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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 13, 2023
OMNIQ
CORP.
(Exact
name of registrant as specified in charter)
Delaware |
|
001-40768 |
|
20-3454263 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
1865
West 2100 South, Salt Lake City, UT 84119
(Address
of Principal Executive Offices) (Zip Code)
(714)
899-4800
(Registrant’s
Telephone Number, Including Area Code)
Not
Applicable
(Former
Name or Former Address, If Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Ticker
symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 |
|
OMQS |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mart if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01 Regulation FD Disclosure
On
November 13, 2023, OmniQ Corp. (the “Company”) issued a press release. A copy of the press release is attached hereto and
incorporated herein by reference in its entirety as Exhibit 99.1.
Item
9.01 Financial statements and Exhibits
(d)
Exhibits.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
November 13, 2023
|
OMNIQ
Corp. |
|
|
|
|
By: |
/s/
Shai S. Lustgarten |
|
|
Shai
S. Lustgarten |
|
|
President
and CEO |
Exhibit
99.1
OMNIQ
ANNOUNCES Q3 2023 REVENUE OF $17.5 MILLION AND INCREASED GROSS PROFIT to 23%.
SALT
LAKE CITY, November 13th, 2023 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or the “Company”),
a provider of Artificial Intelligence (AI) and IoT – based solutions announces Q3 2023 revenue of $17.5M and Gross Profit of $4M.
|
●
|
Q3
2023 Revenue of $17.5 Million a 35% decrease vs Q3 2022 impacted by temporary delay of several large orders mainly related to the
supply chain line of products. |
|
|
|
|
●
|
9
months 2023 Revenue of $65.8 Million a 15% decrease versus 9-month 2022 |
|
|
|
|
●
|
Gross
margin for the three months ended September 30, 2023, sequentially increased to 23% as compared to 19% in in Q2 2023 and 21% in Q1
2023. Driven by higher portion of Revenue with higher profitability margins. |
|
|
|
|
●
|
Gross
margin for Q3 2023 improved to 23% as compared with 22% in Q3 2022. |
|
|
|
|
●
|
AI
Machine Vision 9-month 2023 Revenue increased by 35% vs 9-month 2022 driven by strong customer demand across Homeland Security, Public
Safety and Automation of Parking. |
|
|
|
|
●
|
Company
continues the process of improving efficiencies initiated this year, resulting in approximately $2m decrease in Sales and G&A
expenses for Q3 and $3.5M decrease for the 9 months ended September 30, 2023, as compared to the same periods of 2022. |
|
|
|
|
●
|
The
Company continues to take additional measures to achieve profitability and positive cash flow. |
Additional
Q3 2023 and recent events:
|
●
|
Received
a purchase order from the Israel Train Company to deploy its AI-based Machine Vision system creating smarter and safer stations,
|
|
|
|
|
●
|
Extended
partnership with TripShot to provide AI based unique frictionless parking solution with a major technology company, |
|
|
|
|
●
|
Selected
for an approximate $50 million project to modernize the supply chain for one of the largest US food and drug chains, |
|
|
|
|
●
|
AI
based Machine Vision equipment selected to be deployed at the El Salvador International Airport, |
|
|
|
|
●
|
Announced
a technological breakthrough winning MOD performance competition for in-car Face Detection to its Machine Vision AI solution. The
feature is being requested by major security authorities and attracted immediate interest, |
|
|
|
|
●
|
Awarded
multiyear IoT equipment supply contract for Israel’s largest and newest logistics center, |
|
|
|
|
●
|
Announces
termination of definitive agreement to acquire Tadiran Telecom, |
|
|
|
|
●
|
Announces
closing of public offering raising approximately $3 million strengthening its financial profile. |
“In
the Q3, our Supply Chain product sales were impacted mainly by a delay in receiving large purchase orders tied to awarded projects, now
expected to ship significant amounts during Q4.” CEO Shai Lustgarten stated, “As we progress through Q4, we anticipate positive
effects on future profitability from our ongoing cost-cutting initiatives.
