Duos Technologies Group, Inc. (NASDAQ:DUOT) Q2 2023 Earnings Conference Call August 14, 2023 4:30 PM ET

Company Participants

Chuck Ferry - CEO and Director

Andrew Murphy - CFO

Conference Call Participants

Aditya Dagaonkar - Northland Capital

Edward Woo - Ascendiant Capital Markets

Operator

Good afternoon. Welcome to Duos Technologies Second Quarter 2023 Earnings Conference Call. Joining us for today's call are Duos' CEO, Chuck Ferry; and CFO, Andrew Murphy. Following their remarks, we will open the line for your questions. Then, before we conclude today's call, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call.

Now, I'd like to turn the call over to Duos' CEO, Chuck Ferry. Sir, please proceed.

Chuck Ferry

Welcome, everyone, and thank you for joining us. Earlier today, we issued a press release announcing our financial results for the second quarter as well as other operational highlights. A copy of the press release is available in the Investor Relations section of our website. I encourage all listeners to view that release as well as our 10-Q filing with the SEC to better understand some of the details we'll be discussing during our call.

Now, let's get started. About two weeks from now, September 1, I will have served as CEO for Duos Tech for three years. For those that know me, I have successfully led turnarounds with several businesses and military organizations over the past 35 years, and instinctively have learned to recognize when an organization is turning the corner and is now ready for primetime. Duos Tech is very much ready for primetime and looking forward is in the best position ever, with a clear pathway in the next 12 to 24 months to achieve our strategy and achieve financial profitability.

There are two key things investors should be watching right now. The first is the Railway Safety Act which is steadily making its way through Congress. If passed, this bill will call for the FRA to write regulations on the use of wayside detection systems, which includes our technology.

Since the derailment in East Palestine, Ohio six months ago, our commercial inquiries have skyrocketed. My sense is that regardless of whether this bill passed or not, Duos also benefit from the renewed focus on safety across the industry. We are currently in discussions with all the Class 1s, and many car owners and shippers about how they can benefit from our railcar inspection portal. We have had the opportunity to highlight our technology and benefits to the FRA, Transport Canada and the heads of key labor unions. Everyone who sees the technology understands it is the way of the future.