Financial Performance - Revenues for the three months ended March 31, 2025, were $2,065,000, an increase of 1,004% compared to $187,000 for the same period in 2024[90]. - Cost of revenues for the same period was $1,527,000, an increase of 272% from $410,000 in 2024[93]. - Gross profit for the three months ended March 31, 2025, was $538,000, compared to a gross loss of $223,000 in 2024[95]. - The operating loss for the three months ended March 31, 2025, was $4,560,000, an increase of 36% from a loss of $3,364,000 in 2024[106]. Expenses - Research and development expenses increased by 59% to $2,487,000 for the three months ended March 31, 2025, compared to $1,567,000 in 2024[98]. - Sales and marketing expenses rose by 69% to $396,000 for the same period, up from $234,000 in 2024[101]. - General and administrative expenses increased by 65% to $2,215,000 for the three months ended March 31, 2025, compared to $1,340,000 in 2024[105]. Cash Flow - Cash used in operating activities for Q1 2025 was $2.2 million, compared to $1.2 million in Q1 2024, reflecting a net loss of $4.3 million in 2025 versus $3.1 million in 2024[113][114]. - Cash provided by investing activities in Q1 2025 was $283,000, a significant increase from cash used of $22,000 in Q1 2024[115]. - Cash provided by financing activities in Q1 2025 amounted to $21 million, primarily from a public offering that closed in February 2025[116][118]. - As of March 31, 2025, cash and cash equivalents totaled $37.2 million, up from $18.5 million as of December 31, 2024[117]. Capital and Funding - The company closed a public offering in February 2025, generating gross proceeds of approximately $23.7 million from the sale of 3,653,124 shares at $6.50 per share[86]. - The company may need to raise additional capital to fund operations and expansion, which could lead to further dilution of equity ownership[120]. Backlog and Orders - The backlog as of March 31, 2025, was approximately $14.8 million, slightly down from $15.0 million as of December 31, 2024[110]. - The company has not received a purchase order from a major Fortune 500 medical company for 2025, leading to the derecognition of related assets totaling $1,690,000[85]. Future Outlook - The company plans to continue investing in long-term growth, expecting increased expenses related to research and development and commercialization efforts[120]. - Future operating lease obligations as of March 31, 2025, are approximately $1 million[121]. - There are currently no off-balance sheet arrangements as defined under SEC rules[122]. Accumulated Deficit - The accumulated deficit increased to $50.2 million as of March 31, 2025, compared to $46 million at the end of 2024[117].
Odysight.ai Inc(ODYS) - 2025 Q1 - Quarterly Report