Over
the nine-month period, we achieved consistent growth in our Patented AI-Based technology for public safety, border control, and parking
automation. Sales in our Dangot division, providing IoT solutions for hospitals, restaurants, logistic centers, and retailers, continued
to grow. Demonstrating financial responsibility, SG&A expenses decreased by $2 million in Q3 and by $3.5 million in the nine months
ending September 30, 2023, aligning with our goal of achieving positive EBITDA”
Lustgarten
concluded, ‘We’re taking decisive actions to position for profitable growth as Supply Chain sales recover, and we’re
enhancing customer relationships through our innovative AI and IoT solutions.”‘
Third
Quarter 2023 Financial Results
OMNIQ
reported revenue of $17.5 million for the quarter ended September30, 2023, a decrease of 35% from $27 million in the third quarter of
2022. Our Gross Margin in the 3rd quarter was 23% compared to a Gross Margin of 22% in the same period in 2022. Total operating expenses
for the quarter were $6.6 million, a decrease of 23% from $8.6 M in the third quarter of 2022.
Net
loss for the quarter was $4.3 million, or a loss of $.55 per basic share, compared with a loss of $3.8 million, or a loss of $.52 per
basic share, for the third quarter of last year.
Adjusted
EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the third quarter of 2023 amounted to a loss of
$1.5 million compared with an adjusted EBITDA loss of $516 thousand in the third quarter of 2022.
Cash
balance at September 30, 2022 was $408 thousand compared with $1.3 million at December 31, 2022.
Nine
Months ending September 30, 2023, Financial Results
OMNIQ
reported revenue of $65.7 million for the nine months ended September 30, 2023, a decrease of 15% from $77.5 million in the first nine
months of 2022. Our Gross Margin for the first nine months of 2023 was 21%, compared to a Gross Margin of 23% for the same period in
2022. Total operating expenses for the nine months ended September 30, 2023 were $20.8 million, compared with $24.2 million in the same
period of 2022 a decrease of 14%.
Net
loss for the nine months ended September 30, 2023 was $11.7 million, or a loss of $1.50 per basic share, compared with a loss of $9.6
million, or a loss of $1.29 per basic share, for the first nine months of last year.
Adjusted
EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the nine months ended September 30, 2023 amounted
to a loss of $3.8 million compared with an adjusted EBITDA loss of $1.5 million in the same period of 2022.
Earnings
Call Details
To
participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Event
Date: November 14th - 8:30 AM Eastern Time
Toll
Free: 877-545-0523
International:
973-528-0016
Participant
Access Code: 697773
Event
Link: Webcast URL: https://www.webcaster4.com/Webcast/Page/2310/49470
Replay
Number:
Toll
Free: 877-481-4010
International:
919-882-2331
Replay
Passcode: 49470
Replay
will be available on the company website at www.omniq.com under the investor tab.
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 $67.1 billion
by 2028, and the Ticketless Safe Parking market, forecast to grow to $33.5 billion by 2023 and the fast casual restaurant sector expected
to reach $209 billion by 2027.
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
ir@omniq.com
OMNIQ
CORP.
