OMNIQ Corp. reported third quarter 2024 revenue of $18.5 million, an increase of 7.57% year-over-year from $17 million in Q3 2023. Total operating expenses decreased by 25% to $5 million from $6.6 million in the prior year period, primarily due to management's cost reduction plan. Selling, general, and administrative expenses also decreased by 21% to $4.4 million.
The company's basic loss per share improved to -$0.15 in Q3 2024 from -$0.55 in Q3 2023. Operating activities generated a modest net cash of $230,000 in the nine months ending September 2024, showing an improvement from a net use of $2,651,000 in the same period of 2023. Gross profit slightly decreased by 1.45% to $3.95 million from $4.009 million in Q3 2023.
OMNIQ highlighted strategic advances in the fintech sector through partnerships with SHVA and Ingenico to enhance secure transaction solutions. In public safety, OMNIQ was selected to collaborate with NEC, leveraging its advanced in-vehicle face capture technology, which has progressed to an active pilot phase. Additionally, new functionalities for its access control SaaS were implemented in two prominent medical centers in Ohio and Texas.
The IoT business realized several significant purchase orders during the third quarter, notably including recurring revenue components such as software subscriptions and service contracts. This momentum is extending into early Q4, underscoring sustained demand for OMNIQ’s IoT solutions across sectors including retail, supply chain, and public safety. The company emphasized expanding recurring revenue streams and focusing on high-margin SaaS and service offerings.
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