Duos Technologies Group, Inc. (NASDAQ:DUOT) Q2 2022 Earnings Conference Call August 15, 2022 4:30 PM ET
Company Participants
Chuck Ferry - CEO
Adrian Goldfarb - CFO
Conference Call Participants
Michael Latimore - Northland Capital Markets
Richard Jackson - True North Financial
Operator
Good afternoon. Welcome to Duos Technologies Second Quarter 2022 Earnings Conference Call. Joining us for today's call are Duos CEO, Chuck Ferry; and CFO, Adrian Goldfarb. Following their remarks, we will open the call 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.
In the second quarter, we executed really well across all segments of our business and are tracking according to our long-term growth plan. Our financial performance in Q2 represent an order of magnitude improvement over our results in recent reporting periods, as well as the third consecutive quarter we met or exceeded our internal revenue projections. We improved demonstrably in nearly every meaningful financial metric, which is not only the result of executing certain deployments ahead of schedule, but also byproduct of the foundational work we've done in the last year and a half to be able to execute a greater scale when the opportunity was presented.
Based on our performance to-date, we remain on plan to meet our financial goals for the year. Operationally, we have currently -- we currently have two railcar inspection portals, completing installation in the next three months, with two more portals that are under construction and expected to install in the first half of 2023. We were also completing installation of two other projects in the third quarter. We continue to improve our installation procedures in Field Performance and Maintenance capabilities, all of which have enhanced customer relations, leading to increased recurring revenue and add-on sales opportunities.