Good morning, and thank you for joining us for the OMNIQ Corporate Update Call for the Q2 and six months ending in June 30th, 2022. At this time, all participants are on a listen-only mode. After management's prepared remarks, there will be a question and answer session. Joining us today, we have Shai Lustgarten, CEO of OMNIQ, who will provide an operational overview, and Niv Nissenson, Chief Financial Officer, who will discuss the financial results. 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 the principal risks and uncertainties that affect the company's business and performance factors that could cause actual results to differ materially. OMNIQ 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 will now turn the call over to Shai Lustgarten. Please go ahead.
Thank you, operator, and thanks to everyone joining us on the call today. We're very pleased to share with you our 2022 Q2 and six months financial results, combined with some of the following recent achievements. 85% growth in the Q2's revenue compared to Q2 of 2021. An 81% increase in the Q2's gross profit, with keeping the same 25% margin compared to the Q2 of 2021. Sequential revenue decrease of $2 million compared to strong Q1 of 2022, mainly due to the global supply chain shortages, which are getting better per our strong Q3 deliveries. The 54% growth in the six-month revenue marks another record of over $50 million in line with our annual run rate of $100 million revenue target.
104% growth in the six-month gross profit up to over $12 million. Gross margin for the six months up to 24% compared to 18% in the same period of 2021, in line with our profitability increase target. Q2 marks another breakthrough penetrating the retail and restaurant markets with the company's AI integrated solution. OMNIQ's Q Shield AI-based law enforcement solution offered to municipalities is experiencing positive momentum as 12 cities in the U.S. have already contracted and more are in the pipeline. Revenue model is based on recurring revenue sharing. Here are some of the highlights of recent events. On April 19, 2022, we announced the receipt of a purchase order to deploy our AI machine vision system in South America.
On June 8, 2022, we announced the receipt of $11 million order from the government of Israel for our supply chain IoT solution. On June 13, 2022, we announced the receipt of a $29 million order from our Fortune 100 customer for our supply chain IoT solution. On June 17, 2022, the company announced that it has been selected by the City of East Dublin to deploy its AI-based Q Shield vehicle recognition systems technology and its cloud-based citation management platform. On June 23, 2022, the company announced that its AI-based Q Shield system assisted law enforcement in Adrian, Georgia, to locate and return home an elderly man suffering from cognitive memory impairment.
Our municipality installed base is constantly increasing hand in hand with a growing number of municipalities interested in in deploying Q Shield in their cities to help keep their streets safe. Our momentum remains strong, achieving significant growth despite the macroeconomic conditions, including the supply chain crisis that caused some limited delays in the Q2's deliveries. We have a strong backlog of orders and are seeing strong deliveries in Q3. With our AI machine vision proprietary technology and innovative solutions, we're entering two mega markets, the retail and fast food restaurants markets. When we began this endeavor into the retail space, some saw fantasy, we saw vision. We knew our technology would add value to our customers by adding value to their consumers.
To describe our Q Shield solution for retail and fast food restaurants in a nutshell, OMNIQ automatically records and provides real-time and historical consumption information, which provides improved customer service and experience, resulting in revenue growth. Utilizing OMNIQ's technology will provide tools to better understand consumers' consumption habits while improving each unique customer's interaction. OMNIQ's solution will be part of the CRM, customer relationship management system, allowing for dynamic decisions based on each unique customer visit. Together with our OMNIQ's security enforcement in each restaurant location, our total solution is unparalleled. Before I go further, let me now turn this over to Niv to take a deeper look at our financial results. Niv?
Yes, hello, everybody. As Shai highlighted, we reported revenue of $24.2 million for the quarter ended June 30, 2022, which is an increase of 85% from $13.1 million in the Q2 of 2021. Revenue increase reflects a combined strength of our consolidation with Dangot as well as continued traction in our market. Total operating expenses for the Q2 were $8 million compared to $5 million in the Q2 of 2021. The increase reflects the consolidation of Dangot as well as certain non-recurring expenses. Net loss for the quarter was $3.1 million, or a loss of $0.44 per share, compared with a loss of $2.5 million, or a loss of $0.53 per share for the Q2 of last year.
