Duos Technologies Group, Inc. has appointed Adrian Goldfarb as Interim Chief Financial Officer, effective June 8, 2026, to lead financial operations during a transition period. The company expects to announce a permanent replacement within 60 to 90 days. Goldfarb will also head a search committee to identify a long-term successor for the role.

Concurrent with Goldfarb's appointment, Leah Brown resumed her previous position as Senior Vice President of Accounting. Brown had been serving as the company's Chief Financial Officer prior to this change.

Goldfarb brings extensive experience within Duos Technologies to the interim role. He has served as President of Duos Technologies, Inc. since March 2026, overseeing operations and the planned divestment of the company's rail industry subsidiary. He previously held the position of Chief Financial Officer from April 2024 to November 2025 and again from 2015 to 2022. His tenure with the company also includes a role as Director from April 2010 to November 2020.

Before his recent executive roles, Goldfarb served as a Strategic Advisor to the Chief Executive Officer starting November 2025. He was instrumental in the company's 2020 listing on the Nasdaq Capital Market. Prior to his initial tenure as CFO, he was President and Chief Financial Officer of Information Systems Associates, Inc., which merged with Duos Technologies, Inc. in April 2015.

Executive Background

Goldfarb's career spans 40 years in the technology industry, including over 30 years in information technology and 10 years in media and communications. He currently serves as non-Executive Chairman of GelStat Corporation, a public company focused on industrial security technology.

His previous roles include serving as CFO for Ecosphere Technologies, where he oversaw growth from $0 to $24 million and achieving profitability. He was also Managing Director of WSI Europe, a division of the Weather Channel, from 1998 to 2002, and interim-CFO for MOWIS GmbH from 2002 to 2007. Goldfarb began his career at IBM, managing an account team for Latin America and Southeast Asia.

Duos Technologies Group reported first-quarter financial results, highlighting a strategic pivot toward AI infrastructure and data center services. The company launched a new division called Duos Technology Solutions, which has already gained traction with a backlog of approximately $14 million expected to be invoiced by the end of 2026. This asset-light business aims to reduce procurement costs internally while generating a new revenue stream. Additionally, Duos is proceeding with the divestiture of its legacy rail division to free up capital and reduce overhead, allowing management to focus on growth in the data center sector.

Financial Performance and Capitalization

Duos completed a $65 million capital raise in March, ending Q1 with $33 million in cash. The company has also received substantial customer deposits, including $15 million in May and another $3 million pending, ensuring strong capitalization for near-term projects. Despite lower revenues from the wind-down of the APR Asset Management Agreement, Duos achieved a 59% gross margin in Q1. This improvement was driven by cost reductions and approximately $900,000 in APR equity revenue, which carried a 100% gross margin with zero associated cost of goods.

Strategic Contracts and Expansion

The company secured a major Hydro Host GPU as a service agreement valued at $176 million over 36 months. This contract involves deploying 2,304 Nvidia GPUs and is expected to generate high margins exceeding 80% and $40 million in EBITDA. Furthermore, Duos won a colocation contract to deliver 4.8 megawatts for a hyperscaler, reinforcing its edge data center platform. The company currently has 10 megawatts contracted and plans to expand its physical deployment to 25 megawatts by the end of 2026, with a target to double capacity to 50 megawatts by 2027.

Revenue Outlook and Market Positioning

Management outlined a pathway to achieving a $50 million revenue target for the year. GPU as a service is expected to contribute roughly $26 million, largely in the second half, while Technology Solutions adds another $26 million from committed backlog. The remaining balance will come from colocation infrastructure services and new customer wins. Duos is positioning itself as a key player in the AI infrastructure market, targeting rapid deployment of edge data centers in tier 2 and tier 3 markets to capture stranded power in underserved areas.

Key Financial and Operational Metrics