Business
Maris-Tech Announces Full Year 2023 Financial Results and a Record Revenue Year
Annual Revenues of Approximately $4.0 million for the Year Ended December 31, 2023, Representing 60% Growth in Revenue Over 2022 REHOVOT, Israel, March 21,
About this update from Maris-tech Ltd.
[{"type":"text","content":"Annual Revenues of Approximately $4.0 million for the Year Ended December 31, 2023, Representing 60% Growth in Revenue Over 2022\nREHOVOT, Israel, March 21, 2024 (GLOBE NEWSWIRE) -- Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a B2B provider of artificial intelligence (“AI”) accelerated video solutions for edge platforms, today announced its financial results for the year ended December 31, 2023. Revenues for the year ended December 31, 2023, were approximately $4.0. million, an increase of 60% compared to approximately $2.5 million for the year ended December 31, 2022. Gross profit for the year ended December 31, 2023, was approximately $1.9 million, an increase of 138% compared to approximately $0.8 million for the year ended December 31, 2022. Net loss for the year ended December 31, 2023, was approximately $2.7 million, a decrease of 27% compared to approximately $3.7 million for the year ended December 31, 2022. Net loss per ordinary share for the year ended December 31, 2023, was approximately $0.34 million, a decrease of 31% compared to approximately $0.49 million for the year ended December 31, 2022. Revenues for the six months ended December 31, 2023, were approximately $3.6 million and the net loss for the six months ended December 31, 2023, was approximately $0.5 million, in each case, on an unaudited and unreviewed by our independent accounting firm basis. Cash and cash equivalents and short-term bank deposits as of December 31, 2023, were approximately $5.2 million, compared to approximately $9.3 million as of December 31, 2022. We expect that our existing cash and cash equivalents and our short-term bank deposits as of December 31, 2023, 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. The balance of trade receivables as of December 31, 2023, was approximately $3.0 million, compared to approximately $1.6 million as of December 31, 2022. Our backlog as of January 1, 2024, was approximately $9.76 million, which represents a significant increase from the Company’s backlog as of January 1, 2023, of approximately $1.9 million. Our backlog as of March 20, 2024, was approximately $10.81 million. We...