0001493152-26-011691
SEC filingOdysight.ai Inc. (ODYS) reported FY 2025 revenues of $3.0M, down 24% YoY from $3.96M in 2024, primarily due to full derecognition of a $1.7M contract liability from a Fortune 500 medical customer, offset partially by $1.2M from PdM/CBM vision-based platforms versus $0.9M prior year. Gross profit fell 25% to $871K from $1.16M, with cost of revenues declining proportionally to $2.1M. Operating loss widened 45% to -$18.1M, driven by R&D expenses up 40% to $9.6M, sales/marketing up 91% to $2.3M, and G&A up 27% to $7.0M amid hiring, Nasdaq uplisting, and stock compensation. Net loss increased to -$17.0M from -$11.8M, with basic/diluted EPS at -$1. Balance sheet strengthened with cash/cash equivalents at $25.7M (up from prior), total assets $29.0M, equity $25.4M. Operating cash use was -$13.7M, offset by $21.1M financing from public offering. Backlog dipped to $13.8M from $15M. Investments in Industry 4.0 PdM/CBM signal growth potential in aerospace/defense, despite losses and customer concentration risks.
Odysight.ai Inc. posted FY 2025 revenues of $3,015,000, a 24% YoY decline from $3,964,000 in 2024, reflecting derecognition of a $1.7M medical contract liability and shift to $1.2M PdM/CBM sales (up from $0.9M). Gross profit dropped 25% to $871,000 from $1,157,000. Operating expenses surged: R&D to $9.6M (+40%), sales/marketing $2.3M (+91%), G&A $7.0M (+27%), yielding operating loss of -$18.1M (+45% worse). Net loss -$17.0M versus -$11.8M prior. Cash position bolstered to $25.7M via $20.9M public offering proceeds. Backlog $13.8M (down from $15M). Focus on Industry 4.0 expansion amid losses.
Revenues declined 24% YoY to $3.0M. Key drivers: $1.7M from medical contract liability derecognition (full in 2025 vs. $3.0M product sales in 2024); PdM/CBM vision platforms contributed $1.2M (up from $0.9M), signaling aerospace/defense traction with clients like Israeli Air Force, NASA. Customer concentration high (three major clients ~98% revenues). No geographic breakdown disclosed; sales cycles long (months-years). Backlog supports future visibility but subject to delays/cancellations.
Gross margin stable ~29% (28.9% vs. 29.2% prior), with costs scaling to revenues ($2.1M vs. $2.8M). Operating margin deteriorated to -601% from -316% due to opex growth outpacing revenue. R&D (40% rise) for new products/AI; sales/marketing (91%) for global expansion; G&A (27%) from hiring/Nasdaq costs/stock comp. No profitability near-term; focus on scaling PdM/CBM.
Operating cash use -$13.7M (vs. -$8.2M), driven by $17.0M net loss offset by $3.1M stock comp. Investing +$0.3M (deposits); financing +$21.1M (offering + options). Net cash increase $7.7M; ending cash/restricted $26.0M. Balance sheet: assets $29.0M (current $27.5M), liabilities $3.6M (current $3.0M), equity $25.4M (accum. deficit -$63.0M). Liquidity supports 12+ months; no debt noted.
Management eyes Industry 4.0 growth in aerospace/transportation/energy; R&D/sales investments to continue, expenses to rise modestly. Backlog $13.8M; partnerships (Elbit, IAI); Nasdaq uplisting aids visibility. Risks: customer concentration, sales delays, Israel conflicts, capex needs. Additional funding likely for commercialization; unprofitable foreseeable future.