Omniq Corp

Good morning, ladies and gentlemen, and thank you for your patience. The conference will begin shortly. Once again, thank you for your patience. Your conference will begin shortly. Thank you. Good morning and thank you for joining us for the Omnic Financial Results and Corporate Update call for the third quarter ending September 30th, 2021. Joining us today are Shai Lustgarten, CEO of Omnic, who will provide an operational overview, and Niamh Niesensen, Chief Financial Officer, who will discuss financial results. At this time, all participants have been placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. I will now take a brief moment to read the Safe Harbor Statement. During the course of this conference call, we will make certain forward-looking statements. All statements that address expectations, opinions, or predictions about the future are forward-looking statements. Although they reflect our current expectations and are based on our best view of the industry and our current expectations and our business as we see them today, they are not guarantees of future performance. These statements involve a number of risks and uncertainties, and since these elements can change and in certain cases are not within our control, we would ask that you consider that and interpret them in that light. We urge you to review the company's Form 10-K and other SEC filings for a discussion of principal risks and uncertainties that affect the company's business and performance and the factors that could cause actual results to differ materially. Omnic undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. I'll now turn the call over to Shai Lustgarten. Please go ahead.

Thank you, Operator, and thanks to everyone joining us on the call today. During 2021, in the third quarter, we achieved milestone highs for all of us. We listed on NASDAQ, Our share liquidity substantially grew. We closed the rates of $15 million in equity, strengthening our balance sheet. We have $10 million in cash. We received $13 million worth of new orders in October. We were selected by a number of cities for long-term installment of AI machine vision systems for public safety and law enforcement. we closed the acquisition of 51% of Vanguard computers, creating many new opportunities that I'll discuss later. With this acquisition, we created a $91 million revenue company based on the 2020 pro forma basis. The acquisitions create powerhouse of AI, object identification, and automation company that is well-placed to drive growth and stronger financial results. Furthermore, During the quarter, we executed another major milestone with successful uplifts to NASDAQ. Turning to the results, third quarter revenue reached $20.5 million, up 30% year-over-year. While we are not immune to supply chain disruption, demand remains high, as evidenced by more than $30 million in orders announced in October alone. Based on that, in our firm customer base, we expect growth to continue. Before I go further, let me now turn this over to Niamh to take a deeper look at our financial results. Niamh?

Yes. Hello, everybody. As Shai highlighted, we reported revenue of $20.5 million for the quarter ended September 30, 2021, which is an increase of 30% from $15.8 million in the third quarter of 2020. The revenue increase reflects the combined strength of our consolidation with Dangot, as well as continued traction in our markets. Total operating expenses for the quarter were $8.8 million compared to $5.8 million in the third quarter of 2020. Again, the increase reflects the consolidation with Dangot, as well as certain non-recurring expenses related to the acquisition. Net loss for the quarter was $5.1 million, or a loss of $0.73 per share compared to a loss of $3.8 million or a loss of $0.83 per share for the third quarter of last year. Adjusted EBITDA, meaning adjusted earnings before interest, taxes, depreciation, and amortization for the third quarter of 2021 amounted to a loss of $1.9 million compared to an adjusted EBITDA loss of $905,000 in the third quarter of 2020. Cash balances was $10 million for the period ending September 30, 2021. Let me now turn the call over back to Shai to talk more about operational achievements and outlook. Shai?