SALT LAKE CITY, Aug. 14, 2024 (GLOBE NEWSWIRE) -- omniQ Corporation (OTCQB: OMQS) ("omniQ" or the "Company"), a leading provider of Artificial Intelligence (AI)-based solutions, today reported revenues of approximately $19.1 million in the second quarter, marking an improvement from the previous quarter. FINANCIAL HIGHLIGHTS: Key Improvements Compared to 2023 Gross margin for the three months ended June 30, 2024, substantially increased to 26% compared to 19% in Q2 2023 Gross margin for the six months ended ...

Combines Ingenico's payment solutions with OMNIQ's fintech software. Aligns with OMNIQ's expertise in technology solutions for various sectors. Supports OMNIQ's growth in markets like manufacturing, retail, healthcare, and more. SALT LAKE CITY, Aug. 14, 2024 (GLOBE NEWSWIRE) -- OMNIQ Corp. (OTCQB: OMQS) ("OMNIQ" or "the Company"), a leading provider of Artificial Intelligence (AI)-based image processing technologies and supply chain management solutions, In a significant stride towards advancing their finte ...

SALT LAKE CITY, Aug. 05, 2024 (GLOBE NEWSWIRE) -- OMNIQ Corp. (OTCQB:OMQS) ("OMNIQ" or "the Company"), a leading provider of AI-based solutions and supply chain management, proudly announces the deployment of its advanced AI-based parking control solution, PERCS™, integrated with WPS Parking Solutions and Citywide Solutions, Inc. (CSI), at a prominent medical center in Ohio. This strategic implementation will create ongoing SaaS and revenue share streams of income for omniQ® and underscores The Company's co ...

Salt Lake City, UT, Aug. 01, 2024 (GLOBE NEWSWIRE) -- OMNIQ CORP. (OTCQB:OMQS), a leading provider of AI-based solutions for supply chain management, public safety, and healthcare, is pleased to announce that its common stock has been approved for uplisting from the OTC Pink Market to the OTCQB Venture Market, effective immediately. The OTCQB Venture Market, operated by OTC Markets Group, is recognized as a premier marketplace for early-stage and developing U.S. and international companies. The move to OTCQ ...

Trading to Continue Under Same Ticker Symbol OMQS Continuation on OTC Markets OMNIQ assures its shareholders that this transition will not affect their holdings. The Company remains dedicated to delivering value and maintaining strong relationships with its investors. OMNIQ will continue its focus on delivering innovative AI-based solutions to a diverse range of industries, including supply chain management, homeland security, and public safety. Additionally, OMNIQ is expanding its portfolio with cutting-ed ...

Financial Data and Key Metrics Changes - In Q1 2024, revenues increased by 14% from the previous quarter, reaching $18.3 million [28] - Gross margin reached a record high of 28%, up from 21% in the same quarter last year and up 13% from Q4 2023 [28] - Gross profit soared by 142%, amounting to $5 million [28] - SG&A expenses decreased by 18%, contributing to an overall 18% reduction in total operating expenses compared to Q1 2023 [28] - Operating loss decreased by 37% from $2 million in Q1 2023 to $1.3 million in Q1 2024 [28] - Net loss saw a reduction of 40% [28] Business Line Data and Key Metrics Changes - The company has made significant strides in the fintech sector, deploying self-service consumer management kiosks with major clients, including Israel's largest energy company and two major U.S. restaurant chains [25][27] - The introduction of AI machine vision products has contributed to higher gross margins, driven by increased revenue from these products [32] Market Data and Key Metrics Changes - The fintech market is experiencing rapid growth, driven by increasing demand for technology-driven financial solutions, which presents significant opportunities for the company [27] - The company is actively leveraging trends such as digital transformation and AI integration to enhance product offerings [27] Company Strategy and Development Direction - The company is focused on profitability and operational efficiency, implementing strategic measures to reduce costs and increase revenues [8][11] - The strategic plan includes concentrating sales efforts on higher profit products and expanding product lines in large growing markets [8] - The company aims to regain a national exchange listing while continuing to trade on the OTC market [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability within the year, highlighting clear visibility towards revenue growth [15] - The company is committed to enhancing operational efficiency and has seen positive results from its cost management strategies [11][28] - Management emphasized the importance of customer-centric innovation and operational excellence in maintaining a competitive edge [9] Other Important Information - The company has submitted an application to list its common stock on the OTCQX marketplace, reflecting its commitment to high standards and transparency [7] - The company has successfully managed costs, leading to a noticeable decrease in losses and driving sales [11] Q&A Session Summary Question: What is the plan for the next quarters regarding cost cuts and achieving profitability? - Management stated that the focus will remain on profitability and cost cuts, with clear visibility towards revenue growth [15] Question: Can you explain the higher gross margin? Is it due to product mix and is it expected to continue? - The higher margins are attributed to the introduction of AI machine vision products and ongoing cost cuts [32] Question: Can you provide more details about the fintech business segment and its growth potential? - The fintech segment is seen as a significant growth engine, with existing solutions already serving Fortune 500 customers and managing approximately 30,000 businesses [16][33] Question: Can you update us on the $50 million project and its revenue impact? - Management confirmed that purchase orders have been received from the customer, indicating trust in the product, and expects first orders from the $50 million budget soon [37] Question: Can you provide updates on new AI features and projects? - Management discussed ongoing projects in crowd management and vehicle identification, highlighting successful pilots and deployments in various sectors [45][46]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from________ to__________ Commission File Number: 001-40768 OMNIQ Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURIT ...

