Categories
News

OMNIQ’s AI Based Q Shield™ System Solved First Missing Person Case

June 23, 2022 08:45 ET | Source: OMNIQ Corp.

 ● Elderly man afflicted with cognitive memory impairment was found 150 miles from home in Savanah, Georgia
   
 ● Using the information provided by omniQ’S system the Savanna Police Department spotted the vehicle and took quick action
   
 ● The family and community grateful to have their dear returned
   
 ● omniQ’s Q Shield is a comprehensive AI-based system for law enforcement, citation and public safety.
   
 ● Q Shield is designed for quick installation and is suitable to be deployed in small as well as big cities and regions worldwide. 
   
 ● Revenue Sharing business model makes it affordable for cities and states authorities.
   
 ● The system integrates proprietary patented AI based Q Shield™ vehicle recognition systems (VRS) with Company’s cloud based citation management platform
   

SALT LAKE CITY, June 23, 2022 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence proprietary patented (AI)-based solutions, today announced that its Q Shield system assisted law enforcement in Adrian, Georgia to allocate and return home an elderly man suffering from cognitive memory impairment.

Law enforcement authorities were alerted, they tracked his vehicle. The images captured by the omniQ’s system were shared with all surrounding agencies as well as across social media platforms. The missing person was found 150 miles away in Savannah, Georgia within 3 hours and returned home safely.

Q Shield, OMNIQ’s AI-based machine vision VRS solution uses patented Neural Network algorithms that imitate human brains for pattern recognition and decision-making. More than 17,000 OMNIQ AI based machine vision sensors are installed worldwide, including approximately 7,000 in the U.S. Based on superior accuracy and patented features like identification of make and color combined with superior accuracy based on the sophisticated algorithm and machine learning that largely depends on accumulated data provided by thousands of sensors already deployed.

Chief Strickland of the Adrian PD said “From the time I was alerted to the time we found him 150 miles away it was approximately 3 hours. Without the technology, we absolutely wouldn’t have found him as quickly as we did, or maybe even found him at all. Saving this one life has made the system worth every bit of the investment. The relief on the family’s face when we delivered him safely home was priceless. “

Chief Strickland also went on to say “ The system has also reduced gas drive off’s by 99%, we went from theft reports weekly to now 2 full months of not a single theft reported at that convenience location. Installing this system was the best decision our agency has ever made. The residual effects we are noticing daily are incredible. We couldn’t do this without Bill Fishers support, every time we need him he is there! The customer service is absolutely second to none. “

Shai Lustgarten, CEO stated: “We thank Chief Strickland for his important statement and assure him that we shall continue to provide the best possible support for the safety of the people of Adrian. Knowing that our AI-based system was instrumental in solving this unfortunate situation is the best compliment for us and gives us the energy to go on and market our life-saving system to many more cities and states in the US and worldwide. These days we are busy responding to many inquiries and we hope to report soon about new agreements with many more cities and entities interested in our solution”.

About OMNIQ Corp: 

OMNIQ Corp. provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.

OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.

The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information please visit www.omniq.com.

Contact:

Corporate Contact 
Koko Kimball 
(385) 758-9241 
IR@omniq.com

Categories
Uncategorized

OMNIQ’s Q Shield™ AI-Based Safe City system, Selected in the City of East Dublin, Georgia To Combat Crime and Enforce Traffic Violations

June 17, 2022 08:45 ET | Source: OMNIQ Corp.

  • East Dublin joins cities already using Q Shield successfully as a major force multiplier in fighting Crime and keeping their street’s safe
  • Q Shield integrates omniQ’s proprietary AI based vehicle recognition system (VRS) with omniQ’s cloud-based citation management platform, eCite Pro.
  • Q Shield detects and identifies in real-time, vehicles on the lookout and ones involved in any criminal activity, proactively alerts and notify law enforcement, and issuing citations for traffic violators
  • The system is suitable to be deployed in small as well as big cities and regions worldwide. 
  • Economic model based on revenue sharing makes it affordable for thousands of potential customers.
  • Company signed with added value resellers to accelerate exposure and sales in the vast US market.
  • OMNIQ’s Safe City/District solutions are installed in sensitive areas worldwide.

