Maris(MTEK) - 2024 Q4 - Annual Report

Financial Performance - Revenues for the year ended December 31, 2024 were $6,078,953, an increase of$2,047,850 or 51% compared to $4,031,103 in 2023[264] - Gross profit for 2024 was$3,516,121, representing a gross profit rate of 57.8%, an increase of $1,588,725 or 82$1,927,396 in 2023[266] - Net loss for 2024 was $1,233,892, a decrease of$1,475,704 or 54% compared to a net loss of $2,709,596 in 2023[274] Cash Flow and Assets - Cash used in operating activities was$2,219,583 for 2024, a reduction from $3,871,157 in 2023[285] - As of December 31, 2024, the company had$2,335,232 in cash and cash equivalents and restricted deposits[283] Backlog and Future Revenues - The backlog as of January 1, 2025, was approximately $9.8 million, expected to contribute to future revenues[281] Expenses - Research and development expenses for 2024 were$927,048, a decrease of $127,847 or 12$1,054,895 in 2023[268] - Sales and marketing expenses increased by $48,646 or 6$923,439 in 2024 compared to $874,793 in 2023[269] - General and administrative expenses were$3,014,378 for 2024, an increase of $87,068 or 3$2,927,310 in 2023[270] Grants and Funding - As of December 31, 2024, the total amount of grants received was approximately $608,000, including accumulated interest[295] - In August 2022, a joint grant with Ben Gurion University was approved, totaling NIS 1,314,024 (approximately$360,303), covering 66% of the project's first-year budget[296] - In June 2023, a grant of NIS 1,209,797 (approximately $331,724) was approved for the first-year development of a nanosatellite platform, representing 50$307,962)[299] - The grant for the second year of the joint project with Ben Gurion University was approved in November 2023, totaling NIS 935,544 (approximately $256,524)[298] Economic Conditions - The annual rate of inflation in Israel was 3.2$4 million credit line agreement on March 26, 2025, secured by all assets[293]