Maris-Tech (MTEK) Reports H1 Results

Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a B2B provider of edge computing artificial intelligence (“AI”) accelerated video solutions for edge platforms, today announced its financial report for the six months ended June 30, 2023.

Revenue for the six-months ended June 30, 2023 was $473,853, compared to $967,925 for the same six-month period in 2022. Net loss for the six-months ended June 30, 2023 was $2,264,027, compared to $2,273,700 for the same six-month period in 2022.

In June 2023, Maris-Tech received grant approval from the Israeli Innovation Authority in the amount of $333,000 to support the first year development of an innovative system for onboard situation awareness for nanosatellite platforms. The funding will cover approximately 50% of the total budget for the first year of the project.

"Maris-Tech continues to develop pioneering solutions in new projects, along with expansion in growing markets and new territories, and important new international cooperation agreements. Looking forward, we are seeing increased interest in our innovative solutions and have received new orders as a result of our focused marketing efforts from both long-standing and new customers," said Israel Bar, Chief Executive Officer of Maris-Tech.

See Maris-Tech's Report of Foreign Private Issuer on Form 6-K filed with the U.S. Securities and Exchange Commission (the “SEC”), on September 29, 2023.

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