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
As of | |
(In thousands, except share and per share data) | |
September 30, 2023 | | |
December 31, 2022 | |
| |
(UNAUDITED) | | |
| |
ASSETS | |
| | |
| |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 408 | | |
$ | 1,311 | |
Accounts receivable, net | |
| 18,472 | | |
| 23,893 | |
Inventory | |
| 6,044 | | |
| 8,726 | |
Prepaid expenses | |
| 787 | | |
| 1,268 | |
Other current assets | |
| 33 | | |
| 473 | |
Total current assets | |
| 25,744 | | |
| 35,671 | |
| |
| | | |
| | |
Property and equipment, net of accumulated depreciation of $1,084 and $1,030 respectively | |
| 1,263 | | |
| 1,086 | |
Goodwill | |
| 16,363 | | |
| 16,542 | |
Trade name, net of accumulated amortization of $4,768 and $4,458, respectively | |
| 1,364 | | |
| 1,826 | |
Customer relationships, net of accumulated amortization of $11,161 and $10,762, respectively | |
| 3,898 | | |
| 4,967 | |
Other intangibles, net of accumulated amortization of $1,569 and $1,541, respectively | |
| 532 | | |
| 675 | |
Right of use lease asset | |
| 2,490 | | |
| 2,300 | |
Other assets | |
| 1,399 | | |
| 1,744 | |
Total Assets | |
| 53,053 | | |
| 64,811 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 53,406 | | |
$ | 54,736 | |
Line of credit | |
| 2,660 | | |
| 1,971 | |
Accrued payroll and sales tax | |
| 1,653 | | |
| 2,633 | |
Notes payable, related parties – current portion | |
| - | | |
| 293 | |
Notes payable – current portion | |
| 8,828 | | |
| 11,572 | |
Lease liability – current portion | |
| 1,007 | | |
| 942 | |
Other current liabilities | |
| 1,390 | | |
| 1,394 | |
Total current liabilities | |
| 68,944 | | |
| 73,541 | |
| |
| | | |
| | |
Long term liabilities | |
| | | |
| | |
Notes payable, related party, less current portion | |
| - | | |
| - | |
Accrued interest and accrued liabilities, related party | |
| 73 | | |
| 72 | |
Notes payable, less current portion | |
| 1,427 | | |
| 55 | |
Lease liability | |
| 1,519 | | |
| 1,404 | |
Other long term liabilities | |
| 282 | | |
| 265 | |
Total liabilities | |
| 72,245 | | |
| 75,337 | |
| |
| | | |
| | |
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, 502,000 shares issued and 544,500 outstanding, respectively | |
| 1 | | |
| 1 | |
Common stock; $0.001 par value; 15,000,000 shares authorized; 7,893,067 and 7,714,780 shares issued and outstanding, respectively. | |
| 8 | | |
| 8 | |
Additional paid-in capital | |
| 75,523 | | |
| 73,714 | |
Accumulated (deficit) | |
| (96,162 | ) | |
| (84,460 | ) |
Cumulative Translation Adjustment | |
| 1,438 | | |
| 211 | |
Total OmniQ stockholders’ equity (deficit) | |
| (19,192 | ) | |
| (10,526 | ) |
| |
| | | |
| | |
Total liabilities and equity (deficit) | |
$ | 53,053 | | |
$ | 64,811 | |
OMNIQ
CORP.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
| |
For the three months ending | | |
For the Nine months ended | |
| |
September 30, | | |
September 30, | |
(In thousands, except share and per share data) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues | |
| | |
| | |
| | |
| |
Total Revenues | |
$ | 17,480 | | |
$ | 27,008 | | |
$ | 65,748 | | |
$ | 77,539 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of goods sold | |
| | | |
| | | |
| | | |
| | |
Cost of goods sold | |
| 13,471 | | |
| 21,032 | | |
| 52,131 | | |
| 59,449 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 4,009 | | |
| 5,976 | | |
| 13,617 | | |
| 18,090 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Research & Development | |
