Bercman Technologies AS consolidated sales results for 3rd quarter and 2024 sales estimation revision
The consolidated revenues of Bercman Technologies AS (hereinafter "Bercman") for the third quarter of 2024 amounted to EUR 326.567 (-19% compared to Q3 2023: EUR 403 272).
Mart Suurkask, CEO of Bercman: "The third-quarter sales results were affected by administrative delays on the client side in large key projects related to procurement procedures and tender projects, as well as a slight slowdown in client development activities. We are pleased to note that the defence sector has shown resilience amid broader economic challenges, with companies in this field maintaining a steady demand for innovative solutions. Our development team has been fully supportive in assisting these companies with product development."
In the third quarter, development services were exported not only to serve Estonian clients but also to markets in Norway, Sweden, Finland, Singapore, and Switzerland. The focus on strategic projects, particularly in the defence sector, increased the share of defence industry clients in revenue. There has also been a growth in the volume of development work related to the energetics sector.
In the third quarter, the primary focus for proprietary products was on the development and sales activities of electric vehicle fast chargers. The 300-kW fast charger was introduced at the ICNC24 conference and networking event held in Berlin in early September. The work related to electric vehicle fast chargers has reached a stage where preparations are being made for scaling up sales activities and production. The sales team has signed the first agreements for supplying chargers to the Norwegian market.
A tender was won in the third quarter for installing three smart pedestrian crosswalks in Benkovac, Croatia, with the installation work scheduled for the first quarter of 2025. The fulfillment of a smart pedestrian crosswalk sales order secured in Trikala, Greece, is planned for the fourth quarter of this year. Additionally, amendments were submitted to the European Patent Office to protect the intellectual property related to the methodology of the monitoring and analysis component for the smart pedestrian crosswalk system.
To expand the sales network and promote the company's development services, participation took place in the joint Estonian-French defence industry event last quarter, which brought together 19 companies from France and 37 from Estonia to strengthen bilateral cooperation.
Revisions to the Company's Sales Forecasts for 2024
According to Bercman's stock exchange announcement on March 3, 2023, the sales forecast for the current year was set at €2.5 million. However, after evaluating the sales results from the first three quarters and considering the projected sales revenue for the fourth quarter, the company's management has decided to revise the 2024 sales forecast from €2.5 million to €1.8 million. This adjustment still represents an estimated 8% growth in sales compared to the previous year.
Mart Suurkask: “This year's sales results have fallen below the planned forecast. This is primarily due to the timeline for the smart pedestrian crosswalk orders from tenders that were won not being realised for reasons beyond our control. As a result, we decided to adjust the 2024 sales forecast to a lower figure than initially planned. We expect the deferred tender orders to materialise by the end of this year and in 2025. Following a quieter summer period, new long-term development projects are also starting up, and for the next year, we anticipate growth in sales activities related to electric vehicle fast chargers.”
Bercman, founded in 2016, is a technology company listed on Nasdaq First North, specialising in development services, the creation of proprietary products, and the provision of comprehensive technology systems. The Bercman consolidation group comprises the parent company AS Bercman Technologies and its subsidiaries, Bercman Energy OÜ and Krakul OÜ.
Mart Suurkask
Bercman Technologies AS
CEO, Member of Board
+372 5340 2902
mart.suurkask@bercman.com
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