OMNIQ Corp. reported consolidated revenue of $73.57 million for the year ended December 31, 2024, compared to $81.19 million in 2023, representing a year-over-year decrease of $7.6 million. Despite the revenue decrease, gross profit remained relatively stable at $15.4 million in 2024, compared to $15.7 million in 2023, with cost of goods sold decreasing to 79% of total revenue from 81%.
Loss from operations significantly improved by 74%, reducing to $6.9 million in 2024 from $26.2 million in 2023. Comprehensive loss for 2024 was $9.3 million, a 68% decrease from $29 million in the prior year. Selling, General and Administrative expenses decreased by 15% to $19.5 million for the year.
Net loss attributable to OMNIQ Corp common stockholders was $10 million in 2024, representing a reduction of $19.5 million compared to a net loss of $29.4 million in 2023. Basic loss per share reduced to $0.94 in 2024, down from a loss of $3.50 per share in the prior year. These improvements reflect management’s efforts to cut costs and refine the business model.
In 2024, OMNIQ introduced several new technologies, including the seeQ SaaS product, and launched pilot programs across various industries. The company expanded its role in public safety and critical infrastructure through key security-focused projects, including a homeland security initiative and a collaborative project with NEC. Additional pilots included fintech kiosk deployments at Ben-Gurion Airport and a major restaurant chain, and international work with Nestlé.
The IoT division continued to perform well, supported by multiple large purchase orders, including $5 million from a major food and drug retail chain, $3.4 million in retail, $1.4 million in transportation and logistics, and $1 million in bioscience. The company also supported upgrading devices for 450 sporting goods stores. OMNIQ refined its business model by prioritizing integrated solutions over commodity hardware sales and deepening partnerships with fintech providers such as SHVA and Ingenico.
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