REG - MTI Wireless Edge - Interim results
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RNS Number : 5188W MTI Wireless Edge Limited 26 August 2025
26 August 2025
MTI Wireless Edge Ltd
("MTI", the "Company" or the "Group")
Interim results
'Strong First Half with 17% EPS growth benefiting from Global Defence Spend'
MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on
comprehensive communication and radio frequency solutions across multiple
sectors, is pleased to today announce its financial results for the six month
period ended 30 June 2025.
Financial highlights
· Revenues up 8% to US$24.1m (H1 2024: US$22.3m)
· 11% increase in operating profit to US$2.5m (H1 2024: US$2.25m)
· Net profit increased 6% to US$2.0m (H1 2024: US$1.86m)
· Basic earnings per share increased 17% to 2.50 US cents (H1 2024:
2.14 US cents)
· Strong financial position maintained with net cash standing at
US$5.1m on 30 June 2025 (31 December 2024: $5.96m) after payment of dividends
of $2.9m in April 2025, supported by significantly increased net cash provided
by operating activities, up 66% to $2.5m (H1 2024: US$1.5m).
Operational highlights
Antenna Division
· The Antenna division continues to experience strong revenue growth,
driven by demand in both 5G and defence markets, with sales up by 23% during
the period. Global defence spending is increasing, particularly on
next-generation military hardware, where antennas play a crucial role, a trend
which is benefiting the division significantly.
· The global military antenna market size was valued at USD 3.62
billion in 2024 and is projected to grow to USD 5.44 billion by 2029,
exhibiting a CAGR of 8.4% (Research and Markets, February 2025).
· Sales of the 5G backhaul solution rose significantly by 40%,
primarily driven by the Indian market, though demand from this region remains
challenging to predict. Several large contract wins in the division have
generated a substantial order backlog, providing excellent visibility for a
successful year ahead.
Mottech
· Following a slightly slower 2024, Mottech sales have risen by 8%,
supported by key contract wins in Israel and the USA. The Italian contract,
announced in May 2025, involving large-scale agricultural irrigation, and
initially valued at €1 million, is expected to contribute strongly in the
second half of the year. Overall, Mottech is well positioned to deliver a good
performance this year.
MTI Summit
· MTI Summit sales decreased 3%, due to a change in one of the service
agreements relating to tethered balloons, which did not impact the agreement's
profitability. The core business of providing comprehensive radio frequency
and microwave solutions grew 12% in the period and continues to generate a
substantial order backlog. The division has a healthy pipeline of new design
tenders, which bodes well for future prospects. Additionally, PSK, the defence
company in which the Company recently increased its stake to 60%, completed a
successful second quarter, secured several new contracts, and has positioned
itself to contribute positively moving forward.
Moni Borovitz, Chief Executive Officer of MTI Wireless Edge, said:
"MTI is in a strong position, with all three divisions performing well,
underpinned by sustained demand for our radio frequency solutions across our
core markets of water, defence, and 5G. These sectors continue to grow, and
our technologies are well aligned to capitalise on this momentum. Defence, in
particular, has delivered a marked increase in both sales and order intake - a
trend we expect to continue into the medium term as our offering and
technologies are expanding.
While the ongoing conflict involving Israel is deeply concerning, its direct
impact on our operations has been limited. Financially, the Group remains
robust, with a cash balance exceeding $5 million and significantly improved
operational cash generation during the period, being similar to the EBIT in
the period.
With a strong order backlog, diversified growth drivers in 5G, defence, and
smart irrigation, and a robust balance sheet, MTI has delivered strong trading
performance in the half year, and with good visibility over its forward order
book and pipeline of opportunities, the Company is confident of the outlook
for the full year."
