Odysight.ai Q1 Revenue $82K, Net Loss $5.2M; Backlog $14M
Odysight.ai reported Q1 2026 revenues of $82 thousand, a substantial decrease from $2.1 million in Q1 2025, primarily attributed to timing impacts from geopolitical situations. The company posted a net loss of $5.2 million, up from $4.3 million in the prior year period, while maintaining a gross margin of approximately 26%. Despite the revenue decline, Odysight.ai highlighted a strong backlog of $14 million and a debt-free cash balance of $21.8 million, alongside significant strategic progress including new defense pilot orders, a CRADA with the U.S. Navy, a partnership for Black Hawk helicopter testing, and a dual listing on the TASE. Management expressed confidence in achieving 2026 business targets, expecting delayed orders to convert in coming quarters.
Key Highlights
- Q1 2026 Revenues were $82 thousand, a significant decrease from $2.1 million in Q1 2025.
- Q1 2026 Net Loss was $5.2 million, compared to $4.3 million in Q1 2025.
- Backlog stood at $14 million as of March 31, 2026, providing revenue visibility.
- Cash balance was approximately $21.8 million as of March 31, 2026, with no debt.
- Entered a Cooperative Research and Development Agreement (CRADA) with the U.S. Navy's NAWCAD.
- Partnered with XP Services for first U.S. flight testing on a Sikorsky UH-60 Black Hawk Helicopter.
- Completed dual listing on the Tel Aviv Stock Exchange (TASE) in April 2026.