Business
Turnium Technology Group Inc. Reports Fiscal Q3 2024 Financial Results
Vancouver, Canada--(Newsfile Corp. - August 29, 2024) - Turnium Technology Group Inc. (TSXV: TTGI...
About this update from Turnium Technology Group Inc Class A
[{"type":"text","content":"Turnium Technology Group Inc. Reports Fiscal Q3 2024 Financial ResultsVancouver, Canada--(Newsfile Corp. - August 29, 2024) - Turnium Technology Group Inc. (TSXV: TTGI) (FSE: E48) (\"Turnium\" or \"the Company\"), an industry leader in cloud-native software-defined wide area networking solutions (SD-WAN), is pleased to announce its financial results for Fiscal Q3 2024. All financial information is provided in Canadian dollars unless otherwise indicated. The Consolidated Financial Statements and Management Discussion and Analysis (\"MD&A\") for the second quarter ended June 30, 2024, are available on the Company's SEDAR profile at www.sedarplus.ca.Ralph Garcea, Chair of Turnium commentated, \"With the closing of the Claratti acquisition, we have embarked on our next phase of growth. We have effectively doubled in size, and with Doug's leadership we believe we can continue growing as we expand our product portfolio and partner channel globally.\"Doug Childress, CEO of Turnium stated, \"In the third quarter of fiscal 2023, the Turnium team maintained a sharp focus on expense management, cost optimization, and strategic growth. We are thrilled to announce the acquisition of Claratti, which significantly strengthens our global customer base. This acquisition enables us to expand our reach, offering new, bundled products and services to a broader audience and across new geographies. To echo the Chair, our business has effectively doubled in size, we are technically even more advanced and we see substantial cross-selling opportunities ahead. We are confident in our abilities and believe we can generate $11-$14 million in revenue for fiscal 2025.\" Fiscal Third Quarter 2024 Highlights:Revenue in the third quarter was $1.35 million, compared to $1.47 million in the third quarter of 2023;Gross Margin in the third quarter was $0.84 million, compared to $0.90 million in the third quarter of 2023;Total Expenses in the third quarter decreased to $1.36 million, compared to $1.51 million in the third quarter of 2023;Net Loss in the third quarter was ($0.37) million, compared to ($0.74) million in the third quarter of 2023;Adjusted EBITDA(1) in the third quarter was ($0.20) million, compared to ($0.30) million in the third quarter of 2023;Number of Common Shares Outstanding (basic) at the end of the third quarter 2024 was 107,968,303.Fiscal ...