Bercman Technologies AS consolidated sales results for 2nd quarter and 6 months of 2023
The consolidated revenue of AS Bercman Technologies (hereinafter “Bercman”) for the second quarter of 2023 was 382,667 euros (-23% compared to Q2 2022: € 499,075). The sales turnover for the first six months of 2023 was 869,294 euros. In comparison to the previous year, the revenue increased by 10%. In the first half of 2022, the company generated sales revenue of 793,435 euros.
Mart Suurkask, CEO of Bercman: "Despite the current turbulent macroeconomic environment in the technology sector, we were able to improve our results for the first half of the year compared to the previous year. Moreover, we have enhanced the efficiency of the company's operations. We look at the year’s second half with optimism as we expect the realization of planned projects. As services are currently the driving force for growth in the current economic situation, we are focusing our activities on the Scandinavian market and taking steps to increase opportunities for offering development services primarily in Sweden, but also towards Finland and Norway."
In the second half of the year, alongside providing development services, we will also be exploring opportunities for developing proprietary products outside the smart city and traffic safety domains. We are currently mapping the needs of sectors with greater innovation capability, such as defence, healthcare, and energy.
In the second quarter, smart pedestrian crosswalks were installed in Croatia, the UK, and Estonia, as part of our existing proprietary products. Smart safety systems were exported to new markets in Australia and Bosnia and Herzegovina, where installation of the equipment will take place in the second half of the year. Participation in smart infrastructure tenders took place in Greece, Croatia, Slovakia, Finland and Estonia, with results primarily expected to be revealed in the second half of the year.
Bercman's subsidiary Krakul OÜ (hereinafter "Krakul"), a developer of Internet of Things and autonomous systems, exported IoT and autonomous solutions in the second quarter to serve not only Estonian clients but also markets in Sweden, Switzerland, the United Kingdom, and the United States.
To expand the export network, the company participated in the world's largest B2B industrial fair in Hannover in April and attended a networking event organized by the European Defence Fund program in Brussels in June. Additionally, Krakul actively engaged in activities organized by the Estonian Electronics Industries Association, with Krakul's CEO Kristjan Tozen being selected as a member of the association's council.
Kristjan Tozen, CEO of Krakul: "Krakul's team grew in the first half of the year, and the team will continue to expand in the second half. In addition to the already confirmed agreements, we are keeping the doors open for the inclusion of senior-level engineers in the team. As we continue into the second half of the year, we acknowledge the ongoing impact of challenging economic conditions, and our focus will remain on optimizing plans and operating cost-effectively until the end of the year."
The Bercman Group consists of the domestically owned companies AS Bercman Technologies and Krakul OÜ. Bercman is a technology company listed on the Nasdaq First North alternative market and develops and sells its proprietary products. Its subsidiary Krakul is a leading Estonian IoT and autonomous systems developer with a long and diversified experience in hardware and software services.
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