Bercman Technologies AS consolidated sales results for 3rd quarter and 2023 sales estimation revision


The consolidated revenues of Bercman Technologies AS (hereinafter “Bercman” or “Company) for the third quarter of 2023 amounted to EUR 403 272 (-19% compared to Q3 2022: EUR 497 404). 

Mart Suurkask, CEO of Bercman: “The third-quarter sales result is lower than of the same period last year. This decline is primarily attributed to the reduction or suspension of development activities by existing clients in our client portfolio, in response to the overall economic situation and difficulties in raising capital. Considering the slowdown in sales, we have continued to optimize our monthly operating costs. Our key priorities continue to be improving organizational efficiencies, increasing margins on our own products, and investing in and expanding volumes in Nordic-focused sales activities.” 

In addition to serving Estonian customers, the company exported its development services to Sweden, Finland, Singapore, and the United States during the third quarter. The company also expanded its customer portfolio by adding three new customers, including one from Germany, a market where the development services had not been exported previously. The strength of the company’s service offering lies in its competencies, which enable it to be flexible and responsive to the diverse needs of its clients. The company provides development services solutions in various sectors, such as micro-mobility, defense, unmanned aerial systems, robotics, automation, data collection, inventory tracking, and smart city solutions. Furthermore, the share of medical technology and energy in the company’s service portfolio is on an upward trend. 

On the proprietary product side, Bercman exported smart pedestrian crosswalks to Finland in the third quarter, and smart safety systems were installed in Bosnia and Herzegovina and Scotland. In Estonia, a new crosswalk safety system was installed in Elva. The company also signed a contract for the construction of the Põlva Smart Road, with work on the project commencing and completion scheduled for the end of 2023. Additionally, procurements for smart transport infrastructure were conducted in Greece and Croatia. Bercman was announced as the winner of tenders for the upgrade of crosswalks in the towns of Lamia and Chaidar in Greece. Beyond Europe, planning for the implementation of smart infrastructure pilots began in Israel and Saudi Arabia.  

To strengthen the export network, Bercman participated in Oslo Innovation Week as part of the Enterpriser Estonia delegation in September. The team will also take part in a joint stand of Estonia at the world’s largest technology fair, Gitex Global, in Dubai in October, and at the Smart City Expo in Barcelona in November. 

Revisions to the Company’s Sales Estimation for 2023 

According to Bercman’s stock exchange release published on March 3, 2023, the sales estimate for the current year is EUR 2.1 million. Considering the sales results for the three quarters and the sales forecast for the fourth quarter, the company’s management has decided to revise the 2023 sales forecast from EUR 2.1 million to EUR 1.75 million. 

Mart Suurkask“This year’s sales performance is directly linked to the challenging economic environment and the associated difficulties it presents. As a result, we have decided to revise our sales forecast for 2023 to match last year’s results. In an effort to boost sales, particularly in development services, we welcomed a Group Chief Sales Officer and a Business Development Manager for the Norwegian market in October. There are currently no planned changes to the sales forecast for 2024.” 

For further information, please contact:

Mart Suurkask
Bercman Technologies AS
Member of the Board
+372 5340 2902

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    Bercman Technologies AS
    Reg. no. 14134425
    VAT EE101977472
    Riia 26, Tartu, 50405, Estonia

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