Business
Maris-Tech Announces Full Year 2022 Financial Results
Announces Annual Revenues of Approximately $2.5 million for the year ended December 31, 2022, Representing Over 20% in Growth in Revenue Backlog as of January
About this update from Maris-tech Ltd.
[{"type":"text","content":"Announces Annual Revenues of Approximately $2.5 million for the year ended December 31, 2022, Representing Over 20% in Growth in Revenue Backlog as of January 1, 2023 was $1.9 million, Representing Over 215% in Growth REHOVOT, Israel, March 06, 2023 (GLOBE NEWSWIRE) -- Maris-Tech Ltd. (Nasdaq: MTEK) (“Maris-Tech” or the “Company”), a B2B provider of intelligent video transmission technology, today announced its financial results for the year ended December 31, 2022. Revenues for the year ended December 31, 2022 were $2,504,896, an increase of over 20% compared to $2,075,755 for the year ended December 31, 2021. Cash and cash equivalents and short-term bank deposits as of December 31, 2022 were $9,339,612 million, compared to $49,126 as of December 31, 2021. Backlog as of January 1, 2023 increased significantly compared to the Company's backlog as of January 1, 2022 and was $1,900,000 compared to $608,000. 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. Most of our backlog is comprised of executed purchase orders from high rated leading customers in the defense industries, also referred to as “triple A customers”, customers with which we have had long-standing relationships and governmental agencies. Backlog as of March 6, 2023 was approximately $2,600,000, the majority of which is expected to be delivered and recognized as revenue by the end of 2023 and the rest during 2024. \"In February 2022, we completed our initial public offering and received $17.8 million in gross proceeds, allowing us to accelerate our research and development and marketing efforts. During 2022, we accomplished major milestones that were made possible by the investor's vote of confidence in the Company,\" said Israel Bar, CEO of Maris-Tech. \"Our main goal in 2022 was to accelerate our growth and increase awareness of our unique technologies and solutions. In order to achieve our goal, we leveraged the experience of seasoned professionals from the defense, marketing and business development fields. In addition, we partnered with high profile leaders, like SpaceIL, for the \"Beresheet 2 Lunar Mission\", Israeli Lunar Spacecraft, as well as showcased our Edge AI video solutions at the leading global events and conferences,\" Bar added. \"We believe our...