REHOVOT, Israel - Maris-Tech Ltd. (NASDAQ:MTEK, MTEKW), a company specializing in AI-accelerated video solutions, released its financial outcomes for the year ending December 31, 2023.
The Israeli-based B2B provider disclosed a substantial revenue increase of 60% to approximately $4.0 million, up from $2.5 million in the previous year. The gross profit soared by 138% to roughly $1.9 million, compared to around $0.8 million in 2022.
Despite the revenue and profit growth, the company reported a net loss of approximately $2.7 million, which is a 27% improvement from the $3.7 million loss in the prior year. The net loss per ordinary share decreased by 31% to about $0.34 million, from roughly $0.49 million in 2022.
Maris-Tech also reported a year-end cash and cash equivalents and short-term bank deposits totaling approximately $5.2 million, a decrease from the $9.3 million recorded at the end of 2022. Trade receivables stood at about $3.0 million, up from $1.6 million the previous year.
The company's backlog, an indicator of future revenue, showed a significant increase from approximately $1.9 million at the start of 2023 to around $10.81 million as of March 20, 2024.
The company's CEO, Israel Bar, highlighted the strategic expansions and the securing of major R&D agreements with industry leaders throughout the past year. Maris-Tech's collaborations across various sectors have positioned them at the forefront of technological innovation. The company has also strengthened its global presence with new orders and strategic collaborations in markets such as Turkey, India, and the UK.
Maris-Tech's advancements in 2023 included securing a $7.5 million agreement with Art Of Logic Australia and launching new products like the Jupiter Drones for the UAV market. The company also focused on expanding its footprint in the defense market and participated in key industry events to showcase its edge-AI computing and video streaming solutions.
This financial report is based on a press release statement from Maris-Tech Ltd.
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