SALT LAKE CITY, June 17, 2022 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, today announced that the Company has been selected by the City of East Dublin to deploy its QShield vehicle recognition systems (VRS) technology and its cloud based citation management platform to identify any vehicle driving through the city which is on a National Crime Information Center (NCIC) data base or the Georgia Bureau of Investigations Database (GBI Database) and cite violators who drive through the city with outstanding traffic violations.

QShield, OMNIQ’s AI-based machine vision VRS solution uses patented Neural Network algorithms that imitate human brains for pattern recognition and decision-making. More than 17,000 OMNIQ AI based machine vision sensors are installed worldwide, including approximately 7,000 in the U.S. Based on superior accuracy and patented features like identification of make and color combined with superior accuracy based on the sophisticated algorithm and machine learning that largely depends on accumulated data provided by thousands of sensors already deployed.

“Momentum continuous with rapid growing demand for Q Shield, following the successes with our first safe city deployments. Q Shield proves itself as a major force multiplier for law enforcement. East Dublin follows other cities in Georgia taking advantage of our revenue share opportunity. By offering a revenue model economic structure we have created a win-win situation for the people and authorities and more importantly we are creating safer cities with unbiased accountability of the citizens.

Taking care of today’s problems and preventing tomorrow’s disasters is our core strategy.” Shai Lustgarten, CEO.

QShield, OMNIQ’s VRS solution will be installed in 2 key intersections throughout the city to efficiently and accurately capture vehicle data, including license plate number, color, make, and model. QShield’s technology will also be used to provide local law enforcement with timely alerts for any vehicle on a federal, state, and local law enforcement wanted list in addition to enforcing the traffic violations above”.

About OMNIQ Corp: 

OMNIQ Corp. provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments. 

OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad. 

The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information please visit www.omniq.com

Contact: 

Corporate Contact 

Koko Kimball 

(385) 758-9241 

IR@omniq.com

Categories
Uncategorized

OMNIQ AWARDED A $29 MILLION DOLLAR PROJECT BY A FORTUNE 100 COMPANY

  • Project anticipated to take between 12 and 18 months for complete deployment
  • Upgrading customer’s IoT technology to an Android Platform & Devices, to be used for store automation and improved store management
  • Customer stated they are anxious to replace their legacy Windows based devices and modernize their technology suite.
  • The $29 Million project follows the award of an $11 Million project for the Government of Israel, resulting into $40 Million of new projects in a few days.

SALT LAKE CITY, June 13, 2022 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, today announced that it has received a purchase order with a total value of $29 million from a fortune 100 company with 70+ billion in annual revenue, hundreds of locations globally with more than 10,000 employees.

The purchase order is for a vast upgrade from legacy windows equipment to updated android based technology platform & devices and is to be used to enhance inventory management and reorder processes.

In supermarket functions like shipping and receiving, inventory control, and warehouse management, OMNIQ’s supply chain mobility IoT solutions, including rugged handheld mobile computers, barcode scanners, and wireless connections, enable quick and accurate data collection, tracking, and processing. These devices provide a “contactless” approach to customer retail operations and are designed to integrate with corporate automated services.

“We are always humbled and honored to receive large orders like this one, although, we are not surprised as we consistently demonstrate our solution focused approach to everyday problems that corporations large and small experience on a daily basis. The reputation of trust and loyalty we have earned throughout the industry is no doubt connected to our company’s value driven culture accompanied by our commitment to provide the latest technologies at the best price point. As we continue to strive for excellence, it is reflected in our record breaking backlog. This is only the beginning for omniQ, we are a strong company with a solid customer base and superior products and solutions that can bring us to new spheres in sales and profitability. I believe that these days our strategy pays off and we look forward to continuing this momentum.” Shai Lustgarten, CEO.