For further information please contact:
MTI Wireless Edge Ltd +972 3 900 8900
Moni Borovitz, CEO http://www.mtiwirelessedge.com
(https://url.avanan.click/v2/r02/___http:/www.mtiwirelessedge.com___.YXAxZTpzaG9yZWNhcDphOm86MmIxNDE0Njg3OTFlMWM5MmNhNWU1MDI0Y2FmMjA1N2U6Nzo5NWI2OjllOWYyNDQ1NjU0OTVlYjQ3MWY1Y2YyOTM1NDJhMmVhNzkyNTUyOTVlYTQ2NzdhMDEwZWM5YWQ2OWUwZGU5ZWY6cDpUOk4)
Allenby Capital Limited (Nomad and Joint Broker) +44 20 3328 5656
Nick Naylor/Alex Brearley/Piers Shimwell (Corporate Finance)
Guy McDougall/Amrit Nahal (Sales and Corporate Broking)
Shore Capital (Joint Broker) +44 20 7408 4090
Toby Gibbs/George Payne (Corporate Advisory)
Fiona Conroy (Corporate Broking)
Novella (Financial PR)
Tim Robertson/Safia Colebrook +44 20 3151 7008
Chief Executive's statement
The first half of 2025 has been a good trading period for the business. All
three divisions are performing well with the defence sector strongest of all.
In the last two years, the Group experienced a marked increase in defence
related enquiries which have since translated into firm orders being delivered
across this year and into 2026. Globally, governments are locking-in increases
to defence budgets over the medium term which indicates a sustained increase
in defence related sales for the Group.
While the Group is clearly benefiting from the uplift in defence demand, the
Company remains focused on its long-standing strategy of maintaining a
diversified business across three divisions, each focused on distinct sectors,
which has been the foundation of the Group's consistent performance and
resilience to date.
Antenna division
This division is a one stop shop for the sale of 'off the shelf' flat and
parabolic antennas, combined with the provision of custom-developed antenna
solutions to a range of commercial and military customers, with a growing
focus on providing 5G backhaul antenna solutions to support mobile phone
operators as they roll-out their 5G networks.
The antenna division experienced a positive uplift driven by sales increasing
over 40% for both the Group's 5G backhaul antenna solution and for military
antennas. This growth was supported by increased global defence spending, as
governments reallocate budgets towards next-generation military hardware in
response to rising geopolitical tensions. Antennas are often a crucial part of
next generation warfare and this structural shift is therefore expected to be
beneficial over the long-term. This, together with the Company developing more
advanced solutions and technologies, helped with securing a healthy backlog of
orders for military antennas and good visibility over further potential
orders.
Demand for the 5G backhaul antenna solution has been high, primarily from
leading cellular operators in India. 5G sales have slowed slightly going into
Q3 after a very strong H1. However, the fundamental prospects remain very
positive. All cellular operators in India are committed to establishing 5G
networks and therefore all need a backhaul solution. MTI is a well-established
supplier in India with a proven solution, making continued overall growth in
this market a reasonable expectation.
The ABS antenna solution, which ensures the antenna adapts to any small
movements caused by different climate conditions, is developing well, having
been tested thoroughly and successfully by multiple Tier 1 and Tier 2
customers. As a result, ABS has now moved into production with MTI working on
it with nearly all major Tier 1 corporations. As a new technology addressing a
real operational challenge, ABS has also served as a strong entry point for
MTI with new prospective clients, many of whom may also require the Group's 5G
backhaul solution.
Water Control & Management division
This division provides wireless control systems to manage irrigation and water
distribution for agriculture, municipal authorities and commercial entities.
It operates under the Mottech brand and utilises part of the hardware
technology from Motorola, integrated with the Company's own proprietary
hardware and management software. Our solutions reduce water and power usage,
whilst providing higher revenue from accurate irrigation, leading to an
increased number and improved quality of crops cultivated.
It has been an active six months for Mottech, with a number of new projects
which are expected to support the long-term future of the division. Good
performances in Israel and the US helped revenues increase by 8%.
Mottech's fountain control management solution, launched in 2024, continues to
develop well and is in the process of agreeing a contract with a third
municipality with further prospects in the pipeline. This will of course add
to the recurring revenue from services in the future.
