olivLaw · US equity research
Maris-Tech Ltd. MTEK
Communications Equipment, NEC · SIC 3669 · Vertical: Communications Equipment, NEC (SIC 3669)
Maris-Tech develops and manufactures edge AI and video computing products, mainly for defense platforms such as unmanned systems. The company reported a sharp fall in revenue in 2025 as it shifted toward complete systems with longer sales cycles, which makes the evolution of its backlog an important indicator to watch.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Maris-Tech Ltd. (MTEK) stock was 0.26 USD (−22.16% on the day), with market capitalisation 2.1 m USD, beta 1.23, 52-week range 0.26–2.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 18.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.26 – 0.59
- in the lower half of the band · %B 0.01 · band width 79.2%
- SMA 50 / 200
- 0.75 / 1.20
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −63.9% | −1.1% | −62.8 pp | — |
| 3 months | −77.6% | −0.5% | −77.1 pp | — |
| 6 months | −77.8% | +4.4% | −82.2 pp | — |
| Year to date | −77.6% | +12.3% | −89.9 pp | — |
| 1 year | −81.9% | +13.5% | −95.5 pp | −24.8% |
| 3 years | −74.3% | +76.4% | −150.7 pp | +27.9% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 893.0 k | 987.9 k | 2.1 m | 2.5 m | 4.0 m | 6.1 m | 1.3 m |
| Revenue YoY | unavailable | +10.6% | +110.1% | +20.7% | — | +50.8% | −77.9% |
| Net income | -548.2 k | -640.3 k | -824.2 k | -3.7 m | -2.7 m | -1.2 m | -5.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | — | unavailable | unavailable |
| Diluted EPS | unavailable | 0.26 | -0.24 | -0.49 | -0.34 | -0.16 | -0.67 |
| Diluted EPS YoY | unavailable | unavailable | −192.3% | unavailable | — | unavailable | unavailable |
| net % | -61.4% | -64.8% | -39.7% | -147.2% | -67.2% | -20.3% | -403.3% |
| Free cash flow | -556.6 k | -424.5 k | -883.0 k | -5.1 m | -4.0 m | -2.4 m | -3.4 m |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.5 m USD
- Financial debt
- 2.0 m USD
- Net debt
- -544.3 k USD
- Equity
- 601.6 k USD
- Total assets
- 7.2 m USD
- Debt / equity
- 3.33x
- Current ratio
- 1.57x
- ROE
- -168.6%
- ROA
- -63.5%
- FCF margin
- -255.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 987.9 k | 2.1 m | 2.5 m | 4.0 m | 6.1 m | 1.3 m | SEC (XBRL)· 15 May 2026verified |
| Cost of revenue | 500.7 k | 1.1 m | 1.7 m | 2.1 m | 2.6 m | 1.7 m | SEC (XBRL)· 15 May 2026verified |
| Gross profit | 487.2 k | 969.3 k | 782.8 k | 1.9 m | 3.5 m | -363.7 k | SEC (XBRL)· 15 May 2026verified |
| Research & development | 781.4 k | 706.0 k | 1.0 m | 1.1 m | 927.0 k | 1.3 m | SEC (XBRL)· 15 May 2026verified |
| SG&A | 74.2 k | 595.1 k | 2.8 m | — | — | — | SEC (XBRL)· 06 Mar 2023verified |
| Operating income | 391.0 k | -572.9 k | -3.7 m | -2.9 m | -1.3 m | -5.2 m | SEC (XBRL)· 15 May 2026verified |
| Interest expense | 1.7 k | — | 30.7 k | — | — | — | SEC (XBRL)· 06 Mar 2023verified |
| Net income | -640.3 k | -824.2 k | -3.7 m | -2.7 m | -1.2 m | -5.4 m | SEC (XBRL)· 15 May 2026verified |
| Diluted EPS | 0.26 | -0.24 | -0.49 | -0.34 | -0.16 | -0.67 | SEC (XBRL)· 15 May 2026verified |
| Weighted average diluted shares | 2.5 m | 3.5 m | 7.5 m | 7.9 m | 7.9 m | 8.0 m | SEC (XBRL)· 15 May 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 20.5 k | 785 | 222.0 k | 2.1 m | 2.3 m | 2.5 m | SEC (XBRL)· 15 May 2026verified |
| Receivables | 127.5 k | 571.5 k | 1.6 m | 3.0 m | 3.5 m | 588.9 k | SEC (XBRL)· 15 May 2026verified |
