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OMNIQ Corp. (OMQS+16.00%) 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 $18.5 million from $17.2 million in the same quarter the previous year. The increase is attributed to higher demand.
Cost of goods sold for the quarter was $14.6 million, representing 79% of revenues, compared to 77% in the same quarter of the previous year.
The company reported a gross profit of $3.95 million for the quarter, compared to $4.01 million in the previous year, with the decline attributed to increased cost of goods sold.
Operating expenses decreased to $4.93 million from $6.63 million, primarily due to a cost reduction plan implemented by management.
Net loss for the quarter was $1.6 million, down from $4.3 million in the previous year. Basic loss per share was $0.15, compared to $0.55 in the previous year.
Cash provided by operating activities was $230,000, while cash used in investing and financing activities was $87,000 and $2.36 million, respectively.
OMNIQ had a working capital deficit of $50 million as of September 30, 2024. The company attributes its financial challenges to a working capital deficit and accumulated losses.
The filing also details a business acquisition, where OMNIQ's subsidiary, Dangot Computers Ltd., acquired CodeBlocks Ltd. The acquisition was valued at approximately $1.19 million.
OMNIQ's stock transitioned from NASDAQ to the OTC Markets on May 7, 2024, following a delisting decision by Nasdaq due to non-compliance with market value requirements.
The company continues to focus on increasing sales with prime customers and managing operating expenses to mitigate financial challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OMNIQ Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.