About OMNIQ Corp: 

OMNIQ Corp. provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments. 

OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad. 

The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information please visit www.omniq.com

Contact: 

Corporate Contact 

Koko Kimball 

(385) 758-9241 

IR@omniq.com

Categories
Uncategorized

OMNIQ AWARDED AN APPROXIMATELY $11 MILLION SUPPLY AGREEMENT FROM THE GOVERNMENT OF ISRAEL

  • omniQ’s 100% owned subsidiary Dangot Computers Ltd is awarded the purchase agreement. 
  • Company will supply IoT equipment generating recurring and non-recurring revenue. 
  • Recurring revenue of services and consumables are expected to continue for eight years, therefore increasing the value of the contract. 
  • omniQ continues to demonstrate its unique value and position as a reliable supplier to some of the most prestigious customers, worldwide. 

SALT LAKE CITY, June 08, 2022 — OMNIQ Corp (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, announced today that Dangot Computers Ltd, its fully owned subsidiary received an approximately $11 Million dollar Supply Agreement from the Government of Israel. 

omniQ will supply IoT equipment, consumables, and technical services to the Government’s various Ministries for the next 5 years. Recurring revenue represent approximately 50% of the agreement. 

The Government of Israel and its agencies are important customers of the Company for a wide variety of solutions: omniQ’s Artificial Intelligence machine vision products for security, Computerized medical Carts for hospitals, and automation IoT products for different ministries and government agencies. The Israeli market is sophisticated and technology rich and as such generates the need for innovative and unique solutions which omniQ offers. 

Shai Lustgarten CEO stated: “Once again, we are privileged to enjoy a relationship of trust and loyalty with one of the most demanding governments in the world, further positioning us as a leader in providing IoT, automation, and AI-based solutions. The Government of Israel joins a growing list of leading supermarket and retail chains in the US and Israel, large Health care suppliers, Cities, security agencies and other Fortune 500 demanding customers that rely on our solutions using state of the art technologies, proprietary AI based solutions, successfully serving multiple verticals. 

With our product offerings and the strong customer base, we expect continuous growth going forward”. 

About OMNIQ Corp: 

OMNIQ Corp. provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments. 

OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad. 

The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information please visit www.omniq.com. 

Contact: 

Corporate Contact 

Koko Kimball 

(385) 758-9241 

IR@omniq.com 

Categories
Blog

Chalking Tires: A Digital Solution

Parking lots and municipal areas alike rarely have enough parking spaces to accommodate all the vehicles of everyone who wants to visit. Posting time limits for parking as well as fining those who remain too long helps ensure that vehicles don’t monopolize parking spots. Enforcing those limits typically means manually chalking a vehicle’s tire – making a small chalk mark on the tire. If parking enforcement finds that chalk mark after the parking time limit has expired, it means that the driver has overstayed their welcome and can be fined accordingly.

Chalking vehicle tires, however, is a time-consuming, labor-intensive operation. Parking enforcement officers must walk up to every vehicle and make the chalk mark themselves. Later, they must slowly inspect each vehicle for the chalk mark. And they must trust that drivers are not erasing chalk marks or only moving their vehicle a few inches to hide the chalk mark. In short, despite its long use as a parking enforcement method, there are many downsides to the approach.

And there’s another more pressing concern: chalking tires may be illegal. In Taylor v. City of Saginaw, the 6th U.S. Circuit Court of Appeals ruled that chalking tires was a violation of the Fourth Amendment’s protection against unreasonable search and seizure of property. The case focused upon the physical act of chalking vehicle tires, which was ruled trespassing upon private property without just cause.

Fortunately, there is a more efficient, reliable, and law-abiding solution: digital chalking.

Digital chalking makes use of cameras and vehicle recognition software (VRS) to, at a minimum, records the time when a vehicle parks as well as the location of the valve stem on one of the vehicle’s tires. The valve stem location replaces the chalk. After the parking time limit has passed, the system checks the valve stem location again. If the valve stem location has not changed, that would indicate that the vehicle has remained in its parking spot beyond the allotted time limit, and the driver can be fined.

