Odysight.ai Inc. announced its full year 2024 financial results on March 26, 2025, reporting revenues of approximately $4 million. This represents a 31% increase compared to $3 million for the year ended December 31, 2023, primarily attributable to Industry 4.0 related revenues.
The company's backlog reached approximately $15 million as of December 31, 2024, marking an increase of over 450% compared to December 31, 2023. Gross profit for the year improved to $1.2 million, reflecting a gross margin of 29%, up from $0.5 million and a 17% gross margin in 2023, mainly due to Industry 4.0 revenues.
Operating expenses increased by 23% to $13.7 million, driven by the expansion of operations and the development of new Industry 4.0 products. The net loss for the year was $11.8 million, compared to $9.4 million in 2023. The company's cash balance stood at $18.5 million as of December 31, 2024, further bolstered by a $10.3 million private placement in July 2024 and a $23.7 million public offering in February 2025.
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