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Duos Technologies Q1 loss widens 11.0% YOY

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Duos Technologies Q1 loss widens 11.0% YOY

Duos Technologies Group Inc. said its normalized net income for the first quarter was a loss of 28 cents per share, compared with a loss of 29 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $523,990, compared with a loss of $472,270 in the year-earlier period.

The normalized profit margin fell to negative 52.2% from negative 42.9% in the year-earlier period.

Total revenue declined 8.9% on an annual basis to $1.0 million from $1.1 million, and total operating expenses grew 20.8% on an annual basis to $1.8 million from $1.5 million.

Reported net income came to a loss of $656,560, or a loss of 45 cents per share, compared to a loss of $577,380, or a loss of 46 cents per share, in the prior-year period.