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SALT LAKE CITY, May 15, 2023 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a provider of Artificial Intelligence (AI) and IoT – based solutions announces record Q1 2023 revenue of $27.8M.
|●||Record Revenue of $27.8 Million a 6% YoY increase, 11% sequential increase over Q4 2022|
|●||Gross Profit of $5.7 Million vs $6.1 Million in Q1 2022, and vs $4 Million in Q4 2022|
|●||AI Machine Vision Revenue increased by 88% following a 100% in Q4 2022 driven by strong customer demand across Public Safety and Automation of Parking|
|●||OMNIQ’s Q Shield, AI based safe city solution has contracted 3 new cities in Q1 2023 and has expanded its pipeline into new states.|
|●||Cash of $3.2 Million vs. $1.3 Million in December 31st, 2022.|
Additional Q1 2023 and recent events:
|●||Purchase orders for its AI based parking and security solution for 4 Additional airports in Texas and California|
|●||Q Shield AI based Machine Vision Safe City System added 3 new cities in GA and IO|
|●||Awarded multiyear supply contract from “Clalit” Israel’s’ largest health organization, to produce, supply, and install Self-Service Patient Management Kiosks with an estimated value of $3m|
|○||Purchase order for its AI based Border and Public Safety System with unique feature of Real Time Anomaly Detection deployed in sensitive areas in the Middle East|
|○||CEO featured on Wall Street Resource Webcast|
|○||Q Shield AI based Machine Vision System adds Gun Shot Detection technology|
“Our team’s focused efforts lead to another strong quarter resulting in record-breaking revenues of $27.8 million,” said Shai Lustgarten, CEO of OmniQ. “Importantly, we saw a significant rebound in margins from Q4 2022 to Q1 2023 of 21.8% vs 16%, a trend which we feel confident will continue. Each of our verticals experienced strong growth, with our AI sector seeing a sales increase of 88% following last quarter’s 100% increase. Our AI margins continue to improve, as a result of strong execution and driven by our proprietary parking and security solution.
“In addition, our Safe City division has seen a dramatic increase in demand from both our currently deployed states as well as expansion into new states. Our overall growth came from a wide group of customers and variety of sectors including safe city, supply chain, parking, hospitals, restaurant and retail. This diversity continues to not only solidify our growth plans, it also shows once again that our technology has demand and success from multiple large verticals who depend on our technology and services to improve their day-to-day operations.
“We are pleased to report that our company has maintained a strong momentum, and we look forward to Q2 and beyond. Our growth strategy is yielding positive results as we take proactive measures to increase efficiency and drive profitability.
I express my sincere gratitude to our dedicated employees for their hard work, innovative thinking, and unwavering commitment to excellence. It is through their collective efforts that we have become the preferred supplier for some of the most demanding customers in the world. I would also like to extend a special thanks to our valued investors and partners for their continued support, which enables us to pursue our growth strategy with confidence.”
First Quarter 2023 Financial Results
OMNIQ reported revenue of $27.8 million for the quarter ended March 31, 2023, an increase of 6% from $26.3 million in the first quarter of 2022. Our Gross Margin in the first quarter was 20.5% compared to the first quarter of 2022 which had gross margin of 23.3%. Total operating expenses for the quarter were $7.7 million, compared with $7.5 million in the first quarter of 2022.
Net loss for the quarter was $3.5 million, or a loss of $0.45 per basic share, compared with a loss of $2.6 million, or a loss of $0.34 per basic share, for the first quarter of last year.
Adjusted EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the first quarter of 2023 amounted to a loss of $0.7 million compared with an adjusted EBITDA loss of $0.2 million in the first quarter of 2022.
Cash balance at December 31, 2022 was approximately $3.2 million compared with $1.3 million at December 31, 2022
Earnings Call Details
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Event Date: May 16th 2023– 11:00 AM Eastern Time
Toll Free: 888-506-0062
Participant Access Code: 296041
Event Link: Webcast URL: https://www.webcaster4.com/Webcast/Page/2310/48435
Toll Free: 888-506-0062
Replay Passcode: 48435
Replay will be available on the company website at www.omniq.com under the investor tab.
About omniQ Corp.
omniQ Corp. (Nasdaq: OMQS) provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.
omniQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.
The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information, visit www.omniq.com.
Information about Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis , the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in omniQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting omniQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at https://www.sec.gov. omniQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.
