Maris-Tech Announces First Half 2022 Financial Results
August 23 2022 - 5:04PM
Maris-Tech Ltd. (Nasdaq: MTEK) (“Maris-Tech” or
the “Company”), a B2B provider of 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, gross margin for the period amounted to $316,776.
Backlog as of August 22, 2022 was approximately
$1,557,000, of which most of it is expected to be delivered and be
recognized as revenues by the end of 2022 and the rest during 2023.
Since January 1, 2022, the Company's backlog increased
significantly compared to previous years.
"In February 2022 we received a vote of confidence
from the market and completed a $17.8 million IPO, allowing us to
accelerate our R&D and marketing efforts. During the last
months we accomplished several major milestones, including a
purchase order to take part in the Beresheet 2 Lunar Mission, the
first order from a U.S. based direct customer and more" said Israel
Bar, CEO of Maris-Tech.
"As a result of our hard work since the beginning
of 2022, we expect a wider exposure for our advanced products, as
well as our unique technological capabilities and our future
financial performance" he added.
First Half 2022 and Recent
Highlights
- The Company launched its flagship product – the Jupiter-AI, a
high-end multiple-stream video platform with edge artificial
intelligence acceleration.
- The Company announced that its advanced technology to be
deployed at Beresheet 2 Lunar Mission – Israeli Spacecraft.
- Maris-Tech won its first major U.S. customer, received purchase
order from top surveillance manufacturer for $300,000.
- During the first six months of 2022, the Company expanded its
footprint in the defense sector, receiving five orders from leading
customers including a repeat order from a leading defense
company.
- The Company announced it has signed a letter of intent with a
fabless semiconductor supplier to develop video-based edge
computing products.
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 wider exposure for our advanced products,
our unique technological capabilities and our future financial
performance. 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 Company’s Annual Report on
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, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Investor Relations:
Michal Efraty, Adi and Michal PR- IR Investor
Relations, Israel +972-(0)52-3044404 michal@efraty.com
Maris-Tech Ltd.
Condensed Interim Balance
Sheets
(Unaudited)
|
|
June 30, 2022 |
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
346,866 |
|
|
$ |
785 |
|
Short-term deposits |
|
|
11,040,362 |
|
|
|
- |
|
Trade receivables |
|
|
633,976 |
|
|
|
571,482 |
|
Other receivables |
|
|
579,696 |
|
|
|
2,873 |
|
Inventories, net |
|
|
533,185 |
|
|
|
391,484 |
|
|
|
|
|
|
|
|
|
|
Total current
assets |
|
$ |
13,134,085 |
|
|
$ |
966,624 |
|
|
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
Restricted deposits |
|
$ |
33,588 |
|
|
$ |
48,341 |
|
Deferred issuance costs |
|
|
- |
|
|
|
871,171 |
|
Property, plant and equipment,
net |
|
|
76,996 |
|
|
|
16,511 |
|
Severance pay deposits |
|
|
158,803 |
|
|
|
136,620 |
|
Operating lease right-of-use
assets |
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Short-term bank credit and
current maturities of long-term bank loans |
|
$ |
- |
|
|
$ |
410,324 |
|
Trade payables |
|
|
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 loans from related
party |
|
|
1,088,250 |
|
|
|
1,088,250 |
|
Warrants to purchase ordinary
shares |
|
|
- |
|
|
|
351,845 |
|
Non-current operating lease
liabilities |
|
|
499,965 |
|
|
|
- |
|
Accrued severance pay |
|
|
429,068 |
|
|
|
272,509 |
|
Total long-term
liabilities |
|
$ |
2,017,283 |
|
|
$ |
2,457,373 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
3,127,483 |
|
|
$ |
4,418,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Shareholders' equity
(capital deficiency) |
|
|
|
|
|
|
|
|
Ordinary shares, no par value:
Authorized - |
|
|
|
|
|
|
|
|
100,000,000 and 12,500,000 as
of 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-in
capital |
|
|
17,746,837 |
|
|
|
2,124,601 |
|
Accumulated deficit |
|
|
(6,777,881 |
) |
|
|
(4,504,181 |
) |
|
|
|
|
|
|
|
|
|
Total Shareholders'
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.
Condensed Interim Statements of
Operations
(Unaudited)
|
Six months ended |
|
June 30, 2022 |
June 30, 2021 |
|
|
|
Revenues |
$ |
967,925 |
|
$ |
1,329,525 |
|
|
|
|
Cost of revenues |
|
651,149 |
|
|
646,270 |
|
|
|
|
Gross profit |
|
316,776 |
|
|
683,255 |
|
Operating expenses |
|
|
Research and development |
|
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 (expenses), net |
|
16,542 |
|
|
(3,640 |
) |
|
|
|
Net loss |
$ |
(2,273,700 |
) |
$ |
(73,178 |
) |
|
|
|
|
|
|
|
Basic and diluted net loss attributable
to shareholders per ordinary
share |
$ |
(0.32 |
) |
$ |
(0.02 |
) |
Weighted average number of ordinary shares used in computing
loss per ordinary share |
|
7,071,018 |
|
|
3,351,675 |
|
|
|
|
|
|
|
|
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