%; Technology down 85%; recurring services down 2%; cost of revenues -54%; gross margin -82%; operating expenses +6%; net loss +28%

Q1 2024 experienced widespread adjustments: Revenue reduction was driven by delayed recognition, while cost metrics fell (cost of revenues down 54%) reflecting manufacturing completions; operating expenses rose 6% (notably, 80% increase in sales and marketing) and net loss increased 28%, influenced by supply chain disruptions, subscription model transitions, and macroeconomic headwinds. " " " " "

YoY Changes Q1 2025

Revenue: +363%; recurring services up 510%; cost of revenues +273%; gross margin +1,288%; operating expenses +9%; net loss -24%

Q1 2025 marked a turnaround: Triggered by the execution of the AMA, revenue surged by 363% with recurring services growing 510%. Despite a cost of revenue increase of 273% to support the new agreement, gross margin improved dramatically by 1,288% (helped by a non-costly equity interest contribution), while operating expenses were only up modestly by 9% and net loss declined by 24%. " " " " " " "