In May 2025, Mottech announced the commencement of a new large scale
agricultural irrigation project in Italy with an existing client. Initially
valued at €1million, if successful, it is expected to deliver significant
further income. The Arabian Gulf is also developing as a market with good
prospects in the agricultural sector.
Mottech launched its Elite Pro, a smart irrigation controller, designed to
deliver exceptional results for farms, landscapes, sports fields, and other
irrigation-intensive applications. Customer response has been positive and
this is leading to new commercial opportunities.
Distribution & Professional Consulting Services division
Operating under the MTI Summit Electronics brand, this division exclusively
represents approximately 40 international suppliers of radio
frequency/microwave components and sells these products to Israeli customers.
Expert knowledge of both the international suppliers and customers further
enables MTI to act as a consultant to all parties and assist with devising
complete radio frequency/microwave solutions.
MTI Summit delivered a positive performance in the first half of the year. The
strategic agreement established in 2021 with a major defence company, designed
to streamline component orders under a pre-agreed pricing structure, has been
extended to mid-2026. This agreement has proven effective, with the customer
typically placing orders exceeding $4 million annually. Good progress
continues to be made in the sale of testing and measurement equipment.
Importantly, PSK which encountered a challenging trading period in 2024, has
shown its underlying potential with a series of important new contract wins.
MTI recently increased its ownership in PSK to 60%, with PSK having completed
a successful six months, increasing its orderbook significantly. In the
second quarter of the year PSK returned to operational profit and is
positioned to contribute positively going forward.
Looking ahead, MTI Summit is well positioned to capitalize on a growing number
of design solution requests, which are expected to further strengthen an
already robust order pipeline.
Outlook
Trading to date in Q3 has been positive building on the strong first half
performance. The orderbooks across the Group show an encouraging backlog of
orders, which together with upcoming tenders mean the Company is well placed
for the year.
About MTI Wireless Edge Ltd. ("MTI")
Headquartered in Israel, MTI is a technology group focused on comprehensive
communication and radio frequency solutions across multiple sectors through
three core divisions:
Antenna division
MTI is a world leader in the design, development and production of high
quality, state-of-the-art, and cost-effective antenna solutions including
Smart Antennas, MIMO Antennas and Dual Polarity Antennas for wireless
applications. MTI supplies antennas for both military and commercial markets
from 100 KHz to 174 GHz.
Internationally recognized as a producer of commercial off-the-Shelf and
custom-developed antenna solutions in a broad frequency range, MTI addresses
both commercial and military applications.
MTI supplies directional and omnidirectional antennas for outdoor and indoor
deployments, including smart antennas for 5G backhaul, Broadband access,
public safety, RFID, base station and terminals for the utility market.
Military applications include a wide range of broadband, tactical and
specialized communication antennas, antenna systems and DF arrays installed on
numerous airborne, ground and naval, including submarine, platforms worldwide.
Water Control & Management division
Via its subsidiary, Mottech Water Solutions Ltd ("Mottech"), MTI provides
high-end remote control and monitoring solutions for water and irrigation
applications based on Motorola's IRRInet state-of-the-art control, monitoring
and communication technologies.
As Motorola's global prime-distributor Mottech serves its customers worldwide
through its international subsidiaries and a global network of local
distributors and representatives. With over 25 years of experience in
providing customers with irrigation remote control and management, Mottech's
solutions ensure constant, reliable and accurate water usage, increase crops
quality and yield while reducing operational and maintenance costs providing
fast ROI while helping sustain the environment. Mottech's activities are
focused in the market segments of agriculture, water distribution, municipal
and commercial landscape as well as wastewater and storm-water reuse.
