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Rihovot, Israel, August 23, 2022 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK) (“Maris-Tech” or the “Company”), a provider of B2B intelligent video transmission technology, today announced its financial results for the six months ended June 30, 2022.
Revenue for the six months ended June 30, 2022 was $967,925, while gross margin for the period was $316,776.
Backlog As of August 22, 2022, it was approximately $1,557,000, the majority of which is expected to be recognized as revenue by the end of 2022 and the remainder in 2023. As of January 1, 2022, the company’s backlog has increased significantly. The past years.
“The 2012 lunar mission, the first order from a direct US customer and more,” said Israel Barr, CEO of MarisTech.
“As a result of our hard work since the beginning of 2022, we expect greater exposure to our advanced products as well as our unique technological capabilities and future financial performance,” he added.
The first half of 2022 and the latest headlines
- The company has started accelerating its flagship product – Jupiter-AI, a high-end multi-stream video platform with edge artificial intelligence.
- The company has announced that it will deploy its advanced technology on the Beresheet 2 Lunar Mission – an Israeli spacecraft.
- Maris-Tech won its first major American customer, receiving a $300,000 purchase order from a top intelligence manufacturing company.
- In the year In the first six months of 2022, the company expanded its footprint in the defense sector, receiving five orders from key customers and a repeat order from a major defense company.
- The company announced that it has signed a letter of intent with fabless semiconductor supplier to develop video-based edge computing products.
About Maris-Tech Ltd.
Maris-Tech is a B2B intelligent video transmission technology provider founded by veterans of the Israeli technology sector with extensive electrical engineering and imaging experience. Our products are designed to meet the growing demands of commercial and tactical applications, providing high-performance, compact, low-power and low-latency solutions to companies worldwide, including leading electro-optical payload, RF datalink and unmanned platform manufacturers, as well as defense. HLS, and communication companies. For more information, visit https://www.maris-tech.com/.
Disclaimer of Forward-Looking Statements
This press release port” created by those classes. Forward-looking statements that are based on certain assumptions and describe our future plans, strategies and expectations generally include words such as “believe,” “expect,” “may,” “should,” “could,” “intend,” “intend,” “plan,” “goal”, “estimate”, “predict” or other similar words. For example, we use forward-looking statements when discussing our expectations regarding the broad exposure to our advanced products, our unique technological capabilities and our future financial performance. Forward-looking statements are not historical facts or assurances of future performance. Rather, they are based solely on our current beliefs, expectations and estimates regarding our business’ future plans and strategies, forecasts, expected events and trends, economic 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 expressed in forward-looking statements. Therefore, you should not place undue reliance on these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those expressed in forward-looking statements include, among others: our ability to continue to generate revenue at levels above prior levels, 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 expenses and meet demand for our products and services; the extent and nature of competition from other security and telecom products and services; the effects of changes in the cyber security and telecom markets; Ability to successfully develop new products and services; our success in establishing and maintaining cooperative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and other risks and uncertainties in the Company’s Form 20-F for the year ended December 31, 2021, filed with the SEC and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, whether as a result of new information, future developments or otherwise that may be made from time to time.
Investor Relations:
Michal Efrati,
Adi and Michal PR-IR
Investor Relations, Israel
+972-(0)52-3044404
michal@efraty.com
Maris-Tech Ltd.
