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Odysight.ai Inc. has announced its financial results for the first half of 2024, reporting revenues of approximately $1.4 million, a significant increase from $1.0 million in the same period last year. The company raised $10.3 million in a private placement to support growth and aims for a Nasdaq uplisting. Notable purchase orders were received from the Israel Air Force and Safran aircraft engines, highlighting the company's expanding market presence.
The financial performance reflects a 40% revenue increase, driven by higher unit sale prices and sales to a Fortune 500 healthcare corporation. Operating expenses rose due to increased recruitment and payroll costs, but the company achieved a gross profit of $0.3 million, a turnaround from a loss in the previous year. Odysight.ai's innovative use of AI in predictive maintenance and condition-based monitoring positions it well for future growth.
• Odysight.ai raised $10.3 million to accelerate growth and target Nasdaq uplisting.
• The company reported a 40% revenue increase driven by higher unit sales.
Odysight.ai specializes in PdM solutions, utilizing AI to enhance maintenance strategies in various industries.
Odysight.ai employs CBM techniques to provide real-time insights into equipment health using AI-driven visual technologies.
Odysight.ai integrates AI algorithms into its video sensor-based solutions to improve predictive maintenance capabilities.
ai is a provider of visual-based predictive maintenance and condition-based monitoring solutions. The company leverages AI and video sensor technologies to enhance maintenance processes in critical systems across various industries.
The company has engaged with Odysight.ai for bespoke systems based on proprietary visual sensors.
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