Odysight.ai Reports 31% Revenue Growth to $3.96 Million for Fiscal Year 2024

Odysight.ai Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, generating $3.96 million, a 31% rise from $3.03 million in 2023. The company also achieved a gross profit of $1.16 million, reflecting a 127% increase compared to the previous year's gross profit of $509,000. Despite this growth, Odysight.ai continued to incur substantial operating losses, which reached $12.51 million, an 18% increase from the $10.63 million loss reported in 2023. The increase in losses was attributed to higher research and development expenses, which rose by 23% to $6.88 million, as the company focused on expanding its product offerings in predictive maintenance and condition-based monitoring.

The company's backlog of orders saw a remarkable increase, reaching approximately $15 million by the end of 2024, compared to $2.6 million at the end of 2023. This growth in backlog is primarily due to new contracts secured with major government clients and defense companies, indicating a strong demand for Odysight's vision-based sensor technology. The company has established a diverse customer base, including notable clients such as NASA, the Israeli Air Force, and Safran Aircraft Engines, which have contributed to its revenue growth.

Strategically, Odysight.ai has made significant advancements, including a public offering in February 2025 that raised approximately $23.7 million. The company also transitioned its stock listing to the Nasdaq Capital Market under the symbol "ODYS." Additionally, Odysight.ai has been actively expanding its operations, forming new subsidiaries in Israel and Italy to enhance its market presence and customer engagement in the defense sector. The ongoing war in Israel has not materially impacted the company's operations, although it has led to some minor disruptions and delays in client transactions.

As of December 31, 2024, Odysight.ai reported cash and cash equivalents of $18.5 million, an increase from $17 million in the previous year. The company anticipates that its expenses will continue to grow as it invests in research and development and expands its product offerings. Despite the positive outlook, Odysight.ai acknowledges the potential need for additional capital to support its growth strategy and maintain operations, particularly as it aims to achieve profitability in the future. The company remains focused on leveraging its innovative technology to capture a larger share of the growing predictive maintenance market, which is projected to expand significantly in the coming years.