Distribution & Professional Consulting Services division
Via its subsidiary, MTI Summit Electronics Ltd., MTI offers consulting,
representation and marketing services to foreign companies in the field of RF
and Microwave solutions and applications including engineering services
(including design and integration) in the field of aerostat systems and the
ongoing operation of Platform subsystems, SIGINT, RADAR, communication and
observation systems which is performed by the Company. It also specializes in
the development, manufacture and integration of communication systems and
advanced monitoring and control systems for the Government and defence
industry market.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
Six month period ended Year ended December 31,
June 30,
2025 2024 2024
U.S. $ in thousands
(Except per share data)
Unaudited
Revenues 24,138 22,327 45,573
Cost of sales 16,299 15,405 31,370
Gross profit 7,839 6,922 14,203
Research and development expenses 540 440 1,016
Distribution expenses 1,772 1,746 3,413
General and administrative expenses 3,040 2,547 5,321
Loss (profit) from sale of property, plant and equipment - (56) 59
Profit from operations 2,487 2,245 4,512
Finance expenses 282 137 282
Finance income (63) (195) (582)
Profit before income tax 2,268 2,303 4,812
Tax expenses 295 444 619
Profit 1,973 1,859 4,193
Other comprehensive income (loss) net of tax:
Items that will not be reclassified to profit or loss:
Re-measurement of defined benefit plans - - 16
Items that may be reclassified to profit or loss:
Adjustment arising from translation of financial statements of foreign 10 (139) (149)
operations
Total other comprehensive income (loss) 10 (139) (133)
Total comprehensive income 1,983 1,720 4,060
Profit (loss) attributable to:
Owners of the parent 2,159 1,880 4,364
Non-controlling interests (186) (21) (171)
1,973 1,859 4,193
Total comprehensive income (loss) attributable to:
Owners of the parent 2,169 1,741 4,231
Non-controlling interests (186) (21) (171)
1,983 1,720 4,060
Earnings per share (dollars)
Basic (dollars per share) 0.0250 0.0214 0.0499
Diluted (dollars per share) 0.0249 0.0214 0.0499
Weighted average number of shares outstanding
Basic 86,195,724 87,787,614 87,371,990
Diluted 86,608,765 87,812,145 87,460,876
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY
For the six month period ended June 30, 2025 (Unaudited):
Attributable to owners of the parent
Share capital Additional paid-in capital Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interest Total equity
U.S. $ in thousands
Balance at January 1, 2025 209 22,002 (615) 6,861 28,457 1,051 29,508
Changes during the six month period
ended June 30, 2025:
Comprehensive income
Profit (loss) for the period - - - 2,159 2,159 (186) 1,973
Other comprehensive income
Translation differences - - 10 - 10 - 10
Total comprehensive income (loss) for the period - - 10 2,159 2,169 (186) 1,983
Share based payment - 54 - - 54 - 54
Dividend - - - (2,922) (2,922) - (2,922)
Balance at June 30, 2025 209 22,056 (605) 6,098 27,758 865 28,623
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY (CONT.)
For the six month period ended June 30, 2024 (Unaudited):
Attributable to owners of the parent
Share capital Additional paid-in capital Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interest Total equity
U.S. $ in thousands
Balance at January 1, 2024 209 23,061 (466) 5,226 28,030 1,222 29,252
Changes during the six month period
ended June 30, 2024:
Comprehensive income
Profit (loss) for the period - - - 1,880 1,880 (21) 1,859
Other comprehensive loss
Translation differences - - (139) - (139) - (139)
Total comprehensive income (loss) for the period - - (139) 1,880 1,741 (21) 1,720
Acquisition and disposal of treasury shares - (551) - - (551) - (551)
Dividend - - - (2,745) (2,745) - (2,745)
Balance at June 30, 2024 209 22,510 (605) 4,361 26,475 1,201 27,676
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONT.)
