30.08.2024
Bercman Technologies (hereinafter “Bercman”) announced its unaudited consolidated results for the first half of 2024. Bercman’s consolidated turnover in the first six months of 2024 was 692,332 euros. In the comparable period of 2023, the turnover was 869,295 euros.
Management report
In the first six months of 2024, in addition to serving Estonian customers, development services were exported to Sweden, Finland, Singapore, Norway, Switzerland, the United States and Ireland as a new market.
The provision of development services was led by clients from the field of defence, but the activation took place mainly in all client sectors, and the growth trend was shown by the share of medical technology and energy areas in the service portfolio. At the beginning of the year, the narrower focus of the services was on providing Regulatory as a Service to organise the regulatory compliance assessment and execution of electronic products.
As for the Company’s proprietary products, plans for the production of fast chargers for electric vehicles were unveiled in June, and a separate subsidiary, Bercman Energy, was registered. Bercman Energy focuses on the production and sale of fast chargers with high charging capacity.
Smart pedestrian crosswalks were exported to Greece, the city of Lamia and installation work on pedestrian crosswalk safety systems was carried out in Croatia, Greece, Australia and Estonia.
To promote sales activities and map new business opportunities, a defence sector high-level visit was carried out in Sweden in the first half of the year together with the Estonian Minister of Defence and a delegation of companies in the defence sector. Bercman visited the electronics conference Elektronik in Sweden, a networking event for Norway’s maritime and aquaculture industries and a roundtable of Estonian and Finnish electronics companies.
In Estonia, a meeting was held with the Japanese company Toyota Connect to discuss cooperation opportunities. The team participated in sTARTUp Day and the MELT innovation forum in Estonia. The smart road solution was introduced at the ITS Estonia round table, the seminar of the Estonian Infrastructure Construction Association and the road safety roundtable of the Transport Administration.
Financial results
The reporting period ended with a loss in the amount of 350,532 euros (for 6 months 2023, the loss was 160,384 euros). As of 30.06.2024, the consolidated balance sheet total of the company was 1,677,031 euros (30.06.2023: 1,773,760 euros). Current assets amounted to EUR 332,898 (30.06.2023: EUR 475,867). The volume of fixed assets was 1,344,133 euros (30.06.2023: 1,297,893 euros). As of 30.06.2024, the company’s equity was 867,382 euros (30.06.2023: 1,204,433 euros). As of 30.06.2024, the company had 68,935 euros of loan liabilities (30.06.2023: 72,023 euros).
Team
As of 30.06.2024, there is one member of the Management Board, three of the Supervisory Board in Bercman, one of the Management Board in Krakul and one of the Management Board in Bercman Energy. In total, the Group employs 24 specialists in their field, and two external experts provide business development and sales support. The group’s labour costs, including labour taxes, amounted to EUR 632,111 in the first half of 2024 (6 months 2023: EUR 572,825).
Mart Suurkask, CEO of Bercman: “The first-half results were still influenced by global macroeconomic trends, including geopolitical tensions. We anticipate a significant increase in sales orders from smart crosswalk tenders, particularly in the second half of the year. On a positive note, demand for our development services grew in the first half, and we expect this trend to continue into the second half. Regarding new initiatives, our primary focus has been on launching the production of fast chargers for electric vehicles and establishing the new subsidiary, Bercman Energy. The development and sales of these fast chargers are progressing rapidly, and we present the new fast charger at expos in Berlin and Dubai in September and October.”
The financial results for the reporting period are presented Investor Relations subpage.
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Bercman is a technology company listed on Nasdaq First North, specialising in development services, creation of proprietary products, and provision of comprehensive technology systems. The Bercman Group consists of the subsidiaries Bercman Energy OÜ and Krakul OÜ. Bercman Energy, founded in June this year, is a company active in the development, production and marketing of fast chargers for electric vehicles. Krakul is a leading product development company with more than a decade of experience in hardware and software development. Additional information: Mart Suurkask |