OMNIQ Announces Q4 2020 Revenue, up 12% YoY achieving $13 Million in Q4 Revenue; Growth Accelerates in Q1 2021 with a Record $25 Million in New Orders, 100% Growth in AI-Based Technology Contracts
SALT LAKE CITY, March 31, 2021 (GLOBE NEWSWIRE) — OMNIQ Corp. (OTCQB: OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, today announced its financial results for the three- and twelve-month periods ended December 31, 2020.
CONFERENCE CALL (replay).
Select Q4 2020 and recent highlights include:
- OMNIQ won an AI based homeland security project for terror prevention in a sensitive area in the middle east.
- OMNIQ’s AI-Based VRS (Vehicle Recognition Systems) selected for Los Angeles International Airport Modernization Project by HUB Parking Technology
- Achieved record $25 Million in new orders in Q1 2021
- Sales Orders from Artificial Intelligence (AI) Based Technology grew 100% in Q1 2021
- Q4 Sales of $13 million represents an increase of 12% YoY
- Cash balance on December 31, 2020 grew to over $4.5 million from $1.6 million on December 31, 2019
“OMNIQ closed the year with solid fourth quarter results, as revenue grew 12% YoY to $13.0 million,” said Shai Lustgarten, CEO of OMNIQ. “For full year 2020, we reached revenue of $55.2 million which represented a very slight decline due the pandemic, as certain parking automation projects got temporarily postponed.”
Mr. Lustgarten continued, “Now, in 2021, we are driving record growth with 1) bringing on new AI-based projects from Homeland Security – terror prevention, Smart City and Parking automation projects, 2) repeat sales to our Fortune 500 supply chain customers which are growing in volume, and 3) laying the groundwork to cross-sell AI-based solutions to our supply chain customers. In Q1 2021, as projects have resumed, we have achieved a record $25 million in new orders, and 100% growth in AI based technology sales orders.”
Shai Lustgarten concluded: “With over $25M in new orders since January 1 st , 2021, and achieving over $55M in pandemic 2020 fiscal year, we are confident that our strategy is a winning one and we’re looking forward for a great 2021. We would like to express our thanks to our team for contributing to our success and to our loyal shareholders for their support and we are committed to do our best in 2021 and going forward.”
Fourth Quarter 2020 Financial Results
OMNIQ reported revenue of $12.9 million for the quarter ended December 31, 2020, an increase of 12% from $11.4 million in the fourth quarter of 2019. The revenue increase reflects higher demand from certain customers during the quarter as well as continued traction in our markets. Total operating expenses for the quarter were $5.1 million, compared with $4.3 million in the fourth quarter of 2019.
Net loss for the quarter was $2.9 million, or a loss of $.61 per basic share, compared with a loss of $2.8 million, or a loss of $.71 per basic share, for the fourth quarter of last year.
Adjusted EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the fourth quarter of 2020 amounted to a loss of $772 thousand, compared with an adjusted EBITDA loss of $877 thousand in the fourth quarter of 2019.
Full Year 2020 Financial Results
OMNIQ reported revenues of $55.2 million for 2020, a decrease of 3.5% compared with 2019. Gross margin was 19.8%, compared to 24.5% in 2019. Total operating expenses for 2020 were $19.9 million compared with $16.9 million for the same period last year. The growth is mainly attributable to increase in R&D and non-cash expenses.
Net loss for 2020 was $11.5 million, or a loss of $2.46 per basic share, compared with a loss of $5.4 million, or a loss of $1.37 per basic share, for 2019.
Adjusted EBITDA for 2020 was a loss of $3 million, compared with an Adjusted EBITDA income of $1.2M for 2019.