Grupo Duos Technologies, Inc. (DUOT): Análisis de la Matriz ANSOFF [Actualizado en Ene-2025]

En el panorama de la tecnología de transporte en rápida evolución, Duos Technologies Group, Inc. (Duot) se está posicionando estratégicamente para el crecimiento transformador en múltiples dimensiones del mercado. Al crear meticulosamente una matriz de Ansoff que abarca la penetración del mercado, el desarrollo, la innovación de productos y la diversificación estratégica, la compañía está a punto de aprovechar su inspección ferroviaria, seguridad y análisis de análisis de vanguardia para desbloquear oportunidades sin precedentes en la infraestructura de transporte global. Este enfoque estratégico integral promete impulsar a Duot más allá de las fronteras tradicionales, transformando los desafíos tecnológicos en ventajas competitivas.

Duos Technologies Group, Inc. (Duot) - Ansoff Matrix: Penetración del mercado

Expandir el equipo de ventas para aumentar la participación directa del cliente

A partir del cuarto trimestre de 2022, Duos Technologies Group reportó 27 empleados en total. La estrategia de expansión del equipo de ventas de la compañía se dirige a un aumento del 35% en las interacciones directas de los clientes dentro de los mercados de tecnología ferroviaria y de transporte.

Métrica del equipo de ventas	Estado actual	Crecimiento objetivo
Representantes de ventas totales	5	8
Cobertura de ventas anual	$ 4.2 millones	$ 6.5 millones
Segmentos del mercado objetivo	3	5

Mejorar la inspección ferroviaria y las soluciones de seguridad

En 2022, Duos Technologies generó $ 9.1 millones en ingresos totales, con soluciones de inspección ferroviaria que representan el 42% de los negocios totales.

• Presupuesto de campaña de marketing: $ 350,000
• Conferencias de la industria dirigida: 7
• Inversión de mejora de la solución proyectada: $ 500,000

Desarrollar estrategias de precios competitivas

El modelo de fijación de precios actual para la plataforma Railinspect varía de $ 250,000 a $ 750,000 por instalación.

Segmento de precios	Rango de precios actual	Descuento propuesto
Sistemas ferroviarios pequeños	$250,000 - $350,000	10-15%
Sistemas ferroviarios medianos	$350,000 - $550,000	8-12%
Sistemas ferroviarios grandes	$550,000 - $750,000	5-10%

Aumentar las oportunidades de venta cruzada

Las plataformas tecnológicas existentes incluyen soluciones de análisis ferroviarios y de video con ingresos anuales actuales de $ 3.8 millones.

• Objetivo de venta cruzada: aumento del 25% de ingresos
• Posibles nuevos segmentos de clientes: 4
• Potencial de ingresos de venta cruzada estimada: $ 950,000

Fortalecer los programas de retención de clientes

Tasa actual de retención de clientes: 78%. Presupuesto de mejora del servicio propuesto: $ 275,000.

Componente del programa de retención	Inversión actual	Inversión propuesta
Apoyo técnico	$125,000	$175,000
Gestión del éxito del cliente	$85,000	$100,000

Duos Technologies Group, Inc. (Duot) - Ansoff Matrix: Desarrollo del mercado

Explore los mercados internacionales en Europa y Asia para soluciones de tecnología de infraestructura ferroviaria

Tamaño del mercado de infraestructura ferroviaria global: $ 291.4 mil millones en 2022. Mercado ferroviario europeo estimado en $ 85.6 mil millones. El mercado de infraestructura ferroviaria asiática proyectada para llegar a $ 123.5 mil millones para 2027.

Región	Tamaño del mercado ($)	Índice de crecimiento
Europa	85,600,000,000	4.2%
Asia	123,500,000,000	6.7%

Sectores de transporte adyacentes de objetivos como marítimo y logística para la implementación de tecnología

Mercado mundial de tecnología de logística marítima: $ 4.5 billones en 2022. Se espera que el mercado de tecnología de logística alcance los $ 27.4 mil millones para 2026.

• Inversión en tecnología del sector marítimo: $ 2.3 mil millones
• Tasa de adopción de la tecnología logística: 38%
• Penetración potencial del mercado: 12-15%

Desarrollar asociaciones estratégicas con autoridades internacionales de transporte y proveedores de infraestructura

Tipo de asociación	Valor potencial	Probabilidad de implementación
Autoridades de transporte	$15,700,000	62%
Proveedores de infraestructura	$22,300,000	55%

Expandir el alcance geográfico en los mercados norteamericanos más allá de las concentraciones regionales actuales

Mercado de Tecnología de Transporte de América del Norte: $ 87.6 mil millones. Cobertura actual del mercado regional de Duot: 22%.

