Duos Technologies Group Inc (OTCQB:DUOT) 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 June 30, 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 ago, due to customer construction delays which led to timing shifts.
Earlier Duos Technologies had revealed that its operating subsidiary has secured a contract worth $2.3 million from a Class 1 freight rail operator. In a statement, the Jacksonville, Florida-based technology company which serves the $60 billion North American rail market, said the customer will be adopting the latest version the company’s Railcar Inspection Portal (RIP). The award includes a five-year contract for tech support and development of artificial intelligence