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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 Ltd. (Nasdaq: MTEK, MTEKW) has announced the development launch of the Uranus-AI, a cutting-edge video platform that supports up to 8K Ultra-HD streams. Scheduled for market introduction in Q4 2023, the Uranus-AI enhances Maris Edge's capabilities by utilizing dual Hailo-8™ AI accelerators, each delivering up to 26 tera operations per second. This advancement targets defense, transportation, and new-space markets, meeting the rising demand for ultra-HD video sensors on unmanned platforms. Following the success of the Jupiter-AI, Maris-Tech aims to strengthen its market position significantly.
Maris-Tech Ltd. (Nasdaq: MTEK) has secured a $1.1 million purchase order for its new product, Jade, a derivative of its Jupiter AI platform, from a leading Israeli defense company. This order represents the largest received by Maris-Tech to date and highlights the successful integration of its Jupiter-Nano hardware with Hailo's Hailo-8 AI accelerator.
The company aims to enhance its position in the growing video analytics market projected to reach $21.7 billion by 2027, fueled by AI technology adoption and edge computing needs.
Maris-Tech Ltd. (Nasdaq: MTEK) announces a solid order backlog of approximately $3.36 million as of January 1, 2022. Of this backlog, about $968,000 was recognized as revenue in the first half of 2022, with an additional $364,000 delivered by December 7, 2022. The company expects the bulk of the remaining backlog, approximately $2.03 million, to be fulfilled by June 30, 2023. The backlog includes advanced products like the Jupiter series and orders for projects such as the Beresheet 2 Lunar Mission.
Maris-Tech Ltd. (Nasdaq: MTEK) announced that its flagship product, the Jupiter-AI, will be featured at CES 2023 in Las Vegas from January 5-8, 2023. This advanced multiple-stream video platform integrates Maris-Tech’s Jupiter-Nano and Hailo’s Hailo-8™ AI accelerator, offering superior video streaming capabilities. The event is expected to attract over 2400 exhibitors and significant media coverage. CEO Israel Bar emphasized the importance of CES for showcasing their technology to potential clients, highlighting the small size and low latency of the product as key advantages.
Maris-Tech Ltd. (MTEK) announced on October 3, 2022, that it received Israeli court approval for a share repurchase plan. This plan allows the company to buy back up to $1 million in ordinary shares, valid until March 31, 2023. The management is authorized to repurchase shares through various methods based on market conditions. However, the plan does not require the company to repurchase a specific number of shares and can be suspended or terminated at management's discretion.
Maris-Tech Ltd. (Nasdaq: MTEK) announced a purchase order worth $200,000 from a leading Israeli defense company as part of a larger agreement for up to $500,000 in orders. This marks the second order from this client, following a previous $300,000 order. CEO Israel Bar emphasized the positive customer response and growing traction for their Jupiter AI product, which integrates advanced video transmission technology. The Jupiter AI platform is designed for real-time intelligence analytics and enhanced situational awareness.
Maris-Tech Ltd. (Nasdaq: MTEK) will participate in the Commercial UAV Expo in Las Vegas from September 6-8, 2022. The company will showcase its flagship product, the Jupiter-AI, a versatile video platform designed for autonomous drones and civilian applications. CEO Israel Bar emphasized the product's advantages, including its compact size, AI capabilities, and low latency. Attendees can visit Booth #843 to see the technology, which aims to meet the growing demands of commercial sectors.
Maris-Tech Ltd. (MTEK) has secured a joint grant from the Israeli Innovation Authority in collaboration with Ben Gurion University. The project aims to develop an AI and ML-based system for diagnosing faults in drones, with a first-year budget of approximately $400,000, of which the grant covers 66%. This initiative represents a significant step in enhancing Maris-Tech's edge computing solutions in drone technology. CEO Israel Bar highlighted the importance of this collaboration as a confidence boost for the company's capabilities.
Maris-Tech Ltd. (Nasdaq: MTEK) reported its financial results for the six months ended June 30, 2022, with revenue of $967,925 and a gross margin of $316,776. The company's backlog as of August 22, 2022, stood at approximately $1,557,000, primarily expected to convert to revenue by year-end 2022. Highlights include a successful $17.8 million IPO, involvement in the Beresheet 2 Lunar Mission, and winning a major U.S. customer with a $300,000 purchase order. Overall, Maris-Tech anticipates enhanced exposure and performance for its advanced products.
Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) has announced the completion of its flagship product, Jupiter-AI, aimed at the edge video and AI technology market. Initial orders have been received for OEM solutions and ruggedized platforms. The Jupiter-AI integrates advanced video streaming and AI capabilities, promising low power usage and high video quality. First deliveries are expected in August 2022. The company aims to serve various markets, including defense and autonomous vehicles, positioning itself competitively in the industry.
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