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Maris-Tech Ltd. (Nasdaq: MTEK) is a leading B2B provider specializing in remote video, audio, and telemetry acquisition, distribution, and sharing solutions. Utilizing high-end digital video, audio, and wireless communication technologies, Maris-Tech designs, develops, manufactures, and commercially sells miniature intelligent video and audio surveillance and communication systems. These systems cater to both professional and civilian markets, including home security.
Founded by veterans of the Israeli technology sector, Maris-Tech leverages extensive electrical engineering and imaging experience to deliver high-performance, compact, low-power, and low-latency solutions. Their products are used by companies worldwide, including leading electro-optical payload, RF datalink, and unmanned platform manufacturers, as well as defense, homeland security, and communication companies.
Recently, Maris-Tech launched the Emerald, a Jupiter-based multiple-channel high-definition and standard-definition raw video recording platform designed specifically for defense armored vehicles. This innovation addresses the growing demand for AI-based situational awareness and autonomous unmanned vehicle applications. The raw video gathered during operational activities is crucial for continuous deep learning and AI algorithm improvements.
With annual revenues of approximately $4.0 million for the year ended December 31, 2023, representing a 60% growth over 2022, Maris-Tech has shown significant financial growth. The company reported a net loss reduction by 27% to approximately $2.7 million in the same period.
The company's backlog as of January 1, 2024, was approximately $9.76 million, indicating a substantial increase from the previous year. This growth is fueled by new strategic collaborations, development of new products, and an expanded global footprint. Key partnerships include a collaboration with Renesas to pioneer groundbreaking edge computing solutions and improve system performance across various sectors.
Maris-Tech continues to receive significant orders from existing customers, reaffirming its capability to deliver customized solutions based on its leading platforms like Jupiter and Uranus. Recent orders include a $415,800 order for a defense solution based on the Jupiter Nano platform and a $957,000 repeat order for enhanced situational awareness solutions for armored and autonomous vehicles.
Looking ahead, Maris-Tech is poised for continued growth and technological advancement, committed to meeting the evolving demands of commercial, defense, and autonomous remote platform applications.
Maris-Tech (Nasdaq: MTEK, MTEKW), a global leader in video and AI-based edge computing technology, has announced a major expansion into the U.S. market with the establishment of its new subsidiary, Maris North America Inc. This strategic move aims to accelerate growth in the U.S. defense and homeland security sectors, which are experiencing significant growth. The company has also entered into consulting agreements with two experienced professionals in business development, marketing, and sales to drive growth and capture new opportunities in the U.S. market.
The expansion is expected to enhance Maris-Tech's ability to deliver localized support and forge new business relationships in North America. The company's CEO, Israel Bar, emphasized that this move is a significant step in their global expansion strategy and is expected to boost sales efforts and enable more tailored support for their growing North American customer base.
Maris-Tech (Nasdaq: MTEK) has enhanced its Diamond platform with the new Diamond Ultra technology, designed to combat airborne threats for Armored Fighting Vehicles (AFV). This advanced system integrates up to 12 high-definition cameras, providing 360° 3D and airborne threat protection.
Powered by two Hailo AI processors, Diamond Ultra enables real-time monitoring and AI-based analysis of video streams. The platform is equipped with an edge processor for analyzing video streams with AI, delivering real-time alerts on potential threats and suspicious activities.
Diamond Ultra aims to enhance threat detection and response in both urban and open terrain combat scenarios. It addresses challenges such as drones, shoulder-mounted missiles, attacks from buildings, and improvised explosive devices in urban settings, as well as enemy tanks, anti-tank weapons, ambushes, and drone-based attacks in open terrain.
Maris-Tech (Nasdaq: MTEK, MTEKW) has announced that its Amethyst edge computing video solution now supports 5G capability, enabling ultra-speed and high data transfer. This enhancement is aimed at improving operational efficiency in real-time, mission-critical environments for homeland security, safe cities, civil security, and defense markets.
The Amethyst product line now offers high-quality, narrow-band, ultra-low-latency video streaming over cellular networks. It supports both cellular and Ethernet networks, accepts video from IP and USB cameras, and enables real-time and pre-recorded video streaming. The device is fully controlled through Android, iOS, and Windows applications.
