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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) announced a purchase order exceeding $250,000 from a leading defense company, marking the third order from this client for the Neptune-Split platform. This product, initially custom-designed for the client, is now available for broader defense applications. CEO Israel Bar emphasized this repeat order as a testament to their innovative solutions. The Neptune-Split platform is part of the Neptune series, which offers lightweight, low-power video solutions for real-time intelligence gathering and situational awareness.
Maris-Tech Ltd. (Nasdaq: MTEK) has received a purchase order from SpaceIL to develop a video recording, streaming, and image processing solution for the Beresheet 2 Lunar Mission. This mission includes one orbiter and two landers aimed at scientific exploration of the moon. Maris-Tech previously contributed to the 2019 Beresheet spacecraft. The new Jupiter-Space system will manage camera operations, image processing, and landing algorithms, reinforcing the company’s role in high-quality video transmission technology under extreme conditions.
Maris-Tech Ltd. (Nasdaq: MTEK) announced a $300,000 purchase order from a UK distributor for its advanced Jupiter AI platform. This new product will integrate high-end video cameras primarily for drone applications. It supports both HD and thermal cameras, enhancing AI capabilities through Hailo's AI accelerator. CEO Israel Bar emphasized the growth driven by innovative technology and partnerships, with over $500,000 in orders from the UK reseller in 2022. The Jupiter platform delivers real-time intelligence and situational awareness, catering to various commercial and tactical applications.
Maris-Tech Ltd. (MTEK) announced a $300,000 purchase order from a leading Israeli defense company for its Opal platform. The order reflects increasing demand for the company’s products, powered by the advanced Jupiter AI platform. CEO Israel Bar highlighted the role of customer needs in expanding their product portfolio, contributing to their market reputation in defense and surveillance sectors. The Jupiter AI platform combines video processing with real-time analytics, supporting a variety of applications.
Maris-Tech Ltd. (MTEK) announced a share repurchase plan authorized by its board of directors, allowing the company to repurchase up to $1 million of its ordinary shares. These repurchases can occur through various methods in compliance with U.S. and Israeli laws, pending court approval to ensure sufficient resources for the plan without disrupting ongoing commitments. The company is not obligated to repurchase any specific number of shares, and the plan can be suspended or terminated at management's discretion.
Maris-Tech Ltd. (Nasdaq: MTEK) will participate in Eurosatory 2022, a key global defense and security event happening in Paris from June 13 to 17, 2022. The company will showcase its latest innovation, Jupiter AI, a miniature video encoding platform designed for wearable and gun-sight applications. Displayed at Stand 461, Hall 6 BA, Jupiter AI is optimized for low latency and high video quality, making it suitable for defense and homeland security sectors. CEO Israel Bar highlights its game-changing size and capabilities, emphasizing its strategic importance.
Maris-Tech Ltd. (Nasdaq: MTEK) reported annual revenue of $2,075,755 for fiscal year 2021, marking over 110% growth from $987,833 in 2020. CEO Israel Bar highlighted significant R&D achievements and the completion of the initial public offering, raising $17.8 million. The company's backlog stood at approximately $1,202,000 as of April 28, 2022. Key developments included major U.S. customer orders and partnerships aimed at expanding its sales network and product pipeline.
Maris-Tech Ltd. (Nasdaq: MTEK) has secured a significant $300,000 purchase order from a prominent U.S. manufacturer of surveillance equipment, marking its entry into the North American market. This order is for Amethyst, built on the company's Jupiter-Nano technology, enhancing video streaming capabilities. CEO Israel Bar emphasized this achievement as a critical step in establishing a U.S. footprint, highlighting customer confidence in their advanced video solutions. Maris-Tech's products aim to meet rising demands in commercial and defense sectors.
Maris-Tech Ltd. (Nasdaq: MTEK) announced a purchase order from Goldtec for advanced video recording technology worth approximately $68,000. This order highlights the anticipated demand for their innovative solution based on the Neptune Pro product. The collaboration aims to develop military-grade digital video solutions for defense organizations, integrating Maris-Tech's intelligent video transmission capabilities with Goldtec's expertise. This project underscores Maris-Tech's growth strategy as they anticipate further orders to scale technology rollout.
Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) has appointed Avi Gilor as the new North America Marketing Manager to spearhead product rollout in the United States. Gilor, based in California, brings over 20 years of expertise in technology sales, particularly for government and military applications. His focus will be on developing relationships with resellers and increasing awareness of Maris-Tech’s innovative video solutions. The U.S. market is deemed critical for the company’s growth strategy, promising enhanced penetration and partnership opportunities.
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