| Inventories | 251.1 k | 391.5 k | 981.7 k | 2.0 m | 2.6 m | 2.9 m | SEC (XBRL)· 15 May 2026verified |
| Current assets | 415.9 k | 966.6 k | 12.3 m | 10.3 m | 8.7 m | 6.3 m | SEC (XBRL)· 15 May 2026verified |
| Property, plant & equipment, net | 13.6 k | 16.5 k | 283.8 k | 313.6 k | 407.4 k | 313.8 k | SEC (XBRL)· 15 May 2026verified |
| Total assets | 564.5 k | 2.0 m | 13.4 m | 11.3 m | 9.8 m | 7.2 m | SEC (XBRL)· 15 May 2026verified |
| Short-term debt | 592.1 k | 410.3 k | — | — | 9.3 k | 2.0 m | SEC (XBRL)· 15 May 2026verified |
| Long-term debt | 601.7 k | 744.8 k | 23.2 k | 12.3 k | — | — | SEC (XBRL)· 21 Mar 2024verified |
| Current liabilities | 1.3 m | 2.0 m | 1.8 m | 3.1 m | 3.3 m | 4.0 m | SEC (XBRL)· 15 May 2026verified |
| Total liabilities | 3.2 m | 4.4 m | 3.8 m | 4.4 m | 4.0 m | 6.6 m | SEC (XBRL)· 15 May 2026verified |
| Equity | -2.6 m † | -2.4 m † | 9.6 m † | 6.9 m † | 5.8 m † | 601.6 k † | SEC (XBRL)· 15 May 2026verified |
| Shares outstanding at year end | — | 3.1 m | 8.0 m | 7.9 m | 8.1 m | 8.1 m | SEC (XBRL)· 15 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -418.5 k | -875.0 k | -4.9 m | -3.9 m | -2.2 m | -3.4 m | SEC (XBRL)· 15 May 2026verified |
| Capex | 6.0 k | 8.0 k | 284.5 k | 90.5 k | 191.0 k | 22.7 k | SEC (XBRL)· 15 May 2026verified |
| Free cash flow | -424.5 k ≈ | -883.0 k ≈ | -5.1 m ≈ | -4.0 m ≈ | -2.4 m ≈ | -3.4 m ≈ | SEC (XBRL)· 15 May 2026derived |
| Investing cash flow | -33.5 k | -29.4 k | -9.3 m | 5.8 m | 3.0 m | -22.7 k | SEC (XBRL)· 15 May 2026verified |
| Financing cash flow | 455.4 k | 899.2 k | 14.4 m | -119.5 k | -489.4 k | 3.7 m | SEC (XBRL)· 15 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 19 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet45
- Growth0
- Valuation48
- Quality0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.27 – 0.32 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Sales0.27 – 0.32 (Mid 0.30)5 companies used · median multiple 1.4x · quartiles 1.2x – 1.5xAIOT, ESE, KSCP, REKR, TBCH
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 19/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | -27.1% | 0 (on a fixed band) | 12% |
| EBIT margin · Quality | -389.5% | 0 (vs peers) | 10% |
| FCF margin · Quality | -255.8% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -18.8% | 0 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | -77.9% | 0 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 45 (on a fixed band) | 7% |
| EV/Sales · Valuation | 1.2x | 83 (vs peers) | 19% |
| FCF yield · Valuation | -163.5% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial45/100 · 1/2 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality0/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation48/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Maris-Tech Ltd. (MTEK). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.3 m USD in 2025; YoY growth -77.9%; net margin -403.3%; ROE -168.6%.
The estimated value range is 0.27–0.32 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.30 USD, the price of 0.26 USD leaves a potential of 14.8% (value / price − 1) and a margin of safety of 12.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 19/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/Sales: 1.2x
- The price is below the estimated value range
What contradicts it
- Gross margin: -27.1%
- EBIT margin: -389.5%
- FCF margin: -255.8%
- Revenue CAGR 3Y: -18.8%
- Revenue growth (YoY): -77.9%
- FCF yield: -163.5%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).
