Omniq Corp ( (OMQS) ) has released its Q3 earnings. Here is a breakdown of the information Omniq Corp presented to its investors.
Omniq Corp is a company employing artificial intelligence technology to provide data collection and real-time monitoring solutions for industries such as supply chain management and homeland security. In its recent earnings report, Omniq Corp highlighted a decrease in sales and a net loss, reflecting ongoing challenges in the market. For the nine months ending September 30, 2024, the company reported a revenue decrease of 14% compared to the previous year, totaling $56 million, and a reduced net loss of $6.7 million. Operating expenses decreased by 17% due to management’s cost reduction plan. The company also transitioned its stock trading from NASDAQ to OTC Markets due to non-compliance with market value requirements. Looking ahead, Omniq Corp plans to focus on increasing sales with prime customers and managing operational costs to improve financial stability.
