Maris-Tech Announces Financial Results For the Six Months Ended June 30, 2023
September 29 2023 - 4:53PM
Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the
“Company”), a B2B provider of edge computing artificial
intelligence (“AI”) accelerated video solutions for edge platforms,
today announced its financial report for the six months ended June
30, 2023.
Revenue for the six-months ended June 30, 2023 was $473,853,
compared to $967,925 for the same six-month period in 2022. Net
loss for the six-months ended June 30, 2023 was $2,264,027,
compared to $2,273,700 for the same six-month period in 2022.
In June 2023, Maris-Tech received grant approval from the
Israeli Innovation Authority in the amount of $333,000 to support
the first year development of an innovative system for onboard
situation awareness for nanosatellite platforms. The
funding will cover approximately 50% of the total budget for the
first year of the project.
"Maris-Tech continues to develop pioneering solutions in new
projects, along with expansion in growing markets and new
territories, and important new international cooperation
agreements. Looking forward, we are seeing increased interest in
our innovative solutions and have received new orders as a result
of our focused marketing efforts from both long-standing and new
customers," said Israel Bar, Chief Executive Officer of
Maris-Tech.
See Maris-Tech's Report of Foreign Private Issuer on Form 6-K
filed with the U.S. Securities and Exchange Commission (the “SEC”),
on September 29, 2023.
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 the future
development of products and solutions, new projects and cooperation
agreements, expansion in growing markets and new territories and
interest of new and existing clients in our innovative solutions.
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, 2022, filed with the SEC on March 6, 2023,
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:
Nir Bussy, CFOTel: +972-72-2424022Nir@maris-tech.com
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