OMNIQ reports $19.1M revenue in Q2 2024 with improved margins and reduced operating expenses.

From GlobeNewswire.: 2024-08-14 16:45:00

OmniQ Corporation reported revenues of $19.1 million in Q2 2024, showing improvement from the previous quarter. Key financial highlights include gross margin increasing to 26% and gross profit up by 26% from Q2 2023. Operating expenses decreased significantly in Q2 2024, leading to improved profitability and cash flow management.

For the six months ended June 30, 2024, selling, general, and administrative expenses decreased by 12% compared to 2023. Total operating expenses also saw a 14% reduction in the same period. Cost of goods sold were lower in 2024, which can be attributed to an increase in service and subscription orders with higher margins.

OmniQ has been investing in technology development, creating strategic partnerships, and expanding into security operations. Recent deployments at major medical centers in Ohio and Texas highlight the company’s growth in IoT business. The company’s stock now trades on OTCQB, showing financial stability and adherence to high governance standards.

Management is focused on regaining profitability by reducing expenditures, growing business with prime customers, and offering SaaS products to increase revenue. Research and development efforts are dedicated to product completion and leveraging IoT, Fintech, and AI business. The company aims to create long-term value for shareholders.



Read more at GlobeNewswire.:: OMNIQ Increases Sequential Revenue to $19.1M, Achieves a