A rise equivalent to $1.82 or 21.09% was experienced by Duos Technologies Group Inc. (NASDAQ: DUOT) on Friday’s final close price. While the share price of the Duos Technologies stock peaked at $10.88, the lowest point reached during the trading session was $8.76.
A round of trading volumes was observed of 0.13 million for DUOT stock during the previous session, while it has closed the session at $10.45. Following the release of its financial results for Q4 and all of 2020 on Thursday night, the DUOT stock price soared in the Friday session.
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How has DOUT performed financially?
Duos Technologies Group is headquartered in Jacksonville, Florida. DUOT operates its business through a wholly-owned subsidiary, Duos Technologies, Inc. A DUOT solution streamlines operations improve safety and reduce costs while lowering costs. Intelligent technology solutions are deployed by DUOT, which provides rail, logistics, intermodal, and government clients with solutions.
Duos Technologies announced its financial results for the fourth quarter and full-year ended December 31, 2020, following the close of the market on Thursday.
- When compared to revenue of $5.75 million a year earlier, fourth-quarter revenue decreased 34% to $3.78 million in Q4 due to fewer systems deployed in the quarter.
- The drop in revenue had also an impact on the gross profit which declined 48% to $1.65 million (44% of total revenue) whereas last year it was $3.15 million (55% of total revenue).
- The completion of the truevue360 platform and lower engineering costs helped DUOT drop its operating expenses by 18% to $2.06 million from $2.52 million in the same quarter last year.
- A revenue decrease also impacted profitability, as the net loss for the quarter totaled $426,000 which was a net income of $592,000 in the same period last year.
- A total of $4.0 million of cash and cash equivalents were held on December 31, 2020, compared to $56,000 of that on the final day of the prior year.
What helped the DUOT stock to rise?
However, even though the figures for the reported period weren’t impressive, the stronger guidance based on progress on backlog and near-term pending orders helped the Duos Technologies (DUOT) stock rise on the day. DUOT also maintained a strong liquidity position despite uncertain macroeconomic conditions which will provide it the ability to perform well financially.