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 year
ended December 31, 2022.
Revenues for the year ended December 31, 2022 were $2,504,896,
an increase of over 20% compared to $2,075,755 for the year ended
December 31, 2021.
Cash and cash equivalents and short-term bank deposits as of
December 31, 2022 were $9,339,612 million, compared to $49,126 as
of December 31, 2021.
Backlog as of January 1, 2023 increased significantly compared
to the Company's backlog as of January 1, 2022 and was $1,900,000
compared to $608,000. We define backlog as the accumulation of all
pending orders with a later fulfillment date for which revenue has
not been recognized and we consider valid. Most of our 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.
Backlog as of March 6, 2023 was approximately $2,600,000, the
majority of which is expected to be delivered and recognized as
revenue by the end of 2023 and the rest during 2024.
"In February 2022, we completed our initial public offering and
received $17.8 million in gross proceeds, allowing us to accelerate
our research and development and marketing efforts. During 2022, we
accomplished major milestones that were made possible by the
investor's vote of confidence in the Company," said Israel Bar, CEO
of Maris-Tech.
"Our main goal in 2022 was to accelerate our growth and increase
awareness of our unique technologies and solutions. In order to
achieve our goal, we leveraged the experience of seasoned
professionals from the defense, marketing and business development
fields. In addition, we partnered with high profile leaders, like
SpaceIL, for the "Beresheet 2 Lunar Mission", Israeli Lunar
Spacecraft, as well as showcased our Edge AI video solutions at the
leading global events and conferences," Bar added.
"We believe our efforts paid off, as we ended 2022 with
significant growth in revenue and backlog, attracting new top
customers and increasing revenue from repeat customers. We are
dedicated to continuing to fuel our success in 2023 and realizing
the Company's high potential. Our confidence in the Company remains
high as evidenced by our announcement of a share repurchase plan to
allow us to repurchase up to $1 million of our ordinary shares from
time to time," Bar concluded.
Year Ended 2022 and Recent Highlights
Strengthened our position in the defense, surveillance and
commercial fields, accelerated revenue growth:
- In March 2022, September 2022 and
December 2022, we received an aggregate of $1,900,000 in purchase
orders to supply advanced video recording and interrogation system
technology to leading defense organizations
- In April 2022, we announced our
first major U.S. customer and received a purchase order from a top
surveillance manufacturer for $300,000
- During 2022, we received high amount
of orders for custom products as well as orders from existing
customers
- In January 2023, we announced our
first significant direct customer in Australia and received a
purchase order for $660,000
New strategic collaborations:
- In July 2022, we announced that we
were chosen by SpaceIL, an organization that strives to promote
science and science education, which in 2019 became the first
private entity in history to reach the moon, to take part in
"Beresheet 2 Lunar Mission", Israeli Lunar Spacecraft and received
a purchase order from SpaceIL for the development of a video
recording, streaming and image processing solution
- During 2022, we experienced a
significant increase in orders as a result of strengthening our
ongoing partnership with our U.K. reseller
- During 2022, we collaborated with
Hailo Technologies Ltd. (“Hailo”), developer of high performing AI
processors for edge devices, to develop the Jupiter-AI
platform
- In August 2022, we received a joint
grant with Ben Gurion University for the development of an advanced
system for the prediction of drone faults
New products and developments:
- In July 2022, we launched our
flagship product- The Jupiter-AI, a high-end multiple-stream video
platform with edge AI acceleration
- In January 2023, we launched the
development of the Uranus-AI, an up to 8K Ultra-HD video platform
supporting multiple HD/Ultra-HD streams
Established advisory board and expanded management team:
- In February 2023, we formed an
advisory board and appointed Mr. Leslie G. Litwin, who brings
decades of experience in the marketing of video technologies and
products, and Mr. Nir Ben Moshe, former senior director in the
Israeli Ministry of Defense, to serve on the advisory board
- In March 2022, we appointed Mr. Avi Gilor, a 20-year industry
veteran, as our U.S. sales and marketing manager to lead the
rollout of our products in the United States
Expanded global awareness:
We presented at many leading conferences and shows,
including:
- In January 2023, the Jupiter-AI, the
Company's flagship product, was showcased in the Hailo suite at the
Consumer Electronics Show (CES) 2023 in Las Vegas, the world's
leading tech annual event
- In September 2022, the Jupiter-AI
was showcased at the Commercial UAV Expo, presented by Commercial
UAV News, the leading international trade show and conference
focusing on the integration and operation of commercial unmanned
aerial vehicles (UAS).
