Duos Technologies Group

DUOT · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

DUOT · Last close · November 6, 2026

$5.02

Duos Technologies Group's revenue rose 271.2% to $27 million in fiscal 2025. Its operating margin was −36.1%, up from −150.8% a year earlier. Free cash flow was −$37 million. The diluted share count rose 97.3%.

Duos Technologies Group, Inc. Latest fiscal year ended December 31, 2025 10-K filed March 31, 2026 · 0001079973-26-000405 Updated November 8, 2026

Revenue

$27M

271.2%

Operating margin

−36.1%

114.7 pts

Net income

−$10M

Free cash flow

−$37M

Return on equity

−38.7%

243.5 pts

Market cap

$178M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Duos Technologies Group does

Duos Technologies Group, based in Jacksonville, Florida, is shifting from a maker of rail inspection and analytics technology to a provider of digital infrastructure. Its main focus is now modular edge data centers: small computing sites placed close to where people use them, sold to customers in education, healthcare, the public sector, enterprise and service providers. It says these deployments can bring both an initial deployment payment and recurring revenue tied to use.

It works through three wholly owned subsidiaries. Duos Edge AI builds the edge data centers and includes a Technology Solutions unit that sources and integrates equipment for data center and AI projects. Duos Technologies keeps its older machine vision and AI analytics products, including for rail. Duos Energy provides power consulting and supply services for data-intensive operations.

The company employs about 84 people. Its edge data centers are concentrated in Texas, on land it leases, and it has begun deployments in other states. It relies on local utilities for power and on carriers for network connections.

Its biggest risks, as it describes them

Its shift to data centers puts capital and attention into a market where it has a shorter track record.
Its edge data centers are concentrated in Texas, so a local downturn could hurt it.
It leases the land its data centers sit on and may not renew leases or find new sites.
It depends on local utilities for power and on carriers for network connections.
Long bid cycles with fixed pricing leave it exposed to inflation and supply disruption.

From Duos Technologies Group's annual report on Form 10-K, filed March 31, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Duos Technologies Group lost money in fiscal 2025: a net loss of $10 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1	1	2	6	16
Debt incl. finance leases	—	—	—	2	—
Net debt (negative means net cash)	—	—	—	−4	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	0.8x	—
Interest coverage	−367.9x	−746.9x	−1,598.9x	−38.4x	−22.2x
Current ratio	0.8x	1.5x	1.9x	0.5x	2.1x
Quick ratio	0.8x	1.2x	1.5x	0.5x	2.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Duos Technologies Group's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Duos Technologies Group's projections

Insider trades

No officer, director or 10% owner of Duos Technologies Group reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	−173.9%	−75.6%	132.7%
Altman Z''	−19.84	−10.48	−0.69
Accruals ratio	−19.2%	−30.4%	8.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Duos Technologies Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Duos Technologies Group	FY25	271.2%	−36.1%	−138.4%	—	—	—
Aeva Technologies	FY25	99.4%	−705.8%	−662.0%	—	—	4	Compare
908 Devices	FY25	17.7%	−70.2%	−43.9%	—	—	—	Compare
Frequency Electronics	FY26	−9.4%	−4.8%	−2.5%	—	—	—	Compare
Unusual Machines	FY25	101.2%	−224.6%	−207.5%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	6	4	12	14	8	8	15	8	7	27
Revenue growth	−9.8%	−36.4%	210.2%	13.2%	−41.1%	2.7%	81.8%	−50.2%	−2.5%	271.2%
Gross profit	3	2	5	6	0	2	5	1	0	8
Research and development	0	0	0	2	0	2	2	2	2	1
Operating income	−2	−3	−2	−2	−7	−8	−7	−11	−11	−10
Net income	−3	−5	−2	−2	−7	−6	−7	−11	−11	−10
Diluted EPS (US$)	−1.36	−1.43	−0.08	−1.39	−2.03	−1.63	−1.11	−1.56	−1.39	−0.64
Diluted shares (millions)	2	4	21	2	3	4	6	7	8	15
Cash flow
Cash from operations	−2	−4	−0	−4	−4	−7	−8	−9	−4	−14
Capital expenditure	0	0	0	0	0	0	0	0	2	24
Free cash flow	−2	−4	−1	−4	−5	−7	−8	−9	−5	−37
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	—	—	0	0	0	0	1	1	0	4
Balance sheet at fiscal year end
Cash and short-term investments	0	2	1	0	4	1	1	2	6	16
Debt incl. finance leases	0	—	—	—	—	—	—	—	2	—
Total assets	1	3	4	6	6	10	13	13	35	63
Total liabilities	6	2	5	6	4	9	9	8	33	15
Shareholders' equity	−6	1	−0	−0	2	1	4	5	2	49
Margins and ratios
Gross margin	55.2%	40.9%	43.2%	47.5%	2.9%	24.7%	31.6%	17.5%	6.4%	29.1%
Operating margin	−28.6%	−88.6%	−13.0%	−17.6%	−82.5%	−90.3%	−45.7%	−153.2%	−150.8%	−36.1%
Net margin	−42.0%	−132.6%	−13.1%	−18.1%	−83.9%	−72.8%	−45.7%	−150.5%	−147.8%	−36.4%
Free cash flow margin	−30.7%	−92.8%	−4.6%	−31.0%	−56.1%	−86.3%	−54.7%	−123.7%	−73.1%	−138.4%
Rule of 40 (growth + FCF margin)	−40.5%	−129.2%	205.5%	−17.8%	−97.2%	−83.5%	27.0%	−173.9%	−75.6%	132.7%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	—	—	−700.2%	—	−768.3%	−450.9%	−284.1%	−238.8%	−282.2%	−38.7%
Return on assets	−207.4%	−255.8%	−43.0%	−49.3%	−113.0%	−75.6%	−60.8%	−86.7%	−45.0%	−20.0%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Duos Technologies Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Duos Technologies Group.