OMNIQ Corp. Reports 2023 Revenue of $81.4 Million
Highlights:
Revenue increased by 25% to $81.4 million in 2023, compared to $65.1 million in 2022. Gross profit increased by 29% to $36.3 million in 2023, compared to $28.1 million in 2022. Net income increased by 43% to $12.3 million in 2023, compared to $8.6 million in 2022. Adjusted EBITDA increased by 36% to $18.6 million in 2023, compared to $13.7 million in 2022. OMNIQ Corp. (TSXV: OMQ) (OTCQB: OMQQF) ("OMNIQ" or the "Company"), a leading provider of end-to-end mobile payment and digital banking solutions, today announced its financial results for the year ended December 31, 2023.
Financial Performance
OMNIQ reported revenue of $81.4 million for the year ended December 31, 2023, an increase of 25% compared to $65.1 million for the year ended December 31, 2022. The increase in revenue was primarily driven by growth in the Company's mobile payment and digital banking segments. Gross profit increased by 29% to $36.3 million in 2023, compared to $28.1 million in 2022. The increase in gross profit was primarily due to the increase in revenue. Net income increased by 43% to $12.3 million in 2023, compared to $8.6 million in 2022. The increase in net income was primarily due to the increase in gross profit and a decrease in operating expenses. Adjusted EBITDA increased by 36% to $18.6 million in 2023, compared to $13.7 million in 2022. The increase in adjusted EBITDA was primarily due to the increase in gross profit and a decrease in operating expenses.
Outlook
OMNIQ is well-positioned for continued growth in 2024. The Company has a strong pipeline of new business opportunities and is continuing to invest in its product development and sales and marketing efforts. "We are pleased to report strong financial results for 2023," said OMNIQ CEO, Craig Coleman. "Our growth was driven by the increasing adoption of our mobile payment and digital banking solutions. We are well-positioned for continued growth in 2024 and beyond."
About OMNIQ Corp.
OMNIQ Corp. (TSXV: OMQ) (OTCQB: OMQQF) is a leading provider of end-to-end mobile payment and digital banking solutions. The Company's solutions enable businesses to accept payments, manage their finances, and engage with their customers. OMNIQ's platform is used by over 1,000 businesses in North America and Europe. For more information, please visit www.omniqcorp.com.