Adjusted EBITDA, meaning adjusted earnings before interest, taxes, depreciation, and amortization for the Q2 of 2022 amounted to a loss of $777,000 compared to an adjusted EBITDA loss of $437,000 in the three months that ended on June 30, 2021. Cash balance was $2.9 million at the period ended June 30, 2022, compared to $7.1 million in December 31, 2021. Turning to the six-month results, OMNIQ reported record revenues of $50.5 million for the six months that ended June 30, 2022, an increase of 64% from $32.9 million in the same period of 2021.
Our gross profit grew to $12.1 million in the first six months of 2022 compared to $5.9 million in the same period in 2021. Total operating expenses for the six months that ended June 30, 2022 were $15.5 million, compared with $10.6 million in the H1 of 2021. Net loss for the six months ended June 30, 2022 was $5.7 million or a loss of $0.79 per basic share, compared with a loss of $5.8 million or a loss of $1.24 per basic share for the same period last year.
Adjusted EBITDA for the six months that ended June 30, 2022, amounted to a loss of $564,000, compared with an adjusted EBITDA loss of $1.6 million in the six months that ended June 30, 2021. I do wish to point out that in April, we announced the acquisition of the last remaining shares of Dangot Computers Ltd. As a result, we now own 100% of Dangot. Let's now turn the call back over to Shai to talk more about operational achievements.
Thank you, Niv.
Shai.
Thanks, Niv. Our business fundamentals are solid and prove once again the strength of our business model, relying on top-of-the-line technologies, proprietary AI-based innovative solutions, and an invaluable loyal customer base, which I will mention only a few. The government of Israel, IDF, the Israel Defense Forces, Safeway, Geodis, Google, Ace, Bridgestone, McKesson, Bayer, Abbott, Foot Locker, police and municipalities such as Hialeah, Tel Aviv, City of Adrian, and many others. Airports such as JFK, LaGuardia, Los Angeles Airport, Miami, Chicago, Salt Lake City, and many others. This is a partial list that shows one of our most important assets being trusted by the most demanding customers. To sum it up, our three business lines, supply chain automation, traffic management, and smart city, are each showing growth. We're continuing to sell deeper and wider to our existing customers.
We focus on generating cash and profitability through better operations and revenue increase. We continue the momentum in sales and deployments of our AI products to the new segments we penetrated. As we turn it over to questions now, let me take this opportunity to thank OMNIQ's devoted and talented employees. I would also like to extend my sincere thanks to our loyal customers and suppliers, our professional team, and other strong supporters. Last but not least, we would like to thank our shareholders for your continuing support, as well as wish you all continued success. Operator, I'll now turn this over for questions.
Certainly. The floor is now open for questions. If you have any questions or comments, please press star one on your phone at this time. We ask that while posing your question, you please pick up your handset if listening on a speakerphone to provide optimum sound quality. Please hold just one moment while we poll for questions. Your first question is coming from Jaeson Schmidt with Lake Street Capital Markets. Please pose your question. Your line is live.
Hey guys, thanks for taking my questions. Shai, I just want to follow up on your comments on sort of the supply chain headwinds in Q2. Just curious if you could quantify how much revenue that impacted in the quarter. I guess relatedly, how are you guys thinking about the supply chain environment going forward? Do you expect any sort of improvement here in the back half of the year?
Hi, Jason, and thanks so much for your question. To quantify, I would say about $2 million to several million, like we mentioned also last call, that this is how we can limit the effect of it. Of course, if you quantify that and add it back to the quarter, you see the increased quarter by quarter revenues. Again, we had this challenge and that of course connects to the second portion of your question, how do we see this going forward? We already see this much better right now like we expected also when we discussed this on our last call. We see better and improved delivery rates, more stable, not like the peaks we've seen in the last several quarters due to these challenges.
What we see month by month in this quarter in the Q3 is much stable deliveries and fulfillment of our backlog. That gives us a positive, I would say, view of how this is going to be handled in the H2.
Okay. That's really helpful. If I heard correctly, you said you had 12 cities under contract, and if I can recall, that's up from maybe around seven in Q1. I mean, as we look forward, obviously you've been pretty transparent that you're seeing some really good traction in that space. How should we think about those cities under contract growing through the H2 of this year? I guess if you look out to next year, how many cities could be under contract by the end of 2023?