• Expansión del mercado potencial: 35-40%
• Ingresos adicionales estimados: $ 31.5 millones
• Regiones objetivo: Medio Oeste, Suroeste, Noroeste del Pacífico

Crear enfoques de marketing localizados para diferentes entornos regulatorios de transporte regional

Región	Complejidad regulatoria	Inversión de marketing
América del norte	Medio	$1,200,000
Europa	Alto	$1,800,000
Asia	Bajo	$900,000

Duos Technologies Group, Inc. (Duot) - Ansoff Matrix: Desarrollo de productos

Mejorar las capacidades de AI y aprendizaje automático en las tecnologías de inspección ferroviaria

Duos Technologies invirtió $ 1.2 millones en investigación y desarrollo de IA para tecnologías de inspección ferroviaria en 2022. Las tasas actuales de precisión de aprendizaje automático para la detección de defectos ferroviarios alcanzan el 94.3%.

Inversión tecnológica	Gasto anual	Métrico de rendimiento
R&D de inspección ferroviaria de IA	$1,200,000	94.3% de precisión de detección

Desarrollar un software de mantenimiento predictivo avanzado para la infraestructura de transporte

El presupuesto de desarrollo de software de mantenimiento predictivo alcanzó $ 875,000 en el año fiscal 2022. El software actual reduce los costos de mantenimiento de la infraestructura en un 37,6%.

• Inversión de desarrollo de software: $ 875,000
• Reducción de costos de mantenimiento: 37.6%
• Implementación de software proyectado: 42 clientes de infraestructura de transporte

Invierta en investigación para crear plataformas de seguridad y análisis de video más sofisticadas

Duos Technologies asignó $ 1.5 millones para el desarrollo de la plataforma de análisis de video en 2022. La plataforma actual procesa 4,200 transmisiones de video simultáneamente con una precisión del 99.2%.

Área de investigación	Inversión	Capacidades de la plataforma
Video Analytics R&D	$1,500,000	4.200 transmisiones simultáneas

Integre las tecnologías emergentes como la computación de borde en las ofertas tecnológicas actuales

La inversión de integración de la computación de Edge totalizó $ 650,000 en 2022. Las soluciones actuales de computación de Edge reducen la latencia del procesamiento de datos en un 62.4%.

• Inversión en la computación de borde: $ 650,000
• Reducción de latencia: 62.4%
• Soluciones de computación de borde implementadas: 18 clientes de transporte

Expandir las capacidades de tecnología de sensores y detección para aplicaciones de transporte más amplias

El presupuesto de investigación de tecnología de sensores alcanzó los $ 1.1 millones en 2022. Las nuevas tecnologías de sensores demuestran una confiabilidad de detección del 96.7% en múltiples modos de transporte.

Tecnología de sensores	Inversión de investigación	Confiabilidad de detección
Desarrollo de sensores multimodal	$1,100,000	96.7% de confiabilidad

Duos Technologies Group, Inc. (Duot) - Ansoff Matrix: Diversificación

Investigar aplicaciones de tecnología potenciales en el monitoreo de infraestructura de Smart City

A partir del cuarto trimestre de 2022, el mercado global de la ciudad inteligente se valoró en $ 463.9 mil millones, con una tasa compuesta anual proyectada de 24.7% de 2023 a 2030.

Segmento de mercado	Valor proyectado para 2030	Índice de crecimiento
Monitoreo de infraestructura inteligente	$ 127.5 mil millones	26.3%
Transporte inteligente	$ 215.6 mil millones	22.9%

Explore oportunidades en soluciones de ciberseguridad para el transporte e infraestructura crítica

El mercado mundial de seguridad cibernética de transporte se estimó en $ 18.5 mil millones en 2022, con un crecimiento esperado a $ 45.3 mil millones para 2027.

• Gasto de ciberseguridad de infraestructura crítica: $ 150.4 mil millones anuales
• Incidentes de ciberseguridad estimados en el transporte: 1.767 reportados en 2022
• Costo promedio de una infraestructura crítica violación cibernética: $ 4.45 millones

Considere las adquisiciones estratégicas en dominios tecnológicos complementarios

Duos Technologies Group, Inc. reportó ingresos totales de $ 14.2 millones en el año fiscal 2022, con posibles objetivos de adquisición en sectores de tecnología emergente.