This example is the most basic application of digital chalking technology. More sophisticated systems can also record the vehicle’s license plate, color, make, and location via GPS. All these data can be used to confirm that the vehicle has remained too long in its parking spot. The technology can even connect directly to DMV databases to create and deliver parking citations electronically.

How might such technology be deployed? In parking lots, it can be done with stationary cameras that are triggered once a vehicle pulls into a parking spot. The VRS then records the necessary data and begins timing the vehicle’s length of stay. In parking lots, the use of the valve stem imagery may not even be necessary, as the software can simply identify when the vehicle comes and goes.

In on-street parking applications, stationary cameras can be used. However, many parking enforcement organizations prefer to use either a mobile camera mounted in an enforcement vehicle, or a handheld camera used by a parking enforcement officer, such as that in a smartphone. In either application, it is the technology that does the heavy lifting. As the parking enforcement vehicle makes its rounds – or the parking enforcement officer walks their rounds – vehicle data are recorded and timestamped to confirm whether the vehicle has stayed too long in its parking spot.

The result is a more efficient system with higher reliability. That means less work for parking enforcement officers and fewer drivers who are able to cheat the system.

Even better, this approach is not a violation of Fourth Amendment rights. After the Taylor v. City of Saginaw decision, University of California, Berkeley law professor and Fourth Amendment scholar Orin Kerr weighed in on Twitter by saying, “…seems easy enough these days for parking enforcers to just take a photo of the car, or even just a close-up photo of the tire, rather than chalk it. That way parking enforcement can learn the placement of the car w/o physically marking it. No 4A issues then.”

Do you think such a solution might work for you? Contact your omniQ sales representative. They will be happy to assist you in figuring out what application of digital chalking works best for your application.

Categories
Uncategorized

HOW OMNIQ’S AI ENHANCES SECURITY IN CITIES, SCHOOLS, BUSINESS AND MORE.

An increasing number of cities, schools, hospitals and more are utilizing vehicle recognition systems to enhance security and safety efforts. One company, omniQ has developed an AI based vehicle recognition system that can detect and alert authorities of vehicles that may be a risk or threaten safety. Our main focus is on law enforcement agencies, but the potential uses go well beyond this, including schools, transportation centers, businesses with large parking lots or campuses and more. This blog will discuss how the Qshield product works, and the various ways it can be utilized to help ensure safety within communities and business locations across the globe.

Why it is useful:
Billions of dollars are spent annually trying to protect assets and people from attacks. However, an unfortunate fact of the world we live in today is that it’s impossible to stop these threats from occurring completely. Instead of protecting what we have with traditional means that have proven to be ineffective, the smarter approach would be to eliminate the threat before it has the ability to strike. Our vehicle recognition system allows users to do just that! Our Convolution Neural Network (SeeNN) has the ability to see and process data instantly while simultaneously scanning local and national hot lists for threats.

Some examples of implementation:
EX 1: A potential terrorist on a national watch list rents a vehicle in Wyoming before heading to an attack in Utah. Once he arrives at the destination of the attack, his vehicle is scanned in less than a 100th of a milisecond while entering the mall parking lot. The authorities are instantly alerted and security enforcement within the mall executes a procotionary lock down. 
EX 2: An amber alert is issued for an abducted child, the only information provided to the authorites is a description of a white ford SUV, with Texas plates. Filters are then applied to automatically detect vehicles matching that description. The vehicle is detected on the freeway & authorities are automatically alerted of the location and dispatched. 
EX 3: A former employee attempts to gain access to the premises after verbal threats of harm to management. The COO had already listed his vehicle under the companies “watch list” within the system. Upon arrival, access through the gate is denied, the building goes into lock down, & the authorities are alerted and dispatched. 
EX 4: A mother is concerned about comments and behaviours her son made recently. Despite not having committed any crimes, he has a violent past, and she is afraid something might happen. She alerts the police, who then add him to a watch list. Later that week, a local elementary school with omniQ’s system installed is automatically alerted of his arrival, they quickly begin lockdown, with no need to call the police because they are already on their way. 

