MTEK

Company Overview

• Founded in 2008, went public in 2022, with offices in Israel and USA.
• Deals with edge computing solutions for remote platforms like drones, robots, armored vehicles.
• Develops hardware and software OEM solutions, integrates AI capabilities.

Market Focus

• Mainly defense market, homeland security, unmanned vehicles, intelligence gathering, smart city.
• 2024 highlights: Became involved in defense market, strong revenue growth, new product launches and partnerships.

Product Families

• Four family products: Jupiter (intelligence gathering, drones), Mars (similar to Jupiter), Uranus (situation awareness), Venus (FPGA based for heavy video).

Roadmap for 2025

• Focus on final products: Integration with thermal cameras, Diamond Ultra with drone detection, Peridot passive radar for border control.

Forward Looking

• Backlog of ~$9.9 million expected to be recognized as revenue in coming years.
• Cash and cash equivalent as of end of December last year was ~$2.3 million, sufficient for growth and operations in next 12 months.
• Plan to expand into North America, Eastern Europe, India.

Revenues increased from $1 million in 2020 to approximately $6.1 million in 2024, representing a growth of over 50%. Net loss decreased from $3.7 million in 2022 to $1.2 million in 2024, a decrease of more than 54%. Backlog as of end of March was approximately $9.9 million.

Q: There is limited information available about Thrikasa Technology, which probably contribute to the drop in Maris stock yesterday?

A: We have signed an agreement with the distributor dealing with defense market, believe it will open opportunities, no relation to share price.

Q: Decreasing in revenues between the second-half in 2023, compared to the first-half in 2024?

A: We are a project company with non-linear revenues due to different orders, so there can be decreases between periods.