Business
Maris-Tech Announces Financial Results and Net Profit for the Six Months Ended June 30, 2024
Revenues for the six-months ended June 30, 2024 were approximately $3.4 million, an increase of approximately 620% compared to the same period in 2023
About this update from Maris-tech Ltd.
[{"type":"text","content":"Revenues for the six-months ended June 30, 2024 were approximately $3.4 million, an increase of approximately 620% compared to the same period in 2023 Rehovot, Israel, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris- Tech” or the “Company”), a global leader in video and artificial intelligence (AI) based edge computing technology, today announced its financial results for the six months ended June 30, 2024. Revenues for the six-month ended June 30, 2024, were approximately $3.4 million, an increase of approximately 620% compared to the same six-month period in 2023. Gross profit for the six-month ended June 30, 2024 was approximately $1.9 million, compared to a gross loss of approximately $0.2 million for the same six-month period in 2023. Net profit for the six-month ended June 30, 2024 was approximately $132 thousand, compared to a net loss of approximately $2.3 million for the same six-month period in 2023. Net profit per ordinary share for the six-month period ended June 30, 2024 was $0.02, compared to net loss per ordinary share of $0.29 for the same six-month period in 2023. Working capital as of June 30, 2024 was approximately $7.0 million, compared to approximately $7.3 million as of December 31, 2023. We expect that our existing cash and cash equivalents and our short-term bank deposits as of June 30, 2024, together with anticipated revenue from existing customers pursuant to existing purchase orders, as well as projected revenue from new customers, will be sufficient to fund our current operations and satisfy our obligations for the next twelve months. Our backlog as of June 30, 2024 and August 28, 2024 was approximately $10.0 million and $10.5 million, respectively. We define backlog as the accumulation of all pending orders with a later fulfillment date for which revenue has not been recognized, and we consider valid. The backlog consists of executed purchase orders from new customers and existing customers with which we have had long-standing relationships and from governmental agencies. Israel Bar, Chief Executive Officer of Maris-Tech, stated, \"The first half of 2024 has been a period of significant advancement for Maris-Tech. We've not only achieved record-breaking financial results but also forged strategic partnerships and secured pivotal contracts that position us at the forefr...