CONDENSED CONSOLIDATED BALANCE SHEETS
|(In thousands, except share and per share data)||March 31, 2023||December 31, 2022|
|Cash and cash equivalents||$||3,230||$||1,311|
|Accounts receivable, net||25,649||23,893|
|Other current assets||729||473|
|Total current assets||40,125||35,671|
|Property and equipment, net of accumulated depreciation of $1,030 and $1,030 respectively||1,361||1,086|
|Trade name, net of accumulated amortization of $6,283 and $4,458, respectively||1,670||1,826|
|Customer relationships, net of accumulated amortization of $11,001 and $10,762, respectively||4,604||4,967|
|Other intangibles, net of accumulated amortization of $2,216 and $1,541, respectively||621||675|
|Right of use lease asset||1,986||2,300|
|LIABILITIES AND STOCKHOLDERS’ DEFICIT|
|Accounts payable and accrued liabilities||$||58,216||$||54,736|
|Line of credit||5,225||1,971|
|Accrued payroll and sales tax||2,637||2,633|
|Notes payable, related parties – current portion||195||293|
|Notes payable – current portion||10,843||11,572|
|Lease liability – current portion||890||942|
|Other current liabilities||1,733||1,394|
|Total current liabilities||79,739||73,541|
|Long term liabilities|
|Accrued interest and accrued liabilities, related party||72||72|
|Notes payable, less current portion||44||55|
|Other long-term liabilities||314||265|
|Series A Preferred stock; $0.001 par value; 2,000,000 shares designated, 0 shares issued and outstanding||–||–|
|Series B Preferred stock; $0.001 par value; 1 share designated, 0 shares issued and outstanding||–||–|
|Series C Preferred stock; $0.001 par value; 3,000,000 shares designated, 502,000 shares issued and outstanding, respectively||1||1|
|Common stock; $0.001 par value; 15,000,000 shares authorized; 7,884,878 and 7,714,780 shares issued and outstanding, respectively.||8||8|
|Additional paid-in capital||74,458||73,714|
|Cumulative Translation Adjustment||668||211|
|Total OmniQ stockholders’ deficit||(12,840||)||(10,526||)|
|Total liabilities and deficit||$||68,470||$||64,811|
The accompanying unaudited notes should be read in conjunction with these unaudited condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|For the Three months ended|
|(In thousands, except share and per share data)||2023||2022|
|Cost of goods sold|
|Cost of goods sold||22,099||20,194|
|Research & Development||423||523|
|Selling, general and administrative||6,766||6,476|
|Total operating expenses||7,733||7,537|
|Loss from operations||(2,011||)||(1,409||)|
|Other income (expenses):|
|Other (expenses) income||(751||)||(264||)|
|Total other expenses||(1,689||)||(1,076||)|
|Net Loss Before Income Taxes||(3,700||)||(2,485||)|
|Provision for Income Taxes|
|Total Provision for Income Taxes||193||(84||)|
|Net income attributable to noncontrolling interest||–||67|
|Net Loss attributable to OmniQ Corp||$||(3,507||)||$||(2,636||)|
|Foreign currency translation adjustment||457||(10||)|
|Reconciliation of net loss to net loss attributable to common shareholders|
|Less: Dividends attributable to non-common stockholders’ of OmniQ Corp||(8||)||(48||)|
|Net income attributable to noncontrolling interest||–||67|
|Net loss attributable to common stockholders’ of OmniQ Corp||$||(3,515||)||$||(2,684||)|
|Net loss per share – basic attributable to common stockholders’ of OmniQ Corp||$||(0.45||)||$||(0.34||)|
|Weighted average number of common shares outstanding – basic||7,749,870||7,511,376|
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
|Three Months ended|
|(In thousands)||March 31,|
|Adjusted EBITDA Calculation||2023||2022|
|Depreciation & amortization||544||538|
|Nonrecurring loss events||790||491|
|Total revenues, net||27,822||26,322|
|Adjusted EBITDA as a % of total revenues, net||(3||)%||(1||)%|
Cisco Doubles Down on Network Assurance with AWS
Cisco delivers seamless integration between ThousandEyes and Amazon CloudWatch Internet Monitor.ThousandEyes’ unmatched cloud and Internet visibility combined with AWS’s Internet health and performance insights will allow a complete view of an application’s entire service delivery path, across private environments, the public Internet and into AWS’s network.Customers benefit from new operational insights and recommendations enabling them to optimize deployments and assure exceptional digital experiences for any AWS-hosted application.LAS VEGAS, Nov. 28, 2023 /PRNewswire/ — AWS re:Invent — Today at AWS re:Invent 2023, Cisco (NASDAQ: CSCO) announced new integrations between Cisco ThousandEyes and Amazon CloudWatch Internet Monitor (CWIM), a new Internet monitoring service from Amazon Web Services (AWS). The first-of-its-kind integration empowers customers with unparalleled visibility into their cloud deployments, enabling them to deliver unmatched optimized digital experiences.
