Odysight.ai Inc. announced its financial results for the nine months ended September 30, 2024, reporting revenues of approximately $2.7 million. This represents a 145% increase compared to $1.1 million for the same period in 2023, primarily driven by higher unit sale prices and growing sales to a Fortune 500 multinational healthcare corporation, alongside Industry 4.0 related revenues.
The company achieved a gross profit of $0.7 million for the nine-month period, a significant improvement from a gross loss of $0.6 million in the prior year. Despite an increase in operating expenses to $9.4 million due to expansion and new product development, the net loss for the period was $8.7 million, a slight reduction from $8.8 million in 2023.
Odysight.ai's backlog reached a record high of approximately $16 million as of September 30, 2024. This includes a purchase order exceeding $10 million with a leading international defense contractor for UAV lines, and orders for the Israel Air Force Boeing AH-64 Apache prototype and upgraded IAF maritime version SH-60 Seahawk. The company also secured a repeat purchase order from NASA and orders from France-based Safran aircraft engines and the Israel Ministry of Defense. Additionally, Odysight.ai raised $10.3 million in a private placement during July 2024, contributing to a cash balance of $21.2 million as of September 30, 2024.
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