OMNIQ Corp. reported a consolidated revenue of $73.6 million for the fiscal year ending December 31, 2024, marking a decrease of $7.6 million, or approximately 9%, from the previous year's revenue of $81.2 million. The company attributed this decline primarily to a reduction in deliverables and delays in a significant customer project. Despite the drop in revenue, OMNIQ's net loss attributable to common stockholders improved to $10 million in 2024, a decrease of $19.5 million from the $29.5 million loss reported in 2023. The basic loss per share also decreased from $3.50 in 2023 to $0.94 in 2024.
In terms of operational changes, OMNIQ has focused on strategic acquisitions and product development. The company fully acquired Dangot Computers in April 2022, which has contributed to its capabilities in providing advanced data collection and machine-vision solutions. OMNIQ's product offerings have expanded to include AI-based technologies for supply chain management and public safety applications, which are now utilized in various sectors, including healthcare and transportation. The company has also streamlined its operations, resulting in a significant reduction in operating expenses from $41.9 million in 2023 to $22.3 million in 2024, largely due to the absence of a $14.7 million impairment expense recorded in the previous year.
OMNIQ's workforce consisted of approximately 166 employees as of December 31, 2024, with a stable distribution across various functions, including sales and technical support. The company has maintained a strong customer base, with one customer accounting for 24% of its revenues in 2024, a notable concentration compared to the previous year when no single customer exceeded 10%. This shift indicates a growing reliance on key accounts, which could pose risks if those relationships were to change.
Looking ahead, OMNIQ's management has outlined plans to address its working capital deficit of $54 million and accumulated deficit of $124 million as of December 31, 2024. The company is focusing on operational excellence and cost reduction while seeking to enhance sales through its most profitable product lines. Additionally, OMNIQ is exploring potential acquisitions to strengthen its market position in the data collection and mobile systems sectors. The company has also initiated an equity raise, securing $2.5 million in net cash from investors in October 2023, which is expected to support its ongoing operations and strategic initiatives.
About OMNIQ Corp.
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