Odysight.ai Reports Financial Results for The First Quarter of 2025 and Provides Business Update

Core Insights - Odysight.ai Inc. reported significant growth in revenues and a strong cash position, indicating progress in its business strategy and operational foundations [4][8][3] Financial Performance - Revenues for the three months ended March 31, 2025, were approximately $2.1 million, a substantial increase from$0.2 million in the same period in 2024, primarily due to a contract with a Fortune 500 medical company [4] - Cost of revenues increased to $1.5 million from$0.4 million year-over-year, driven by contract fulfillment costs and inventory impairment [5] - Gross profit was $0.6 million, reflecting a gross margin of 26$0.2 million in the prior year [6] - Operating expenses rose to $5.1 million from$3.1 million, largely due to operational expansion and one-time uplisting expenses [7] - The net loss for the quarter was $4.3 million, compared to a net loss of$3.2 million in the same quarter of 2024 [7] Cash Position and Capital Raise - The company had a net cash position of approximately $37.2 million as of March 31, 2025, up from about$17.0 million a year earlier [2][8] - In February 2025, Odysight.ai uplisted to the Nasdaq Capital Market and raised gross proceeds of approximately $23.7 million through a public offering [8][9] Business Developments - The company has established partnerships, including one with Israel Railways to develop an AI-powered visualization system aimed at enhancing railway safety [9] - An initial purchase order was received from a European partner for a combined industrial solution utilizing Odysight.ai's technology [9] Backlog - The backlog as of March 31, 2025, was approximately$14.8 million, indicating future revenue potential [4][16]