OMNIQ Reports 23% Gross Profit Increase Alongside $17.5M Revenue in Q3 2023

SALT LAKE CITY, Nov. 13, 2023 (GLOBE NEWSWIRE) -- OMNIQ Corp. OMQS, the Salt Lake City-based AI and IoT solutions provider, has reported a strong financial performance for the third quarter of 2023. The company announced a significant revenue attainment of $17.5 million, indicating a continuing upward trajectory in its business operations. This financial achievement coincides with an impressive increase in gross profit, which now stands at 23%, translating to a gross profit of $4 million.

Enhanced Profit Margins Reflect Operational Efficiency

The report from OMQS highlights not only the company's revenue growth but also its ability to enhance profit margins. The reported 23% gross profit suggests that OMQS has successfully optimized its operations to maximize financial efficiency. The announcement is set against a backdrop of global market fluctuations, with OMQS's performance signaling robust internal management and an effective strategy in navigating market challenges.

Investment Community Reacts to OMNIQ's Financial Health

The investment community has been tracking OMQS's financial journey, and the latest Q3 results have been met with anticipation. OMQS's consistent revenue growth coupled with an increase in gross profit is a potential indicator of the company's strong business model and operational excellence. These results may bolster investor confidence in OMQS, as the company continues to leverage its expertise in AI and IoT for sustained growth.

OMNIQ, revenue, profit