For the year ended December 31, 2024 :
Attributable to owners of the parent
Share capital Additional paid-in capital Translation differences Retained earnings Total attributable to owners of the parent Non-controlling interests Total equity
U.S. $ in thousands
Balance as at January 1, 2024 209 23,061 (466) 5,226 28,030 1,222 29,252
Changes during 2024:
Comprehensive income
Profit (loss) for the year - - - 4,364 4,364 (171) 4,193
Other comprehensive income (loss)
Re measurements on defined benefit plans - - - 16 16 - 16
Translation differences - - (149) - (149) - (149)
Total comprehensive income (loss) for the year - - (149) 4,380 4,231 (171) 4,060
Dividend - - - (2,745) (2,745) - (2,745)
Share based payment - 106 - - 106 - 106
Acquisition and disposal, net of treasury shares - (1,165) - - (1,165) - (1,165)
Balance as at December 31, 2024 209 22,002 (615) 6,861 28,457 1,051 29,508
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
30.06.2025 30.06.2024 31.12.2024
U.S. $ in thousands
Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 5,501 6,006 6,269
Trade and other receivables 14,017 13,461 16,726
Unbilled revenue 5,003 4,529 3,200
Current tax receivables 402 109 297
Inventories 9,119 8,186 8,168
34,042 32,291 34,660
NON-CURRENT ASSETS:
Long term prepaid expenses 35 29 34
Property, plant and equipment 5,504 5,357 5,584
Deferred tax assets 1,331 864 1,187
Intangible assets 3,375 3,427 3,348
10,245 9,677 10,153
Total assets 44,287 41,968 44,813
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
30.06.2025 30.06.2024 31.12.2024
U.S. $ In thousands
Unaudited
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities and short term bank credit and loans 317 447 274
Trade payables 7,663 7,454 8,433
Other accounts payable 4,894 3,551 4,098
Current tax payables 438 417 255
13,312 11,869 13,060
NON- CURRENT LIABILITIES:
Contingent consideration and put option liability 837 1,117 837
Lease liabilities 580 498 601
Loans from banks, net of current maturities 110 54 37
Employee benefits, net 825 754 770
2,352 2,423 2,245
Total liabilities 15,664 14,292 15,305
EQUITY
Equity attributable to owners of the parent
Share capital 209 209 209
Additional paid-in capital 22,056 22,510 22,002
Translation differences (605) (605) (615)
Retained earnings 6,098 4,361 6,861
27,758 26,475 28,457
Non-controlling interests 865 1,201 1,051
Total equity 28,623 27,676 29,508
Total equity and liabilities 44,287 41,968 44,813
August 24, 2025
Date of approval of financial statements Moshe Borovitz Elhanan Zeira Luke Ahern
Chief Executive Officer Controller Non-executive Chair of the meeting
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS
Six month period ended Year ended December 31,
June 30,
2025 2024 2024
U.S. $ in thousands
Unaudited
Cash Flows from Operating Activities:
Profit for the period 1,973 1,859 4,193
Adjustments for:
Depreciation and amortization 563 1,046 1,370
Equity settled share-based payment expense 54 53 106
Loss (Gain) from sale of property, plant and equipment 134 (56) (26)
Finance (income) expenses, net 53 (312) (180)
Changes in Contingent consideration and Put option liability - - (280)
Tax expenses 295 444 619
Changes in operating assets and liabilities:
Decrease (increase) in inventories (820) (751) (749)
Decrease (increase) in trade receivables 1,758 963 (2,171)
Decrease (increase) in other accounts receivables 905 (257) (319)
Decrease (increase) in unbilled revenues (1,803) (339) 990
Increase (decrease) in trade and other accounts payables (258) (1,256) 192
Increase (decrease) in employee benefits, net 55 35 67
Cash from operations 2,909 1,429 3,812
Interest received 19 69 109
Interest paid (54) (39) (79)
Income tax (341) 65 (780)
Net cash provided by operating activities 2,533 1,524 3,062
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
INTERIM CONSOLIDATED STATEMENTS OF
CASH FLOWS (cont.)