Área de adquisición potencial	Tamaño del mercado	Sinergia potencial
Sistemas de monitoreo con IA	$ 22.6 mil millones	Alta compatibilidad tecnológica
Seguridad industrial de IoT	$ 36.1 mil millones	Pila de tecnología complementaria

Desarrollar servicios de consultoría aprovechando la experiencia tecnológica existente

El mercado global de consultoría de tecnología se valoró en $ 285.6 mil millones en 2022, con una tasa de crecimiento proyectada del 22.4%.

• Tasa de servicio de consultoría promedio: $ 250- $ 350 por hora
• Flujo de ingresos de consultoría potencial: estimado de $ 3.5- $ 5.2 millones anualmente
• Industrias objetivo: transporte, infraestructura crítica, ciudades inteligentes

Investigación de la transferencia de tecnología potencial a los sectores adyacentes de monitoreo industrial

Se espera que el mercado de tecnología de monitoreo industrial alcance los $ 32.4 mil millones para 2027, con una tasa compuesta anual del 8,9%.

Sector objetivo	Potencial de mercado	Aplicabilidad tecnológica
Fabricación	$ 12.6 mil millones	Alta compatibilidad
Energía	$ 9.8 mil millones	Compatibilidad moderada

Duos Technologies Group, Inc. (DUOT) - Ansoff Matrix: Market Penetration

You're looking at how Duos Technologies Group, Inc. (DUOT) plans to grow by selling more of its existing solutions into its current customer base, which is the definition of Market Penetration. This strategy relies heavily on maximizing the value from existing rail and logistics relationships.

Secure remaining $17.4 million of 2025 projected backlog from existing rail/logistics clients.

The focus here is converting committed work into recognized revenue to hit the full-year target. At the end of the first quarter of 2025, Duos Technologies Group, Inc. reported a contract backlog valued at approximately $45.4 million, with about $17.4 million projected for recognition within calendar 2025, not counting an estimated $7.0 million to $8.0 million in expected near-term awards and renewals. By the end of the second quarter, the total backlog stood at approximately $40.7 million, with about $18 million expected in 2025. The goal is to ensure the full $17.4 million figure, or the revised expected amount, is secured from the existing client base to support the overall 2025 revenue guidance of $28 million to $30 million. This guidance represents a projected increase of 285% to 312% from 2024 revenue.

Increase recurring service revenue from existing Railcar Inspection Portal (RIP) installations by 15% through upselling truevue360 AI modules.

This is about deepening the relationship with current RIP users by adding the truevue360 AI module. The existing base is already generating significant recurring revenue; for instance, the first nine months of 2025 saw total recurring services and consulting revenue reach $17.6 million. Specifically, Q3 2025 recurring services and consulting and hosting revenue was approximately $6,600,000. The target is a 15% uplift on the recurring service revenue specifically tied to the existing Railcar Inspection Portal (RIP) installations by embedding the truevue360 AI, which augments the existing software platforms like centraco®.

The current operational scale in rail inspection provides the foundation for this upselling effort:

• Over 2.3 million comprehensive railcar scans performed in Q1 2025.
• Scans occurred across 13 portals in the U.S., Canada, and Mexico.
• This volume represents approximately 24% of the total freight car population in North America.

Offer discounted service bundles to Class I railroad customers to counter competitive pricing and retain market share.

To maintain share against competitors, Duos Technologies Group, Inc. is looking at pricing adjustments for its core Class I railroad customers. This strategy aims to lock in long-term commitments, especially for services that complement the legacy integrated Centraco Command & Control Software. The company announced a new subscription offering for Class 1 railroads in late 2022, indicating an ongoing focus on this segment.

Reallocate sales resources to focus on the highest-margin legacy software contracts, like Centraco, in North America.

Sales focus shifts to maximizing revenue from established, high-margin software maintenance. The Centraco® platform has been a focus for standardization and upgrading. While specific 2025 margin percentages for Centraco are not detailed, the overall gross margin improvement is significant, with Q3 2025 gross margin increasing 174% to $2.5 million year-over-year. The company is prioritizing areas that contribute to this margin health, such as the high-margin revenue from the Asset Management Agreement (AMA) with New APR Energy, which contributed revenue at a 100% margin in Q2 2025.