Conclusion:
These are just a few examples of how our systems can effectively assist in making our world a safer place for everyone. Our advanced technology ensures enhanced security for your campus, city or neighborhood. If you are interested in learning more, email omniQ at safety@omniq.com.

Categories
Blog

License Plate Recognition vs. Vehicle Recognition: Understanding the Similarities and Differences

These days, vehicle recognition and license plate recognition (LPR) are sometimes used interchangeably. In either case, users gather data when a vehicle passes a surveillance camera. That data, however, is quite different in either case as are the applications – although there is some overlap.

Strictly speaking, LPR focuses only on extracting data from the vehicle’s license plate. At its most rudimentary, an LPR solution will capture the alphanumeric data that makes up the main portion of the license plate. This is often done using basic optical character recognition (OCR), in which the software simply “reads” the alphanumeric characters. 

For many applications, this simple approach fits the bill. Vehicle access control, for instance, can be automated with this approach, particularly when there is a known quantity of vehicles with no risk of plate duplication. The camera sees the plate and sends the image to the LPR software, which reads the characters. If the character string is in the database of approved vehicles, the LPR software triggers a gate to open. Such an approach can also work for site security in which an alert is sent if the LPR software detects plate characters on a hotlist – perhaps one associated with a disgruntled former employee.

In any case, the solution’s benefits include cost-effectiveness, as the computing requirements are minimal and almost any IP camera capable of providing a clear plate image will do.

What about situations, though, in which it’s necessary to read the alphanumeric characters and the plate jurisdiction? Maybe you want to track where vehicles are coming from for marketing purposes. Perhaps you want to be able to enhance security by using both the plate and jurisdiction data as factors for vehicle access. In such cases, artificial intelligence (AI) must come into play. 

Built into the LPR software, AI is used to determine what jurisdiction issued the plate. It does this by analyzing certain aspects of the plate that are consistently used in a particular jurisdiction. This might be a logo or other artwork, for example. Many current LPR solutions have AI embedded in them to provide this functionality, as it provides room for growth as needs change.

This type of AI-enabled LPR solution can suit a variety of applications:

  • Site security in both the public and private sectors
    • Government facilities
    • Military bases
    • Commercial facilities
    • Retail sites
  • Traffic monitoring and security at airports and similar high-traffic locations
  • Security in residential communities
  • Toll plazas

The benefits of such LPR solutions typically require additional computing power to accommodate the AI. This could mean having to make investments in new computer hardware. Cameras specifically designed for LPR applications may also be required, particularly those capable of reading plates at night.

The most sophisticated use cases, however, call for vehicle data that comes from more than just the license plate. Consider citywide surveillance and law enforcement applications, for instance. Requests for law enforcement officers (LEOs) to “be on the lookout” – a “BOLO” – include more than just plate characters and jurisdiction. They also ask officers to look for particular vehicle makes and colors. Such applications are beyond even the most advanced LPR solutions. They require vehicle recognition solutions (VRS).

VRS builds upon LPR technology by expanding the capabilities of the embedded AI so that it can also identify vehicle features such as color, make, and even model. When deployed on a large scale, such as throughout cities, counties, or states, VRS can monitor dozens – even hundreds – of camera feeds for the right combination of plate and vehicle information. It can deploy alerts within seconds of positively identifying a vehicle so that LEOs can take immediate action.

This kind of advanced technology requires the most computing power, particularly when deployed across large numbers of cameras. They tend to be quite scalable, however, requiring only additional cameras and computer hardware as needs grow.

Deciding which approach is best for your application requires a professional to help you determine the scope of the project. Contact your omniQ sales representative. They will be happy to assist you in figuring out what LPR solution or VRS is best for your specific use case.

