Maytronics (TASE: MTRN), the pool cleansing robotic firm from Kibbutz Yizre’el, has reported one other weak quarter, and it reveals in its report that its CEO Sharon Goldenberg will shortly step down “throughout his fifth time period.” The precise date isn’t clear, however Goldenberg took up his submit in November 2021, so it must be inside the subsequent two months.
In its second quarter 2025 financials, Maytronics continues to report weak point in its enterprise. Income was 15% down as compared with the corresponding quarter of 2024, at NIS 514.8 million, beneath the steerage the corporate gave within the earlier quarter of NIS 530-600 million.
Sturdy shekel hits income
The corporate says that the decline in income partly stems from a change from advertising by way of distributors to direct gross sales to customers, and that a few of its income from the North America territory, which accounts for 64% of its complete income, will probably be deferred to the third quarter. This can be a important change for the corporate, since to date the primary half 12 months has been the strongest for its enterprise. Maytronics estimates that about $14 million of its income will transition to the third quarter. In its third quarter steerage, the corporate sees income of NIS 320-350 million.
The corporate additionally factors out that the strengthening of the shekel towards the US greenback within the second quarter lower its income by some NIS 18 million, resulting in an NIS 8 million hit to gross revenue and a NIS 3.7 million hit to working revenue.
Web revenue down 72%
On the similar time, the corporate’s orders backlog rose by NIS 34 million to NIS 102 million, due to “orders meant for provide within the second quarter weren’t provided due to operational challenges in North America.” Working revenue continued to say no sharply, sinking by 57% to only NIS 31.2 million, and internet revenue plummeted by 72% to NIS 12.5 million solely.
Moreover this, Zriha Hlavin Industries, “one of many firm’s suppliers of plastic injections,” is suing Maytronics for NIS 90 million damages for breach of commitments to order plastic injection moldings.
On the constructive aspect, Maytronics states that in 2024 it lower prices by 7%, and that it hopes to attain additional value financial savings of 5-7%. The fee-cutting measures embody “consolidation of manufacturing traces,” or in different phrases discount of its product vary, “of 30% to 50% inside a interval of as much as three years,” alongside improvement of recent robots to switch older product generations.
Maytronics was at one time one of many corporations constituting the flagship index of the Tel Aviv Inventory Change, the Tel Aviv 35, and had a market cap of NIS 9.1 billion. Since then, it has misplaced 94% of its worth, and it now has a market cap of simply NIS 515 million. The worth of the 56% stake of the controlling shareholder, Kibbutz Yizre’el has fallen beneath NIS 300 million, lower than NIS 1 million for every kibbutz member, down from NIS 17 million when the share worth was at its peak.
Printed by Globes, Israel enterprise information – en.globes.co.il – on August 20, 2025.
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