Metatek-Group (TSX:MTEK) reported first-quarter financial results on Thursday. The transcript from the company’s first-quarter earnings call has been provided below.
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Access the full call at https://www.gowebcasting.com/events/metatek-group-ltd/2026/05/14/first-quarter-fiscal-2026-conference-call/play
Summary
Maris Tech Ltd reported first quarter revenue of $4.1 million, consistent with the previous year, primarily driven by their EFDG system.
The company is expanding its operational capabilities with the deployment of the V SDG system, despite temporary halts due to geopolitical events in Dubai.
Maris Tech Ltd’s adjusted backlog grew to $77 million, with expectations to convert it over the next 18 months, driven largely by repeat sovereign customers.
The company completed its IPO, raising approximately $22 million after expenses, which significantly strengthened its balance sheet.
Management highlighted a strategic focus on disciplined execution, capacity expansion, and meeting the growing demand from sovereign and independent clients.
Full Transcript
Dennis Huang (Investor Relations)
Thank you. Operator on the call today are Mark Davies, Meditech CEO and Nick Morgan, CFO. Before we begin, Meditech would like to remind listeners that certain information discussed today may be forward looking in nature. Such forward looking information reflects the company’s views with respect to current future events. Any such information is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those projected in the forward looking statements. For more information on the risks, uncertainties and assumptions related to forward looking statements, please refer to Meditech’s public filings which are available on SEDAR. During the call we will reference certain non IFRS financial measures. Although we believe these measures provide useful supplemental information about our financial performance, they are not recognized measures and do not have standardized meanings under IFRS. Please see our MD&A for additional information regarding our non IFRS financial measures, including for reconciliations to the nearest IFRS measures. Please note that unless otherwise stated, all references to any financial figures are in US dollars. With that, I’ll hand the call over to Mark. Good morning, everyone, and thanks for joining us. I’ll start with what drove revenue in the quarter, then spend some time on the progress we made with our DFTG system, which I think was an important operational milestone for the company. First quarter results reflected the normal seasonality of our government and sovereign nation led business. Fiscal budgets and approval cycles typically result in lower activity early in the year, with activity building as the year progresses. That’s a cadence we expect and plan for. Revenue in the first quarter was primarily driven by our EFDG system, which completed two surveys, both for repeat clients. In Angola, we executed the following project from a prior survey completed in 2024. In West Africa, we completed an initial program for a client we have now worked with multiple times. In fact, this marked our fourth return to the region. Both projects were completed within the quarter and the work with our West African client is expected to lead into a larger planned survey expected to commence in the second quarter of 2026. That repeat customer dynamic, starting with initial survey and expanding coverage over time, continues to be a defining feature of our business model from an execution standpoint. It also reduces risk and improves visibility.
Dennis Huang (Investor Relations)
Once a system is mobilized for a client, follow on phases tend to be more efficient to execute and easier to sequence, which supports utilization over time. The first quarter also marked the first deployment of a V SDG system on a live customer project following installation and testing in fiscal 2025. The DFTG system is designed to be more portable, allowing deployment on a wide range of aircraft, including smaller aircraft and helicopters. That portability expands our ability to operate in geographies where access and logistics are more constrained.
Dennis Huang (Investor Relations)
The DFTG system commenced operations in Dubai late in February and completed just over 12% of the planned data acquisition before activity was halted due to regional military events and airspace closures. Importantly, the project itself has not gone away. The client, who has previously used older generation technology, has been very impressed with the data required to date and is paying the pro rata fees associated with the work completed. We have agreed to return and complete the project once conditions allow. The remaining contract value sits in backlog, although for prudence we have not included the return to Dubai in our schedule or forecast for the year. The DFTG system has since been demobilized from Dubai and it is important to note we have no other contracts in the Middle east region in our adjusted backlog. As with any new system, particularly a new system design, there was a degree of technical risk associated with the DFTG system’s first real world deployment, particularly around how the technology would perform in an operational environment.
Dennis Huang (Investor Relations)
Based on analysis of the initial Dubai data set, the system has performed significantly better than we anticipated. We have seen a performance that exceeds expectations in both signal to noise around 40% better than expected dynamic range that gives us a high degree of confidence in the platform and confirms that DFTG system is ready to operate at scale. Most importantly, the dynamic range indicates that the system should exceed current daily production estimates.
Dennis Huang (Investor Relations)
In addition to data acquisition work, the first quarter also included revenue from processing and interpretation phases of projects where data had been acquired in 2025. This included airborne EFDG system projects in Singapore and Malaysia and after the successful execution and result of the Airborne Survey, a ground based magneto telluric project in Singapore. We also began work on a marine based conventional gravity data acquisition program during the quarter in partnership with a marine gravity provider we have worked with previously.
Dennis Huang (Investor Relations)
Longleat pre project deliverables were completed and mobilization occurred late in the quarter, with data acquisition commencing in the second quarter. At the end of …
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