Duos Technologies Group, Inc. (NASDAQ:DUOT) Q1 2024 Results Conference Call May 13, 2024 4:30 PM ET
Company Participants
Chuck Ferry - CEO
Adrian Goldfarb - CFO
Conference Call Participants
Ed Woo - Ascendiant Capital Markets
Operator
Good afternoon. Welcome to Duos Technologies' First Quarter 2024 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 would like to turn the call over to Duos CEO, Chuck Ferry. Sir, please go ahead.
Chuck Ferry
Welcome, everyone, and thank you for joining us. We've just issued a press release as well as our 10-Q announcing our financial results for the first quarter of 2024 and other operational highlights. Copies of both are available on the Investor Relations section of our website. I encourage all listeners to view that release and 10-Q filing with the SEC to better understand some of the details we'll be discussing during today's call.
Some of the highlights that I will discuss in more detail after the financial report include an award for a new Railcar Inspection Portal valued at $2.7 million, an improved backlog of $10 million and a new very comprehensive patent on our Railcar Inspection Portal. We have also formed a second operating entity called Duos Edge AI and are in contract negotiations to install and operate our first 4 edge data centers this year.
Before we get into the financials, I want to remind everyone that we anticipated short-term financial headwinds as we transition from a pure-play CapEx business focused on the rail sector to a recurring and more diversified business within the broader AI value chain that I believe will result in significant shareholder value over the next few years.
As we discussed in our recent press release, Adrian Goldfarb will reassume the CFO position following the departure of Andrew Murphy. Andrew did an outstanding job for us and was a significant contributor to the turnaround that we have executed in the last few years. Andrew worked for me for years at both APR Energy and here at Duos. He's an exceptional financial professional and business leader, and we wish him the very best.
Given the critical stage that the company is at, the Board and I asked Adrian to reassume the role given his close working relationship with Andrew and myself and laying the groundwork for the strategy that will make our company valuable. His long-term knowledge of the company and his experienced leadership will ensure no gaps between incoming and outgoing CFO. I'm personally very happy he's able to return to his important role and very much enjoy working with him.