| 482 | | |
| 445 | | |
| 1,464 | | |
| 1,436 | |
Selling, general and administrative | |
| 5,585 | | |
| 7,624 | | |
| 17,667 | | |
| 21,173 | |
Depreciation | |
| 146 | | |
| 91 | | |
| 349 | | |
| 241 | |
Amortization | |
| 418 | | |
| 474 | | |
| 1,276 | | |
| 1,326 | |
Total operating expenses | |
| 6,631 | | |
| 8,634 | | |
| 20,756 | | |
| 24,176 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (2,622 | ) | |
| (2,658 | ) | |
| (7,139 | ) | |
| (6,086 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (898 | ) | |
| (880 | ) | |
| (2,575 | ) | |
| (2,569 | ) |
Other (expenses) income | |
| (1,000 | ) | |
| (217 | ) | |
| (2,473 | ) | |
| (870 | ) |
Total other expenses | |
| (1,898 | ) | |
| (1,097 | ) | |
| (5,048 | ) | |
| (3,439 | ) |
Net Loss Before Income Taxes | |
| (4,520 | ) | |
| (3,755 | ) | |
| (12,187 | ) | |
| (9,525 | ) |
Provision for Income Taxes | |
| | | |
| | | |
| | | |
| | |
Current | |
| 215 | | |
| (55 | ) | |
| 509 | | |
| (41 | ) |
Total Provision for Income Taxes | |
| 215 | | |
| (55 | ) | |
| 509 | | |
| (41 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Loss | |
$ | (4,305 | ) | |
$ | (3,810 | ) | |
$ | (11,678 | ) | |
$ | (9,566 | ) |
Net income attributable to noncontrolling interest | |
| - | | |
| - | | |
| - | | |
| 67 | |
Net Loss attributable to OmniQ Corp | |
$ | (4,305 | ) | |
$ | (3,810 | ) | |
$ | (11,678 | ) | |
$ | (9,633 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Loss | |
$ | (4,305 | ) | |
$ | (3,810 | ) | |
$ | (11,678 | ) | |
$ | (9,566 | ) |
Foreign currency translation adjustment | |
| 260 | | |
| 241 | | |
| 1,227 | | |
| 260 | |
Comprehensive loss | |
| (4,045 | ) | |
| (3,569 | ) | |
| (10,451 | ) | |
| (9,306 | ) |
Reconciliation of net loss to net loss attributable to common shareholders | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| (4,305 | ) | |
| (3,810 | ) | |
| (11,678 | ) | |
| (9,566 | ) |
Less: Dividends attributable to non-common stockholders’ of OmniQ Corp | |
| (8 | ) | |
| (149 | ) | |
| (24 | ) | |
| (197 | ) |
Net income attributable to noncontrolling interest | |
| - | | |
| - | | |
| - | | |
| - | |
Net loss attributable to common stockholders’ of OmniQ Corp | |
| (4,313 | ) | |
| (3,959 | ) | |
| (11,702 | ) | |
| (9,763 | ) |
Net (loss) per share - basic attributable to common stockerholders’ of OmniQ Corp | |
$ | (0.55 | ) | |
$ | (0.52 | ) | |
$ | (1.50 | ) | |
$ | (1.29 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding – basic | |
| 7,891,444 | | |
| 7,578,351 | | |
| 7,788,262 | | |
| 7,545,190 | |
OMNIQ
Corp.
RECONCILIATION
OF GAAP MEASURES TO NON-GAAP MEASURES
| |
Nine Months ended | |
(In thousands) | |
September 30, | |
Adjusted EBITDA Calculation | |
2023 | | |
2022 | |
| |
| | |
| |
Net loss | |
| (11,678 | ) | |
| (9,763 | ) |
Depreciation & amortization | |
| 1,625 | | |
| 1,567 | |
Interest expense | |
| 2,575 | | |
| 2,569 | |
Income taxes | |
| (509 | ) | |
| 41 | |
Stock compensation | |
| 1,548 | | |
| 2,811 | |
Nonrecurring loss events | |
| 2,596 | | |
| 1,293 | |
Adjusted EBITDA | |
| (3,843 | ) | |
| (1,482 | ) |
| |
| | | |
| | |
Total revenues, net | |
| 65,748 | | |
| 77,539 | |
| |
| | | |
| | |
Adjusted EBITDA as a % of total revenues, net | |
| (6 | )% | |
| (2 | )% |
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- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
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- DefinitionTitle of a 12(b) registered security.
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