SALT LAKE CITY - OMNIQ Corp. (NASDAQ: NASDAQ:OMQS), a provider of Artificial Intelligence-based solutions, has received a purchase order to upgrade Internet of Things (IoT) devices for a significant US-based sporting goods retailer across 450 stores. This project is part of a three-year service agreement and continues a long-standing partnership between the two entities.
The upgrade includes transitioning from older Windows-based systems to new Android-based systems, allowing the retailer to implement modern applications, including Office 365 and a chat application for real-time communication within the store network. This initiative is aimed at improving operational efficiency and enhancing the customer experience in-store.
Shai Lustgarten, CEO of OMNIQ, expressed enthusiasm about the collaboration, emphasizing the company's commitment to providing advanced technological solutions to meet the evolving needs of the retail industry. He anticipates a positive impact on the retailer's operations and customer engagement.
OMNIQ's role in the retail sector is underscored by this agreement, which showcases its efforts in driving digital transformation. The company offers a range of services, including advanced data collection systems and real-time monitoring, catering to various sectors such as supply chain management, public safety, and traffic management.
The company's solutions are designed to optimize the movement of people, assets, and information across critical infrastructures, serving a diverse clientele that includes government agencies and Fortune 500 companies.
The information in this article is based on a press release statement.
InvestingPro Insights
As OMNIQ Corp. (NASDAQ: OMQS) embarks on a significant upgrade of IoT devices for a major sporting goods retailer, financial metrics from InvestingPro shed light on the company's current market position. With a market capitalization of 6.32 million USD, OMNIQ is navigating a challenging period, reflected in a revenue decline of 11.38% over the last twelve months as of Q3 2023. This downturn is further emphasized by a quarterly revenue drop of 35.28% in Q1 2023, indicating pressure on the company's sales performance.
Despite these challenges, OMNIQ's strategic initiatives in the retail sector, such as the recent upgrade project, could potentially steer the company towards a more favorable trajectory. The InvestingPro Tips highlight that OMNIQ is trading at a low revenue valuation multiple and has experienced a strong return over the last month, with a price total return of 31.24%. This recent uptick may signal investor optimism in the company's potential to rebound from its current hurdles.
For investors seeking a deeper dive into OMNIQ's financial health, InvestingPro offers additional insights, including an analysis of the company's gross profit margins and short-term liquidity concerns. The company's gross profit margin stands at 19.43%, which is a critical indicator of its profitability. Moreover, OMNIQ's short-term obligations currently exceed its liquid assets, raising questions about its ability to meet immediate financial commitments.
For those considering an investment in OMNIQ or seeking to understand its future prospects, the InvestingPro platform provides a comprehensive set of additional tips, available at https://www.investing.com/pro/OMQS. To enhance your investment research experience, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 9 more InvestingPro Tips available, investors can gain a more nuanced understanding of the company's performance and potential.
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