AS Bercman Technologies (hereinafter referred to as ‘Bercman’) publishes the consolidated unaudited results for the second half and 12 months of 2024. Bercman’s consolidated unaudited revenue for the second half of 2024 was €830,645, marking a 4% increase compared to the same period in 2023, when the revenue was €800,108. The consolidated total revenue for 2024 was €1,523,978, representing a 9% decrease compared to the previous year (2023: €1,669,403).
Management report
In the second half of 2024, development services were exported to Sweden, Finland, Singapore, Norway, and Switzerland, in addition to serving Estonian clients. The focus on strategic development projects, particularly in the defense sector, increased the share of defense industry clients in revenue. The volume of development work related to the energy sector also grew. The subsidiary Krakul signed a contract with Harju Elekter Group AS for the development of an alternating current (AC) charger for electric vehicles.
The focus for Company’s proprietary products was the development and sales activities of fast chargers for electric vehicles. In September, a 300-kilowatt fast charger was introduced at the ICNC24 conference in Berlin. By the end of the year, work related to fast chargers had reached a stage where preparations were being made to scale up sales activities and mass production.
Smart pedestrian crosswalks were exported in the second half of the year to the cities of Benkovac and Semeljici in Croatia, and a pedestrian crosswalk safety system was installed in Lamia, Greece. In Estonia, new smart crosswalk devices were installed in Harju County, specifically in the municipalities of Saue and Viimsi. To provide an overview of pedestrian and traffic statistics for the Põlva Smart Road, a publicly accessible website, nutitee.ee, was launched, displaying anonymous numerical data on road users. Additionally, amendments were submitted to the European Patent Office regarding the intellectual property protection of the monitoring and analysis methodology for the smart pedestrian crosswalk system.
To promote sales activities and introduce the company’s development services, participation took place in the Estonian-French defense industry joint event in the second half of 2024. The event aimed to strengthen cooperation between the two countries. Additionally, the company attended the EMS&Beyond 2024 seminar organized by the Estonian Electronics Industry Association and the annual conference of the Estonian Defence and Aerospace Industry Association in Tallinn.
To map business opportunities and establish contacts for electric vehicle charging solutions in the Persian Gulf region, the company participated in the Estonian Foreign Minister’s business delegation visit to Qatar.
For the development of a structured innovation strategy for development services, the company is taking part in the Top Innovators program organised by the Estonian Business and Innovation Agency, running until June 2025.
Financial results
The reporting period ended with a loss of 441,885 euros (the 12-month loss in 2023 was 253,796 euros).
As of 31.12.2024, the company’s consolidated balance sheet total was 1,768,507 euros (31.12.2023: 1,827,929 euros). Current assets amounted to 400,308 euros (31.12.2023: 391,881 euros). The value of fixed assets was 1,368,202 euros (31.12.2023: 1,436,048 euros). The company’s equity as of 31.12.2024 was 917,310 euros (31.12.2023: 1,187,914 euros). As of 31.12.2024, the company had loan liabilities of 132,840 euros (31.12.2023: 77,720 euros).
Team
As of 31.12.2024, 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 21 specialists in their field.
The group's labour costs, including labour taxes, amounted to EUR 1,168,550 in 2024 (12 months of 2023: EUR 1,166,156).
The financial results for the reporting period are presented below.