Six month period ended Year ended December 31,
June 30,
2025 2024 2024
U.S. $ in thousands
Unaudited
Cash Flows from Investing Activities:
Proceeds from sale of property, plant and equipment - 56 56
Purchase of property, plant and equipment (369) (370) (891)
Net cash used in investing activities (369) (314) (835)
Cash Flows from Financing Activities:
Dividend paid (2,922) (2,745) (2,745)
Payments of lease liabilities (176) (485) (364)
Treasury shares acquired - (551) (1,165)
Receipt of short term loans from banks, net 122 168 14
Repayment of long-term loans from banks (8) (9) (101)
Net cash provided by /(used in) financing activities (2,984) (3,622) (4,361)
(Decrease)/Increase in cash and (820) (2,412) (2,134)
cash equivalents during the period
Cash and cash equivalents 6,269 8,454 8,454
at the beginning of the period
Exchange differences on balances of cash and cash equivalents 52 (36) (51)
Cash and cash equivalents 5,501 6,006 6,269
at the end of the period
The accompanying notes form an integral part of the financial statements.
MTI WIRELESS EDGE LTD.
(An Israeli Corporation)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - General:
Corporate information:
M.T.I Wireless Edge Ltd. (hereafter - the "Company", or collectively with its
subsidiaries, the "Group") is an Israeli corporation. The Company was
incorporated under the Companies Act in Israel on December 30, 1998 and
commenced operations on July 1, 2000. Since March 2006, the Company's shares
have been traded on the AIM market of the London Stock Exchange.
The formal address of the Company is 11 Hamelacha Street, Afek industrial
Park, Rosh-Ha'Ayin, Israel.
The Company and its subsidiaries are engaged in the following areas:
- Development, design, manufacture and marketing of antennas for the
military and civilian sectors.
- A leading provider of remote control solutions for water and
irrigation applications based on Motorola's IRRInet state of the art control,
monitoring and communication technologies.
- Providing consulting, representation and marketing services to
foreign companies in the field of RF (radio frequency) and Microwave,
including engineering services in the field of aerostat systems and system
engineering services.
- Development, manufacture and integration of communication systems
and advanced monitoring and control systems for the Government and defence
industry market.
Note 2 - Significant Accounting Policies:
The interim consolidated financial statements have been prepared in accordance
with generally accepted accounting principles for the preparation of financial
statements for interim periods, as prescribed in International Accounting
Standard No. 34 ("Interim Financial Reporting").
The interim consolidated financial statements as of June 30, 2025 have not
been audited.
The interim consolidated financial information should be read in conjunction
with the annual financial statements as of December 31, 2024 and for the year
then ended and with the notes thereto. The significant accounting policies
applied in the annual financial statements of the Company as of December 31,
2024 are applied consistently in these interim consolidated financial
statements.
Note 3 - REVENUES:
Six month period ended Year ended December 31,
June 30,
2025 2024 2024
U.S. $ in thousands
Unaudited
Revenues arise from:
Sale of goods* 17,189 16,183 32,827
Rendering of services** 3,120 3,854 8,075
Projects** 3,829 2,290 4,671
24,138 22,327 45,573
(*) at the point in time
(**) over time
Note 4 - operating SEGMENTS:
The following tables present revenue and profit information regarding the
Group's operating segments for the six month period ended June 30, 2025 and
2024 respectively and for the year ended December 31, 2024.
