Factors that may affect our results, performance, circumstances or achievements include, but are not limited to the following: (i) market acceptance of our existing and new products, including those that utilize our micro Odysight.ai technology or offer Predictive Maintenance and Condition Based Monitoring applications, (ii) lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device and related industries from much larger, multinational companies, (v) product liability claims, product malfunctions and the functionality of Odysight.ai’s solutions under all environmental conditions, (vi) our limited manufacturing capabilities and reliance on third-parties for assistance, (vii) an inability to establish sales, marketing and distribution capabilities to commercialize our products, (viii) an inability to attract and retain qualified personnel, (ix) our efforts obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on a single customer that accounts for a substantial portion of our revenues, (xi) our reliance on single suppliers for certain product components, including for miniature video sensors which are suitable for our Complementary Metal Oxide Semiconductor technology products, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain, (xiii) the impact of computer system failures, cyberattacks or deficiencies in our cybersecurity, (xiv) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical, global supply chain and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction and (xv) political, economic and military instability in Israel, including the impact on our operations of the October 7, 2023 attack by Hamas and other terrorist organizations from the Gaza Strip and Israel’s war against them.
Key highlights Revenue for the first half of 2024 was approximately $1.4 million; Cash Balancei of approximately $13.5 million as of June 30, 2024--Raised $10.3 million in private placement during July to accelerate growth, while targeting Nasdaq uplisting--Purchase order received for the Israel Air Force (IAF) Boeing AH-64 Apache attack helicopter prototype--Purchase orders received from France-based Safran aircraft engines and from Tel Aviv University on behalf of the Israel Ministry of Defense for a bespoke system based on proprietary visual sensors--Purchase order received from an international defense contractor for PdM System, to be installed in upgraded IAF maritime version SH-60 Seahawks-- Yehu Ofer, Odysight.ai's Chief Executive Officer, said: "I am proud of Odysight.ai’s achievements in the first half of 2024, as evidenced by the meaningful purchase orders from the IAF, Israel Ministry of Defense and Safran.” Einav Brenner, Odysight.ai's Chief Financial Officer, added: "Odysight.ai continues to improve its financial performance, reflected by upward trending aerospace revenue.
We successfully completed a private placement of $10.3 million in July, supported by both existing and new shareholders, providing the capital to accelerate our growth.” Financial highlights for the six months ended June 30, 2024 (Unaudited) Revenues for the six months ended June 30, 2024 were $1.4 million, compared to $1.0 million for the six months ended June 30, 2023, an increase of approximately 40%.
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