- In June 2022, the Company presented
its miniature streaming and recording video solutions for
aerospace, defense, and security sectors at Eurosatory 2022 – a
global event for defense and security held in Paris
IPO and Share Repurchase Plan
- In February 2022, we completed our
initial public offering and received $17.8 million in gross
proceeds (including over-allotment and Pre-Funded Warrant
exercises)
- In June 2022, we announced a share
repurchase plan to allow us to repurchase up to $1 million of our
ordinary shares from time to time
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, expansion of our research and
development, sales and marketing efforts, our plans to continue
providing the market with innovative solutions and engaging new
partners, our confidence in the Company and our share repurchase
plan. 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, 2022, 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- IRInvestor Relations,
Israel
+972-72-2424022ir@maris-tech.com
Maris-Tech
Ltd. Balance Sheet (Amounts in
U.S. dollars)
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
221,961 |
|
|
$ |
785 |
|
Short-term bank deposits |
|
|
9,084,082 |
|
|
|
- |
|
Trade receivables |
|
|
1,606,495 |
|
|
|
571,482 |
|
Other receivables |
|
|
359,591 |
|
|
|
2,873 |
|
Inventories |
|
|
981,729 |
|
|
|
391,484 |
|
Total current assets |
|
$ |
12,253,858 |
|
|
$ |
966,624 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
Restricted deposits |
|
$ |
33,569 |
|
|
$ |
48,341 |
|
Deferred issuance costs |
|
|
- |
|
|
|
871,171 |
|
Property, plant and equipment, net |
|
|
283,790 |
|
|
|
16,511 |
|
Severance pay deposits |
|
|
156,723 |
|
|
|
136,620 |
|
Operating lease right-of-use assets |
|
|
635,976 |
|
|
|
- |
|
Total non-current assets |
|
$ |
1,110,058 |
|
|
$ |
1,072,643 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
13,363,916 |
|
|
$ |
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 |
|
|
1,083,345 |
|
|
|
463,653 |
|
Other current liabilities |
|
|
727,560 |
|
|
|
791,038 |
|
Short-term liabilities due to a shareholder and a related
party |
|
|
- |
|
|
|
296,459 |
|
Total current liabilities |
|
$ |
1,810,905 |
|
|
$ |
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 |
|
|
442,166 |
|
|
|
- |
|
Accrued severance pay |
|
|
425,742 |
|
|
|
272,509 |
|
Total long-term liabilities |
|
$ |
1,956,158 |
|
|
$ |
2,457,373 |
|
Total Liabilities |
|
$ |
3,767,063 |
|
|
$ |
4,418,847 |
|
COMMITMENT AND CONTINGENCIES (note 9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY) |
|
|
|
|
|
|
|
|
Ordinary shares, no par value: Authorized - |
|
|
|
|
|
|
|
|
100,000,000 and 12,500,000 shares as of December 31, 2022 and
December 31, 2021, respectively; issued and outstanding: 7,999,216
and 3,085,000 shares as of December 31, 2022 and December 31, 2021,
respectively |
|
|
- |
|
|
|
- |
|
Preferred shares, no par value: Authorized - no shares and
1,250,000 shares as of December 31, 2022 and December 31, 2021,
respectively; issued and outstanding: no shares and 489,812 shares
as of December 31, 2022 and December 31, 2021, respectively |
|
|
- |
|
|
|
- |
|
Additional paid-in capital |
|
|
17,789,380 |
|
|
|
2,124,601 |
|
Accumulated deficit |
|
|
(8,192,527 |
) |
|
|
(4,504,181 |
) |
Total Shareholders’ equity (capital deficiency) |
|
|
9,596,853 |
|
|
|
(2,379,580 |
) |
Total Liabilities and equity (net of capital deficiency) |
|
$ |
13,363,916 |
|
|
$ |
2,039,267 |
|
|
|
|
|
|
|
|
|
|
Maris-Tech
Ltd.Statements of Operations(U.S.
dollars)
|
|
Year ended December 31 |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
2,504,896 |
|
|
$ |
2,075,755 |
|
|
$ |
987,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
1,722,104 |
|
|
|
1,106,447 |
|
|
|
500,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
782,792 |
|
|
|
969,308 |
|
|
|
487,187 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development, net |
|
|
1,021,869 |
|
|
|
706,021 |
|
|
|
781,417 |
|
Sales and marketing |
|
|
604,114 |
|
|
|
241,114 |
|
|
|
22,551 |
|
General and administrative |
|
|
2,840,660 |
|
|
|
595,074 |
|
|
|
74,169 |
|
Total operating expenses |
|
|
4,466,643 |
|
|
|
1,542,209 |
|
|
|
878,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
3,683,851 |
|
|
|
572,901 |
|
|
|
390,951 |
|
Financial expenses, net |
|
|
4,495 |
|
|
|
251,323 |
|
|
|
249,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
3,688,346 |
|
|
$ |
824,224 |
|
|
$ |
640,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net loss attributable to shareholders per
ordinary share |
|
$ |
0.49 |
|
|
$ |
0.24 |
|
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
ordinary shares used in computing loss per ordinary share |
|
|
7,528,038 |
|
|
|
3,464,470 |
|
|
|
2,483,988 |
|
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