EXHIBIT 99.1

Duos Technologies Group Reports Fourth Quarter and Full Year 2018 Results

Record Annual Revenue Underscores Breakthrough Year Driven by Emerging Market Adoption of Company’s Superior Rail Inspection Portal Technology

Jacksonville, FL/ Accesswire/ April 11, 2019 - Duos Technologies Group, Inc. (“Duos” or the “Company”) (OTCQB: DUOT), a provider of intelligent security analytical technology solutions, reported financial results for the fourth quarter and full year ended December 31, 2018.

Fourth Quarter 2018 and Recent Operational Highlights

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Following its initial multi-million-dollar contract announced in May 2018, Duos was awarded an additional multi-million-dollar contract by Canadian National, a leading North American Class-1 transportation and logistics company, for the deployment of three additional Rail Inspection Portals (rip®), which are to be installed at three main-line locations, with two planned in the U.S. and an additional unit in Canada

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Launched truevue360™, which will focus on driving additional revenues and margin to the Company by developing, implementing and marketing artificial intelligence and deep learning solutions for a broad range of industries

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Successfully completed the first deployment of the Company’s new dcVue™ software, licensed as a commercial application in partnership with FNT Software, a leading provider of integrated software solutions for IT management, data center infrastructure management and telecommunication infrastructure management worldwide

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Strengthened leadership and increased industry experience of the Company’s Board of Directors through the appointment of Ken Ehrman as an Independent Director, who will serve as head of the compensation and nominating committees

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Awarded contract in the aggregate of $1.0 million from a regional bank with a national footprint for the installation of Duos’ praesidium® and centraco® systems, which will provide comprehensive security solutions for 19 of the bank’s sites in 14 locations across the United States.

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Awarded a patent by the U.S. Patent and Trademark Office for the Company’s Linear Speed Measurement technology, which enables the “stitching” of images that are a single pixel wide into an accurate high-definition image of a train with up to 100 or more cars, significantly increasing the accuracy and speed of the information compared to commercially available measurement devices.

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Added key technical, development and project management staff and increased headcount to 50 staff in 2018.

Fourth Quarter 2018 Financial Results

Total revenue increased 299% to $2.56 million, from $641,000 in the same quarterly period last year. The significant increase in total revenue was driven by substantial completion of key projects awarded earlier in the year.

Gross profit increased 416% to $1.14 million, from $221,000 in the same quarterly period last year. The significant increase in gross profit was due to the effect of both higher revenues and lower cost of sales on projects that were completed in the quarter.

Operating expenses increased 59% to $1.98 million from $1.24 million in the same quarterly period last year. The increase in operating expenses was the result of investments in additional staffing to support much higher revenues and anticipated business for 2019.

Net loss totaled $836,000 an improvement from a net loss of $1.41 million in the same quarter a year-ago. The improvement in net income was primarily attributable to significant increase in revenue over the comparable quarter in 2017, improved Gross Margins in the quarter and a lower rate of Operating Expense growth.

Full Year 2018 Financial Results

Total revenue increased 210% to a record $12.0 million, from $3.9 million in the same period last year. The significant increase in total revenue was driven by an increase in project revenue and maintenance and technical support, which was offset by a decrease in IT asset management services revenues. The increase in project revenue is a result of the Company’s ongoing introduction of new offerings, including intelligent analytics and machine learning, and transition from traditional legacy security-centric offerings.

Gross profit increased 227% to $5.2 million, from $1.6 million in the same period last year. The significant increase in gross profit was due to the increase in project revenues as discussed above. Although certain quarters were impacted by accounting changes related to the implementation of ASC 606 the new standard for revenue recognition, 2018 can be compared with 2017 as the impact of ASC606 for the full year 2018 was minimal.

Operating expenses increased 35% to $6.8 million from $5.0 million in the same period last year. The increase in operating expenses was mainly due to an increase in resources related to the significant increase in revenues for the period as discussed above. Selling and marketing expenses both increased in line with the Company’s investment in resources to grow the business but were offset by lower professional fees due to minimal fundraising and corporate actions during the year.  Research and development expenditures also increased as the Company began investing in its AI platform in the fourth quarter. The increase in full-time and contract labor was higher during the period due to an increase in number of employees and additional contract expenses related to the overall significant increase in revenues.

Net loss totaled $1.6 million, or $(0.08) per diluted share, an improvement from net loss of $5.2 million, or $(1.43) per diluted share, in the same period a year-ago. The improvement in net income was primarily attributable to the increase in project revenues as discussed above.

Financial Outlook

For the fiscal year ending December 31, 2019, the Company expects total revenue to be between $14.0 million and $15.0 million, which would represent an approximate 16% to 25% increase over 2018. The Company’s guidance is based on contracts in backlog that are already performing and scheduled to be executed during, or which have been executed before, the fourth quarter of 2019. Management also anticipates securing additional awards in 2019.  

Management Commentary

“The fourth quarter was a strong finish to a transformational year for our business,” said Duos Chairman and CEO Gianni Arcaini. “Financially, in 2018 we grew our topline by more than 200%, which allowed us to significantly improve the health of our balance sheet. Our growth was driven mainly by the increased adoption of our rail inspection portal technology, which we successfully deployed for several blue-chip organizations during the year. Going forward, we expect our growth to continue through additional sales to our current customer base as well as through new wins in existing and adjacent markets as awareness grows for our versatile solutions and their broad industry-agnostic applications.

Mr. Arcaini continued, “We remain focused on our core business while also incorporating additional services and technologies that will allow us to diversify revenue streams in a more consistent manner with the ultimate goal of reducing our overall reliance on project-based income. More specifically, with truevue360™, we expect to leverage the Company’s artificial intelligence and deep learning experience to create a centrally managed platform for our existing artificial intelligence solutions and also serve as a third-party offering for potential customers in a broad range of industries. With the increased visibility provided by our order backlog, we are confident in achieving our financial projections for 2019, which would, if achieved, represent a 25% increase over 2018’s record performance.”

Conference Call

The Company’s management will host a conference call on Thursday, April 11, 2019 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question and answer period.

Date: Thursday, April 11, 2019

Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)

U.S. dial-in: (888) 481-7939

International dial-in: (617) 847-8707

Passcode: 79868521

Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at (949) 574-3860.

The conference call will be broadcast live and available for replay via the investor section of the Company's website here.

About Duos Technologies Group, Inc.

Duos Technologies Group, Inc. (OTCQB: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., provides advanced intelligent security and analytical technology solutions with a strong portfolio of intellectual property. The Company’s core competencies include intelligent technologies that combine machine learning, artificial intelligence and advanced video analytics that are delivered through its proprietary integrated enterprise command and control centraco® platform. The Company provides its broad range of technology solutions with an emphasis on mission critical security, inspection and operations within the rail transportation, retail, petrochemical, government, and banking sectors. Duos Technologies also offers professional and consulting services for large data centers. For more information, visit www.duostech.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause Duos Technologies Group, Inc.’s actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Duos’ Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Duos’ filings with the SEC.

DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES

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DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES

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DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES

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