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Maris-Tech Announces Financial Results and Net Profit for the Six Months Ended June 30, 2024
MTEKMaris(MTEK) GlobeNewswire News Room·2024-08-28 12:40

Core Viewpoint - Maris-Tech Ltd. has reported significant financial growth for the first half of 2024, with revenues increasing by approximately 620% compared to the same period in 2023, indicating strong market demand and successful strategic initiatives [1][2]. Financial Performance - Revenues for the six months ended June 30, 2024, were approximately 3.4million,anincreaseofapproximately6203.4 million, an increase of approximately 620% compared to the same period in 2023 [1][2]. - Gross profit for the same period was approximately 1.9 million, a turnaround from a gross loss of approximately 0.2millionin2023[2].−NetprofitforthesixmonthsendedJune30,2024,wasapproximately0.2 million in 2023 [2]. - Net profit for the six months ended June 30, 2024, was approximately 132 thousand, compared to a net loss of approximately 2.3millionforthesameperiodin2023[2].−Netprofitperordinarysharewas2.3 million for the same period in 2023 [2]. - Net profit per ordinary share was 0.02, compared to a net loss per ordinary share of 0.29in2023[3].WorkingCapitalandBacklog−WorkingcapitalasofJune30,2024,wasapproximately0.29 in 2023 [3]. Working Capital and Backlog - Working capital as of June 30, 2024, was approximately 7.0 million, slightly down from approximately 7.3millionasofDecember31,2023[3].−ThebacklogasofJune30,2024,wasapproximately7.3 million as of December 31, 2023 [3]. - The backlog as of June 30, 2024, was approximately 10.0 million, which increased to 10.5millionbyAugust28,2024[5].StrategicDevelopments−ThecompanyhasenteredintoacollaborationwithRenesasElectronicsCorporation,enhancingitspositionintheedgecomputingmarket[6].−Maris−Techsecuredmultipledefensepurchaseorders,includingsignificantcontractsforarmoredvehiclesandintelligencegatheringapplications,totalingover10.5 million by August 28, 2024 [5]. Strategic Developments - The company has entered into a collaboration with Renesas Electronics Corporation, enhancing its position in the edge computing market [6]. - Maris-Tech secured multiple defense purchase orders, including significant contracts for armored vehicles and intelligence gathering applications, totaling over 1.7 million [6]. - The integration of firmware and hardware to support AI algorithms in collaboration with LightPath demonstrates the company's commitment to innovation in AI-embedded optical solutions [6]. Future Outlook - The company expects its existing cash, short-term bank deposits, and anticipated revenue from existing and new customers to be sufficient to fund operations for the next twelve months [4]. - Maris-Tech aims for accelerated growth by penetrating new markets and attracting a diverse customer base, supported by increased interest and new orders from customers [7].