OMNIQ Reports Record 6 months results. $50M in revenue for 6 months ended June 30, 2022. Second Quarter $24.2M Revenue up 85% over Q2 2021.

SALT LAKE CITY, Aug. 15, 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 and six months ended June 30 , 2022.

OMNIQ’s 2022 continuous momentum:

  • 54% growth in 6 month Revenue marks an all-time record of over $50 Million.
  • 104% growth in 6 Month Gross Profit up to a record of over $12M.
  • 85% Growth in Q2 Revenue compared to Q2 2021.
  • 81% increase in Q2 Gross Profit compared to Q2 2021.
  • Gross margin for the 6 months up to 24% compared to 18% in the same period of 2021.
  • Q2 marks a breakthrough in penetrating the retail and restaurant markets with the Company’s AI integrated solution.
  • OMNIQ’s Q Shield AI based law enforcement solution offered to municipalities is experiencing positive momentum as twelve (12) cities in the US have already contracted and more are in the pipeline. Revenue model is based on recurring revenue sharing.

Some Recent Events:

On April 19, 2022, we announced the receipt of a purchase order to deploy our AI – Machine vision systems in South America.

On June 8, 2022, we announced the receipt of a $11M order from the Government of Israel for Supply Chain IOT equipment.

ON June 13, 2022, we announced the receipt of a $29M order from a Fortune 100 customer for supply chain IOT equipment.

On June 17, 2022, the Company announced that it has been selected by the City of East Dublin to deploy its AI Based Q Shield vehicle recognition systems (VRS) technology and its cloud based citation management platform.

On June 23, 2022, the company announced that its AI Based Q Shield system assisted law enforcement in Adrian, Georgia to allocate and return home an elderly man suffering from cognitive memory impairment.

Shai Lustgarten Chairman and CEO commented: “We are very pleased to announce the second quarter and six months results. Despite the supply chain challenges across the globe, we are proud to have delivered both a record Q2 and record 6 month revenue marking the highest numbers since the company’s inception. Our order backlog continues to grow as customer demand remains strong which we expect will drive strong deliveries into the third quarter.

We are enjoying a strategic milestone with penetrating the growing retail and Fast Food restaurant sector with our AI-Machine Vision proprietary technology and innovative solutions that we expect to become a significant growth engine as well as provide higher profitability.”

“Our business fundamentals are solid and prove once again the strength of our business model relying on top of the line technology, proprietary AI Based innovative solutions, and an invaluable loyal customer base that we do anything to satisfy. With our revenue visibility increasing, we are looking forward to a successful 2022 and going forward.” Mr. Lustgarten concluded.

Second Quarter 2022 Financial Results

OMNIQ reported revenue of $24.2 million for the quarter ended June 30, 2022, an increase of 84% from $13.1 million in the second quarter of 2021. The revenue increase reflects the consolidation of our financial statements with Dangot Computers, Ltd. which we acquired in July 2021, as well as higher demand from certain customers during the period. Total operating expenses for the quarter were $8 million, compared with $5 million in the second quarter of 2021.

Net loss for the quarter was $3.1 million, or a loss of $.44 per basic share, compared with a loss of $2.5 million, or a loss of $.53 per basic share, for the second quarter of last year.

Adjusted EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the second quarter of 2022 amounted to a loss of $777 thousand compared with an adjusted EBITDA loss of $437 thousand in the second quarter of 2021.

Cash balance at June 30, 2022 was $2.9 million compared with $7 million at December 31, 2021.


