The following is a summary of the OMNIQ Corp. (OMQS) Q1 2024 Earnings Call Transcript:
Financial Performance:
In Q1 2024, OMNIQ Corp. reported a revenue increase of 14% from the previous quarter to $18.3 million.
The company achieved a record gross margin of 28%, up from 13% in Q4 2023, and a YOY increase of 21%.
Gross profit surged by 142% to $5 million. Total SG&A expenses and operating expenses were down 18%.
Operating loss and net loss saw improvements of 37% and 40%, respectively. The basic loss per share improved YOY from $0.45 to $0.20.
Business Progress:
OMNIQ Corp. enhanced its AI machine vision business with projects including DFW Airport access control and a new homeland security project.
Significant strides were made in the fintech sector, including deploying kiosks at Israel's largest energy company and self-ordering platforms at two major US restaurant chains, and the successful acquisition of CodeBlocks Limited.
OMNIQ won important contracts in the IoT and mobile computing sectors, such as with the Nestle International Logistics Center and a major US retailer.
The company took strategic actions to improve operational efficiency, including prioritizing high-profit products and expanding product lines in robust markets.
More details: OMNIQ Corp IR
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