Condensed interim balance sheets
(unconfirmed)
| June 30, 2022 | December 31, 2021 | |||||||
| Properties | ||||||||
| Current assets | ||||||||
| Cash and cash | $ | 346,866 | $ | 785 | ||||
| Short term deposits | 11,040,362 | – | ||||||
| Commercial receipts | 633,976 | 571,482 | ||||||
| other receivers | 579,696 | 2,873 | ||||||
| Inventories, net | 533,185 | 391,484 | ||||||
| Total current assets | $ | 13,134,085 | $ | 966,624 | ||||
| Non current assets | ||||||||
| Prohibited deposits | $ | 33,588 | $ | 48,341 | ||||
| Deferred expenses | – | 871,171 | ||||||
| Property, plant and equipment, network | 76,996 | 16,511 | ||||||
| Severance pay deposit | 158,803 | 136,620 | ||||||
| Processing the right to use the lease | 692,967 | – | ||||||
| Total non-current assets | $ | 962,354 | $ | 1,072,643 | ||||
| Total assets | $ | 14,096,439 | $ | 2,039,267 | ||||
| Liabilities and Equity (Net of Capital Deficiency) | ||||||||
| Recently, Ada | ||||||||
| Current maturities of short-term bank loans and long-term bank loans | $ | – | $ | 410,324 | ||||
| Commercial paid | 493,063 | 463,653 | ||||||
| Other current liabilities | 606,560 | 791,038 | ||||||
| Short term liabilities due to related party | 10,577 | 296,459 | ||||||
| Total current liabilities | $ | 1,110,200 | $ | 1,961,474 | ||||
| Long term liabilities | ||||||||
| Long-term loans, net of current maturities | $ | – | $ | 744,769 | ||||
| Long term loan from related party | 1,088,250 | 1,088,250 | ||||||
| Warrants to purchase ordinary shares | – | 351,845 | ||||||
| Noncurrent operating lease liabilities | 499,965 | – | ||||||
| Accumulated severance pay | 429,068 | 272,509 | ||||||
| Total long-term liabilities | $ | 2,017,283 | $ | 2,457,373 | ||||
| Total debts | $ | 3,127,483 | $ | 4,418,847 | ||||
| obligations and contingencies | ||||||||
| Fairness | ||||||||
| Stockholders’ Equity (Capital Deficiency) | ||||||||
| Ordinary shares, no par value: Authorized – | ||||||||
| 100,000,000 and 12,500,000 in June 30, 2022 and December 31, 2021 respectively; Issued and Outstanding: 7,818,860 and 3,085,000 shares as of June 30, 2022 and December 31, 2021, respectively. | – | – | ||||||
| Preferred shares, no par value: Authorized – No shares and 1,250,000 shares as of June 30, 2022 and December 31, 2021, respectively; Issued and Outstanding: No shares and 489,812 shares as of June 30, 2022 and December 31, 2021, respectively. | – | – | ||||||
| Additional paid up capital | 17,746,837 | 2,124,601 | ||||||
| accumulated deficit | (6,777,881) | ) | (4,504,181) | ) | ||||
| Total Stockholders’ Equity (Capital Deficiency) | 10,968,956 | (2,379,580) | ) | |||||
| Total Liabilities and Equity (Net of Capital Deficiency) | 14,096,439 | $ | 2,039,267 | |||||
Maris-Tech Ltd.
Compressed temporary operating statements
(unconfirmed)
| Six months passed | ||||||
| June 30, 2022 | June 30, 2021 | |||||
| Revenues | $ | 967,925 | $ | 1,329,525 | ||
| Value of income | 651,149 | 646,270 | ||||
| Total profit | 316,776 | 683,255 | ||||
| Operating expenses | ||||||
| Research | 650,404 | 402,351 | ||||
| Sales and marketing | 454,208 | 100,511 | ||||
| General and administrative | 1,502,406 | 249,931 | ||||
| Total operating expenses | 2,607,018 | 752,793 | ||||
| Loss from operations | (2,290,242 | ) | (69,538) | ) | ||
| Financial income (expense), net | 16,542 | (3,640 | ) | |||
| Net loss | $ | (2,273,700) | ) | $ | (73,178) | ) |
| Basic and Diluted Net Loss b Shareholders in one ordinary share | $ | (0.32 | ) | $ | (0.02 | ) |
| Average weight of ordinary shares used in accounting loss per ordinary share | 7,071,018 | 3,351,675 | ||||
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