MTEKW Maris Tech Ltd

Maris-Tech Ltd. (Nasdaq: MTEK) (“Maris-Tech” or the “Company”), a B2B provider of intelligent video transmission technology, has released its financial results for the fourth quarter and year ended December 31, 2021.

Revenues for the year ended December 31, 2021 were $2,075,755, an increase of over 110% compared to $987,833 in revenues for the year ended December 31, 2020.

Israel Bar, CEO of Maris-Tech, said, "We are proud of our results for 2021, representing a year over year of growth and many great research and development achievements. In 2022, we completed our initial public offering on and listing Nasdaq, with $17.8 million raised. During 2021 and recent months we established wide infrastructure, which includes highly advanced products, channel network of global partnerships, intellectual property protection, strong management and sales team and funding. I believe that Maris-Tech is well positioned to continue our growth in 2022 and provide the market with innovative solutions."

Recent Highlights

• As of April 28, 2022, the Company's backlog was approximately $1,202,000
• On April 19, 2022, the Company announced first major U.S. customer; received purchase order from top surveillance manufacturer for $300,000
• At the end of March 2022, the Company received a purchase order to supply advanced video recording and interrogation system technology to a leading defense organization
• On March 23, 2022, the Company appointed Mr. Avi Gilor, a 20-year industry veteran, to lead the Company’s sales and marketing initiatives in the United States
• During February 2022, the Company announced $227,000 purchase order for its Advanced Surveillance Systems from a U.K. reseller
• On February 17, 2022, the Company announced it has signed a letter of intent with a fabless semiconductor supplier to develop video-based edge computing products
• On the February 4, 2022, the Company announced the closing of $17.8 million initial public offering with simultaneous exercise of the over-allotment option

"Moving forwards, we intend to expand our sales and marketing efforts world-wide and engage with new leading partners to continue present rapid growth. We are excited about our robust product pipeline and are looking forward to capitalizing on the clear and pressing need we see in the market for our solutions," Mr. Bar added.

About Maris-Tech Ltd.

Maris-Tech is a B2B provider of intelligent video transmission technology, founded by veterans of the Israel technology sector with extensive electrical engineering and imaging experience. Our products are designed to meet the growing demands of commercial and tactical applications, delivering 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/.

Forward-Looking Statement 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 of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we are discussing our expectations regarding our future growth and expansion of our sales and marketing efforts and our plans to continue providing the market with innovative solutions and engage new partners. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated 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 outside of 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 any of 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, the following: our ability to continue to generate revenues at levels above prior levels; our ability to successfully market our products and services, including in the United States; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in the Registration Statement on Form F-1, as amended, filed with the SEC related to our initial public offering and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations:

Dave Gentry, CEORedChip CompaniesMTEK@redchip.com1-800-733-2447

Michal Efraty,

Adi and Michal PR- IR

Investor Relations, Israel

+972-(0)52-3044404michal@efraty.com

Balance SheetsU.S. dollars

		December 31,
		2021				2020
Assets
Current assets
Cash and cash equivalents		$	785			$	20,524
Restricted deposits			-				14,004
Trade receivables			571,482				127,538
Other receivables			2,873				2,778
Inventories, net			391,484				251,067
Total current assets			966,624				415,911
Non-current assets
Restricted deposits			48,341				19,843
Deferred issuance costs			871,171				-
Property, plant and equipment, net			16,511				13,600
Severance pay deposits			136,620				115,163
Total non-current assets			1,072,643				148,606
Total Assets		$	2,039,267			$	564,517

 

Current Liabilities
Short-term bank credit and current maturities of long-term bank loans		$	410,324			$	592,115
Trade payables			463,653				249,794
Other current liabilities			791,038				295,022
Short-term liabilities due to shareholders			296,459				120,881
Total current liabilities			1,961,474				1,257,812
Long-Term Liabilities
Long-term loans, net of current maturities			744,769				601,694
Long-term loans from shareholders			1,088,250				1,088,703
Warrants to purchase ordinary shares			351,845
Accrued severance pay			272,509				217,457
Total long-term liabilities			2,457,373				1,907,854
Total Liabilities			4,418,847				3,165,666
Commitments and Contingencies
Equity
Shareholders’ capital deficiency
Ordinary shares, no par value: Authorized-			-				-
12,500,000 as of December 31, 2021 and 2020, issued and
outstanding: 3,085,000 as of December 31, 2021 and 2020,
Preferred shares, no par value: Authorized 1,250,000 shares
as of December 31, 2021; issued and outstanding: 489,812 shares and no shares as of December 31, 2021 and 2020.
Additional paid-in capital			2,124,601				1,078,808
Accumulated deficit			(4,504,181	)			(3,679,957	)
Total Shareholders’ capital deficiency			(2,379,580	)			(2,601,149	)
Total Liabilities net of capital deficiency		$	2,039,267			$	564,517

Statements of Operations

U.S. dollars

		Year ended December 31
		2021				2020				2019
Revenues		$	2,075,755			$	987,883			$	893,034
Cost of revenues			1,106,447				500,696				502,514
Gross profit			969,308				487,187				390,520
Operating expenses
Research and development			706,021				781,417				750,768
Sales and marketing			241,114				22,551				24,927
General and administrative			595,074				74,169				75,771
Total operating expenses			1,542,209				878,138				851,463
Loss from operations			572,901				390,951				460,943
Financial expenses			251,323				249,392				87,301
Net loss		$	824,224			$	640,343			$	548,244