Odysight.ai Inc. announced its financial results for the three months ended March 31, 2025, on May 15, 2025, reporting revenues of approximately $2.1 million. This marks a significant increase from $0.2 million in the first quarter of 2024, primarily attributed to the full recognition of approximately $1.7 million in revenues from the fulfillment of a contract with a Fortune 500 medical company.
Gross profit for Q1 2025 was $0.6 million, reflecting a gross margin of 26%, an improvement from a gross loss of $0.2 million in the prior year's quarter. Operating expenses rose to $5.1 million, up from $3.1 million, driven by the expansion of operations, new Industry 4.0 product development, and one-time expenses related to the Nasdaq uplisting.
The net loss for the quarter was $4.3 million, compared to $3.2 million in Q1 2024. As of March 31, 2025, the company's cash balance stood at $37.2 million, significantly higher than $17.0 million a year prior, following the February 2025 Nasdaq uplisting and public offering which generated approximately $23.7 million in gross proceeds. The backlog was approximately $14.8 million as of March 31, 2025.
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