Thu, Nov 14, 1:04 PM (92 days ago)
For the third quarter ending September 30, 2024, Odysight.ai Inc. (ODYSIGHT.AI) reported significant financial developments. Revenues surged 1,075% year-over-year to $1,292,000, driven by increased unit sales to a key Fortune 500 customer and recognition of Industry 4.0 project revenues. Cost of revenues rose 176% to $887,000, reflecting higher sales volume. Gross profit transitioned to $405,000 compared to a loss of $211,000 in the same quarter last year. Operating loss increased slightly by 5% to $3,016,000, attributed to rising research and development (R&D) and general administrative expenses, which were up 28% and 22%, respectively. Cash used in operating activities was $2.2 million, with total cash, cash equivalents, and restricted cash at $21 million, up from $17 million at year-end 2023. The company anticipates continued investment in R&D and operational scaling, necessitating further funding to maintain growth and profitability. The accumulated deficit reached approximately $42.4 million. Overall, while Odysight.ai shows promising revenue growth, the path to profitability remains contingent on managing expenses and securing additional capital.