Omniq Corp Stock Price, News & Analysis

OMNIQ Corp. (NASDAQ: OMQS) has partnered with EAGL Technology, Inc. to enhance its Q Shield product with Shot Detection technology. This collaboration aims to bolster public safety by providing real-time alerts for unauthorized vehicles and gunshot incidents. The integration is designed to deliver precise location data within seconds, potentially saving lives during emergencies. The technology's adoption is particularly targeted at schools, hospitals, and public spaces, reflecting a growing demand for safety solutions. OMNIQ's CEO, Shai Lustgarten, emphasized the commitment to leveraging advanced technology to create safer communities and positioning the company at the forefront of the safe city market, projected to grow significantly.

OMNIQ Corp. (NASDAQ: OMQS) has been awarded the Momentum Award by Honeywell International, recognizing its rapid growth and success in partnership with Honeywell. This accolade reflects OMNIQ's commitment to delivering innovative AI-based solutions that enhance supply chain operations. CEO Shai Lustgarten emphasized the importance of aligning both companies' visions to achieve robust results. Additionally, OMNIQ was recently named a Total Solution Partner for a major player in enterprise asset intelligence for robotics supply chain management. OMNIQ’s offerings cater to diverse sectors and address multi-billion-dollar markets, such as the Global Safe City and Ticketless Safe Parking markets. The company aims to streamline operations, ensuring efficient data collection, surveillance, and monitoring across various applications.

On April 11, 2023, OMNIQ Corp. (NASDAQ: OMQS) announced a contract with the City of Lumpkin, Georgia, to deploy its Q Shield vehicle recognition systems and cloud-based citation management platform. This technology enhances public safety by identifying vehicles with outstanding violations using NCIC and local databases. CEO Shai Lustgarten emphasized the company's growth, noting 18 cities in the U.S. are now contracted, with nine in Georgia alone. OMNIQ's AI-driven solutions leverage over 17,000 sensors worldwide, contributing to various sectors including traffic management and public safety. The company aims for significant recurring revenue through its innovative technology, which is part of multi-billion dollar markets such as the Safe City and Ticketless Safe Parking sectors.

OMNIQ Corp. (NASDAQ: OMQS) reported record revenue of $102.5 million for FY 2022, marking a 31% year-over-year increase, along with a Q4 revenue of $25 million. The gross profit rose to $22.1 million, a 33% increase from FY 2021. The company achieved positive cash flow from operations of $1.2 million, reversing a $3.2 million deficit in the previous year. Significant contracts include a $29 million project for a Fortune 100 company and a $4 million project from a multinational logistics firm. Despite these gains, OMNIQ reported a net loss of $13.6 million for the year.

OMNIQ Corp. (NASDAQ: OMQS) has announced a follow-up order for its AI-based machine vision solutions to be deployed at additional border locations in the Middle East, furthering its presence in critical security environments. The company has successfully established its technology in various international regions, including military zones in the Middle East and South America. With the addition of these new sites, OMNIQ's technology is now operational at prominent borders such as San Diego-Mexico and Texas-Mexico, as well as cities and airports across the U.S., bringing the total number of U.S. airports to 57 and cities to 17. This growth exemplifies the increasing acceptance and trust in OMNIQ's AI solutions.