Englewood, New Jersey, US, Jan. 05, 2026 (GLOBE NEWSWIRE) -- Odysight.ai Inc. (NASDAQ:ODYS), a leader in AI-powered visual sensing and Predictive Maintenance (PdM) technologies, today announced that it had posted a CEO letter to shareholders on the Company’s investor relations website at https://www.odysight.ai/. The CEO letter to shareholders is reproduced below. Dear Shareholders, As Odysight.ai continues to build its position at the intersection of deep tech, aerospace, defense, and industrial AI, the pa ...

Financial Performance - Odysight.ai successfully uplisted to NASDAQ in February 2025, raising $23.7 million, resulting in a cash balance of approximately $26 million[4] - The company secured over $14 million in signed contracts with strategic customers, indicating strong demand for its solutions[4] - Odysight.ai's backlog as of December 31, 2025, reflects booked orders based on purchase orders or hard commitments not yet recognized as revenue[22] Technology and Innovation - Odysight.ai's technology is now embedded in multiple UAV platforms, with a contract exceeding $10 million from a top 25 global defense company[7] - The company has received repeat orders from NASA for its systems to be installed on new space vehicles, validating its technology[11] - The global shift towards predictive maintenance and AI-driven analytics aligns with Odysight.ai's core competencies, creating significant market opportunities[4] - The company plans to continue investing in R&D and partnerships to drive innovation and expand its market presence[12] Market Expansion - Odysight.ai is expanding into specialized trucks and armored personnel carriers, driven by regulatory mandates for predictive maintenance in industrial markets[8] - Odysight.ai has established a subsidiary in the European Union and deployed teams in key growth markets, enhancing local presence and customer engagement[9] - Odysight.ai's solutions are operational across various sectors, including aerospace, industrial, and transportation, demonstrating versatility and scalability[11]

Core Insights - Odysight.ai Inc. has successfully developed high-temperature sustainable optical sensors that have passed rigorous trials with a major Southeast Asian Aerospace OEM, marking a significant advancement in visual sensing technology [1][5]. Technology and Performance - The sensor-based solution provided high-resolution imagery in challenging conditions, specifically within oil-filled environments, demonstrating the sensors' ability to operate at temperatures exceeding 100°C and maintain stable performance above 70°C [2][3]. - The miniature optical sensors and algorithms have been validated for their effectiveness in delivering precise visual data despite thermal stress and limited visibility, expanding their applicability to high-power industrial machinery and aerospace systems [3][4]. Market Applications - The technology is poised to enhance real-time visual monitoring and AI-driven predictive maintenance across various sectors, including aerospace, heavy industry, defense, and transportation, by enabling insights from previously inaccessible environments [5][6]. - Odysight.ai's innovations are expected to improve maintenance workflows in mission-critical sectors, contributing to safer and more efficient operations [5][6]. Company Overview - Odysight.ai, incorporated in Nevada with subsidiaries in Europe and Israel, specializes in Predictive Maintenance (PdM) and Condition-Based Monitoring (CBM) markets, leveraging advanced visual sensing and AI-driven analytics [6]. - The company's technology has been deployed in projects with notable organizations such as NASA and the U.S. Department of Defense, showcasing its impact on system reliability and maintenance efficiency [6].

