The 96% revenue collapse and widening losses confirm a severe near-term operational disruption, despite management attributing it to timing. The $14M backlog provides a potential recovery catalyst if conversion accelerates in H2 2026. Monitor for purchase order execution and cash burn rate in the next 10-Q.
Price Chart
Executive Summary
Odysight.ai reported Q1 2026 revenue of $82K, a 96% YoY decline from $2.1M, driven by the full derecognition of a legacy medical contract liability in Q1 2025 and delays in defense purchase order execution due to geopolitical factors. Net loss widened to $5.2M from $4.3M, with operating expenses increasing to $5.4M. Backlog remained stable at $14M, and the company ended the quarter with $21.8M cash and no debt.
Key Financial Metrics
Key Facts
- Q1 2026 revenue collapsed to $82K from $2.1M YoY, a 96% decline.
- Net loss widened to $5.2M from $4.3M YoY.
- Operating expenses increased to $5.4M from $5.1M YoY.
- Backlog held steady at $14M as of March 31, 2026.
- Cash balance decreased to $21.8M from $26M at year-end 2025.
- Gross margin remained approximately 26%, consistent with prior periods.
- Company signed a CRADA with the U.S. Navy and a collaboration agreement with GACI Technologies.
- Completed dual listing on the Tel Aviv Stock Exchange in April 2026.
Financial Impact
Revenue declined by $1.98M YoY (96% drop); net loss increased by $0.9M YoY.
Risk Factors
- Continued delays in defense purchase order conversion due to geopolitical instability.
- Cash burn of ~$5.2M/quarter implies ~4 quarters of runway at current rate.
- Dependence on a limited number of defense customers for backlog conversion.
- Potential for further revenue volatility given lumpy government contract timing.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-023116 |
| Document: form8-k.htm | 0001493152-26-023116 |
| Document: 0001493152-26-023116-index-headers.html | 0001493152-26-023116 |
| Document: 0001493152-26-023116-index.html | 0001493152-26-023116 |
| Document: 0001493152-26-023116.txt | 0001493152-26-023116 |
| 8-K Data (Synthetic) | 0001493152-26-023116 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 24, 2026 9w ago | Insider Cluster | $3.65 $3.10 | ▲ +15.07% | ▲ +15.32% | $2.11 (+42.19%) |
Aug 21, 2026 9w ago | 8-K / 424B5 | $3.40 $3.35 | ▲ +1.47% | ▲ +0.94% | $2.11 (+37.94%) |
Aug 20, 2026 9w ago | 8-K | $3.35 $3.31 | ▲ +1.19% | ▲ +1.19% | $2.11 (+37.01%) |
Aug 20, 2026 9w ago | Press Release | $3.35 $3.31 | ▲ +1.19% | ▲ +1.19% | $2.11 (+37.01%) |
Aug 19, 2026 9w ago | Press Release | $3.35 $3.31 | ▲ +1.19% | ▲ +1.19% | $2.11 (+37.01%) |
Jun 7, 2026 20w ago | Press Release | $3.92 $4.19 | ▼ −6.89% | ▼ −5.26% | $2.11 (+46.17%) |
Jun 5, 2026 20w ago | 424B5 | $3.92 $4.19 | ▼ −6.89% | ▼ −5.26% | $2.11 (+46.17%) |
Jun 5, 2026 20w ago | 8-K | $3.92 $4.19 | ▼ −6.89% | ▼ −5.26% | $2.11 (+46.17%) |
May 21, 2026 22w ago | 8-K | $4.97 $4.16 | ▼ −16.30% | ▼ −14.88% | $2.11 (−57.55%) |
May 14, 2026 23w ago | 8-K | $4.56 $3.87 | ▲ +15.13% | ▲ +17.25% | $2.11 (+53.73%) |
US Market Status
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