OMNIQ Reports Strong Financial Results in Q3 2023 with a Revenue of $17.5 Million

SALT LAKE CITY, Nov. 13, 2023 (GLOBE NEWSWIRE) -- OMNIQ Corp. OMQS, a leading provider of Artificial Intelligence (AI) and Internet of Things (IoT)-based solutions, has announced a significant financial achievement for the third quarter of 2023. The company reported a robust revenue of $17.5 million, a clear indication of its growing market presence and effective business strategies. This performance reflects the company's commitment to delivering innovative technology solutions across various sectors.

Increased Gross Profit Margin Highlights Profitability Improvement

Notably, OMNIQ didn't just increase its revenue; the company also reported an enhanced gross profit margin for the quarter. Gross profit surged to $4 million, accounting for 23% of the total revenue. This margin expansion can be attributable to improved operational efficiencies and a strategic focus on higher-margin product offerings. The results signify not only OMNIQ's ability to scale up its sales but also its potential to optimize profitability, an essential factor for investors considering the long-term value of OMQS.

OMNIQ's Market Position and Outlook

Situated at the heart of Salt Lake City, Utah, OMNIQ Corp. has been establishing a strong brand presence within the AI and IoT market segments. The impressive financial results of the third quarter echo the company's innovative edge and customer-centric approach. Moving forward, OMNIQ appears poised for sustained growth, driven by its strategic initiatives and the anticipated increase in demand for AI and IoT solutions. The financial community will be watching OMQS with interest, as the company's performance could potentially serve as a barometer for the broader technology sector's health.

OMNIQ, Revenue, Profit