- Specializes in rail train inspections that rely on Duos’ proprietary Railcar Inspection Portal (RIP) technology
- Continues to build out infrastructure to support further growth In 2019
- Expects total revenue to be between US$14 million and US$15 million, a 16%-25% jump over 2018
- Company has 14 patents or patents pending
What Duos Technologies does:
Duos is a tech company that offers an array of services to support companies' operations and security. Based in Jacksonville, Florida, Duos specializes in automated systems with a focus on the protection of critical infrastructure and the automation of complex mechanical inspections of rail assets. The North American rail market is estimated to be valued at US$60 billion
Duos’ proprietary Railcar Inspection Portal (RIP) technology uses an automated process which can be conducted while a train is in motion. It's a 360-degree modular intelligent visualization system that takes detailed, real-time, full-picture images of railcars travelling at speeds of up to 120 miles per hour.
Its Linear Panorama Generator “scans” the top, bottom and sides and pieces them together like a puzzle, showing a complete picture of the railcar and producing a very high-definition picture of the entire train from end to end (called a “consist”).
The panoramic view can detect oil leaks, damaged parts, open doors and open and missing hatches, alerting inspectors to the issue and showing them the location of the problem. Sophisticated algorithms also identify more complex issues, and can also spot illegal riders on the side of the train.
The firm's systems are designed to incorporate intelligence, including video analytics, algorithms, and neural networking, in order to address specific needs. All rail solutions utilize the company’s xtd Extreme True Definition technology which captures over 200 Megapixel images when the train is moving.
The company says that it avoids a “one size fits all” approach, preferring to individually asses the needs of a system and build a turnkey solution for its customers.
How's it doing:
In August, Duos revealed that its operating subsidiary had secured a contract worth $2.3 million from a Class 1 freight rail operator.
It also recently secured a $1.1 million contract extension to renew a maintenance and support agreement with a long-time customer, as well as receiving an order from Chicago Metra to install an automated pantograph inspection system (apis) spanning four tracks that will capture high-resolution digital video imagery of critical pantographs.
The firm's apis3D system is an automated pantograph inspection system for transit and light rail train inspection, which is expected to accelerate the rail industry's ongoing transition to automated inspection systems.
In June, Duos also launched an automated logistics information system called alis, which now includes artificial intelligence capabilities, enabling the automation of critical gatehouse processing for trucks entering or exiting distribution centers.
The firm also onboarded and staffed its artificial intelligence subsidiary, truevue360, or tv360 for short. The AI-based platform supports Duos’s underlying software platforms for its rail inspection portal system, vehicle undercarriage examiner and advanced logistics information system.
In June, the firm noted that one of its Class 1 customers spotlighted the company’s advanced digital imaging solutions for driving railroad efficiency at both RailxTech and the Railroad Day on Capitol Hill. RailxTech organized by the Association of American Railroads, in Washington, DC, drew the top Class I railroads, or the giant freight railroads that own the majority of tracks in North America.
It demonstrated new rail technology innovations focusing on safety and efficiency to congressional policymakers and transport stakeholders.
Also in June, the firm qualified to trade on the OTCQX Best Market, having been upgraded from the OTCQB Venture.
In its most recent financial statements, Duos reported record revenue in the first half of 2019, thanks to substantial and ongoing growth in the project portion of its business.
In the six months until March 31, 2019, the Jacksonville, Florida-based company’s revenue climbed to $5.7 million from $4.4 million in the year-ago period. For 2Q, Duos reported revenue of $1.35 million, compared to $3.24 million in the same period a year earlier, due to customer construction delays which led to timing shifts.
Looking ahead to 2019, Duos expects total revenue to be between $14 million and $15 million, which represents a 16%-25% jump over 2018. That guidance is based on contracts in backlog as well as expected contract wins in 2019.
What the boss says:
Duos' CEO Gianni Arcaini has said: "I would suspect that within the next 24 months the industry is going to move to petition the FRA (Federal Railroad Administration) to change the practice and to allow the mechanical inspection to be conducted automatically -- like with our technology -- to replace the manual inspection process."
Contact Katie Lewis at [email protected]