Odysight.ai Inc(ODYS) - 2024 Q4 - Annual Results

Financial Performance - Revenues for the year ended December 31, 2024, were approximately $4 million, reflecting a year-over-year growth of 31$3 million in 2023[4] - Gross profit for 2024 was $1.2 million, with a gross margin of 29$0.5 million and a gross margin of 17% in 2023[5] - Operating expenses for 2024 were $13.7 million, an increase of approximately 23$11.1 million in 2023, primarily due to the expansion of operations[6] - Net loss for the year ended December 31, 2024, was $11.8 million, compared to a net loss of$9.4 million in 2023[7][18] - Cash balance as of December 31, 2024, was $18.5 million, up from approximately$17 million as of December 31, 2023[7] Business Growth and Expansion - Backlog reached approximately $15 million, an increase of over 450$23.7 million during its uplisting to Nasdaq in February 2025, strengthening its financial position[8][9] - The company is expanding its market reach into transportation and energy sectors while leveraging AI-based video analytics and machine learning[3] Strategic Partnerships - Odysight.ai secured commercial agreements with major clients including the Israeli Air Force and NASA, marking a successful transition to the Aerospace sector[8] Research and Development - Research and development expenses for 2024 were $6.9 million, compared to$5.6 million in 2023, reflecting ongoing investment in new product development[18]