Revenue for the six months ended June 30, 2024 was approximately $3.4 million, an increase of approximately 620% compared to the same period in 2023.
Rehovot, Israel, Aug. 28, 2024 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (AI)-based edge computing technology, today announced its financial results for the six months ended June 30, 2024.
Revenue for the six months ended June 30, 2024 was approximately $3.4 million, an increase of approximately 620% compared to the same six-month period in 2023.
Gross profit for the six months ended June 30, 2024 was approximately $1.9 million, compared to a gross loss of approximately $0.2 million for the same six-month period in 2023.
Net income for the six months ended June 30, 2024 was approximately $132,000, compared to a net loss of approximately $2.3 million for the same six-month period in 2023.
Net earnings per common share for the six-month period ended June 30, 2024 were $0.02, compared to a net loss per common share of $0.29 for the same six-month period in 2023.
Working capital was approximately $7.0 million as of June 30, 2024, compared to approximately $7.3 million as of December 31, 2023.
We expect that our existing cash and cash equivalents and short-term bank deposits as of June 30, 2024, together with expected revenues from existing customers under existing orders and projected revenues from new customers, will be sufficient to fund our ongoing operations and meet our obligations for the next twelve months.
Our backlog was approximately $10.0 million and $10.5 million as of June 30, 2024 and August 28, 2024, respectively. We define backlog as the sum of all outstanding orders with a future fulfillment date for which revenue has not yet been recognized and that we consider valid. Backlog consists of fulfilled orders from new and existing customers with whom we have long-standing relationships, as well as from government agencies.
Israel Bar, CEO of Maris-Tech, stated: “The first half of 2024 was a time of significant progress for Maris-Tech. Not only did we achieve record-breaking financial results, but we also established strategic partnerships and signed important contracts that put us at the forefront of video edge computing technology. The company’s impressive revenue growth during this period confirms our strategic focus on the defense industry and demonstrates that Maris-Tech’s innovative solutions significantly improve safety and operational efficiency in modern combat scenarios.”
Key highlights for the six months ending June 30, 2024
Strategic cooperation: We have entered into a cooperation with Renesas Electronics Corporation, one of the world’s largest semiconductor manufacturers, and have been accepted into Renesas’ Preferred Partner Program. We believe that this cooperation and Preferred Partner status will enable us to drive the further development of edge computing solutions, which reflects the commitment of both companies to innovation in key markets.
Growth in the defense sector: Secured several defense contracts, including a $415,800 contract for Jupiter-Nano for armored vehicles, a $110,000 contract for a Mars-based product for intelligence gathering and other defense applications, a $225,000 contract for a Uranus-based video payload solution for drone platforms, and a $957,000 contract for a customized solution that provides enhanced situational awareness to armored and autonomous vehicles.
Collaboration in the field of optics and photonics: Integrated critical firmware and hardware to support the AI algorithms embedded in LightPath infrared cameras demonstrates our commitment to pushing the boundaries of optical solutions with embedded AI.
Mr. Bar added, “Maris-Tech continues to develop groundbreaking solutions for new projects while expanding into emerging markets and territories. Our targeted marketing efforts have resulted in increased interest and new orders from our valued customers. Looking ahead, we are poised for accelerated growth and strive to enter new markets and build a diverse customer base. We thank our customers, employees, investors and partners for their continued support and trust, which drives us to continuously innovate and grow.”
For further information regarding our financial results for the six-month period ended June 30, 2024, please see Maris-Tech’s Report of Foreign Private Issuer on Form 6-K filed with the U.S. Securities and Exchange Commission (SEC) on August 28, 2024.
To Maris Tech GmbH.
Maris-Tech is a global leader in video and AI-based edge computing technology and a pioneer in intelligent video transmission solutions that overcome complex encoding and decoding challenges. Our tiny, lightweight and low-power products deliver high-performance capabilities including raw data processing, seamless transmission, advanced image processing and AI-driven analytics. Founded by veterans of Israel’s technology sector, Maris-Tech serves the world’s leading manufacturers in defense, aerospace, intelligence, HLS and communications. We push the boundaries of video transmission and edge computing and drive innovation in mission-critical applications in commercial and defense.
For more information, see httPs://www.maris-tech.com/
Future-oriented opinion Disclaimer
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor provisions created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, generally can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terminology. For example, we use forward-looking statements when we discuss our expectation that our existing cash balance and short-term bank deposits as of June 30, 2024, together with expected revenues from existing customers pursuant to existing orders and projected revenues from new customers, will be sufficient to fund our ongoing operations and meet our obligations for the next twelve months; the future development of products and solutions, new projects and collaboration agreements; the ability of our solutions to significantly improve safety and operational efficiency in modern combat scenarios; our expansion into emerging markets and territories; and our plans to enter new markets and attract a diverse customer base. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based solely on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, expected events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: our ability to successfully market our products and services, including in the United States; customer acceptance of our products and services; our continued ability to pay operating costs and meet demand for our products and services; the extent and nature of competition from other security and telecommunications products and services; the impact of changes in the cybersecurity and telecommunications markets; our ability to successfully develop new products and services; our success in establishing and maintaining collaboration and strategic alliance agreements, licensing and supplier agreements, our ability to comply with applicable regulations, and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 21, 2024, and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statements, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise.
investor Relationships:
Nir Bussy, CFO
Phone: +972-72-2424022
No@Maris-Technology