Core Insights - Odysight.ai Inc. has successfully completed a Proof of Concept (POC) project in the global mine truck segment with a major international automotive OEM, showcasing its AI-powered visual sensing and Predictive Maintenance (PdM) solutions [1][4] Group 1: Project Details - The POC involved the installation of Odysight.ai's solution on an 8x4 heavy-duty mine truck chassis, enabling continuous monitoring for structural and mechanical anomalies in harsh operational conditions [2] - The project was conducted over several months at an active mining site in South America, capturing and analyzing real-world visual data [2][3] Group 2: System Performance - The POC demonstrated high-accuracy, real-time detection of structural and mechanical anomalies, indicating the potential for predictive, data-driven maintenance workflows in heavy-industrial trucking fleets [3] - Such capabilities can help fleet operators reduce unplanned downtime, improve safety, and extend the lifecycle of critical assets [3] Group 3: Company Expansion and Strategy - The CEO of Odysight.ai highlighted that this achievement marks a significant step in the company's expansion into heavy-duty vehicle and industrial sectors, emphasizing the versatility and impact of its visual-AI maintenance technologies [4] - The POC strengthens Odysight.ai's presence in automotive and industrial segments, complementing its activities in aerospace and Industry 4.0 [4] Group 4: Company Overview - Odysight.ai, incorporated in Nevada with subsidiaries in Europe and Israel, is a pioneer in the Predictive Maintenance and Condition-Based Monitoring markets, utilizing advanced visual sensing and AI-driven insights [5] - The company's technology has been deployed in projects with notable organizations such as NASA and the U.S. Department of Defense, demonstrating measurable improvements in system reliability and maintenance efficiency [5]

Core Insights - Odysight.ai Inc. has appointed Mr. Eilam Sagi as the Chief Business Officer, bringing over 30 years of experience in various sectors [1][2][6] Company Overview - Odysight.ai specializes in AI-powered visual sensing and Predictive Maintenance (PdM) solutions, targeting industries such as Aviation, Transportation, Energy, and Industry [7] - The company has developed an innovative AI platform that enhances operational efficiency and system reliability, with applications in projects for NASA and the U.S. Department of Defense [7] Leadership Background - Mr. Sagi previously served as VP Asset Management at Enlight Renewable Energy, managing hundreds of millions in annual revenues from renewable energy facilities [3] - He has held significant roles in the Israeli government, including Deputy General Manager at the Ministry of Transportation, overseeing multi-billion dollar infrastructure programs [3][4] - Mr. Sagi has experience in founding a technology start-up focused on AI-driven sensor technologies and has a military background managing substantial defense budgets [4][5] Strategic Vision - The CEO of Odysight.ai emphasized that Mr. Sagi's unique blend of business acumen and operational leadership will be crucial for the company's global growth and strategic collaborations [6] - Mr. Sagi expressed enthusiasm about contributing to the company's mission of transforming maintenance through AI-based visual intelligence, highlighting its potential across various industries [6]

Financial Performance - Revenues for the nine months ended September 30, 2025, were approximately $2.6 million, a slight decrease from $2.7 million for the same period in 2024[6] - Gross profit for the nine months ended September 30, 2025, was $0.7 million, reflecting a gross margin of approximately 27%, compared to a gross margin of approximately 26% in 2024[9] - Net loss for the nine months ended September 30, 2025, was $12.8 million, compared to a net loss of $8.2 million for the same period in 2024[11] - Revenues included $0.7 million from vision-based platform solutions and $1.7 million from released contract liability associated with a former medical customer[7] Cash and Assets - Cash balance as of September 30, 2025, was approximately $29.8 million, up from $13.6 million as of September 30, 2024[11] - Total current assets increased to $31,340,000 as of September 30, 2025, up from $20,787,000 on December 31, 2024, representing a growth of 50.5%[22] - Cash and cash equivalents increased significantly to $29,482,000 as of September 30, 2025, from $18,164,000 on December 31, 2024, marking a growth of 62.2%[22] - Accounts receivable decreased to $354,000 as of September 30, 2025, down from $1,510,000 on December 31, 2024, a decline of 76.6%[22] - Total non-current assets decreased to $1,575,000 as of September 30, 2025, from $2,892,000 on December 31, 2024, a decline of 45.5%[22] Liabilities and Equity - Total liabilities decreased to $3,801,000 as of September 30, 2025, down from $5,435,000 on December 31, 2024, a reduction of 30.1%[22] - Total current liabilities slightly decreased to $3,206,000 as of September 30, 2025, from $3,295,000 on December 31, 2024, a reduction of 2.7%[22] - Shareholders' equity rose to $29,114,000 as of September 30, 2025, compared to $18,244,000 on December 31, 2024, reflecting an increase of 59.8%[22] - Additional paid-in capital increased to $87,827,000 as of September 30, 2025, up from $64,205,000 on December 31, 2024, an increase of 36.7%[22] - The accumulated deficit increased to $(58,730,000) as of September 30, 2025, compared to $(45,974,000) on December 31, 2024, reflecting a worsening of 27.6%[22] - Operating lease liabilities - long term decreased to $309,000 as of September 30, 2025, down from $508,000 on December 31, 2024, a reduction of 39.2%[22] Business Development - Backlog as of September 30, 2025, was approximately $14.2 million, with monetization expected to continue through 2026 and beyond[2] - The company has successfully transitioned to aerospace, transportation, and industrial sectors, marking its first operational footprint in Europe with the Italian Air Force[4] - A strategic partnership was signed to integrate predictive health monitoring systems across various sectors, including defense and agriculture[4] - The company is engaged in advanced negotiations to increase its backlog in the coming months, enhancing its growth outlook[5] Operating Expenses - Operating expenses increased to $14.4 million for the nine months ended September 30, 2025, compared to $9.4 million for the same period in 2024, driven by expansion and new product development[10]

