The following is a summary of the OMNIQ Corp. (OMQS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• In Q1 2024, OMNIQ Corp. reported a revenue increase of 14% from the previous quarter to $18.3 million.

• The company achieved a record gross margin of 28%, up from 13% in Q4 2023, and a YOY increase of 21%.

• Gross profit surged by 142% to $5 million. Total SG&A expenses and operating expenses were down 18%.

• Operating loss and net loss saw improvements of 37% and 40%, respectively. The basic loss per share improved YOY from $0.45 to $0.20.

Business Progress:

• OMNIQ Corp. enhanced its AI machine vision business with projects including DFW Airport access control and a new homeland security project.

• Significant strides were made in the fintech sector, including deploying kiosks at Israel's largest energy company and self-ordering platforms at two major US restaurant chains, and the successful acquisition of CodeBlocks Limited.

• OMNIQ won important contracts in the IoT and mobile computing sectors, such as with the Nestle International Logistics Center and a major US retailer.

• The company took strategic actions to improve operational efficiency, including prioritizing high-profit products and expanding product lines in robust markets.

More details: OMNIQ Corp IR

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