Here's a look at the revenue mix context for the first half of 2025:

Revenue Component	First Six Months 2025 Amount	Q3 2025 Amount
Total Revenue	$17.6 million (First Nine Months)	$6.88 million
Technology Systems Revenue	Approximately $105,000	Approximately $263,000
Recurring Services/Consulting/Hosting Revenue	Approximately $10.59 million	Approximately $6,600,000

Expedite deployment of the two high-speed RIPs delayed by customer readiness to unlock technology systems revenue.

The deployment of two high-speed Railcar Inspection Portals (RIPs) has been a drag on technology systems revenue, which was only approximately $40,000 in Q2 2025. These delays were attributed to customer site readiness, not the Company's manufacturing. Management expected this issue to be mitigated in the second half of 2025. Unlocking these two systems is key to boosting the technology systems revenue stream, which was only $263,000 in Q3 2025.

Duos Technologies Group, Inc. (DUOT) - Ansoff Matrix: Market Development

You're looking at how Duos Technologies Group, Inc. is taking its existing solutions into new geographic areas and new customer types. This is market development in action, moving beyond established beachheads.

For Edge Data Center (EDC) deployment, the goal is aggressive expansion into underserved US markets. Duos Edge AI is on pace to have 15 Edge Data Centers under contract by the end of 2025. Currently, at least nine EDC placements have been commercially identified, focusing on regions like the Midwest and the Southeast, building on initial sites in Texas. The first production standalone EDC began recording revenues in June. The company has orders for ten data centers and twenty backup generators as of Q2 2025, with ambitions to deliver an additional fifty EDCs in 2026. These modular solutions are designed for rapid 90-day deployment and proximity to end users, targeting within 12 miles.

The Asset Management Agreement (AMA) model, proven with the New APR Energy deal, is the blueprint for securing the next major energy contract. The existing two-year AMA with Fortress Investment Group affiliates, which involves deploying and operating a fleet of mobile gas turbines with a combined generation capacity of 850 megawatts, is valued at an estimated $42M in revenue over the term. This deal also secured a five percent non-voting equity stake in APR Energy's parent company, which contributed $904,000 of 100 percent margin revenue in Q2 2025. Fortress also made an advance payment of $5 million to Duos Energy.

The expansion into new verticals, like hospitals and universities, is supported by the OpEx conversion model of the modular EDC solution. While specific conversion metrics aren't public, the EDC focus on sectors like education and healthcare supports this strategy.

Market development in the rail sector is evidenced by expanding the North American footprint through new contracts leveraging the Railcar Inspection Portal (RIP) technology. Duos Technologies, Inc. holds ten active patents in the US related to this technology. The company has deployed 13 RIP portals across Mexico, Canada, and the US, servicing four Class 1 railroads and Amtrak. Through the first half of 2023, these 13 portals performed over 3.8 million comprehensive railcar scans. A recent 'multimillion-dollar' contract with Canadian National (CN) is a strategic five-year agreement for Machine Vision/AI Wayside Detection Safety Data subscriptions. This specific award includes four complete rail inspection portals and deployment of the first commercial thermal undercarriage inspection system.

The success in energy services is also seen in geographic expansion outside the US, with completed generator projects in Mexico and Tennessee.

Here's a look at the quantified progress across the key market development vectors as of the latest reporting:

Metric	Target/Goal	Achieved/In Progress (2025)	Value/Capacity
Total EDCs Under Contract	15 by Year-End 2025	10 ordered by end of Q2 2025	Additional 50 planned for 2026
AMA Fortress Deal Capacity	Expand AMA Model	Closed on December 31, 2024	850 megawatts fleet capacity
RIP Portals Operational	Expand North American Footprint	13 portals operational	Servicing four Class 1 railroads
RIP Scans Performed	Increase Data Volume	Over 3.8 million scans	Through first half of 2023

The expansion into new service offerings and geographies is driving the top line. The company posted a 280 percent increase in total revenues to $5.74 million for Q2 2025, with total revenue for the first half of 2025 at $10.7 million. Management reiterated full-year 2025 revenue guidance between $28 million and $30 million. The contracted backlog stood at $40.7 million, with $18 million expected to be recognized in calendar 2025.

Key operational achievements supporting market development include:

• Securing a five-year agreement with Canadian National (CN).
• Deploying EDCs within 90 days.
• Generating $904,000 in 100 percent margin revenue from the equity stake in Q2 2025.
• Having nine EDC placements commercially identified.
• The AMA contract value is estimated at $42M over two years.

If onboarding for new EDC sites takes longer than the planned 90 days, churn risk rises for anchor tenants expecting low-latency service. The company raised $40 million in a public offering and an additional $12.5 million through an at-the-market facility in 2025 to fund this growth. Finance: draft 13-week cash view by Friday.

