Jacksonville-based Duos Technologies Group Inc. announced Aug. 12 that it signed a lease for a new building and will move in this fall, but did not specify where or how large.
“We will move in by the end of October,” CEO Chuck Ferry said in a conference call with investment analysts.
The company said in a news release that the building is near the company’s current headquarters.
“Terms were structured so that there will be no additional cash expense through the beginning of 2023,” the release said.
“The new facility will house all staff in one location and has sufficient space for the Company’s anticipated expansion over the next 12 months,” it said.
A June investor presentation shows Duos has 50 employees.
Duos Technologies Group owns Duos Technologies Inc., which designs, deploys and operates technology that supports rail, logistics, intermodal and government customers “that streamline operations, improve safety and reduce costs.”
Duos Technologies now is based at 6622 Southpoint Drive S., Suite 310, in Fortune Plaza.
The city is reviewing a permit application for Duos Technologies to build-out space on the first and second floors at 7660 Centurion Parkway, which is the former SuperStock building in Deerwood Park South. The site is about 4 miles east of the current office.
Emerald C’s Development Inc. is shown as the contractor for the project to modify 38,748 square feet of space for Duos Technologies at a cost of $973,229.
Duos will take more than half of the 73,000-square-foot Centurion Parkway structure, built in 1993.
Brennan Investment Group, based near Chicago, owns the building. Don Hamilton with Foundry Commercial manages it.
Senior Director Chuck White and Senior Vice President Paul Kelly of Coughlin Advisors represented Duos Technologies in the lease negotiations.
Foundry Principal and Jacksonville Director Brad Chrischilles said Aug. 5. that he represents Brennan Investment.
Chrischilles said Duos Technologies is in for permitting for the two-floor, 40,000-square-foot space on the first and second floors.
Duos spokesperson Fei Kwong said the company has more than 50 employees and will be consolidating from two locations into one.
State records show that the company has long leased space in Fortune Plaza.
Duos Technologies Group Inc. is listed as DUOT on Nasdaq.
Gianni Arcaini retired as CEO in September 2020, succeeded by Ferry, former chief executive officer of Jacksonville-based APR Energy.
On Aug. 12, Duos reported financial results for the second quarter that ended June 30.
It reported second-quarter revenue fell 67% to $649,000 from $1.98 million the year before. The decrease resulted from a delay in “notices to proceed” for new contracts because of the pandemic and other economic reasons, including the chip shortage.
That led to a $2.95 million net loss compared with a loss of $1.47 million last year.
Six-month revenue fell 6% to $2.8 million from $2.97 million ”due to delays in executing new contracts and certain travel restrictions resulting from macro-economic headwinds.”
The net loss of $3.36 million compares with a net loss of $3.61 million in the same period last year. The improvement primarily was attributable to the impact of the Cares Act PPP loan forgiveness and the effect of lower operating expenses.
“Our company is still in the midst of a challenging transition period as we make further investments in both infrastructure and support to reinforce our ability to meet the order flow we’re anticipating within the next few quarters,” Ferry said in the release.