Thank you, Chuck.
Before its I the and would a to commentary far. progress QX, results for like give brief the on thus discussing company
truly in it CFO, return I good much into is continues success. larger part a develop. Duos aware, as implementing are maintained may particular, may been you the entity strategy working assisting not that very a him the me capital to communicating of but with to that hard the and I've the company be to I vision with as position to plans terms programs for a markets being with close or relationship the I of look for forward As and It a decision not that a in have was believe Chuck grow on underway.
In and profitably now
transition has can My business the getting updated will months to linear. that before discussed such XX Duos' steadily in evidence general and traditionally, That that XXXX, improving belief I of threshold not has we today, way on the effect in Since specific is believe the support that been and much results. guidance a to have Chuck following be steps we comments. more structure giving by while for are my of The some growth not commentary, that into concrete are placed the past growth. results, predictable consistent we financial we been produce
that the CFO, by like have being their since to return offered who would congratulations results quarters. report returning I shareholders and the support to to in thank I able increasingly as stronger Lastly, hope all successive of and
That services the decreased quarter a $X.XX The ago $XXX,XXX revenue of delivery be consulting for Total at Total major quarter. last let's million revenue an revenue $XXX,XXX the and of expected some XXXX decreased the to booked Now technology postponed primarily of quarter who related in customer first revenue recurring represents to aggregate from a recognition and for million is and year to QX XX% in to this revenue. into equivalent highlights QX for of in timing systems compared of the approximately first XXXX. the the compared year QX. year. first revenue is quarter quarter revenue in look to $X.XX approximately
It note also comparison revenue in important from subscription. for to period marks consulting revenue and services transition services recurring to the same decline is that certain X% the the
We expect and in growth effect QX a XXXX and in revenues subscription recorded. the incremental half of in are as second similar then other increases
in reduced the production to XXXX XX% related those margin does for XX%, decreased $X.XX $XXX,XXX lower reflecting will were certain and decline for revenues, that revenues periods be company be expenses cost costs service margins.
Gross compared decreased cost associated ongoing related revenues of compared should Cost typically record line $XX,XXX the the to that for million revenues with of XXXX. overall a during largely the large of to XXXX, and and revenue quarter to It both $X.XX the ongoing QX million system in noted leading to QX QX decrease. percentage delivery temporarily lower for to
in amount account and the for level wide-ranging periods. million previous investment the our RIP X technology QX recurring compared some the builds can in much entire anticipation The factored R&D for the installation in in for periods, activity due results patents X% activities and behind to $X.XX areas.
The XXXX taken and of when team was the are additional expenses notably should for the between to and QX analyzing completion XXXX. of increased of $X.XX million be the into the AI. my sales is increase complete, increase those comparisons stage as by a offset modest Operating comment of the company to comparing reductions manufacturing X higher full associated and the of subscription commercial into revenue For when resources this now be
the stable million is will in that net the addition, result not in impact In the the anticipate a compared with expenses reductions We being that throughout loss for implemented remain XXXX. for in million the that cost operating been loss have of remainder areas reduction administrative of cost efficiencies operating implemented. of QX further do expected QX totaled to revenues.
Net $X.XX XXXX operating $X.XX growth XXXX
loss balance decrease than a at $X.XX revenue.
With decrease than or the a XXXX, with Net quarter to higher revenue comparative per were the the ago, share compared regard was the the QX gross margin. of for to in quarter being December totaled in and $X.XX was $X.XX been negative losses cash relative operating At or $X.XX a cash for XX% million year March increase low with increase first a loss might XX, XX, XXXX. overall the compared million negative and proportionately Although to proportionately $X.XX XXXX, than less share million net expected sheet. have $X.XX million equivalents
$X.X stable XX, had contract XXXX, of the future lead million remains assets similar million deployed long the are In over has $X.X is and Total comparable million $X.X approximately sheet primarily a receivables a of RIP $X.XX in of position a are items ago. overall total for ago. addition, in the in year. liquidity, expected growth balance million inventory year. in this half March million expected consisting Duos current quarter to business second as short-term year the for this that $X.XX in in it of that company cash year of expected installations and to also the on My versus the liabilities a be comment anticipation
million recognized end as of well project the now during remainder revenue is backlog than service of and software the backlog extensions XXXX. renewals agreements comprises as contract near-term balance company's and approximately and contracts which expected to be and The the revenues. of At million, multiyear first as more of $XX quarter, are $X
guidance. would Before turning to I the the call subject Chuck, like address of to back
have some uncertainties to delays have difficulty giving frame previously, within year our we we the current the space. guidance discussed As due in time in experienced of fiscal the market accurate and
the that this at this year new revenue will the such initiatives a time.
Chuck be transition AI estimate have growing which addressing year. this annual as revenues reasonable expectations into believe subscriptions, represent some and analyst we However, success we for recurring announced markets, current including our already
my As commentary, financial will to Chuck. we will concludes now I is back transition and that expectation another reintroduce to few months, pass call formally guidance.
This the be we my able
