Maris-Tech Ltd. Ordinary Shares - MTEK STOCK NEWS

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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.