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Odysight.ai Reports Financial Results for the Three Months Ended March 31, 2026 and Provides Business Update

ODYS
  • Odysight.ai reported Q1 2026 revenues of $82,000, a decrease from $2.1 million in Q1 2025, attributed to the derecognition of a medical contract liability & geopolitical delays.
  • The company ended the quarter with a backlog of $14 million & a cash balance of approximately $21.8 million, remaining debt-free.
  • Odysight.ai received two active pilot orders from a major Defense customer for monitoring an operational combat helicopter & a critical component in an airborne weapons system.
  • A Cooperative Research and Development Agreement (CRADA) was signed with the U.S. Navy's NAWCAD to advance AI-driven visual sensing for carrier arresting cables, with delivery expected in the coming months.
  • The company partnered with XP Services to conduct the first U.S. flight testing of its AI-powered Predictive Maintenance System on a U.S. Army Sikorsky UH-60 Black Hawk Helicopter, with flights scheduled to begin shortly.
  • Initial Industrial Predictive Monitoring Systems were delivered to European customers & are now operational under an agreement with a leading European sensing provider.
  • A Commercial Collaboration Agreement was signed with GACI Technologies in April 2026 to expand AI-powered predictive maintenance solutions into the French Aerospace & Defense market.
  • The company completed its dual listing on the Tel Aviv Stock Exchange (TASE) in April 2026 to broaden access to investors.
  • Operating expenses reached approximately $5.4 million, driven by global sales expansion & share-based compensation, while gross margin remained stable at approximately 26%.
  • Net loss for the quarter was approximately $5.2 million, compared to $4.3 million in the same period last year.
  • CEO Yehu Ofer stated that revenue timing impacts were temporary due to mission-critical prioritization by defense partners, citing strong underlying demand.
  • CFO Einav Brenner noted that delayed purchase orders are expected to convert into revenue in the coming months, with financial performance expected to improve in H2 2026.