Maris-Tech Announces Financial Results and Net Profit for the Six Months Ended June 30, 2024

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 $3.4 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 $0.2 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 $2.3 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 $0.29 in 2023 [3]. Working Capital and Backlog - Working capital as of June 30, 2024, was approximately $7.0 million, slightly down from approximately $7.3 million as of December 31, 2023 [3]. - The backlog as of June 30, 2024, was approximately $10.0 million, which increased to $10.5 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].