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Israel’s Maris-Tech Ltd (NASDAQ: MTEK) saw its stock price increase by more than 37% on Wednesday following the launch of its innovative “Uranus-Drones” system and the receipt of its first substantial order for 100 units.
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The Uranus-Drones system is built on Maris-Tech’s proprietary Uranus technology, a sophisticated artificial intelligence and video processing system designed for various applications including defence, space, and law enforcement. The Uranus-Drones variant is specifically engineered for unmanned aerial vehicles (UAVs).
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Maris-Tech claims that this new drone system will provide unparalleled video streaming, tracking, and intelligence-gathering capabilities. It supports 4K Ultra-HD video and effectively serves as the central processing unit for drones.
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“Uranus-Drones acts as the central hub for transferring data between the flight controller, camera, and gimbal,” the company announced. This technology equips drones with enhanced surveillance and data collection functionalities while ensuring user-friendliness.
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Maris-Tech participated in the UVID Dronetech 2024 conference in Tel Aviv last month, a significant event focused on UAV developments.
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Photo credit: Maris-Tech
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Establishment of a North American Presence
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In October, Maris-Tech announced the formation of its subsidiary, Maris North America Inc. The company has formed partnerships with two influential business allies to enhance its growth strategy in the U.S. market.
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CEO Israel Bar stated, “With the engagement of two industry-leading consultants, we are confident that we can establish a strong foothold in the U.S. defence and homeland security markets.”
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Financially, Maris-Tech reported a healthy 620% increase in revenue, amounting to $3.4 million for the six months ending June 30, 2024. The company also achieved a net profit of approximately $132,000, a stark contrast to a net loss of $2.3 million during the same period in 2023.
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Founded in 2008, Maris-Tech specializes in developing miniature, high-quality, and low-power video processing technology, responding to the evolving needs of professional, governmental, and military sectors.
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