According to Markets and Markets, the 5G Defense market is estimated to grow from $0.9 Billion in 2023 to $2.4 Billion by 2028, with the airborne segment projected to reach $0.786 billion by 2028.
Maris-Tech (Nasdaq: MTEK) has been granted a U.S. patent for its innovative forward error correction (FEC) optimization method. The patent (no. 12081240) covers a technique that reduces overhead data in FEC processes for streamed media communication. Invented by Maris-Tech's CTO, Magenya Roshanski, this method leverages specific characteristics of video streaming, such as varying frame sizes, to improve error correction capabilities while minimizing data overhead.
The patented process involves encoding, segmenting, and packetizing frames to generate an elementary stream of media packets with variable sizes. This advancement is expected to enhance Maris-Tech's edge computing solutions and strengthen its position as an industry innovator in video and AI-based technology.
Maris-Tech (Nasdaq: MTEK), a leader in video and AI-based edge computing technology, reported strong financial results for H1 2024. Highlights include:
- Revenue of $3.4 million, up 620% year-over-year
- Gross profit of $1.9 million, compared to a $0.2 million loss in H1 2023
- Net profit of $132,000, versus a $2.3 million loss in H1 2023
- Earnings per share of $0.02, up from -$0.29 in H1 2023
- Backlog of $10.5 million as of August 28, 2024
The company secured multiple defense sector contracts and entered a strategic collaboration with Renesas Electronics CEO Israel Bar expressed confidence in Maris-Tech's growth trajectory and market positioning.
Maris-Tech (Nasdaq: MTEK) has announced preliminary gross revenues of $3,000,000-$3,400,000 for the first half of 2024, representing a substantial increase of approximately 630%-720% compared to the same period in 2023. This growth is attributed to strong demand for the company's defense and AI-powered Edge Computing solutions.
The company's strategic focus on expanding its product offerings, particularly in unmanned vehicles, situational awareness, and armored vehicles for the defense sector, has contributed to this impressive performance. Maris-Tech plans to publish its complete financial statements for the six-month period ended June 30, 2024, on August 28, 2024.
Maris-Tech (Nasdaq: MTEK) has secured a $700,000 order from a repeat customer in the defense industry for an innovative AI-based video distribution solution. The customized high-end system is designed for integration on armored vehicles, enhancing their driving and control capabilities. This significant order will be delivered in tranches from 2024 to 2027.
The company, a leading B2B provider of edge computing AI accelerated video solutions for edge platforms, views this order as a testament to its commitment and success in developing cutting-edge solutions that meet the critical needs of both new and existing customers in the defense sector.
Maris-Tech (Nasdaq: MTEK) has unveiled the Diamond System, a revolutionary 360° 3D situational awareness solution for Armored Fighting Vehicles (AFVs). This Uranus-based system integrates advanced AI technologies, HD day and night cameras, ultra-high-definition displays, and flexible camera interfaces to provide comprehensive situational awareness and early threat detection.
Designed to address challenges in urban and open terrain combat, the Diamond System aims to enhance crew protection and operational effectiveness. It will be available for purchase starting October 2024. Maris-Tech's CEO, Israel Bar, believes this launch represents a major advancement in AFV security and 3D situational awareness, positioning it as potentially the most advanced solution in the market.
Maris-Tech (Nasdaq: MTEK) announced a collaboration with LightPath (Nasdaq: LPTH) to integrate AI-ready firmware and hardware into LightPath's infrared cameras. The new AI-enabled feature, EdgeIR™, will be available on all LightPath cameras. This innovation incorporates embedded AI hardware and software for real-time, low-latency streaming and high-efficiency AI inferencing. The partnership aims to address bandwidth and security issues in cloud frameworks by simplifying hardware customization and facilitating field deployment of AI models. The technology includes Maris-Tech's embedded Hailo-8 AI accelerator, enhancing the performance of AI models at the camera level.
Maris-Tech has secured a $957,000 repeat order from a defense industry client for its AI-driven situational awareness solution for armored vehicles. This marks the third order, bringing total orders from this customer to $2.2 million. The solution, based on the Uranus video and AI platform, offers 360-degree situational awareness to enhance the safety of AFV crews. The system is already operational and proven effective in the field. Delivery is expected by the end of 2024.
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