We're continuing to see the very positive traction of Q Shield deployed in cities and the interest of cities to deploy Q Shield. You're correct about the numbers, Q1 versus Q2. By the way, it could have been even more, and it's not because the cities were not there. The cities are definitely there. We have much more than what we are. I mean, we can actually sign today about 20 cities already. We're doing this cautiously 'cause we started this product, if you remember, really by January of this year, and it's really growing nicely. To answer how we should look at this next year by 2023, we should look at at least 50 cities.
Okay. No, that's really helpful. Last one from me, and I'll jump back in the queue. I would assume as kinda Q Shield continues to ramp and your overall AI portfolio continues to ramp, even in light of some of the supply chain inflationary pressures, should gross margin continue to expand from these levels?
Absolutely. This is exactly in line with what we've been saying that we're focusing on for several calls already. We are seeing the increase in all parameters and definitely the gross margin is one of the more important ones and we should continue seeing that increases.
Okay. Perfect. Thanks a lot, guys.
Thank you, Jaeson.
Your next question is coming from Hila Pinevsky. Please pose your question. Your line is live.
Hello, Shai. Great results.
Thank you very much.
I have a few questions for you. Thank you for the details on the retail and restaurant. Do we have competitors on this solution?
I would say that there are companies that would try to approach bringing efficiencies and drive more I would say revenues for that segment with different technologies. Definitely machine vision, our technology, OMNIQ's product is one that is unique. You cannot really find one that I'm aware. I need to be cautious about it, but we are not seeing competition when we go to and offer our unique solution, which also combines, of course, Q Shield security, automatic machine-to-machine security that it brings with it. Definitely we are not seeing anyone in that field offering what we offer.
Okay. That's wonderful. Another question is, lately, the company announced a $29 million order from a US company. Is this order already delivered?
Yeah. It started deliveries immediately. We have, I would say, delivered probably already a fourth of that order.
Great. Okay. In previous quarter, you mentioned the hiring of a new resellers. Any results from that?
Yeah, yeah. That is a very good question. Thank you. We are continuing to hire resellers, and we are expanding our reseller channel, what we call the indirect channel sales, which of course brings with it more and more opportunities that we are translating into deliveries, which and stronger pipeline and backlogs. That's part of why our backlog is so strong.
Okay. That's very good to hear. That's what's bringing me to my next question is what can you say about the Q3?
Q3, we're seeing positive, really positive trends that gives us much better, even more visibility into how the year is going to end. First, things that we've been concerned about before and challenged with in the previous quarters for the last two years, of course, the global supply chain. We definitely see much better performance there. We've been told that this is how it's gonna be, you know, when discussing this strategically with our partners. Overall, we're all not only OMNIQ, but our partners as well. We see better performance in answering these and getting over the supply chain, global supply chain challenges that is visible already in Q3 by strong deliveries. I think we're gonna see a very healthy quarter.
Okay. I believe so. Last thing, can you update about the Dangot acquisition?
Yeah. Dangot's acquisition, what we call our Israeli operation, is because it's definitely very much consolidated already into the OMNIQ business lines. We are seeing very positive, I would say merger into the U.S., merging its products into the US market. We're seeing advantages and added value that is coming with the product, with the products that Dangot brought. We're seeing good demand and how it completes better our solution in the different segments and markets we operate in, which. Again, it all turns to better and stronger backlog, and it comes a lot as well by cross-selling Dangot's equipment into our existing customer base and also new customers by expanding our services to our existing customers.
This is exactly what I meant when I mentioned in the previous section of this call, where we are focusing on selling deeper and wider to our existing customer base. This Dangot equipment and products, unique products, definitely bring that capability for us to do that. Of course, as a separate P&L, definitely, they show growth as well. All in all, we're very happy about how things are progressing with our Israeli operation.
Okay, great. Thank you very much.
Thank you, Hila.
Your next question is coming from Neil Fiegans. Please pose your question. Your line is live.
Hi, Shai. Thanks for taking my questions. Just to kind of set the stage, I'm relatively new to the OMNIQ opportunity. My first couple of questions are around your retail vertical and entering the fast casual dining fast food vertical. Two of the big contracts you've recently announced, one was a 5,000-store retailer and another, the last week, the 800-store fast casual dining chain. Am I correct that you've been given the green light to only go into a limited number of those stores? If that's correct, how long do you think it will take to fully install into those initial stores? How long do you expect the customer to want to evaluate those initial stores before they would give you the go-ahead to expand further?
