The following is a summary of the Maris-Tech Ltd. (MTEK) Q4 2023 Earnings Call Transcript:
Financial Performance:
Maris-Tech's 2023 revenue increased significantly to $4 million from $1 million in 2020, with the bulk generated in the latter half of 2023.
The net loss was notably reduced to $2.7 million in 2023, from $3.7 million in the prior year.
As of end 2023, the balance of trade receivables was at $3 million.
The company reported a healthy backlog value of $10.8 million as of March 20, 2024.
By March 21, 2024, the company held cash and cash equivalents valued at $4.75 million.
Business Progress:
Maris-Tech has cemented its position as a leader in AI-based edge computing technology with collaborations spanning numerous sectors.
The company's technology is deployed in thousands of drones globally and domestically within Israel.
Substantial deployment of the company's situational awareness solutions has been seen in armored vehicles.
Successful collaboration on AI-based intelligence gathering with intelligence agencies is underway.
Maris-Tech equipment has been utilized in satellites, military applications, and various aircraft.
Recently, Maris-Tech announced a key partnership with Renesas, signaling market validation of its technology.
With projected revenues of $7 million for 2024, the company forecasts continued business growth.
More details: Maris-Tech IR
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