Business
Turnium Technology Group Inc. Reports Record Fiscal Q3 2023 Financial Results
Turnium announces full repayment of term loan to FirePower Capital, engagement of digital communi...
About this update from Turnium Technology Group Inc Class A
[{"type":"text","content":"Turnium Technology Group Inc. Reports Record Fiscal Q3 2023 Financial ResultsTurnium announces full repayment of term loan to FirePower Capital, engagement of digital communications service provider Blue Summit Ventures and listing approval on Frankfurt Stock Exchange under the symbol \"E48\"Vancouver, British Columbia--(Newsfile Corp. - August 29, 2023) - 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 2023. 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, 2023, are available on the Company's SEDAR profile at www.sedarplus.ca.Derek Spratt, CEO of Turnium commented, \"In the third quarter of fiscal 2023, the Turnium team continued its focus on rightsizing the corporate balance sheet, repaying the approximate $2 million Term Loan in full to Firepower Capital and recapitalizing the business to execute on its growth strategy. We are very excited about Turniums future and remain focused in growing the customer base, introducing new products and expanding our geographic sales footprint, and managing costs in a fiscally responsible manner. I am happy to report that the many improvements to our business have translated to a record third quarter.\"Fiscal Third Quarter 2023 Highlights:Revenue in the third quarter increased to $1.48 million, compared to $1.12 million in the third quarter of 2022;Gross Margin in the third quarter was $0.917 million, compared to $0.831 million in the third quarter of 2022;Total Expenses in the third quarter decreased to $1.5 million, compared to $2.2 million in the third quarter of 2022;Net Loss in the third quarter decreased to ($0.75) million, compared to ($3.3) million in the third quarter of 2022;Number of Common Shares Outstanding (basic) at the end of the third quarter 2023 was 68,935,614.Fiscal Quarter Financial Highlights:The Company's key financial results for the three months ended June 30, 2023, are as follows:Canadian Dollars For the threemonths endedJune 30, 2023For the threemonths endedMarch 31, 2023For the threemonths endedDecember 31, 2022...