Versus the vertical median
Communications Equipment, NEC (SIC 3669) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LITELumentum Holdings Inc. | 56.8 bn | — | -245.8% | -175.8% | +83.2% | +93% / +1,364% |
| ESEEsco Technologies Inc. | 6.2 bn | 19.8 | 21.4% | 24.4% | +19.2% | +13% / +128% |
| NSSCNapco Security Technologies, Inc | 1.1 bn | 25.9 | 23.4% | 21.6% | +11.4% | −21% / +4% |
| AIOTPowerfleet, Inc. | 381.2 m | — | -4.0% | -4.2% | +22.4% | −43% / +22% |
| TBCHTurtle Beach Corporation | 303.7 m | — | -3.2% | -1.1% | −14.2% | +22% / +50% |
| INSGInseego Corp. | 79.3 m | 25.3 | — | -6.4% | −13.1% | −56% / +120% |
| AMPGAmplitech Group, Inc. | 74.5 m | — | -19.4% | -33.4% | +165.0% | −25% / +56% |
| REKRRekor Systems, Inc. | 49.3 m | — | -62.8% | -43.8% | +5.3% | −80% / −87% |
| KSCPKnightscope, Inc. | 34.7 m | — | -201.3% | -217.3% | +4.9% | −91% / −98% |
| SNTSenstar Technologies Corporation | 33.7 m | 10.3 | 8.0% | 8.8% | +1.7% | −63% / +28% |
| UTSIUTStarcom Holdings Corp. | 19.2 m | — | -19.5% | -88.5% | −17.5% | −16% / −42% |
| MTEKMaris-Tech Ltd. | 2.1 m | — | -168.6% | -403.3% | −77.9% | −82% / −74% |
1- and 3-year price returns: for MTEK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 May 2026; since then the company filed 6-K (29 Oct 2026), 6-K (20 Oct 2026), 6-K (07 Oct 2026), 6-K (05 Oct 2026), 6-K (29 Sept 2026).
In brief
Maris-Tech develops and manufactures edge AI and video computing products, mainly for defense platforms such as unmanned systems. The company reported a sharp fall in revenue in 2025 as it shifted toward complete systems with longer sales cycles, which makes the evolution of its backlog an important indicator to watch.
SWOT
Strengths
- The research and development team has over thirty years of experience in advanced video and audio systems, which allows fast adaptation to customer requirements 1.
- The products are operational in defense missions, which gives practical validation of their performance and reliability 1.
- The modular architecture and small size allow customized configurations for small platforms and covert applications 1.
Weaknesses
- The company has operated at a loss since inception and revenue fell sharply in 2025, which limits its ability to self-fund 1.
- The source notes conditions that raised doubt about the company's ability to continue as a going concern, although management has presented mitigating plans 1.
- Reliance on third-party suppliers for most component parts could affect timely and cost-effective delivery 1.
Opportunities
- Growing demand for unmanned platforms and reconnaissance systems could open new contracts for complete systems 1.
- International expansion, supported by the US subsidiary, could widen the customer base in new regions 1.
- A backlog that grew into 2026 could turn existing contracts into revenue if deliveries follow the schedule 1.
Risks
- Going concernhigh
The source indicates the company could be unable to continue its business if it fails to generate enough revenue or secure financing.
- Shareholder dilutionhigh
Convertible notes and direct placements can issue a large number of new shares, which could reduce the stake of existing shareholders.
- Conversion of backlog into revenuemedium
Orders in backlog can be deferred or cancelled, and their value does not guarantee revenue in the expected period.
- Geopolitical risk in Israelmedium
Most research and production activity is in Israel, and regional conflicts could disrupt operations and supply chains.
- Concentrated ownershiplow
Principal shareholders, officers and directors control a significant share of the ordinary shares and could influence shareholder votes.
Investment thesis
What would need to be true (bull case)
- If backlog turns into revenue, the company could recover part of the 2025 decline, especially through defense complete systems.
- Demand for unmanned platforms and edge video processing could support growth in the payload segment over the medium term.
- Its intellectual property portfolio and mission validation could give it an edge over new entrants.
What would break the thesis
- Revenue fell by more than three quarters in 2025, and if the trend persists the company could stay dependent on external funding.