Yeah. Yeah. First of all, thank you for joining our investors family, supporters. Hoping that you will remain with us and appreciate you being now taking position. So thank you for that. Secondly, yeah, you're correct that we, you know, you first start with a limited number of locations where the customer then tests your equipment and sees exactly that everything operates as it should. The current status we're at is that they're already happy. They've run this equipment for a while, our products, and that's why we came out with these announcements as well.
We didn't start, I mean, we didn't go out with the announcements when, you know, at the point we just received the approval, the green light to go and put it in several locations. It was already after they've been testing it. We are already in discussions now of how do we now manage the forecast going forward? How do we provide and schedule together with these customers, together with them, the deployment, right? Because they have to schedule with their installers and how to integrate each store, et cetera, et cetera. That's a whole operation.
I was involved in one of these calls earlier, I mean, Friday, actually, where we wanted because they want to ramp it up even quicker than, you know, than we thought initially, where they were very happy about the performance and they want to ramp up even the schedule that we looked at before. I was on the call to support that requirement. How long is it gonna take us to do that? Again, it depends on them. Currently, what we're seeing is that they want to, first of all, receive the equipment quicker than we thought. This could be several months to do within the year. For them, then they feel, I mean, it'll be much easier for them now to schedule the deployment. It's gonna be hand in hand.
I mean, we're going to deliver probably faster than they will deploy, and their deployment will be done together with us, but that's gonna be taking a little longer. I still think that within the year, we can see a significant number of locations already getting deployed.
Okay. If you were to roll into all 5,000 of the retail customer and all 800 of the fast-casual chain, should we be thinking that that's several quarters or a couple of years to fully deploy across that many stores?
I wouldn't say couple of years. Again, we're seeing their eagerness. I mean, how eager they are to do this even quicker than we thought. I wouldn't say a couple of years, I would say several quarters.
Okay. A quick one on the fast-casual customer. You mentioned that you had integrated with the CRM system the customer's using. How significant is that? Is your software easily integratable with any CRM system, or does it require a lot of collaborative work with the CRM provider?
We already have a lot of experience in integrating with different operating systems. CRM is one of them. We have many years of experience with integrating with government operating systems, with different type of operating systems. As integrators of solutions, this is something that we are doing on daily basis. I would say that it's not a heavy lifting thing for us. Of course, it requires the other company, the CRM company to put their resources to get that done as well from our end. This is something that we can do very fast and well. We have our APIs ready.
We're not integrated today with all operating systems or all CRMs, of course, but we have done a lot of it, such integrations before in different environments and with different customers. That's not new to us at all. I think that again, to us, to answer your question, it's not a difficult thing for us. Yes, it takes resources, but a lot of it already exists. Our APIs are already in place for many years doing that same thing.
Okay. One more for me, if I could. You've just been on a torrid pace of announcing new Fortune 500, Fortune 100 customer wins, and you're talking about having a large pipeline. How do you feel about your staffing, your corporate staffing from the executive team to the sales team to the customer support team that's working with all these customers to make sure they have the best possible experience with OMNIQ? Do you have the people in place that you need, or is it a work in progress? I mean, how would you color that?
I think it's always a work in progress. You always wanna get better, and when you grow, you need to strengthen your teams. We try to focus on making our product as an infrastructure, to making our product as a plug-and-play. To do that, we focus on the software a lot, right? How do you remote control into every location? How are you able to, at one push of a button, update versions and et cetera, and see the health by knowing how to do the management on every device, on every location, in every location, how can you monitor the health of the equipment, et cetera? We focus a lot on it, on that, and we're getting better and better.
That allows us not to, for example, if we have 10 today in support, not to raise it immediately to 20 because we are increasing customers. That's not the way that it's done at OMNIQ. We don't need that because a lot of it, like I mentioned, is done also remotely. We are very known for more than 20-something years now for our very good support. That's something that we're continuing to put the focus on and never to change because it is a very significant segment, I would say, key factor in our success with our existing customers. We'll never give that up, of course, and we'll always make it better.
To quantify, you know, you need to add about probably 10% gradually on an ongoing basis as you grow in support. With regards to sales, the focus there, yes, we are fully, I would say, very, very well-positioned in our staffing. No need to increase or decrease. What we are focusing on, though, is what I mentioned before, is on our indirect sales, which is the reseller channel that we started building, which creates a lot of the growth right now. Focusing on how we train our resellers better, how we provide much better videos and training sessions, and go hand-in-hand together with them to different deployments and teach them much quicker and better how to resell our product. Some of them provide also the support, by the way.