Categories
Mobility Parking Software

WHAT IS LICENSE PLATE RECOGNITION (LPR) TECHNOLOGY AND HOW IS IT INCREASING SAFETY, SECURITY, & RESIDENTIAL APPEAL IN COMMUNITIES ACROSS THE COUNTRY?

License Plate Recognition Camera technology has been around for quite some time to help identify and log vehicles that drive through a specific area. In the early years, this technology was used in large part by city law enforcement looking to monitor the vehicles driving in and out of city limits. However, since its introduction many housing communities have seen an opportunity to take advantage of the LPR camera’s ability to improve security and efficiency at entrances/exits – making it one of the most popular surveillance technologies available today

Implementing LPR technology for monitoring vehicles has many benefits for both the community and law enforcement. Community Management has the ability to know exactly who’s coming into any given property with the ability to create custom hotlists for troublesome individuals that have been barred from entering. If a person on the list is spotted driving around, law enforcement will be alerted to prevent an incident before it occurs. Not only does it give managers peace of mind but also those living within these areas because they’ll know someone is watching out for them!

Additional Benefits of Implementing LPR Cameras in Housing Communities:

  • Increased security: LPR cameras capture all vehicles entering and exiting a community.
  • Automated Access Control: Gates at entry and exit points of the community can be opened and closed automatically as a vehicle approaches and the license plate is read. 
  • Ease of Use: Community members can register their vehicles and guests’ vehicles easily through a web application. 
  • Share Information:  Instantly share data with the local law enforcement agency to check license plates against criminal databases to keep your community safe.
  • Residential Appeal: Higher-quality residents are attracted to communities that offer technologically advanced safety features. Vice Versa, residents who do not cooperate with the law are deterred from residing in these area’s 

If your community is looking to increase overall safety, security, & Appeal or would like more information on how LPR works, please contact Connor Sheil (csheil@omniq.com) or visit www.omniQ.com 

Connor Sheil 

Growth and Development Manager 

omniQ VISON 

805-233-0366

csheil@omniq.com

Author: Connor Sheil, Growth and development manager at omniQ
Categories
News

OMNIQ Reports all Time Record $26.3 Million Revenue and $6.1 Million Gross Profit for First Quarter 2022

SALT LAKE CITY, May 16, 2022 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, today announced its financial results for the three months ended March 31, 2021.

OMNIQ’s 2022 continuous momentum:

  • 33% Growth in Q1 Revenue compared to Q1 2021
  • 132% increase in Gross Profit compared to Q1 2021.
  • 6% sequential Revenue increase over previous record on Q4 2021.
  • Gross margin 23.3% compared to 13.3% in Q1 2021.
  • Trailing 6 months revenue exceeds $51Million, annual run rate of over $100M
  • Along with improvement of Gross Profit, the Company is taking measures to further improve profitability in the near future.
  • On April 5, 2022 the Company completed the acquisition of 100% of Dangot Computers Ltd., a leader in providing sophisticated solutions of automation for Hospitals, Restaurants, Supermarkets, Government Institutions and others.
  • Synergy with Dangot generated immediate joint projects with OMNIQ’s AI solutions for the US market.
  • OMNIQ’s Q Shield’s AI based law enforcement solution offered to municipalities is experiencing positive momentum as seven (7) cities in the US have already contracted and more are in the pipeline. Revenue model is based on recurring revenue sharing.
  • The Company signed an agreement with a reputable reseller aiming to accelerate sales of the Q Shield to many more cities.
  • Artificial Intelligence (AI) solutions operate in critical spots in the Middle East and South America contributing significant impact on public safety and terror prevention.
  • Uber awarded OMNIQ’s LPR with the coveted “Innovator Award” for contributing to traffic flow in the Philadelphia International Airport.

Shai Lustgarten, CEO of omniQ commented: “We are experiencing a great start of 2022. Our focus remains on Q Shield’s deployments in the Public Safety sector, growing sales of omniQ’s AI Parking Solutions, increasing sales of omniQ’s Supply Chain automation products, in parallel to making our financial infrastructure stronger. We are facing increased demand for our products in multiple verticals and markets.

