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Odysight.ai Inc. (ODYS) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a total revenue of $3,964,000 for 2024, an increase from $3,033,000 in 2023. The company attributes this growth to increased sales of its vision-based platform solutions for predictive maintenance and condition-based monitoring.
Cost of revenues for 2024 was $2,807,000, up from $2,524,000 in 2023, resulting in a gross profit of $1,157,000 compared to $509,000 in the previous year.
Research and development expenses rose to $6,884,000 in 2024 from $5,602,000 in 2023, driven by new product development and increased payroll expenses.
Sales and marketing expenses increased slightly to $1,218,000 from $1,109,000, while general and administrative expenses rose to $5,562,000 from $4,431,000, largely due to higher professional services and compensation costs.
The company reported an operating loss of $12,507,000 for 2024, compared to $10,633,000 in 2023, with the increase attributed to higher operating expenses.
Odysight.ai's backlog as of December 31, 2024, was approximately $15 million, up from $2.6 million at the end of 2023, reflecting new contracts in the aerospace and defense sectors.
The company closed a public offering in February 2025, raising approximately $23.7 million before expenses, and began trading on the Nasdaq Capital Market under the symbol 'ODYS'.
Odysight.ai's cash and cash equivalents were $18.5 million as of December 31, 2024, compared to $17 million in 2023, with the increase due to financing activities.
The filing also discusses the impact of the ongoing war in Israel, noting minor disruptions to operations but also highlighting increased interest in its technology from Israeli government agencies.
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. annual 10-K report dated March 26, 2025. To report an error, please email earnings@qz.com.