Odysight.ai Inc. announced its financial results for the first half of 2025 on August 13, 2025, reporting revenues of approximately $2.4 million. This represents an increase from $1.4 million in the first half of 2024, primarily attributed to the full recognition of approximately $1.7 million from a Fortune 500 medical company contract and increased revenues from its vision-based platform solutions for PdM and CBM.
For the six-month period, gross profit was $0.7 million, reflecting a gross margin of approximately 28%, compared to $0.3 million and a 21% gross margin in H1 2024. Operating expenses increased to $9.7 million, driven by the expansion of operations, new Industry 4.0 product development, market penetration efforts, and one-time Nasdaq uplisting expenses. The net loss for H1 2025 was $8.3 million, compared to $5.3 million in H1 2024.
The company's cash balance stood at $33.2 million as of June 30, 2025, significantly bolstered by the February 2025 public offering. The backlog was approximately $14.4 million. Notably, Odysight.ai's system was selected for deployment on the Heron TP, a Medium Altitude Long Endurance (MALE) unmanned aerial vehicle (UAV), for the Israeli Ministry of Defense and Air Force. However, revenues for the three months ended June 30, 2025, decreased to $0.4 million from $1.2 million in the prior year's quarter, primarily due to reduced revenues from the Fortune 500 medical company customer, resulting in a net loss of $4.1 million for the quarter.
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