Consolidated statement of financial position
(in Euros)
| 31.12.2024 | 30.06.2024 | 31.12.2023 | 30.06.2023 | |
| Assets | ||||
| Current Assets | ||||
| Cash and cash equivalents | 72 414 | 88 727 | 218 262 | 89 596 |
| Receivables and prepayments | 290 222 | 206 648 | 122 922 | 322 265 |
| Inventories | 37 673 | 37 523 | 50 697 | 64 006 |
| Total current assets | 400 308 | 322 898 | 391 881 | 475 867 |
| Non-current assets | ||||
| Receivables and prepayments | 32 293 | 32 293 | 32 293 | 0 |
| Property, plant and equipment | 12 666 | 17 548 | 23 161 | 27 966 |
| Intangible assets | 1 323 241 | 1 294 292 | 1 380 594 | 1 269 927 |
| Total non-current assets | 1 368 202 | 1 344 133 | 1 436 048 | 1 297 893 |
| Total Assets | 1 768 507 | 1 677 031 | 1 827 929 | 1 773 760 |
| Liabilities and equity | ||||
| Liabilities | ||||
| Current liabilities | ||||
| Loan liabilities | 132 840 | 68 935 | 49 920 | 72 023 |
| Payables and prepayments | 710 690 | 317 004 | 523 324 | 489 311 |
| Provisions | 4 168 | 4 168 | 4 168 | 4168 |
| Total current liabilities | 847 697 | 723 546 | 577 412 | 565 502 |
| Non-current liabilities | ||||
| Loan liabilities | 0 | 27 800 | 27 800 | 3 825 |
| Payables and prepayments | 3 500 | 58 303 | 34 803 | 0 |
| Total non-current liabilities | 3 500 | 86 103 | 62 603 | 3 825 |
| Total liabilities | 851 197 | 809 649 | 640 015 | 569 327 |
| Equity | ||||
| Equity held by shareholders and partners in parent company | ||||
| Issued capital | 146 401 | 144 447 | 143 903 | 143 903 |
| Share premium | 2 412 758 | 2 412 758 | 2 412 758 | 2 412 758 |
| Other reserves | 581 465 | 556 469 | 527 013 | 462 619 |
| Retained earnings (loss) | -1 781 429 | - 1 895 760 | -1 641 964 | -1 654 463 |
| Annual period profit (loss) | -441 885 | -350 532 | -253 796 | -160 384 |
| Total equity held by shareholders and partners in parent company | 917 310 | 867 382 | 1 187 914 | 1 204 433 |
| Total equity | 917 310 | 867 382 | 1 187 914 | 1 204 433 |
| Total liabilities and equity | 1 768 507 | 1 677 031 | 1 827 929 | 1 773 760 |
Consolidated income statement
(in Euros)
| 2024 |
2024 II half-year |
2023 |
2023 II half-year |
|
| Revenue | 1 523 978 | 830 645 | 1 669 403 | 800 108 |
| Other income | 27 789 | 20 668 | 19 394 | 19 394 |
| Work performed by entity and capitalised | 0 | 0 | 132 010 | 0 |
| Raw materials and consumables used | -323 285 | -183 594 | -373 815 | -211 738 |
| Other operating expense | -388 396 | -214 002 | -345 172 | -144 587 |
| Employee expense | -1 168 550 | -538 903 | -1 166 156 | -468 091 |
| Depreciation and impairment loss (reversal) | -191 208 | -94 419 | -167 783 | -83 767 |
| Other expense | -5 901 | -3 130 | -8 190 | -4 391 |
| Operating profit (loss) | -525 573 | -182 735 | -240 309 | -93 071 |
| Interest expenses | -16 815 | -10 934 | -14 070 | -7 857 |
| Other financial income and expense | 100 504 | 100 162 | 583 | 273 |
| Profit (loss) before tax | -441 885 | -93 507 | -253 796 | -100 656 |
| Annual period profit (loss) | -441 885 | -93 507 | -253 796 | -100 656 |
| Profit (loss) from shareholders and partners in parent company | -441 885 | -93 507 | -253 796 | -100 656 |
Consolidated statement of cash flows
(in Euros)
| 2024 |
2024 II half-year |
2023 |
2023 II half-year |
|
| Cash flows from operating activities | ||||
| Operating profit (loss) | -525 573 | -182 735 | -240 309 | -93 071 |
| Adjustments | ||||
| Depreciation and impairment loss (reversal) | 191 208 | 94 419 | 167 783 | 83 767 |
| Profit (loss) from the sale of fixed assets | 0 | 0 | ||
| Other adjustments | -95 327 | -90 449 | 11 145 | -149 257 |
| Total adjustments | 95 881 | 3970 | 178 928 | -65 490 |
| Changes in receivables and prepayments related to operating activities | -106 023 | -45 615 | 66 771 | 219 018 |
| Changes in inventories | -13 025 | 150 | 43 915 | 13 309 |