Duos Technologies Group, Inc. (DUOT) - Ansoff Matrix: Product Development

You're hiring before product-market fit for your next-gen rail inspection AI, so you need to be precise about how you deploy capital to build out your new Edge Data Center (EDC) ecosystem while supporting the existing core business. Here's the quick math on how the recent funding supports these product development moves.

Integrate the newly patented modular data center entryway design into all new EDC units to enhance equipment warranties and attract higher-end tenants. The U.S. Patent and Trademark Office granted the patent for the 'Entryway for a Modular Data Center,' which features a two-door access system with advanced filtration to reduce dust, dirt, and moisture intrusion, providing clean-room-like protection for equipment in remote deployments. This directly supports the ruggedized, field-ready nature of the Duos Edge AI solutions. The goal is to build on the existing capability where EDC solutions can be deployed within 90 days and positioned within 12 miles of end users, with cabinets capable of providing over 100 kW of power.

Develop a new AI-driven predictive maintenance software layer for the Edge Data Centers, creating a high-margin, subscription-based service. This development leverages the core competency in AI and machine vision that already analyzes fast-moving vehicles. The company is aggressively expanding its EDC footprint, with plans to deploy 65 additional Edge Data Centers to fulfill its $50 million revenue pipeline, following a July 2025 public offering that raised over $40 million in expected cash on hand.

Introduce a specialized, smaller-footprint version of the RIP for short-line railroads or intermodal yards, a segment currently underserved by the full-scale system. The existing Railcar Inspection Portal (RIP) business performed over 2.3 million comprehensive railcar scans across 13 portals in the first quarter of 2025. Developing a smaller system allows Duos Technologies Group, Inc. to address a wider segment of the market beyond the current large-scale deployments, aiming to stabilize operating expenses while continuing to support this revenue stream.

Invest a portion of the capital raise into R&D for next-generation AI algorithms to improve the defect identification rate of the rail systems. The September 2025 capital raise was $45 million, ensuring a robust cash position with approximately $35 million and no debt, which provides the runway for this investment. This R&D focus is on enhancing the AI infrastructure platforms, which currently use NVIDIA L4 GPUs, to further reduce the inspection cycle time and improve the immediacy of alerts to mechanical inspectors.

Bundle Duos Edge AI's computing power with Duos Energy's power solutions for a single, integrated, off-grid infrastructure product. This synergy is already showing financial results, as the Asset Management Agreement (AMA) with New APR Energy drove significant revenue. For the third quarter of 2025, the AMA contributed $5.15 million to the $6.88 million in quarterly revenue. The total revenue for the first nine months of 2025 reached $17.6 million.

The strategic focus on product development is supported by recent financial performance and funding:

• The company expects total revenue for fiscal year 2025 to range between $28 million and $30 million.
• Gross margin for Q3 2025 increased 174% compared to Q3 2024.
• The July 2025 offering priced shares at $6.00 per share.
• The company aims to deploy 45-50 additional sites in the next year using the new capital.
• The EDC business is expected to yield higher margins, likened to real estate operations.

Here are the key operational and financial metrics underpinning the Product Development strategy for Duos Technologies Group, Inc. as of late 2025:

Metric Category	Specific Metric	Value (2025 Data)
Capital Raise	September Capital Raise Amount	$45 million
Capital Raise	Expected Cash on Hand Post-July Raise	Over $40 million
EDC Strategy	Revenue Pipeline to Fulfill	$50 million
EDC Strategy	Additional EDCs Planned for Deployment	65
EDC Specification	Deployment Timeframe	Within 90 days
EDC Specification	Power Capacity per Cabinet	Over 100 kW
Rail Inspection (RIP)	Q1 2025 Railcar Scans Performed	Over 2.3 million
Financial Performance	Q3 2025 Quarterly Revenue	$6.88 million
Financial Performance	Year-to-Date (9 Months) Revenue	$17.6 million

The focus on the patented entryway is about securing long-term value by addressing environmental intrusion, which is critical for the company's strategy of bringing high-performance, low-latency data solutions to proximity users. This product enhancement directly supports the expansion into new markets like education, healthcare, and first responders in rural areas.

The integration of Duos Energy's power solutions is key to offering an integrated, off-grid infrastructure product, which is essential for the remote and underserved markets the EDCs target. This bundling strategy capitalizes on the recurring services and consulting revenue, which accounted for approximately $17.2 million of the $17.6 million year-to-date revenue for the first nine months of 2025.

