Turnium Technology Group Inc. Reports 15% YoY Revenue Growth in Fiscal Q2 2024 Financial Results
Turnium well positioned to achieve cashflow positive goal in fiscal 2024
Vancouver, Canada--(May 29, 2024) - Turnium Technology Group Inc. (TSXV: TTGI) (FSE: E48) ("Turnium" or "the Company"), an industry leader in cloud native SD-WAN, focused on improving application performance for enterprises with safe and secure multi-site connectivity without the burden of expensive dedicated bandwidth and hardware, announces its financial results for Fiscal Q2 2024. All financial information is provided in Canadian dollars unless otherwise indicated.
Ralph Garcea, Chairman of Turnium commented, "I am pleased to report that Turnium is well positioned to meet its goal of being cashflow positive in fiscal 2024. We continue to expand our business organically by adding new global channel partners and increasing our monthly recurring revenue (MRR). Complementing our organic growth efforts with accretive acquisitions has also taken a high priority; and we continue to progress in our efforts on the M front, especially with respect to our anticipated entry into a Definitive Agreement with respect to the acquisition of Claratti Limited. In addition, the Turnium team negotiated and settled numerous shares-for-debt transactions, preserving capital and more importantly cleaning up our balance sheet of legacy account payables."
The Consolidated Financial Statements and Management Discussion and Analysis ("MD") for the second fiscal quarter ended March 31, 2024, are available on the Company's SEDAR profile at www.sedar.com.
Fiscal Second Quarter 2024 Highlights:
- Revenue increased to $1.37M, up 7.0% compared to $1.28M QoQ and up 15.1% compared to $1.19M YoY;
- Gross increased to $0.99M, compared to $0.89M QoQ and $0.88M YoY;
- Total Expenses decreased to $1.37M, compared to $1.50M QoQ and $2.08M YoY;
- Net Loss decreased to ($0.40M), compared to ($0.62M) QoQ and ($1.20M) YoY;
- Adjusted EBITDA(1) decreased to ($0.04M), compared to ($0.35M) QoQ and ($0.98M) YoY;
- Number of Common Shares Outstanding (basic) at the end of the second quarter 2024 were 104,605,243. Current shares outstanding, as of May 29, 2024 are 112,823,143.
Fiscal Quarter Financial Highlights:
The Company's key financial results for the three months ended March 31, 2024, are as follows:
Canadian Dollars |
|
Q2 F2024 - For the three months ended March 31, 2023 |
|
|
Q1 F2024 - For the three months ended December 31, 2023 |
|
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Q4 F2023 - For the three months ended September 30, 2023 |
|
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Q3 F2023 - For the three months ended June 30, 2023 |
|
Total revenue |
|
1,367,623 |
|
|
1,284,210 |
|
|
1,257,622 |
|
|
1,476,342 |
|
Gross margin |
|
990,252 |
|
|
890,182 |
|
|
873,459 |
|
|
916,845 |
|
Total Expenses |
|
1,365,759 |
|
|
1,495,940 |
|
|
2,217,763 |
|
|
1,512,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net comprehensive income (loss) |
|
(403,245 |
) |
|
(624,842 |
) |
|
(1,662,592 |
) |
|
(745,223 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding |
|
104,605,243 |
|
|
104,605,243 |
|
|
90,370,451 |
|
|
68,935,614 |
|
Basic and diluted loss per common share |
|
(0.00) |
|
|
(0.01) |
|
|
(0.02) |
|
|
(0.01) |
|
Please see complete English press release here: https://money.tmx.com/quote/TTGI/news/5711322815979772/Turnium_Technology_Group_Inc_Reports_15_YoY_Revenue_Growth_in_Fiscal_Q2_2024_Financial_Results
About Turnium Technology Group Inc.
We make internet connections more secure and reliable for businesses. Our proprietary software-defined wide area networking (SD-WAN) platform is used to deliver highly reliable and secure connections using standard internet, wireless, or low-earth orbit satellite services for maintaining uninterrupted internet connectivity. Compared to other options, our SD-WAN solution is easier to manage, more flexible and faster to deploy, and more cost-effective than virtual private network (VPN) solutions or the services offered by traditional telecommunication carriers.
Turnium delivers its SD-WAN solution as a white label, disaggregated software platform that OEM channel partners host, manage, brand, and price. Turnium is also available to Resellers as a Turnium-branded managed service. Turnium SD-WAN is sold through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers.
For more information, contact [email protected], visit www.ttgi.io or follow us on Twitter @turnium.
About SD-WAN
SD-WAN is revolutionizing the networking and telecommunications industry by abstracting secure, high-speed networking and network control from underlying physical circuits. SD-WAN frees enterprises, small and medium businesses, cloud and managed services providers from the business and cost constraints imposed by traditional telecommunications companies.
Turnium Contact:
Investor Relations: Bill Mitoulas, Email: [email protected], Telephone: +1 416-479-9547
Media inquiries: please email [email protected]
Sales inquiries: please email [email protected]
CAUTIONARY NOTES
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Some of these risks are described under the "Caution on Forward-Looking Information" section and "Risk Factors" section of the MD Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