Our mission is to improve efficiencies, help to secure public safety and enable better quality of life for people using our systems. Our customer base includes some of the most demanding customers in the world, including Governments, Hospitals, Major Supermarket chains, Security agencies and Municipalities among others.

Following the success of the first installations of our Q Shield turnkey AI based systems we continued our focus on indirect sales channels, partnering with VAR’s (Value Added Resellers). We recently signed agreement with a reputable VAR whom we believe will accelerate the sales of Q Shield that we consider as an important growth engine with an endless market potential.

In addition to the strong revenue and gross profit in our Q1 results we note improvement in all financial parameters. These efforts will continue to be in our focus for further improvements in the near future.

Achieving trailing six months sales of over $51M, resulting into annual revenue run rate of $102M we feel stronger and confident while fulfilling our plan to elevate OMNIQ to new spheres.” Concluded Mr. Lustgarten.

First Quarter 2021 Financial Results

OMNIQ reported revenue of $26.3 million for the quarter ended March 31, 2022, an increase of 33% from $19.8 million in the first quarter of 2021. The revenue increase reflects the consolidation of our financial statements with Dangot Computers, Ltd. which we acquired in July 2021. We also see a higher demand from certain customers during the quarter as well as continued traction in our markets. Total operating expenses for the quarter were $7.5 million, compared with $5.5 million in the first quarter of 2021.

Net loss for the quarter was $2.6 million, or a loss of $.34 per basic share, compared with a loss of $3.3 million, or a loss of $.70 per basic share, for the first quarter of last year.

Adjusted EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the first quarter of 2022 amounted to a loss of $189 thousand compared with an adjusted EBITDA loss of $1.2 million in the first quarter of 2021.

Cash balance at March 31, 2022 was 6.9 million compared to $7.1M on December 31, 2021.

OMNIQ CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

  As of 
(In thousands, except share and per share data) March 31, 2022  December 31, 2021 
       
ASSETS      
Current assets        
Cash and cash equivalents $6,922  $7,085 
Accounts receivable, net  29,789  $27,123 
Inventory  7,517  $6,955 
Prepaid expenses  1,443  $1,987 
Other current assets  10  $9 
Total current assets  45,681  $43,159 
         
Property and equipment, net of accumulated depreciation of $1,483 and $2,203 respectively  1,009  $1,127 
Goodwill  16,453  $16,453 
Trade name, net of accumulated amortization of $4,011 and $3,863, respectively  2,272  $2,421 
Customer relationships, net of accumulated amortization of $9,936 and $9,660, respectively  5,793  $6,069 
Other intangibles, net of accumulated amortization of $1,485 and $1,457, respectively  818  $865 
         
Right of use lease asset  3,278  $3,556 
Other assets  1,630  $1,431 
Total assets $76,934  $75,081 
         
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities        
Accounts payable and accrued liabilities $48,348  $45,553 
Line of credit  7,353   5,951 
Accrued payroll and sales tax  3,365   2,658 
Notes payable, related parties – current portion  390   390 
Notes payable – current portion  7,547   7,521 
Lease liability – current portion  1,304   1,341 
Other current liabilities  2,681   2,683 
Total current liabilities  70,988   66,097 
         
Long term liabilities        
Notes payable, related party, less current portion  195   293 
Accrued interest and accrued liabilities, related party  68   63 
Notes payable, less current portion  3,128   2,646 
Lease liability  2,024   2,266 
Other long term liabilities  73   1,418 
Total liabilities  76,476   72,783 
         
Stockholders’ equity (deficit)        
Series A Preferred stock; $0.001 par value; 2,000,000 shares designated, 0 shares issued and outstanding      
Series B Preferred stock; $0.001 par value; 1 share designated, 0 shares issued and outstanding      
Series C Preferred stock; $0.001 par value; 3,000,000 shares designated, 544,500 shares issued and outstanding, respectively  1   1 
         