  For the three months  For the six months 
  ending June 30,  ending June 30, 
(In thousands, except share and per share data) 2022  2021  2022  2021 
Total Revenues $24,209  $13,119  $50,531  $32,870 
Cost of goods sold  18,222   9,820   38,417   26,936 
Gross profit  5,987   3,299   12,114   5,934 
Operating expenses                
Research & development  468   468   990   962 
Selling, general and administrative  7,072   4,109   13,547   8,547 
Depreciation  58   42   151   85 
Amortization  406   522   851   1,047 
Total operating expenses  8,004   5,141   15,539   10,641 
Loss from operations  (2,017)  (1,842)  (3,425)  (4,707)
Other income (expenses):                
Interest expense  (878)  (714)  (1,689)  (1,304)
Other (expenses) income  (389)  49   (653)  161 
Total other expenses  (1,267)  (665)  (2,342)  (1,143)
Net Loss Before Income Taxes  (3,284)  (2,507)  (5,767)  (5,850)
Provision for Income Taxes                
Current  98   (3)  14   (3)
Total Provision for Income Taxes  98   (3)  14   (3)
Net Loss  (3,186)  (2,510)  (5,753)  (5,853)
Net income attributable to noncontrolling interest  -   -   67   - 
Net Loss attributable to OmniQ Corp $(3,186) $(2,510) $(5,820) $(5,853)
Net Loss $(3,186) $(2,510) $(5,753) $(5,853)
Foreign currency translation adjustment  241   (71)  77   (132)
Comprehensive loss  (2,945)  (2,581)  (5,676)  (5,985)
Reconciliation of net loss to net loss attributable to common shareholders                
Net loss  (3,186)  (2,510)  (5,753)  (5,853)
Less: Dividends attributable to non-common stockholders’ of OmniQ Corp  (141)  (25)  (189)  (57)
Net loss attributable to common stockholders $(3,327) $(2,535) $(5,942) $(5,910)
Net (loss) per share - basic attributable to common stockholders’ of OmniQ Corp $(0.44) $(0.53) $(0.79) $(1.24)
Weighted average number of common shares outstanding - basic  7,579,795   4,930,149   7,545,190   4,816,718 

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


(In thousands, except share and per share data) As of 
  June 30, 2022  December 31, 2021 
Current assets        
Cash and cash equivalents $2,917  $7,085 
Accounts receivable, net  25,568   27,123 
Inventory  8,905   6,955 
Prepaid expenses  1,921   1,987 
Other current assets  10   9 
Total current assets  39,321   43,159 
Property and equipment, net of accumulated depreciation of $1,423 and $2,203 respectively  903   1,127 
Goodwill  16,520   16,453 
Trade name, net of accumulated amortization of $4,160 and $3,863, respectively  2,123   2,421 
Customer relationships, net of accumulated amortization of $10,211 and $9,660, respectively  5,518   6,069 
Other intangibles, net of accumulated amortization of $1,454 and $1,457, respectively  770   865 
Right of use lease asset  2,863   3,556 
Other assets  1,736   1,431 
Total assets $69,754  $75,081 
Current liabilities        
Accounts payable and accrued liabilities $51,548  $45,553 
Line of credit  4,364   5,951 
Accrued payroll and sales tax  3,068   2,658 
Notes payable, related parties – current portion  390   390 
Notes payable – current portion  7,168   7,521 
Lease liability – current portion  1,197   1,341 
Other current liabilities  2,184   2,683 
Total current liabilities  69,919   66,097 
Long-term liabilities        
Notes payable, related party, less current portion  98   293 
Accrued interest and accrued liabilities, related party  70   63 
Notes payable, less current portion  2,715   2,646 
Lease liability  1,714   2,266 
Other long-term liabilities  137   1,418 
Total liabilities  74,653   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; 7,579,795 and 7,459,534 shares issued and outstanding, respectively.  20   20 
Additional paid-in capital  71,585   70,606 
Accumulated deficit  (76,582)  (70,571)
Cumulative Translation Adjustment  77   (154)
Total OmniQ stockholders’ deficit  (4,899)  (98)
Non-controlling interest  -   2,396 
TOTAL EQUITY (DEFICIT)  (4,899)  2,298 
Total liabilities and equity (deficit) $69,754  $75,081 

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

 Six months ended 
(In thousands) June 30, 
Adjusted EBITDA Calculation 2022   2021  
Net loss  (5,754)   (5,853) 
Depreciation & amortization  1,002    1,131  
Interest expense  1,689    1,304  
Income taxes  14    3  
Stock compensation  1,203    1,949  
Nonrecurring loss events  882    (160) 
Adjusted EBITDA (964)   (1,626) 
Total revenues, net 50,531    19,751  
Adjusted EBITDA as a % of total revenues, net  (2)%   (8)% 

Earnings Call Details

OMNIQ will host a conference call and webcast on Monday, August 15th, 2022 at 11:00 a.m. Eastern Time to discuss financial results for the 2nd quarter ended June 30, 2022.

To access the live webcast, please click on this webcast link to register, or go to the Company’s website at

To participate in the call by phone, dial 877-545-0523 approximately five minutes prior to the scheduled start time. International callers please dial 973-528-0016. Callers should use conference ID: 737846.

A replay of the teleconference will be available until Wednesday September 14th, 2022 and may be accessed by dialing 877-481-4010. International callers may dial 919-882-2331 Callers should use conference ID: 46360

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 $78 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

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 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.


Corporate Contact
Koko Kimball
(385) 758-9241