Maris-Tech Announces $3.4 Million of Order Backlog as of January 1, 2022
December 08 2022 - 9:00AM
Maris-Tech Ltd. (Nasdaq: MTEK) (“Maris-Tech” or the "Company"), a
B2B provider of intelligent video transmission technology, today
announced that the Company's order backlog ("order backlog"), as of
January 1, 2022, is approximately $3,360,000, of which
approximately $968,000 was delivered and recognized as revenue
during the six months ended June 30, 2022, approximately $364,000
has been delivered to customers from July 1,2022 through December
7, 2022, and the majority of the approximately $2,028,000 remaining
is expected to be delivered and recognized as revenue by June 30,
2023.
The Company's order backlog is the accumulation of all pending
orders with a later fulfillment date for which the Company
considers valid, in addition to recognized revenues since January
1, 2022 and for products delivered since July 1, 2022, which
revenue has not been recognized as of December 7, 2022.
The order backlog includes orders for the Company’s latest and
advanced Jupiter products family, including the Jupiter-nano and
the Jupiter AI multiple-stream video platform with edge artificial
intelligence acceleration.
The order backlog also includes orders for products in
development, such as the Jupiter- Space for "Beresheet 2 Lunar
Mission", and purchase orders for Maris-Tech's Opal platform from a
leading defense company.
Israel Bar, Chief Executive Officer of Maris-Tech, said “We have
been witnessing a growing demand for high-quality video transfer
capabilities and uncompromising speed for some time. Thanks to our
ability to meet these needs, we acquired strong, quality customers
from a variety of industries, including the aerospace industry, in
which suppliers are very carefully selected. We believe the future
looks very promising for the Company, as we expect the demand for
our products to continue to increase."
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
order backlog and anticipated fulfillment of that backlog and
recognition of revenue for the year ended December 31, 2022 and six
months ended June 30, 2023 and the anticipated demand for our
products. Our order backlog is comprised of executed purchase
orders from high rated leading customers in the defense industries,
also referred to as “triple A customers”, customers with which we
have had long-standing relationships and governmental agencies. The
disclosure of backlog aids in the analysis of the demand for the
Company’s products, as well as the Company’s ability to meet that
demand. However, because revenue will not be recognized until we
have fulfilled our obligations to a customer, there may be a
significant amount of time between executing a contract with a
customer and delivery of the product to the customer and revenue
recognition. In addition, backlog is not necessarily indicative of
our revenues to be recognized in a specified future period and we
cannot assure that we will recognize revenue with respect to each
order included in backlog. Our customers may order products from
multiple sources to ensure timely delivery and may cancel or defer
orders without significant penalty. Our customers also may cancel
orders when business is weaker and inventories are excessive. While
as of the date of this press release, no orders were cancelled,
should a cancellation occur, our backlog and anticipated revenue
would be reduced unless we were able to replace the cancelled
order. As a result, we cannot provide assurances as to the portion
of backlog orders to be filled in a given year, and our order
backlog as of any particular date may not be representative of
actual revenues for any subsequent period. 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 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
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
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