Duos Technologies Inc (OTCQB:DUOT) saw its revenue increase five-fold in its third quarter, swinging to a profit as project revenue from both its budding analytics business and its legacy security business soared.
The security analytics company reported earnings of $0.02 per share, compared with a net loss of $0.07 in the previous third quarter.
Revenue totaled $5.1 million, a 388% increase compared with $1.04 million a year ago.
Gross profit also soared triple digits, increasing about sixfold to $2.3 million compared with $387,000 last year.
“Looking ahead, we are in discussions with a number of multi-national organizations to partner on expanded technologies and distribution of our systems to the global markets,” said CEO Gianni Arcaini in the company’s press release.
Duos Technologies raised its full-year revenue outlook to $11 million from $10.1 million, citing the contracts in backlog that already are on track to be completed during or before the fourth quarter.
The Florida-based company was recently awarded a contract valued at around $1 million from a regional bank looking to bolster its security, installing its praesidium and centraco systems at 14 of the bank’s branches across the US.
Its praesidium software focuses on video analytics and is able to communicate with multiple camera, digital I/O device, alarm points and other data inputs while its centraco system is an enterprise information management software platform that organizes data from multiple sources and consolidates it in a user interface.
The company was also awarded a patent earlier this month for its Linear Speed Measurement technology, an element of its rail inspection technology that can stitch multiple images together to get a clear picture of the rail car.
Shares of Duos were flat at $0.53 by Tuesday’s closing bell.
Contact Lenore Fedow at [email protected]