Core Insights - OMNIQ Corporation reported year-end 2024 revenue of $73.5 million, a decrease from $81.19 million in 2023, reflecting a year-over-year decline of approximately 9% [3][4][9] - The company achieved a significant reduction in loss from operations, posting a loss of $6.9 million in 2024 compared to $26.2 million in 2023, marking a 74% decrease [4][9] - Comprehensive loss for 2024 was $9.3 million, down from $29 million in the prior year, representing a 68% decrease [5][9] Financial Performance - Consolidated revenue for 2024 was $73.57 million, down from $81.19 million in 2023, a decrease of $7.6 million [3] - Cost of goods sold in 2024 totaled $58 million, representing 79% of total revenue, compared to $65 million and 81% in 2023 [3] - Gross profit for 2024 was $15.4 million, relatively stable compared to $15.7 million in 2023 [4][9] Operational Efficiency - Selling, General and Administrative (SG&A) expenses decreased to $19.5 million in 2024 from $23 million in 2023, a reduction of 15% [5][9] - Total operating expenses for 2024 were $22.3 million, down from $41 million in 2023, reflecting a decrease of 47% [6] - The company reduced net loss attributable to common stockholders to $10 million in 2024, down from $29.4 million in 2023, with basic loss per share improving to $0.94 from $3.50 [7][9] Strategic Initiatives - In 2024, OMNIQ introduced new technologies, including the seeQ SaaS product, and launched pilot programs across various industries [8][10] - The company focused on integrated solutions over commodity hardware sales and deepened partnerships with fintech providers [13] - OMNIQ's IoT division performed well, with significant orders from various sectors, including $5 million from a major food and drug retail chain [12] Market Position and Future Outlook - OMNIQ's proprietary machine vision technologies are utilized in critical applications such as Homeland Security and parking automation, enhancing its competitive edge [17] - The company is evaluating strategic acquisitions to expand its portfolio and strengthen its market position [18] - Looking ahead to 2025, OMNIQ expects continued upward trends with several major projects in motion or entering pilot phases [21]
OMINQ Reports Revenues of $73.5 Million in 2024