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Odysight.ai Inc (ODYS+0.60%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $2,660,000 from $1,087,000 in the same quarter the previous year. The increase is attributed to higher sales to a Fortune 500 multinational healthcare corporation and recognition of revenues from Industry 4.0.
Cost of revenues for the quarter was $1,964,000, representing 74% of revenues, compared to 151% in the same quarter of the previous year. This decrease in cost ratio is due to increased sales volume.
The company reported a gross profit of $696,000 for the quarter, compared to a gross loss of $561,000 in the previous year, with the improvement attributed to increased sales and higher unit prices.
Research and development expenses increased to $4,705,000 from $4,107,000, primarily due to payroll expenses and new product development.
Sales and marketing expenses decreased to $806,000 from $877,000, mainly due to non-recurring rebranding expenses in the previous year.
General and administrative expenses increased to $3,929,000 from $3,225,000, due to higher professional services and compensation expenses.
Net cash used in operating activities was $5,522,000, while cash provided by investing and financing activities was $7,962,000 and $9,850,000, respectively.
Odysight.ai had cash and cash equivalents of $21,224,000 as of September 30, 2024. The company expects to require additional funding to continue its operations until becoming profitable.
The filing also details various financial agreements, including a private placement that raised $10.3 million in July 2024.
Odysight.ai does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on developing its Industry 4.0 solutions and highlights its dependence on a few large customers for a significant portion of its sales.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Odysight.ai Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.