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]
Odysight.ai Inc(ODYS) - 2025 Q3 - Quarterly Results