OMINQ Reports Revenues of $73.5 Million in 2024
SALT LAKE CITY, March 31, 2025 (GLOBE NEWSWIRE) -- OMNIQ Corporation (OTC:OMQS) ("OMNIQ" or "the Company") reports year-end 2024 revenue of $73.5 million as well as significantly reduced loss from operations. Additionally, the company reported significant decreases in operational expenses and gross profit stability.
FINANCIAL HIGHLIGHTS:
Decrease in Loss from Operations: loss from operations of $6.9 million in 2024 compared to $26.2 million in 2023, representing reduction of $19.3M, a 74% decrease.
Revenues decreased from $81M in 2023 to $73.5M in 2024, a reduction of approximately 9%
Gross Profit Stability: gross profit recognized in 2024 was $15.4M vs $15.7M in 2023
Reduced Selling, General & Administrative Expense: SG&A was reduced to $19.5 million in 2024 from $23 million in 2023, or a reduction of $3.5M or 15% in 2024.
2024 Financial Results
For the year ended December 31, 2024, the Company reported consolidated revenue of $73.57 million, compared to $81.19 million in 2023—a year-over-year decrease of $7.6 million.
Cost of goods sold totaled $58 million in 2024 and $65 million in 2023, representing 79% and 81% of total revenue, respectively. Gross margin percentage has remained relatively stable in an industry that is experiencing gross-margin pressure.
Although revenue decreased year-over-year by $7.6 million, the 2024 gross profit ($15.4 million) was relatively in line to the 2023 performance of $15.7 million.
Loss from operations improved year-over-year, with the Company posting a loss of $6.9 million in 2024 compared to $26.2 million in 2023—reflecting a seventy-four percent reduction in operating losses.
Comprehensive loss for 2024 was $9.3 million, down from $29 million in the prior year, representing a sixty-eight percent decrease and contributing to the overall trend of improving operational efficiency.
Selling, General and Administrative expenses were $19.5 million for the year ended December 31, 2024, down from $23 million for the year ended December 31, 2023, representing a decrease of $3.5 million, or fifteen percent. The change was due to management's efforts to cut costs.
For the years ended December 31, 2024 and 2023, operating expenses totaled $22.3 million and $41 million, respectively. This reflects a decrease of $19.6 million, or forty-seven percent. This was primarily due to impairment expense of $14.7 million recorded in 2023.
The weighted-average number of common shares outstanding used to calculate basic earnings per share was 10,694,366 in 2024 and 8,412,494 in 2023.
Net loss attributable to OMNIQ Corp common stockholders was $10 million in 2024, representing a reduction of $19.5 million compared to a net loss of $29.4 million in 2023. Basic loss per share reduced to $0.94 in 2024, down from a loss of $3.50 per share in the prior year.
OMINQ NEWS AND RECENT EVENTS
Strategic Expansions: Introducing New Technologies and Advancing Key Pilots
In 2024, OMNIQ introduced several new technologies, including the seeQ SaaS product, and launched pilot programs across a variety of industries. The Company expanded its role in public safety and critical infrastructure through key security-focused projects, including a homeland security initiative and a collaborative project with NEC. These efforts underscore OMNIQ's capabilities in delivering advanced, mission-critical technology solutions. Additional pilots included fintech kiosk deployments at Ben-Gurion Airport and a major restaurant chain, international work with Nestlé, and select implementations with partners such as Spar Israel.
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