This way, I think that in sales we're really good and, you know, and staffed well there. No need to change anything on the executive team as well. No need to make any changes. We always wanna be better. We always want to increase our, you know, the quality of the skills that our people have. We'll do it in many ways, and it's an ongoing process, but I think that we're very well-positioned right now in all departments in staffing.
Okay, great. Well, thanks again, and quite exciting what you've got going on there, so I'll stay tuned.
Thank you, sir. Appreciate your support.
Your next question is coming from Howard Halpern at Taglich Brothers. Please pose your question. Your line is live.
Congratulations, guys. Great quarter.
Thank you, sir.
Talking a little bit more about, you know, the operations and operating expenses. I noticed that there was about a little over $615,000 in a non-recurring expense. Was that related to the Dangot, you know, finishing up the acquisition? Was that included in SG&A expense?
Yeah, I think there are some elements relating to Dangot and other expenses relating to the loan that we've got that have increased those non-recurring expenses.
With that should not continue going forward, so SG&A expense will fall back into the $6 million-plus, $6.5 million-plus area going forward? Or is it gonna stay above $7 million?
Yeah, I think it's gonna dwindle down. Obviously, sometimes other non-recurring expenses find their way to kind of tap back in. Yes, we expect those not to recur, obviously.
In terms of what you've talked about with, you know, your existing long-term, you know, high-quality customer base, what are you seeing in terms of them wanting to move towards, you know, the AI machine learning and, you know, have you seen an increase in the number of pilot programs that they are requesting for your new offerings?
Shai, I think it was directed to you.
Just actually one moment. It seems we have lost Shai. We're just trying to reconnect him now.
Okay.
Okay. Just please remain on the line one moment. We are trying to rejoin Shai. Okay, Shai has rejoined.
Okay. Yeah, I'm sorry about that.
I'll repeat the question to you. You know, with your established customer base, are you starting to see them demanding or requesting pilot programs to test out your AIs so you're leveraging your existing equipment base, customer base?
Yes. The answer is yes. We are seeing that increased demand. I would like to mention that the increased demand is there for a while. We are
Penetrating or answering that demand very cautiously because like, you know, these are enterprises that, we have to prepare ourselves before we go even into a pilot. From our experience at least, you have to come with what is very close to a finished, or ready solution. Now, the technology is firm, right? There's, you know, it's even more. Its performance is even more than what the demand is for that market. I mean, going with our technology to our existing customers in the supply chain, the Fortune 100 customers, our technology answers even more than what they would need. That's not the question.
The application development, the pilot scheduling, the customer expectations, that is exactly what takes longer and much closer work together with the customer. Because once you deploy in one, for example, you go to Vans, one of our customers, they have so many stores. Once you go to and you succeed in one pilot even, and I have no doubt that we are going to, then it spreads to thousands, right? Of locations. We're seeing that. We started that, but this is why we're controlling and managing that pace, if that makes sense.
Okay. Yes, it does. Okay. Well, thanks, guys, and keep up the great work.
Thank you, sir. Appreciate your support.
Thanks.
Once again, if there are any remaining questions or comments, please press star one on your phone at this time. Please hold a moment while we poll for any additional questions. We have an additional question from Matt Williams with Free Associates. Please pose your question. Your line is live.
Thank you so much. Shai, great quarter. I appreciate you guys taking the time here. The first thing I wanted to ask is, are you able to separate what the organic growth was in the quarter from the OMNIQ business versus the Dangot business?
Yeah, definitely.
Yeah, go ahead.
Yeah, go ahead. I'm sorry.
No, I was gonna ask, so what is that?
Yeah. Again, what we-
Yeah. I can answer, Shai.
Sure.
We've seen organic growth materialize in the Dangot side. Of course, our revenue has increased organically during the six months. On the OMNIQ side, I would say that sales orders have increased. Given the supply chain difficulties in Q1 and Q2, some of the sales orders have not transformed into revenue yet. On sales orders, we have seen organic growth across all our portfolio. In terms of deliveries and revenue, it's mostly centered around Dangot for the six months of this year.
