OMNIQ Reports Full Year 2019 Revenue Increase to $57.2 Million; Gross profit increases to $14.0 Million
Salt Lake City, UT, March 30, 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 and year-end periods ended December 31, 2019.
Shai Lustgarten, CEO, commented, “OMNIQ made tremendous progress during 2019, achieving $57.2 million in revenue, with gross profit improving by $1 million and we also reduced operating expenses before Research and Development and Depreciation and Amortization by $1 million. We increased our R&D investment for the continued development of AI-Machine Vision technologies because we believe there is a significant opportunity to capitalize on these technologies that are essential components for the multi-billion-dollar Supply Chain market, where we have a strong and solid existing customer base of Fortune 500 corporations. Additionally, we are partnering with our customers to provide a technology that imitates the human neural network in a machine vision engine with industry leading accuracy and a shortened machine learning process. This is the growth engine for our Company given our solutions’ ability to improve operating efficiencies and support applications across a broad variety of end markets such as Public Safety, Traffic Management, Autonomous Cars, Parking Automation and Access Control.”