Six month period ended June 30, 2025 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 8,239 8,311 7,588 - 24,138
Internal 29 - 285 (314) -
Total 8,268 8,311 7,873 (314) 24,138
Segment profit 696 814 708 269 2,487
Finance expense (income), net 219
Tax expenses 295
Profit 1,973
June 30, 2025:
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 16,220 12,454 13,363 - 42,037
Unallocated assets 2,250
Segment liabilities 5,145 3,944 5,619 - 14,708
Unallocated liabilities 956
Note 4 - operating SEGMENTS (CONT.):
Six month period ended June 30, 2024 (Unaudited):
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Revenues
External 6,734 7,713 7,880 - 22,327
Internal - - 261 (261) -
Total 6,734 7,675 8,141 (261) 22,327
Segment profit 325 1,266 374 280 2,245
Finance expense (income), net (58)
Tax expenses 444
Profit 1,859
June 30, 2024:
Antennas Water Solutions Distribution & Consultation Services Adjustment & Elimination Total
U.S. $ in thousands
Segment assets 16,028 11,966 11,634 - 39,628
Unallocated assets 2,340
Segment liabilities 4,676 4,086 4,855 - 13,617
Unallocated liabilities 675
Year ended December 31, 2024
Antennas Water Solutions Distribution & Consultation Eliminations Total
U.S. $ in thousands
Revenues
External 14,136 16,888 14,549 - 45,573
Inter-segment - - 296 (296) -
Total 14,136 16,888 14,845 (296) 45,573
Segment profit 1,311 2,307 471 423 4,512
Finance income, net 300
Profit before tax 4,812
Tax expenses 619
Profit 4,193
Note 4 - operating SEGMENTS (CONT.):
December 31, 2024:
Antennas Water Solutions Distribution & Consultation Eliminations Total
U.S. $ in thousands
Segment assets 17,404 13,406 11,672 - 42,482
Unallocated assets 2,295
Segment liabilities 5,363 4,618 4,394 - 14,375
Unallocated liabilities 894
Note 5 - SIGNIFICANT EVENTS:
A. The Board of directors declared a cash dividend of 3.3 US cents per share
being approximately $2,922,000. This dividend was paid on 11 April 2025 to
shareholders on the register at the close of trading on 28 March 2025.
B. The financial statements for the year ended 31 December 2024 were
authorized for issue by the board as a whole following their approval on 16
March 2025.
C. On 24 January 2019, the Company announced a share repurchase program to
conduct market purchases of ordinary shares of par value 0.01 Israeli Shekels
each ("Ordinary Shares") in the Company up to a maximum value of £150,000
(the "Programme"). Thereafter, the board of directors of the Company and the
board of directors of MTI Engineering have decided to continue with the
Programme for several further periods and to increase the maximum value of the
Programme up to £1,000,000, plus any additional funds received from dividends
or profits from selling the shares, although the current intention is to hold
the Ordinary Shares purchased for a longer period of time. The Programme is
currently in place until the end of March 2026 and as at 30 June 2025,
2,343,000 Ordinary Shares were held in treasury under the Programme.
D. On 7 October 2023 Israel was attacked by the Hamas terror organization
leading to war in the Gaza region. The war has led to a slowdown in the
Israeli economy and if this war continues for a prolonged period, then it may
begin to impact the Company. The wide usage of military reserve personnel,
adverse foreign currency exchange rates and restrictions on access to certain
areas in Israel are risks which may affect the Company if there is a prolonged
period of war. As of the date of this report, and to the best of the Company's
knowledge, the war has not had a significant effect on the Company. The
Company continues to review the effects of the war on its trading as it
believes that if the war continues for a long period of time then the overall
Israeli economy will be effected, and factors including the lack of available
manpower, interest rates and foreign currency exchange rates may have an
impact on its trading.
E. On 6 May 2025, MTI announced that its subsidiary MTI Summit had
increased its ownership of its subsidiary P.S.K Wind Technologies Ltd. ("PSK")
via a new equity investment (by issuance of shares in PSK) of NIS 600,000
(approximately US$170,000) (the "Investment"). Following the Investment, the
Group owns 60% of PSK. Previously, on 4 January 2022, MTI announced that MTI
Summit had acquired 51% of PSK (the "Acquisition"). In addition to the
Acquisition, an earn out mechanism was in place under which further
consideration could potentially be payable to the vendors of PSK (the "Earn
Out") and that MTI Summit has an option to purchase and the vendors of PSK
have an option to sell to MTI Summit the remaining 49% of PSK (the "Option")
starting from 2027. The Earn Out has now lapsed and no further consideration
is payable to the vendors of PSK. Following the Investment, the Option has
been modified to reflect that the vendors' holding in PSK is now 40%. The
remaining terms of the Option remain as set out in MTI's announcement of 4
January 2022.
F. On 20 June 2025 Mr. Zvi Borovitz, the Company's founder and Chairman of
the board, passed.
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