Okay. Got it. All right. Just a couple more things here. On the Q Shield safe city side, it doesn't sound like demand is the gating factor there in your revenue growth. But is it more tied to the supply chain, or is it tied to the ability to deploy the systems? What would you say is kind of the gating factor?
Well, I would back up for a second and say that it's not the supply chain or, I would say, any other factor that would make this for you not seem like a significant portion of the growth currently, if I understood your question correctly. What it is the volume, right? The volume of cities as we deploy more and more, this is how we will see this as a more and more significant portion in the total revenue of the company. The reason why you're not seeing currently 100 cities deployed is because we started this a few months ago. We've been very successful.
It's just unbelievable how much even more than what we thought this system, Q Shield, can affect the everyday lives of residents, even in a small town in less than 1,000 residents. In one month, we've been able to change and get 23 gas theft, for example, cases to zero the next month. This is of course the missing person that we found as the first technology that does that. I mean, this is really something that's getting a lot of traction. We have many cities, more than 50, more than 60 now, that are on the list to get contracts. In one day, we submitted 7 contracts for signing.
This is moving nicely, and you will see it becoming significant portion of the revenue stream once we increase the volume. We are looking at 2022 as the year that Q Shield has that, you know, created that breakthrough into municipalities, and we are working. The supply chain challenges were there, but that wasn't the most, I would say, factor of not deploying right now, you know, immediately 12 cities. It was the how do we gradually monitor, make sure that the software, make sure that everything works perfectly, and building the reseller channel, training them. It's a whole process that needed to happen.
that's what we are focusing on in 2022, but definitely also in 2022 want to start seeing that as a, I don't know if a significant, but at least getting to that or showing the trend to becoming a significant revenue stream.
All right. Perfect. That's really helpful. If I may, just a couple more. I don't know if you said this, but did you report what your backlog is? The size of the backlog?
Yeah. No, I don't think we did, but it's more than $20 million. It's about probably $22-23 million.
Okay. All right, great. Cash, obviously, there was some cash usage year to date. Can you just talk about, you know, liquidity, cash needs? Do you have adequate cash to, you know, sort of meet the demands that you're seeing in the business?
Yes. We have sufficient cash and funds to support our growth, to support our operational needs, yes.
All right, perfect. Just the last thing, if I may. This fast food order, is this like a kiosk in-store application? Is it a drive-thru application? Can you just give some color on exactly what it is you're doing?
It's not the drive-thru. It's not the self-ordering kiosks that we do have actually. This is one expansion into these restaurants that will happen soon as well, you know, from selling deeper and wider to our existing customers. What we currently penetrated with is our Q-Post product and the software. That's what we call Q- Shield. You can see that product on social media and on our website. It's one of the newest that we came out with recently. What it does is we install it in the entrance to the facility before getting even into the drive-thru.
What we do is we identify the vehicle's parameters, all the vehicle's make, color, type, model, et cetera. We know how to integrate into the CRM system, and this way connect a person to the consumer, actually to the vehicle and the order intake, et cetera. Start tracking that, providing historical information, providing forecasting into going forward, creating efficiencies because of that, hand in hand together with providing security. The same thing as we do with police departments, just much bigger footprint now when we are in these deploying our systems into this fast food market. Also, provide better loyalty experience programs for consumers to these restaurants.
All in all together, this is, you know, creating much higher revenues to the customer as they provide better service to their consumers. Even faster flow in that drive-thru operation. What we've done is we've exposed that. We've got awarded, and it starts in phases. We're providing in phases the solution, where at the end, of course, everything that I just mentioned, that's gonna be serviced to the customers.
Right. Awesome. Well, good stuff. A very impressive growth, and look forward to seeing the continued trends in the back half. Thanks for your time.
Thank you, sir.
There are no further questions in queue at this time. I would now like to turn the floor back over to Shai Lustgarten for any closing remarks.
Thank you very much, operator. I would like to thank again the OMNIQ's team, its devoted and talented employees. As I mentioned, I really want to thank also our customers, our suppliers, all of our partners, the professional team, and any other strong supporters that we have. Like I said before, you, the shareholders, thank you very much again to your continuing support. We're looking forward to grow our shareholders list all the time. We're seeing that growth, and it's really exciting. These are exciting times for OMNIQ, so I appreciate everyone, and looking forward to talking to you again soon.
Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.