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Toll Free: 877-545-0523
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Please join us here!
Toll Free: 877-545-0523
International: 973-528-0016
Participant Access Code: 427335
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:
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
SALT LAKE CITY, May 12, 2022 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ: OMQS) a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, 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.
Koko Kimball
(385)-758-9241
kkimball@omniq.com
OMNIQ CORP. (NASDAQ:OMQS) assisted and provided AI Technology for Parkway Corp in revolutionizing the Philadelphia airport rideshare experience. As a result of severe congestion caused by a construction project on its roadway system, Philadelphia International Airport (PHL) decided to rethink how its TNC vehicles access roadways. Drivers entering the new road are matched with ride share passengers in a seamless, near-zero-wait manner by technology that checks license plates against real-time data.
The omniQ vehicle recognition system reads license plates, identifies state jurisdiction of each plate and can recognize the make and color of vehicles. John Whiteman, executive director of parking and mobility sales for omniQ, describes the result as a frictionless and transformative experience stating “The system’s impressive speed and instant communication with other TNC platforms increases vehicle throughput and reduces driver wait times along with idling and associated carbon emissions, a win for the parking operator, the airport, the ride share customers, & the environment. Its the ‘win-win-win’ situation we love to see. We are grateful to our friends at Parkway Corp for including us in this spotlight project.”
The omniQ VRS systems have been deployed in 45 large U.S. airports from coast to coast. Shai Lustgarten, CEO of omniQ also noted ” The recognition from an industry pioneer such as Uber further shows how our commitment to innovation is not only transforming the parking and mobility industry but also impacting the bottom line for businesses globally. It’s the kind of positive experience that keeps customers choosing your location and services over any others.”
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.
Koko Kimball
(385)-758-9241
kkimball@omniq.com
Think Equity, (a reputable boutique investment firm) details omniQ’s past, current, & projected accomplishments. Follow the link below to read the detailed report by Ashok Kumar, PhD, CFA of Think Equity.
https://www.omniq.com/wp-content/uploads/2022/04/OMNIQ-update-ThinkEquity-4_11_22.pdf
A few highlights from the report:
Check out the entire report for an in-depth and complete analysis.
• OMNIQ acquired 51% on July 1st, 2021.
• OMNIQ exercised its option to acquire the rest of the shares by acquiring an additional 26% effective October 1st 2021 and an additional 23 % effective April 1, 2022, making Dangot Computers (Dangot), a fully owned (100%) subsidiary of OMNIQ.
• Dangot is a profitable prominent player in the field of automation and frictionless equipment for multiple verticals like healthcare, retail, restaurants, and warehouse automation.
• Synergy between OMNIQ and Dangot already generated joint projects with OMNIQ’s AI technology and Dangot’s automation sophisticated solutions.
• Consolidated Revenue of OMNIQ with Dangot achieved $24.9M in the Q4 of 2021 marking the $100 Million run rate milestone.
• OMNIQ’s Fortune 500 customers are a significant market opportunity for Dangot’s innovative solutions, focused, among others, on the Food & Drug, Medical, Retail and the Transportation & Logistics, industries.
• According to the option OMNIQ paid the amount of $3.5 Million for the additional 23% of Dangot’s shares.
• Acquisition financed by working capital and a straight loan (no equity ingredient) from a commercial Bank.
SALT LAKE CITY, April 4, 2022 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ:OMQS) (OMNIQ” or the “Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based Machine Vision solutions, has acquired additional 23% of Dangot Computers Ltd making it a fully owned (100%) subsidiary, effective April 1st , 2022. The Company has paid $3,518,000 in consideration for the exercise of which $3.1M was financed from a combination of short and long term loans.
Dangot is a profitable, prominent player in the field of automation and frictionless equipment. Its systems have gained an excellent reputation and significant market share in the demanding Israeli market, providing innovative solutions globally for multiple vertical markets including healthcare, retail, restaurants, and warehouse automation.
Dangot’s stand-alone revenue for fiscal year 2021 was approximately $40 Million with approximately $2M in profit before taxes.
Recently OMNIQ announced some of Dangot’s achievements:
• On March 22, 2022, OMNIQ Announced A Purchase Order to Supply Smart Digital Pricing System to 42 Branches of a Dynamic Supermarket Chain in Israel
• On March 14, 2022, OMNIQ Announced the rollout of 1,000 Units of a “Smart Buy and Go” (SBG) Solution for a Supermarket Chain; Plans to Soon Offer SBG to its Fortune 500 Customers Operating in an Industry Estimated to be $1.0 Trillion
• On December 3, 2021, A joint OMNIQ-Dangot project: OMNIQ Receives Approximately $1 Million Order for Smart Kiosks in the US
Shai Lustgarten, Chief Executive Officer of OMNIQ, stated, “Our momentum continues to grow at an astounding pace since the acquisition of Dangot, when we first announced the acquisition, we stated that the combined annual sales created a consolidated $91M company, As it stands now, I am more than pleased to say, our annualized revenue has exceeded $100 million dollars in a mere nine months. Moreover, we are already performing joint projects in Israel and the US and feel that we expect to have many more soon. Dangot’s innovative product offerings fit OMNIQ’s target markets, and as such will be leveraged by our strong sales team in the US market. At the same time, we can accelerate merging our AI products into the supply chain customers served by both companies. Our enterprise customers stand to gain from having access to these cutting-edge solutions that fill in gaps where current technology falls short.”