With this new integration, customers can leverage operational insights to ensure optimal placement of AWS instances and monitoring coverage based on user traffic profiles. This integration comes on the heels of ThousandEyes announcing AWS Network Path Enrichment, giving customers deeper visibility into AWS by enriching ThousandEyes Path Visualization with data from AWS data sources—helping customers work more collaboratively with providers to resolve issues that are impacting application performance.
Building upon the existing relationship between AWS and Cisco, the new integration demonstrates Cisco’s deep commitment to its end-to-end network assurance vision. Cisco securely and sustainably connects everyone to everything and assures the digital experience of every one of those connections. By working with AWS, Cisco is delivering on its promise to provide visibility into every domain that impacts digital experience—whether user, enterprise, Internet, or cloud—so it can ultimately provide artificial intelligence (AI)-driven insights, recommendations, and remediations to support the digital transformation of every customer, wherever they are on their journey.
“Since launching one year ago, Amazon CloudWatch Internet Monitor has delivered real-time insights into the traffic and performance of our customers’ AWS VPCs, CloudFront distributions, and Workspaces towards Internet destinations. In-depth Internet visibility is critical to our customers, so we’re excited to combine forces with ThousandEyes to provide a comprehensive view of Internet health.” — Robert Kennedy, VP of AWS Border Network Engineering, AWS
“Connectivity is key to Sutherland’s business model and to our customer interactions. Cloud visibility is a big part of that and with ThousandEyes’ end-to-end visibility all the way from our employees’ home environments to AWS, we’re able to quickly catch and resolve issues which allows us to deliver consistent high-quality application experiences to both our employees and customers.”—Ted Sanfilippo, VP Infrastructure, Head of Global Network Services and GTOC, Sutherland
“Customers today need to assure digital experiences over any network—the ones they own and the ones they don’t. As the leader in Internet visibility, Cisco is on a mission to deliver unmatched, end-to-end network assurance. Today’s integration with AWS demonstrates our shared commitment to empower our customers to more effectively monitor and manage their cloud environments.”— Mohit Lad, Senior Vice President and General Manager, Network Assurance, Cisco, and Co-Founder, ThousandEyes
For more information and live demos visit ThousandEyes at AWS re:Invent at booth #1621. Join our Lightning Talk on the exhibit floor: NET102-S, “Extending ThousandEyes visibility to the AWS network,” November 28 at 3:30 PM – 3:50 PM (PDT)
The Amazon CloudWatch Internet Monitor integration will be available in Cisco ThousandEyes in spring 2024. The ThousandEyes platform is available for purchase today in AWS Marketplace.Additional Resources
ThousandEyes Announcement BlogAWS Marketplace: CiscoCisco at AWS re:Invent 2023Additional Cisco news at AWS re:InventAbout CiscoCisco (NASDAQ: CSCO) is the worldwide technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals. Discover more on The Newsroom and follow us on X at @Cisco. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco’s trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.
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Artificial Neural Network Market to Reach $1.4 Billion by 2032 at 19.9% CAGR: Allied Market Research
The growing demand for AI-based solutions and the rising need for intelligent business processes are expected to drive the global artificial neural network market growth.
NEW CASTLE, Del., Nov. 28, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Artificial Neural Network Market by Component (Solution and Service), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises), and Industry (Healthcare, BFSI, Retail and E-commerce, Manufacturing, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032”. According to the report, the artificial neural network industry generated $227.8 million in 2022 and is anticipated to generate $1.4 billion by 2032, witnessing a CAGR of 19.9% from 2023 to 2032.
Prime determinants of growth
The notable factors positively affecting the artificial neural network market include the growing demand for AI-based solutions and the rising need for intelligent business processes. However, a lack of computational resources and a skilled workforce with expertise in artificial neural network (ANN) can hinder market growth. Furthermore, advancements in big data analytics and the availability of high-performance computing systems offer lucrative market opportunities for the market players.
Download Sample Pages: https://www.alliedmarketresearch.com/request-sample/13364
Report coverage & details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Component, Deployment Mode, Enterprise Size Industry, and Region.
Growing demand for AI-based solutions
The rising need for intelligent business processes
Advancements in big data analytics.
The availability of high-performance computing systems.
A lack of computational resources and a skilled workforce with expertise in artificial neural network (ANN)
Buy this Complete Report (450 Pages PDF with Insights, Charts, Tables, and Figures) at:
The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2022, accounting for less than two-fifths of the artificial neural network market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growing need for a high level of personalization which is one of the primary reasons enterprises are increasing their investment in the artificial neural network market. However, the services segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032. The services segment is expected to witness the highest growth, as these services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.
The on-premise segment to maintain its lead position during the forecast period
Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing for more than one-fourth of the artificial neural network market revenue. An increase in the need for secure and reliable data within the organization is fueling the market growth for on-premises-based artificial neural network solutions. However, the cloud segment is expected to portray the largest CAGR of 21.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.
