8/15/2022

speaker
Conference Call Operator
Operator (handling introductions and safe harbor)

Welcome to Duo's Technology Second Quarter 2022 Earnings Conference Call. Joining us for today's call are Duo's 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 Duo's CEO, Chuck Ferry. Sir, please proceed.

speaker
Investor Relations Representative
Director of Investor Relations

Welcome, everyone, and thank you for joining us.

speaker
Chuck Ferry
Chief Executive Officer

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 real well across all segments of our business and are tracking according to our long-term growth plan. Our financial performance in Q2 represented an order of magnitude improvement over our results in recent reporting periods, as well as the third consecutive quarter we have met or exceeded our internal revenue projections. We improved demonstrably in nearly every meaningful financial metric, which was 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 currently have two rail car 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 are also completing installation of two other projects in the third quarter. We've continued to improve our installation procedures, infield performance, and maintenance capabilities, all of which have enhanced customer relations, leading to increased recurring revenue and add-on sales opportunities. We will discuss more details about the business later on the call, so before I go any further, I'd like to turn the call over to our CFO, Adrian Goldfarb, who will walk us through the financial results for the quarter and first half of the year. Adrian.

Disclaimer

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