- Repeated losses and doubt about going concern could limit access to capital on acceptable terms.
- Longer sales cycles for complete systems could delay cash collection and increase working capital needs.
What to watch
- Development of backlog and deliveries through 20262026
- Quarterly revenue and gross marginQ1 2027
- Use of the at-the-market sales program and resulting dilution2026
- Changes to the going concern assessment in the next annual reportnext 20-F
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 May 2026; since then the company filed 6-K (29 Oct 2026), 6-K (20 Oct 2026), 6-K (07 Oct 2026), 6-K (05 Oct 2026), 6-K (29 Sept 2026).
The business
The company's product families include Jupiter, Uranus and Mars, covering video encoding, low-latency streaming and AI analysis for reconnaissance and surveillance missions. Defense and homeland security are the main focus, and its products were used in the Beresheet lunar mission, which the company presents as technology validation 1.
Operations have been funded mainly through share issuances, bank loans and shareholder loans, and in 2026 the company completed a registered direct offering and set up an at-the-market sales program. The company has operated at a loss since inception, and management indicated losses would continue until new products reach commercial profitability 1.
Segments
OEM components and subsystems
These are supplied to defense platform manufacturers and makers of electro-optical and RF datalink systems, and form the company's historical model. The company noted that OEM sales were partly replaced by complete systems, which reduced revenue in 2025 1.
Integrated video assemblies
Complete systems combine video processing, AI and integrated communications for unmanned platforms, observation systems and armored vehicles. According to the company this segment brings longer and more complex sales cycles, but also a larger backlog for later years 1.
Civil and homeland security applications
The company also offers standard solutions for homeland security and certain civil uses, including autonomous vehicles. It is a secondary segment compared with defense, and its revenue contribution is not detailed in the source 1.
Market context
The company cites third-party estimates for the video surveillance market, at about 71.65 billion USD in 2026 growing around 10.65% a year to 2031, and for UAV payloads and subsystems, at 7.86 billion USD in 2025 growing around 9.49% a year 1. These figures come from Mordor Intelligence and are external estimates, not verified data.
Demand is supported by wider use of unmanned platforms in defense and, to a lesser extent, in commercial applications. The company stresses that market estimates may prove inaccurate and that its business could fail to grow at the same rate as the market 1.
Trends
- Shift from OEM parts to complete systemsmixed
The company has refocused its offer on complete systems, which cut short-term revenue but could raise the value of longer-term contracts. The effect depends on whether the company converts its backlog into revenue.
- Rising demand for unmanned platformstailwind
The use of unmanned systems in defense and reconnaissance supports demand for low-latency video processing, which is favorable for the payload segment.
- Migration from analog to networked systemstailwind
The move of surveillance systems to network architectures allows higher-bandwidth video and wider analytics, which could support the company's homeland security offer.
- Financing costs and liquidity pressureheadwind
Economic uncertainty and difficulty raising capital could make financing harder and dilute existing shareholders. The company's use of convertible notes and direct placements could add pressure on its capital structure.
Competitive position
The company states that it faces significant competition from existing and future technologies. The source does not name competitors, and the advantages it cites are small product size, low latency and an intellectual property portfolio that it regards as entry barriers 1.
Competition is likely more intense in complete systems, where large defense players have greater resources. The company gives no financial comparison with these players, so its relative position remains unclear from the source 1.
- Electro-optical and RF datalink payload makers
The source mentions customers of this type, such as electro-optical, RF datalink and unmanned platform manufacturers, but does not name direct competitors 1.
- Large defense system integrators
The company considers competition from large defense system providers a threat, without naming specific entities 1.
- Network camera and surveillance system makers
These players form part of the general video surveillance market cited by the company, but the source does not identify them 1.
- Drone video processing solution providers
They are potential competitors in the payload segment, according to the market description in the source, without explicit names 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Maris-Tech introduces advanced edge AI platform enabling real-time video intelligence and autonomous UAV operationsEuropean Defence Review · 28 Oct 2026 · RO
The latest news item in our archive is from 28 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)05 Oct 2026
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)02 Sept 2026
- Current report (foreign issuer)02 Sept 2026
- Current report (foreign issuer)25 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Maris-Tech Ltd. · 15 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.