OMNIQ Reports $18.5 Million Revenue in the Third Quarter 2024

Core Insights - omniQ Corporation reported third quarter 2024 revenue of $18.5 million, reflecting a year-over-year growth of 7.57% from $17.2 million in Q3 2023 [1][2][3] - The company achieved a significant reduction in operating expenses, which decreased by 25.58% to $4.9 million in Q3 2024 from $6.6 million in Q3 2023 [2][4] - omniQ's net loss for Q3 2024 was $1.6 million, a substantial improvement of 62.86% compared to a net loss of $4.3 million in Q3 2023 [2][5] Financial Performance - Revenue for Q3 2024 was $18,549,000, up from $17,244,000 in Q3 2023, marking a 7.57% increase [2] - Operating expenses decreased to $4,934,000 in Q3 2024 from $6,631,000 in Q3 2023, indicating effective cost management [2][4] - The net loss was reduced to $1,599,000 in Q3 2024 from $4,305,000 in Q3 2023, showing a significant improvement in financial performance [2][5] Operational Highlights - omniQ generated a modest net cash of $230,000 in the nine months ending September 2024, an improvement from a net use of $2,651,000 in the same period of 2023 [5] - Gross profit slightly decreased to $3,950,000 in Q3 2024 from $4,009,000 in Q3 2023, reflecting a 1.45% reduction [5] - Basic loss per share improved to -$0.15 in Q3 2024 from -$0.55 in Q3 2023, indicating better earnings performance [5] Strategic Developments - omniQ is enhancing its visibility by uplisting to the OTCQB Market and has formed strategic alliances with Ingenico and SHVA to bolster its fintech capabilities [6][7] - The company has received significant new purchase orders totaling $2.5 million, $1 million, $1.4 million, and $3.4 million, indicating strong demand for its products [6] - A cooperation agreement with NEC is expected to broaden technology integration capabilities and lead to new projects [6][8] Market Positioning - omniQ is focusing on expanding its presence in high-growth sectors such as fintech, public safety, and healthcare, leveraging partnerships to enhance brand recognition and secure new contracts [12][13] - The company aims to strengthen its recurring revenue streams by refining its business model to emphasize high-margin SaaS and service offerings [10][11] - omniQ's technology solutions are positioned to address several billion-dollar markets with double-digit growth potential, particularly in smart city and public safety sectors [15]