| Changes in payables and prepayments related to operating activities | 211 183 | 59 854 | 45 193 | 57 376 |
| Interest received | 503 | 163 | 583 | 473 |
| Proceeds from government grants | 27 789 | 20 668 | 20 554 | 12 394 |
| Total cash flows from operating activities | -283 215 | -143 845 | 115 635 | 144 008 |
| Cash flows from investing activities | ||||
| Purchase of property, plant and equipment and intangible assets | 0 | 0 | -135 100 | -1 721 |
| Received from property, plant and equipment and intangible assets | 0 | 0 | 0 | 0 |
| Net cash flow on acquisition of subsidiaries and businesses | 0 | 0 | 0 | 0 |
| Total cash flows from investing activities | 0 | 0 | -135 100 | -1 721 |
| Cash flows from financing activities | ||||
| Loans received | 92 015 | 72 392 | 0 | 0 |
| Repayments of loans received | -33 801 | -33 801 | -8 859 | - 8 859 |
| Interest paid | -21 884 | -14 018 | -3 252 | -2 412 |
| Repayments of finance lease liabilities | -4961 | -2 495 | -4 819 | -2 350 |
| Proceeds from issuing shares | 2498 | 1 954 | 0 | 0 |
| Other cash outflows from financing activities | 103 500 | 103 500 | ||
| Total cash flows from financing activities | 137 367 | 126 032 | -16 930 | - 13 621 |
| Total cash flows | -145 848 | -16 313 | -36 395 | 128 666 |
| Cash and cash equivalents at beginning of period | 218 262 | 88 727 | 254 657 | 89 596 |
| Change in cash and cash equivalents | -145 848 | -16 313 | -36 395 | 128 666 |
| Cash and cash equivalents at end of period | 72 414 | 72 414 | 218 262 | 218 262 |
Consolidated statement of changes in equity
(in Euros)
| Equity held by shareholders and partners in parent company | Total | |||||
| Issued capital | Unregistered equity | Share premium | Other reserves | Retained earnings (loss) | ||
| 30.06.2023 | 143 903 | 0 | 2 412 758 | 462 619 | -1 814 847 | 1 204 433 |
| Annual period profit (loss) | -80 913 | -80 913 | ||||
| Changes in reserves | 64 394 | 64 394 | ||||
| Changes in equity | 0 | 0 | ||||
| 31.12.2023 | 143 903 | 0 | 2 412 758 | 527 013 | -1 925 271 | 1 187 914 |
| Annual period profit (loss) | -350 532 | -350 532 | ||||
| Changes in reserves | 29 456 | 29 456 | ||||
| Changes in equity | 544 | 544 | ||||
| 30.06.2024 | 143 903 | 544 | 2 412 758 | 556 469 | -2 246 292 | 867 382 |
| Annual period profit (loss) | -22 978 | -22 978 | ||||
| Changes in reserves | 24 996 | 24 996 | ||||
| Changes in equity | 1224 | 730 | 1953 | |||
| 31.12.2024 | 145 127 | 1 274 | 2 412 758 | 581 465 | -2 223 314 | 917 310 |
Bercman Publishes Revenue Forecast for 2025
Taking into account the current economic situation and the activities planned for this year, Bercman forecasts consolidated sales revenue of €1.65 million for the year 2025, representing approximately a 10% increase compared to the previous financial year.
Mart Suurkask, CEO of Bercman: “The recently concluded 2024 financial year was strategically important for Bercman, as the Group welcomed a new subsidiary, Bercman Energy OÜ. The second half of the year delivered better results compared to the first, and I believe the decisions we made have laid a strong foundation for future growth. While we remain conservative in our revenue expectations for the current year, we see greater growth potential starting from the 2026 financial year.”
Bercman is a technology company listed on the Nasdaq First North alternative market, offering development services, proprietary products, and comprehensive technology solutions. The Bercman consolidation group includes the subsidiaries Bercman Energy OÜ and Krakul OÜ. Bercman Energy is a company established in June 2024, focused on the development, production, and marketing of fast chargers for electric vehicles. Krakul is a leading product development company with twelve years of experience in hardware and software development.
For additional information please contact:
Mart Suurkask
Member of Board
+37253402902
mart.suurkask@bercman.com