Common stock; $0.001 par value; 15,000,000 shares authorized; 7,560,001 and 7,459,534 shares issued and outstanding, respectively.  20   20 
Additional paid-in capital  71,413   70,606 
Accumulated deficit  (73,255)  (70,571)
         
Cumulative Translation Adjustment  (164)  (154)
Total OmniQ stockholders’ deficit  (1,985)  (98)
Non-controlling interest  2,443   2,396 
TOTAL STOCKHOLDERS’ EQUITY  458   2298 
         
Total liabilities and stockholders’ equity $76,934  $75,081 

The accompanying unaudited notes should be read on conjunction with these unaudited condensed consolidated financial statements.

OMNIQ CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)

  For the three months 
  ending March 31, 
(In thousands, except share and per share data) 2022  2021 
Revenues      
Total Revenues $26,322  $19,751 
         
Cost of goods sold        
Cost of goods sold  20,194   17,115 
         
Gross profit  6,128   2,636 
         
Operating expenses        
Research & Development  523   494 
Selling, general and administrative  6,476   4,438 
Depreciation  93   43 
Amortization  445   525 
Total operating expenses  7,537   5,500 
         
Loss from operations  (1,409)  (2,864)
         
Other income (expenses):        
Interest expense  (812)  (589)
Other (expenses) income  (264)  110 
Total other expenses  (1,076)  (479)
         
Net Loss Before Income Taxes  (2,485)  (3,343)
         
Provision for Income Taxes        
Current  (84)   
Total Provision for Income Taxes  (84)   
         
Net Loss $(2,569) $(3,343)
Net income attributable to noncontrolling interest  67    
Net Loss attributable to OmniQ Corp $(2,636) $(3,343)
         
Net Loss $(2,569) $(3,343)
         
Foreign currency translation adjustment  (10)  105 
         
Comprehensive loss  (2,579)  (3,238)
         
Reconciliation of net loss to net loss attributable to common shareholders        
Net loss  (2,569)  (3,343)
         
Less: Preferred stock – Series C dividend  (48)  (31)
         
Net loss less series C dividend $(2,617) $(3,374)
         
Net income after series C dividend attributable to noncontrolling interest  67    
Net loss after series C dividend attributable to common stockholders’ of OmniQ Corp $(2,684) $(3,374)
Net (loss) per share – basic attributable to common stockholders’ of OmniQ Corp $(0.34) $(0.70)
         
Weighted average number of common shares outstanding – basic  7,511,376   4,700,737 
OMNIQ Corp.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
         
  Three months ended 
(In thousands) March 31, 
Adjusted EBITDA Calculation 2022   2021  
       
Net loss  (2,569.00)   (3,343) 
Depreciation & amortization  538.00    566  
Interest expense  811.00    589  
Income taxes  84.00      
Stock compensation  457.00    1,107  
Nonrecurring loss events  265.00    (110) 
Adjusted EBITDA  (414.00)   (1,191) 
         
Total revenues, net  26,322.00    19,751  
         
Adjusted EBITDA as a % of total revenues, net  (2)%  (6)%

Earnings Call Details

OMNIQ will host a conference call and webcast on Tuesday, May 17th, 2022 at 11:00 a.m. Eastern Time to discuss financial results for the first quarter ended March 31, 2022.

To access the live webcast, please click on this webcast link to register, or go to the Company’s website at www.omniQ.com, and click on the About tab, then Investors.

To participate in the call by phone, dial (877) 407-9210 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8049.

A replay of the teleconference will be available until June 17th, 2022 and may be accessed by dialing (877) 481-4010. International callers may dial (877) -545-0523. Callers should use conference ID: 427335

About omniQ Corp.

omniQ Corp. (Nasdaq: OMQS) provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.

omniQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.

The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information, visit www.omniq.com.

Information about Forward-Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis , the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in omniQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting omniQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at https://www.sec.gov. omniQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.

Contact:

Corporate Contact
Koko Kimball 
(385) 758-9241
IR@omniq.com