Core Insights - Odysight.ai Inc. has reported financial results for the nine months ending September 30, 2025, indicating a transformative phase with a focus on growth and market adoption of its visual sensing and AI analytics technologies [1][3]. Financial Performance - Revenues for the first nine months of 2025 were approximately $2.6 million, a slight decrease from $2.7 million in the same period of 2024 [7][8]. - The cash balance as of September 30, 2025, was approximately $29.8 million, significantly up from $13.6 million a year earlier [12]. - The backlog stood at approximately $14.2 million as of September 30, 2025, with monetization expected to continue through 2026 and beyond [2][9]. Business Developments - The company has successfully transitioned from the medical device market to aerospace, transportation, and industrial sectors, with commercial aerospace revenues booked in 2025 [4]. - Key achievements include the first operational footprint in Europe with the Italian Air Force and the delivery of a vision-based monitoring system for the Heron TP UAV [4]. - Odysight.ai has signed a strategic partnership to integrate its predictive health monitoring system across various sectors, including defense and heavy vehicles [4]. Operational Highlights - The gross profit for the nine months ended September 30, 2025, was $0.7 million, reflecting a gross margin of approximately 27%, compared to a gross margin of 26% in the previous year [10]. - Operating expenses increased to $14.4 million, up from $9.4 million in the same period of 2024, primarily due to expansion efforts and marketing activities [11]. - The net loss for the nine months was $12.8 million, compared to a net loss of $8.2 million in the prior year [12].