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, 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. Examples of forward-looking statements include, among others, statements made in this press release regarding the closing of the private placement and the use of proceeds received in the private placement. 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.
Investor Contact:
Koko Kimball
omniQ
(385) 758-9241
James Carbonara
Hayden IR
(646)-755-7412
INSTITUTIONAL EQUITY RESEARCH | January 31, 2022
We recently hosted OMNIQ’s management for investor meetings and a group call and came away feeling optimistic on the Company’s trajectory. The Company is not immune to the current macro challenges, but we believe it remains positioned to show significant top and bottom line momentum this year and next. We are especially encouraged by the Company noting current backlog is equal to total revenue for 2021. We think investors continue to overlook the greenfield revenue opportunities and the potential model transformation as the AI revenue stream grows. With shares trading at only 0.4x EV/`22 Rev, we believe there is room for significant multiple expansion as investors begin to better appreciate the top line momentum and potential earnings leverage in the model. We are reiterating our Buy rating and $13 price target (1.0x EV/`22 Rev).
HIGHLIGHTS
INVESTMENT THESIS & VALUATION
We believe OMNIQ is transforming itself from a hardware-centric company to one positioned to drive sustained, meaningful top line growth, recurring revenue and margin expansion, and improving earnings leverage as it attacks multiple, greenfield opportunities in the object identification market. With a TAM the Company estimates will grow from $28B in 2019 to $62B in 2025, we believe the size of this market creates a rising tide lifting all boats. However, the appointment of Shai Lustgarten as CEO in 2017, a strategic shift toward the AI/machine-learning portfolio, an established and growing customer list, the recent acquisition of Dangot Computers, and the solutions’ broad applicability across numerous markets, gives us confidence OMNIQ can see outsized traction in this space.
VALUATION
Our $13 price target is based on a 1.0x EV/Rev multiple using our 2022 revenue estimate of $103.2M.
RISKS
We believe an investment in OMNIQ involves the following risks.
OMNIQ Corporation Page 3 of 5 Institutional Equity Research Jaeson Schmidt | 612-260-6170 | Jaeson.Schmidt@lakestreetcm.com
Jaeson Schmidt
Senior Research Analyst
612-260-6170
jaeson.schmidt@lakestreetcm.com
Max Michaelis
Research Analyst
612-255-0831
max.michaelis@lakestreetcm.com
www.lakestreetcapitalmarkets.com
SALT LAKE CITY, Jan. 28, 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 after the successful deployment of Q Shield™ vehicle recognition systems (VRS) technology in the City of Adrian, Georgia 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 issue citations to scofflaws driving through the city with an expired registration or no insurance it is now set to deploy Q Shield in another Georgia city.
The 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.
Q Shield, OMNIQ’s VRS solution will be installed in 3 different sites resulting in 9 lanes throughout the city to capture vehicle data, including license plate number, color, make, and model efficiently and accurately. Q Shield’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 violations above”.
“Our AI Based public safety solution is deployed in sensitive areas worldwide, including Israel and the US. We are excited that following our successful deployments, we are able to provide our machine vision VRS technology to benefit the citizens of yet another city in Georgia improving public safety and law enforcement, ” said Shai Lustgarten, CEO of OMNIQ.
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, 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. Examples of forward-looking statements include, among others, statements made in this press release regarding the closing of the private placement and the use of proceeds received in the private placement. 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.
Investor Contact:
James Carbonara
Hayden IR
(646)-755-7412
james@haydenir.com
Brett Maas
Hayden IR
(646)-536-7331
brett@haydenir.com
Koko Kimball
(385)-758-9241
SALT LAKE CITY, May 05, 2021 (GLOBE NEWSWIRE) — omniQCorp.(NASDAQ: OMQS) (“omniQ ” or “the Company”), an object identification company providing Artificial Intelligence (AI)-based technology solutions to the Supply Chain Automation, Traffic Management, Public Safety and Safe City markets, today announced an announced that it will host a conference call and webcast on May 14, 2021 at 11:00am Eastern Time to discuss financial results for the first quarter ended March 31, 2021.
Conference Call Information
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Date, Time: May 14, 2021, at 11:00am ET
Toll-Free: 877-407-9210
International: 201-689-8049
Live Webcast: https://www.webcaster4.com/Webcast/Page/2310/41133
Conference Call Replay Information
Toll-Free: 877-481-4010
Reference ID: 41133
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.
James Carbonara
Hayden IR
(646)-755-7412
james@haydenir.com
Brett Maas
Hayden IR
(646) 536-7331
brett@haydenir.com