Omniq Corp announces board member resignations

Omniq Corp (OTC:OMQS) disclosed today the immediate resignations of directors Yaron Shalem and Mina Teicher. The departures are part of the company’s cost-cutting strategies, according to a recent 8-K filing with the Securities and Exchange Commission.

The company, which has faced challenges with a $24.5 million loss over the last twelve months, has been implementing various efficiency measures.

The Salt Lake City-based company, which specializes in computer integrated systems design, confirmed that the resignations were not due to any disagreements on any matter relating to the company’s operations, policies, or practices.

Following Shalem’s departure, the board has appointed Guy Elhanani as the new chairperson of the Audit Committee. Elhanani, who serves as an independent director, will take on the additional responsibilities with immediate effect.

Omniq Corp expressed its gratitude to both Shalem and Teicher for their service and contributions to the company during their tenure on the board.

The company’s leadership and the remaining board members are expected to continue their focus on improving operational efficiency and enhancing the value for Omniq’s shareholders.

This latest corporate update is based on information provided in a press release statement filed by Omniq Corp with the SEC. The company maintains a Fair financial health score according to InvestingPro metrics, though it faces challenges with its current ratio of 0.34 indicating tight liquidity.

In other recent news, OmniQ Corporation has reported significant growth and strategic advances in its Q3 2024 financial results. The company announced a year-over-year revenue increase of 7.6%, reaching $18.5 million, and a substantial reduction in net loss and operating expenses.

Operating expenses decreased by 26% to $4.9 million, while the net loss improved by 63%, with a reported loss of $1.6 million. These recent developments underscore OmniQ’s strategic achievements, including securing agreements with leading companies such as Ingenico and Intuit (NASDAQ:INTU) to enhance fintech capabilities.

Furthermore, OmniQ received large purchase orders for upgraded IoT technology, ranging between $1 million and $3.4 million. The company has also successfully stabilized supply chain conditions and diversified its hardware sources to minimize future risks. OmniQ’s strategic positioning in high-growth sectors, including smart city infrastructure, public safety, logistics, and healthcare, is expected to contribute to its continued growth and success.

Despite the positive financial results, there was a slight decrease in gross profit by 1.45% to $3.95 million. However, OmniQ’s shift towards SaaS and service offerings is seeing impressive adoption rates among customers, positioning the company for future growth.

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