The large enterprises segment to maintain its lead position during the forecast period
Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing for more than one-fourth of the artificial neural network market revenue, owing to the growing demand for artificial neural network solutions in large enterprises which is fueling the market growth in these enterprises. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 22.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to the small and medium-sized enterprises organization.
The healthcare segment to maintain its lead position during the forecast period
Based on industry vertical, the healthcare segment accounted for the largest share in 2022, contributing for less than two-fifths of the artificial neural network market revenue, owing to the development of digital technologies in IT sector. However, the manufacturing segment is projected to manifest the highest CAGR of 24.3% from 2023 to 2032. The surge in implementation of automation trends and the increase in utilization of digital technology in this sector are expected to provide lucrative opportunities for the market.
North America region dominated the global artificial neural network market in 2022
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for less than two-fifths of the artificial neural network market revenue. The increase in the usage of artificial neural network solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 21.8% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, which is further expected to contribute to the growth of the market in this region.
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Recent Product launches in the Artificial Neural Network Market
In April 2023, Google LLC launched a cloud-based automation toolkit for healthcare organizations and previewed Med-PaLM 2, a neural network capable of answering medical exam questions.In August 2021, IBM Corporation unveiled details of the upcoming new IBM Telum Processor designed to bring deep learning inference to enterprise workloads to help address fraud in real-time..Recent Partnerships in the Artificial Neural Network Market
In June 2023, Snowflake partnered with Microsoft to simplify joint customers’ artificial intelligence projects. A core focus of the collaboration is Microsoft’s Azure OpenAI Service. It provides cloud-based versions of OpenAI LP’s machine learning models, including GPT-4.In November 2021, Qualcomm Technologies partnered with Google Cloud, on Neural Architecture Search (NAS), enabling the companies to create and optimize AI models automatically rather than manually.Leading Market Players: –
Amazon Web Services Inc. Google Inc. Hewlett Packard Enterprise Development LP IBM Corporation Intel Corporation Microsoft Corporation NVIDIA Corporation Oracle Corporation Qualcomm Technologies Inc. Salesforce Inc.The report provides a detailed analysis of these key players in the artificial neural network market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:David Correa1209 Orange Street,Corporation Trust Center,Wilmington, New Castle,Delaware 19801 USA.Int’l: +1-503-894-6022Toll Free: +1-800-792-5285UK: +44-845-528-1300India (Pune): +91-20-66346060Fax: [email protected]
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New process definition capabilities in PIMS further enhance quality assurance and “right -first-time” initiatives for pharma manufacturers
WOKING, England, Nov. 28, 2023 /PRNewswire/ — IDBS unveils new process definition templates in its latest release, PIMS 5.1. Process definition templates enable pharma manufacturers to template process steps and quality specifications for faster process definition set-up and improved harmonization across the manufacturing teams to further enhance quality assurance (QA) and “right-first-time” initiatives.
Providing contextualized access to aggregated manufacturing data, PIMS offers a single source of data truth for efficient gathering, sharing and analysis of critical manufacturing process and quality data to support continued process verification (CPV), investigations and process optimization.
This release builds on recent PIMS’ process definition enhancements that added process definition versioning and approvals to help alleviate manual standard operating procedure (SOP) requirements and enhance QA for a more robust GxP environment.
PIMS’ customers report that these standardized process definition templates will reduce their manual process definition set-up and enable easy, harmonized site and product comparisons.
“Our customers recognize the value of being able to trace their process data over time, not only for tech transfer but also to help them learn from their historical data and optimize future process development,” says Pietro Forgione, General Manager at IDBS. “Having their critical process data in PIMS already gives them the assurance of data integrity and these new enhancements now make it even easier to complete QA and validation steps and move them closer to ‘right-first-time’ manufacturing.”
To learn more, register for the December 6 webinar here.
IDBS helps BioPharmaceutical organizations accelerate the discovery, development and manufacturing of the next generation of life-changing therapies that advance human health worldwide. From lab through manufacturing, IDBS leverages its 30+ years of experience working with a diverse list of customers – including 18 of the top 20 global BioPharma companies – and deep expertise in scientific informatics and process data management to tackle today’s most complex challenges.
Known for its signature IDBS E-WorkBook product, IDBS has extended solutions across the entire value chain for BioPharma Lifecycle Management (BPLM). Built on analytics-centric and cloud-native technology, IDBS Polar and Skyland PIMS platforms are powered by a digital data backbone to drive faster and smarter decisions in drug development and across the supply chain.
Learn more at idbs.com.
MEDIA ENQUIRIES e | [email protected]
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- Cisco Doubles Down on Network Assurance with AWS
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- New process definition capabilities in PIMS further enhance quality assurance and “right -first-time” initiatives for pharma manufacturers
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