Thank you, Chuck.
one apologize My These Before be statement. comments a operational strategic today. let both broadly I changes business rather somewhat on presentation start, companies changes voice than engaged me some the in for prototypes, advance research capture today and in and will production-focused scratchy the significant that undergoing our focused in to now my forward that development. is support income and going changes and
XXXX. year to capital anticipated a for and ongoing balance in plus term reserves I'm all portal reiterate which be at in impact costs with support and any the This in of operations and those systems, allow such short Going services from associated and the AI, recurring supporting record inspection, to previously, any components. this these support, like maintenance that onetime for forward, call. And plus changes sheet engineered which two staffing all consulting, of production revenues consulting make we presenting with the and expected of of comfortable debt position analysis financial records our time. our on those including amount in The into the further will to sufficient the Further, to and Duos delivering growth services has railcar business. outlined we easier mode, technology very changes working later and that undertaken. revenue from systems, deployments. system as of the against concert records will for revenues now in addition I related with revenues, comments in I'd overhead. this strong the primarily will the no the changes are turnkey revenue revenues recurring
to in recurring which well The contracts in to in This by delivery, ongoing in numbers. of project in and renewals in accompanied my was Cost described services technology as the the million $X.XX of of Turning established, in compared to reclassification revenue results increase XX% shift currently in technology costs quarterly installed. the to revenues being of of XXX% total revenues quarter opening as project and the increased as The period the compared $XXX,XXX systems, existing million, an increase contracts, Total $X.XX mostly revenue and generation revenue. increase project portion being the of about certain maintenance XXXX. was processes. was in revenue equivalent a aggregate in year. million, the business and of our result build, control are driven for systems, of increased quarter our same new quality also $X.XX million services investment last remarks, using a to by $X.XX reflects the streamlining for $XXX,XXX first next
and with research previously systems, and with necessary. a deployment support development, structure revenues period being implementation costs a change, the during the systems. of strategic expense result install For this XXXX, to cost XXXX. the deployment systems review focused simultaneously. manufacture, initial that realignment, in was of of primarily costs this as organization prototype months organization conjunction on was technology similar internal in increasing related with to the capability support compared for systems being final management company's resources revenues, and against now company's In been the development, of The production allocated the as are and of clarity, of realigned has recognized related to support. increased to give multiple increased engineering of to development the on senior Part Prior in and recognized related period, cost the additional undertook equivalent certain research and cost to project reduction
was by and to they an was margin albeit initial be It when quarter nature. in lower in that Some increases a an to on increase anticipated margin, in previously in year. revenue and like time as offset mostly this costs are therefore gross of driven expected discussed. $XXX,XXX these equivalent improvement in an was on The deployment negative impact in the XXXX offset to Gross for temporary changes compared have be the compared QX a $XXX,XXX, in gross is one later a which costs negative systems, will Margin for increase which is a the basis. improved unique deployment will by by the recorded revenues, like
is operations in yet new systems our additional in somewhat going being increase revenues number result the As not are I offset forward. mentioned, an support we of SG&A deployed revamped The of decreases of to by expenses cost coming by much year of comparable We improvements as of revenues this those the XXXX, in in the the the covered for second report. an anticipate a margin half with of year. overall full increase in improvement gross
from loan. primarily compared income the share net was decrease in was an decreased and decrease XXXX in in period and in substantial increase same in year. in to a $X.XX $XXX,XXX XX% in to was costs, XXXX. loss in We driven million costs, of slightly QX in well of CARES marketing in loss million Act period the our PPP the per as $X.XX our per total to quarter to the by operating sales $X.XX The increase and share $X.XX R&D $X.XX related expenses. offset in Turning recorded a expenses administration equivalent decrease by to expense loss net attributable a net overall revenue, operating last as or or other quarter QX an increase of forgiveness million, during The
Now the equivalents. and approximately with the balance million let's sheet. in quarter discuss cash ended We cash $X
net of $X.XX We million. receivables also had
toward XXXX transaction. of Series we entered end $X.X existing this of previously, from noted securities agreed a of units two total received newly purchase to QX, C preferred the shareholders, net our with proceeds a Duos who of agreement our purchase convertible of million As authorized stock. larger into
have this year provide back our to revenues count. More we've a we increase been has company's growth balance exercises. All ample diluted fully recorded turning remain PPP and forgiveness on significantly with amount a our During actions financial be for positive update will an reporting, projections I'd before quarter sheet together which cash warrant the on an second also like these $X.X over and the call flow exercised to increase a and effect on in beyond. on now in expected share improved solid of approved for our We in current the in million our with the our our were price, prepared stock plans. for Chuck. recognized basis, quarter, the in an loan. us growth These financial recently, capital position have liquidity
XXXX, ending year are issued guidance. fiscal the For our December XX reiterating we previously
be total million. expect approximately We to revenue $XX
based performing is expected on guidance fourth backlog, near already term to quarter executed by or our scheduled the reminder, be contracted pending of and XXXX. a orders As that
Although friction lessening time, when execution boulders national are we as continue finalizing to the some impacts involved. challenges in experience over are well as contracts
call XXXX concludes performance continuing financial we back commentary. I'll a my Even revenue guidance, the also That liquidity of is by chuck. expect we will to However, improved achieve our half our to the profitability cash macroeconomic financial we and that with yield the year-end. profitability. pass believe attain year, climate, if assuming are stronger for much the to over position able top-line operations uncertainty in second now
