ODYSIGHT.AI INC - ODYS STOCK NEWS

Odysight.ai Inc. (OTCQB: ODYS), a leader in AI-driven Predictive Maintenance (PdM) and Condition-Based Monitoring (CBM), has appointed Dr. Carlo Papa to its board of directors. Dr. Papa brings over 20 years of experience in energy and finance sectors, with expertise in innovation focused on climate change mitigation and energy transition.

Dr. Papa currently serves as a Senior Fellow at the Columbia Center on Sustainable Investment and as a member of the Impact Advisory Board of SACE. His background includes roles as Managing Director of a major Italian think-tank, where he formed international partnerships and executed scientific projects in energy, climate, and finance.

The appointment is expected to bring valuable insights to Odysight.ai as it expands into new markets and verticals. Prof. Benad Goldwasser, Chairman of the Board, expressed enthusiasm about Dr. Papa's addition to the board, highlighting its potential to guide the company's strategic growth and continued success.

Odysight.ai Inc. (OTCQB: ODYS) has secured a purchase order agreement exceeding $10M with a leading international defense contractor. The agreement involves integrating Odysight.ai's vision-based predictive maintenance (PdM) and condition-based monitoring (CBM) system into a new UAV configuration and an existing UAV line. This deal is expected to cover several hundred systems over the life of the programs, with the UAVs being sold globally.

The company's addressable market for UAV-specific solutions is estimated at multibillion dollars. Odysight.ai's technology enhances sustainment, operational availability, and safety of platforms, providing an onboard Health and Usage Monitoring System (HUMS). The system's ability to be retrofitted for existing platforms and integrated from design significantly expands its market potential.

Odysight.ai Inc. (OTCQB: ODYS) reported its financial results for the first half of 2024 and provided a business update. Key highlights include:

• Revenue increased by 40% to $1.4 million
• Cash balance of $13.5 million as of June 30, 2024
• Raised $10.3 million in a private placement in July
• Received purchase orders from Israel Air Force, Safran aircraft engines, and Israel Ministry of Defense

The company's gross profit improved from a loss of $0.4 million in H1 2023 to a profit of $0.3 million in H1 2024. Operating expenses increased by 9% to $6.0 million, while net loss decreased to $5.3 million. Odysight.ai aims to accelerate growth and target a Nasdaq uplisting.

Odysight.ai (OTCQB: ODYS) has secured a private placement of 2,144,583 shares at $4.80 per share, raising over $10 million. The funds will be used for working capital and advancing purchase orders for their Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) solutions. The placement includes new and existing investors, including board member Mori Arkin.

CEO Yehu Ofer highlighted the investment as a demonstration of confidence in Odysight.ai's value and multi-vertical growth strategy. The company is expanding beyond medical and aerospace into industrial, energy, and transportation sectors. Recent purchase orders include contracts with Safran Aircraft Engines and for systems to be installed in Lockheed Martin SH-60 Seahawk and Boeing AH-64 helicopters.

Odysight.ai (OTCQB: ODYS), a leading AI developer for Predictive Maintenance (PdM) and Condition Based Monitoring (CBM), has received a significant purchase order from Safran Aircraft Engines, based in France.

This order marks Odysight.ai's entry into the experimental design and development sector for aviation engines.

Odysight.ai will supply advanced micro cameras equipped with specialized sensors to endure harsh environments, supporting Safran's jet engine experimentation and development.

CEO Yehu Ofer celebrated the milestone, highlighting its importance for the company's growth in the aviation industry.

Odysight.ai (OTCQB: ODYS) announced its Q1 2024 financial results, reporting a GAAP net loss of $3.2 million and a non-GAAP net loss of $2.7 million, compared to losses of $2.7 million and $2.3 million respectively in Q1 2023. The company holds $15.6 million in cash and short-term deposits. The increased losses are attributed to ramped-up R&D and marketing in the I4.0 domain.

Significant achievements include a $3.5 million backlog, a purchase order for predictive maintenance systems for Israel Air Force’s Boeing AH-64 Apache helicopters, and $1 million+ order for systems for SH-60 Seahawk helicopters. The company also secured a research project with Tel Aviv University for the Israeli Ministry of Defense, demonstrating the broad applicability of its technology.

Additionally, Odysight.ai appointed Einav Brenner as the new CFO. CEO Yehu Ofer highlighted growing demand across multiple industries and strategic partnerships, marking important milestones in the company's commercial growth.

Odysight.ai Inc. (ODYS) received a purchase order from Tel Aviv University and the Israel Ministry of Defense for a bespoke system utilizing its proprietary visual sensors. The order highlights the wide range of applications for Odysight's visual expertise and technological capabilities, showcasing the company's ability to meet demanding client needs with innovative solutions.

Odysight.ai announced the appointment of Ms. Einav Brenner as the new Chief Financial Officer. Ms. Brenner brings over 15 years of financial experience in high-tech and pharmaceutical industries, previously working at Solato and RedHill Biopharma With a strong background in finance and operations, she is expected to support Odysight.ai's growth and commercialization efforts in the aerospace, transportation, and energy sectors.