- Gross Margins Increase 200 Basis Points Over Fourth Quarter 2019
- Acquisition Closed in First Quarter 2020 Transforms OMNIQ Into a Prime Contractor in Billion- Dollar Ticketless Parking Vertical
- Multiple Recent Technology Advancements Including Patent Filed for SeeHOV™ Solution for High Occupancy Vehicle (HOV) Detection
- Recently Received $6.8 Million in Follow-on Orders From Leading U.S. Supermarket Chain and a Trucking Company for Android-based Handheld IoT Touch Screen Computers
Salt Lake City, UT, May 14, 2020 – OMNIQ Corp. (OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, announced its financial results for the three month period ended March 31, 2020.
Shai Lustgarten, CEO, commented, “Our first quarter revenue demonstrated 21% sequential growth over our fourth quarter 2019 revenue, with a run rate slightly below 2019 full year revenues of $57.7 million. Along with the rest of the world, we are feeling the impact of the COVID-19 pandemic and we attribute our relative success to our diversified end markets and our strength in the food and drug industry. These sectors have maintained ongoing operations which drove accelerated demand for our supply chain solutions. In other verticals like Smart City, Public Safety and Parking that require travelling, face-to- face meetings and our physical involvement in installations, we encountered order delays but thus far have not received any project cancellations. We expect purchase orders to pick up soon, as economies begin to more fully open after the COVID-19 shutdown. Given the challenging environment, while first quarter 2020 revenue grew sequentially and was higher than fourth quarter 2019, it came in below our particularly strong 2019 first quarter. Toward the close of the first quarter through the start of the second quarter, we announced several purchase orders totaling approximately $6.8 million, which adds to our confidence that we will exit the COVID-19 situation with solid positioning in the marketplace. We are enthusiastic about the opportunities ahead to drive our strategy to develop and market innovative, industry-changing AI-Machine Vision technologies.