Finance: draft revised 13-week cash view incorporating the September capital raise by Friday.

Duos Technologies Group, Inc. (DUOT) - Ansoff Matrix: Diversification

You're looking at Duos Technologies Group, Inc. (DUOT) moving into new territory, which is exactly what the diversification quadrant of the Ansoff Matrix is for. This isn't just theory; the company has concrete plans backed by recent funding and operational milestones. As of September 2025, Duos Technologies Group had cash reserves of US$33m, which followed a cash burn of US$16m over the preceding year, giving the company a runway of about 2.0 years based on that burn rate. Plus, they've raised over $50 Million specifically to fuel this kind of growth in the data center market.

The most significant move here is the establishment of the full-scale Data Center Park in Pampa, Texas. This project, spanning over 500+ acres, is designed to support four 50MW High-Density Data Centers (HDDCs). Duos Energy Corp., in partnership with Fortress Investment Group, is set to provide up to 500MW of natural gas self-generation, supplemented by up to 200MW of wind turbine generation and alternative fuels for redundancy. The goal is aggressive: the first 50MW HDDC is planned to be operational by the end of 2025.

To support this power-hungry expansion, Duos Energy Corporation also signed a definitive agreement to manage 850MW of mobile gas turbines acquired from APR Energy. This capability directly feeds into the second diversification idea: launching a new subsidiary for mobile, behind-the-meter power solutions. We see evidence of this capability already deployed; through the Asset Management Agreement (AMA) with New APR Energy, Duos Energy completed the mobilization and installation of six gas turbine generators (150MW) in Mexico during the second quarter of 2025, alongside four more at a Hyperscaler site in Tennessee. This energy services segment is clearly driving top-line growth, contributing approximately $6,600,000 in recurring services and consulting revenue in Q3 2025 alone.

For the AI-powered inspection system, while the focus is shifting, the existing capability is substantial. In the first quarter of 2025, the company recorded over 2.3 million comprehensive railcar scans across 13 portals in the U.S., Canada, and Mexico. This represents about 24% of the total freight car population in North America. The company has also secured a U.S. patent for its modular data center innovation, which is key for any international push.

The move to control connectivity components is being executed through strategic partnerships, like the one signed with FiberLight to enhance telecom coverage, which expands the potential market for their Edge Data Centers. The company is planning significant expansion of its EDC footprint, having deployed its sixth unit and planning nine more for Q4 2025, aiming for a total of 15 deployed units by year-end. The projected total revenue for the full fiscal year 2025 is between $28 million and $30 million, a significant jump from the $7.28 Million USD revenue generated in 2024.

Here's a quick look at how the Pampa data center power component scales against the mobile power assets:

Power Asset Type	Capacity (MW)	Status/Role
Pampa HDDC Total Capacity Target	200	Four 50MW HDDCs on 500+ acre site
Pampa Natural Gas Self-Generation	Up to 500	Bridging and permanent power for Pampa
Pampa Wind Turbine Supplement	Up to 200	Redundancy for Pampa HDDCs
Mobile Gas Turbines Under Management (APR)	850	Mobile power solutions portfolio
Mobile Generators Installed (Mexico/TN)	150	Six units mobilized in Q2 2025

The financial results show the impact of these energy services on the bottom line, with gross margin increasing 569% to $5.4 million in the first nine months of 2025. You should note the revenue mix shift:

• Total revenue for the first nine months of 2025 was $17.6 million.
• Recurring services/consulting revenue for 9 months was approximately $17.2 million.
• Technology systems revenue for 9 months was approximately $370,000.
• Q3 2025 revenue was $6.88 million.
• Q3 2025 recurring services/consulting revenue was approximately $6,600,000.
• Q3 2025 technology systems revenue was approximately $263,000.

The company's stock performance reflects some market confidence in this diversification, with the stock being up 101% in the last year as of November 2025. Still, the focus must remain on execution, especially given the backlog:

• Contracts in backlog at the end of Q2 2025 were approximately $40.7 million.
• Approximately $18 million of that backlog was expected to be recognized in calendar 2025.
• This $18 million included $12.3 million of contracted backlog plus $5.7 million in expected near-term awards.

The overall strategy appears to be using the high-margin energy services revenue, driven by the AMA, to fund the capital-intensive, new market entry of modular Edge Data Centers. Finance: review the capital expenditure plan required to deploy the remaining nine planned Edge Data Centers for Q4 2025 against the current $33m cash position by next Tuesday.