Company Overview - OMNIQ Corp. specializes in Artificial Intelligence (AI) and IoT-based solutions, providing advanced data collection systems, real-time surveillance, and monitoring capabilities across various sectors [3][4] - The company serves a diverse clientele, including government agencies and Fortune 500 corporations in industries such as manufacturing, retail, healthcare, and logistics [4] Market Position and Growth Potential - OMNIQ Corp. is positioned in rapidly expanding markets, including the Global Safe City sector, projected to reach $67.1 billion by 2028, and the smart parking industry, expected to grow to $16.4 billion by 2030 [6] - The fast-casual restaurant market is also a target, with projections indicating it will hit $209 billion by 2027, reflecting the company's strategic alignment with industries needing innovative AI technology solutions [6] Upcoming Financial Events - OMNIQ Corp. will release its First Quarter 2024 Earnings on May 15, 2024, followed by a live earnings call on May 16, 2024, at 9:00 AM EST [1][2]

Advanced Technology Integration: OMNIQ will implement a significant upgrade to the AI-based vehicle recognition and related analytics solutions at Dallas Fort Worth International Airport (DFW), reinforcing DFW's commitment to a world-class traveler experience.Decade of Success: This upgrade marks almost a decade of enhancing operational efficiencies at DFW, the third busiest airport in the world, highlighting a successful long-term collaboration.Commitment to Excellence: The initiative renews OMNIQ's commit ...

Financial Data and Key Metrics Changes - The company reported record revenues of $102.5 million for 2022, an increase of 31% from $78 million in 2021 and 78% from $55 million in 2020 [4][77] - Gross profit reached a record of $22.1 million, up $5 million or 33% over the previous year, and 100% over 2020 [4][77] - Positive cash flow from operations totaled $1.2 million, marking a significant milestone [4] - Total operating expenses for the year were $31.7 million, compared to $27 million in the previous year [6] - The net loss for 2022 was $13.6 million, or a loss of $1.82 per share, compared to a loss of $13.1 million, or a loss of $2.20 per share in 2021 [6][89] Business Line Data and Key Metrics Changes - The AI machine vision revenue increased over 100% from 2021 to 2022, indicating strong demand for higher-margin products [86] - The company is focusing on three key verticals: safe city, supply chain, and traffic management, expecting accelerated growth in these areas [30][78] - Significant contracts were secured, including a $4 million contract from a multinational transportation logistics company and a $29 million order from a large supermarket chain [31] Market Data and Key Metrics Changes - The company is targeting over 16,000 small and medium cities across the country, with a backlog of cities continuing to grow [91] - The company expects to contract an additional 35 to 40 cities for its Safe Cities initiative this year [91] - The restaurant and retail sector is identified as a new vertical with substantial growth potential, with initial orders for AI solutions already announced [92] Company Strategy and Development Direction - The company aims to deepen sales with existing Fortune 100 and 500 customers across all business lines while focusing on cash generation and profitability [87] - The strategy includes establishing a reseller channel to expand market reach, particularly in small and medium cities [101][70] - The company is committed to enhancing its AI product deployments in existing and newly penetrated markets [87] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength across verticals and the potential for higher margins through the revenue share model [76] - The company anticipates continued growth momentum into 2023, supported by a solid backlog and strategic initiatives [81][123] - Management highlighted the unique value proposition of their technology, which includes a revenue share model that benefits both the company and the cities served [112] Other Important Information - The company has formalized banking relationships to strengthen its balance sheet [5] - The acquisition of Dangot Computers is performing well, contributing to organic growth and cross-selling opportunities [120] - The Israeli Ministry of Defense is a customer, utilizing the company's AI technology for border control security [121] Q&A Session Summary Question: What is the expected number of cities to be contracted this year for Safe Cities? - Management confirmed the expectation of contracting 35 to 40 cities this year, despite lower margins in Q4 due to one-time events [11] Question: Can you explain the performance of the Dangot acquisition? - The acquisition is performing positively, achieving cross-sales and contributing to significant organic growth [120] Question: What is the recurring revenue component in the fast food chain deal? - The recurring revenue component is currently around 25%, with plans to increase it to a minimum of 60% in future contracts [129] Question: How is the sales force structured? - The sales force is primarily structured by business line and geography, with a focus on direct sales for established customers [180] Question: What are the expectations for gross margin improvement in 2023? - Management expects gross margins to improve in 2023, as nonrecurring costs that affected Q4 margins are not expected to recur [131]