Financial Performance - Revenues for the nine months ended September 30, 2025, amounted to $2,576 thousand, a decrease of 3% compared to $2,660 thousand for the same period in 2024[104] - Revenues for the three months ended September 30, 2025, were $149 thousand, a decrease of 88% from $1.3 million in the same period of 2024[128] - Operating loss for the nine months ended September 30, 2025, was $13.7 million, an increase of 57% from $8.7 million in the same period of 2024[120] - Cash used in operating activities for the nine months ended September 30, 2025, was $9.8 million, compared to $5.5 million for the same period in 2024[123] Expenses - Cost of revenues for the nine months ended September 30, 2025, was $1,882 thousand, a decrease of 4% from $1,964 thousand in 2024[108] - Research and development expenses increased by 56% to $7,322 thousand for the nine months ended September 30, 2025, compared to $4,705 thousand in 2024[112] - Sales and marketing expenses rose by 99% to $1,604 thousand for the nine months ended September 30, 2025, up from $806 thousand in 2024[116] - General and administrative expenses increased by 39% to $5,473 thousand for the nine months ended September 30, 2025, compared to $3,929 thousand in 2024[119] - Research and development expenses for the three months ended September 30, 2025, were $2.5 million, an increase of 43% from $1.7 million in the same period of 2024[135] - General and administrative expenses for the three months ended September 30, 2025, were $1.7 million, an increase of 24% from $1.3 million in the same period of 2024[140] Cash Flow - Cash provided by financing activities for the nine months ended September 30, 2025, was $21.1 million, compared to $9.9 million in the same period of 2024[127] - Cash and cash equivalents as of September 30, 2025, were $29.8 million, an increase from $18.5 million as of December 31, 2024[150] Backlog and Contracts - The backlog as of September 30, 2025, was approximately $14.2 million, primarily reflecting contracts with government clients and defense and aviation companies[98] - Backlog as of September 30, 2025, was approximately $14.2 million, down from $15.0 million as of December 31, 2024[149] - The company fully derecognized a contract liability of $1.7 million associated with a Fortune 500 medical company customer due to the lack of a purchase order for 2025[99] Future Outlook - The company expects an increase in research and development expenses as it continues to focus on new product development and recruitment in the Industry 4.0 domain[114] - The company expects to incur significant commercialization expenses related to product sales, marketing, manufacturing, and distribution[153] - Future operating lease obligations as of September 30, 2025, were approximately $0.9 million[155] External Factors - The ongoing conflict in Israel has not had a material adverse effect on the company's business operations, although some minor disruptions were experienced[102] Product Development - The Odysight TruVision solution has been successfully utilized by NASA, indicating strong interest in the technology across various sectors[97]

Core Insights - Odysight.ai Inc. has received a purchase order for 200 Industrial Predictive Monitoring Systems, marking its entry into the commercial market for industrial sensing solutions [1][2][4] - The company’s technology has successfully transitioned from pilot testing to commercial rollout, indicating strong market potential and scalability [2][5] - The global market for predictive maintenance in industrial applications is projected to grow from approximately $87 billion in 2025 to about $126 billion by 2034, driven by advancements in smart cities and industrial infrastructure [2] Company Overview - Odysight.ai specializes in AI-powered visual sensing and Predictive Maintenance (PdM) solutions, with applications across various sectors including aviation, transportation, and energy [6] - The company has established a strong presence in the Industry 4.0 ecosystem, enhancing operational safety and efficiency through real-time monitoring and data-driven maintenance [3][5] - Odysight.ai has previously collaborated with notable organizations such as NASA and the U.S. Department of Defense, demonstrating its technology's reliability and effectiveness [6] Market Potential - The successful order signifies a positive outlook for broader market adoption of Odysight.ai's technology, with potential applications extending beyond elevator systems to various industrial sectors [4][5] - The company is well-positioned to capture a significant share of the expanding predictive maintenance market, with opportunities for both initial deployments and ongoing service agreements [4][5]

Core Insights - Odysight.ai Inc. is actively participating in upcoming investor conferences to engage with potential investors and stakeholders [1][2] Company Overview - Odysight.ai is a leading provider of visual-based Predictive Maintenance (PdM) and Condition-Based Monitoring (CBM) solutions, with a focus on transforming critical systems across various industries including Aviation & Aerospace, Transportation, Energy, and Industry [3] - The company utilizes advanced visual sensing, real-time analytics, and AI-driven insights to enhance operational safety, intelligence, and efficiency [3] - Odysight.ai has collaborated with notable organizations such as NASA and the U.S. Department of Defense, demonstrating its technology's effectiveness in improving system reliability and maintenance efficiency [3] Upcoming Events - The company will participate in the 14th Annual ROTH Technology Conference on November 19, 2025, with CFO Einav Brenner attending for in-person one-on-one meetings in New York City [1] - Additionally, Odysight.ai will be present at the Benchmark 14th Annual Discovery One-on-One Investor Conference on December 4, 2025, with both CEO Yehu Ofer and CFO Einav Brenner participating [2]