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OMNIQ Corp. (OMQS0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in revenue to $73.6 million from $81.2 million in the previous year. The decline is attributed to a decrease in deliverables and a delay in a significant customer project.
Operating expenses for the year were $22.3 million, down from $41.9 million in the prior year, primarily due to a $14.7 million impairment expense recorded in 2023.
The company reported a net loss of $10 million for the year, an improvement from the $29.4 million loss in 2023. The basic loss per share was $0.94 compared to $3.50 in the previous year.
OMNIQ Corp. completed the acquisition of CodeBlocks Ltd. in January 2024, with the purchase price primarily allocated to goodwill.
The company identified a working capital deficit of $54 million and an accumulated deficit of $124 million as of December 31, 2024. These factors raise substantial doubt about the company's ability to continue as a going concern.
Management plans to address these concerns by focusing on cost reduction, increasing sales with prime customers, and securing a new line of credit.
OMNIQ Corp. is engaged in legal proceedings, including a lawsuit involving a former employee and a commercial real estate company. The company intends to defend itself vigorously in these cases.
The filing notes that OMNIQ Corp. operates in a single reportable segment, providing solutions including hardware, software, and automated management services.
OMNIQ Corp. has not declared or paid any cash dividends on its common stock and does not anticipate doing so in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OMNIQ Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.