AS Bercman Technologies (hereinafter "Bercman") announces its unaudited consolidated results for the first half of 2025. Bercman's consolidated turnover in the first six months of 2025 was 988,694 euros. In the comparable period of 2024, the turnover was 692,332 euros.
Management report
In the first six months of 2025, in addition to working with Estonian clients, development services were exported to Sweden, Finland, Singapore and Switzerland. The provision of development services focused on the development of electric vehicle charging solutions, while substantial cooperation with clients in the defence sector continued. The development project for smart passenger tables for coaches was successfully completed.
Regarding the proprietary product - the smart pedestrian crosswalk - devices were installed in the Croatian cities of Semeljci and Benkovac. The first pedestrian crosswalk detection unit was exported to the United States for research purposes. Together with the Croatian distributor A1 Hrvatska, tenders were won for the installation of pedestrian crosswalk safety systems in the cities of Novi Vinodolski and Kostajnica. Cooperation was also launched with the Serbian company TrueSolutions for the distribution of smart pedestrian crosswalks across the Balkans - Serbia, Kosovo, North Macedonia, Bosnia and Herzegovina, and Montenegro.
In the field of electric vehicle fast chargers, development work continued on chargers ranging from 30 to 300 kW. For the Norwegian distributor MerElektro, 60 kW fast chargers were delivered and are now in daily use for charging electric trucks. A 60 kW fast charger was also showcased in Norway at a joint exhibition with Mercedes electric trucks during the event organised to celebrate the 90th anniversary of the Norwegian Truck Owners' Association. Distribution agreements for fast chargers were concluded with existing proprietary product distributors in Greece and the Balkans. A client portal for convenient remote management and monitoring of chargers was completed.
To promotethe company's development services and to keep up with industry needs and innovations, participation took place at sTARTUpDay, DefenceTech Meetup, the MELT Innovation Forum and Latitude59. With a focus on the defence sector, the company joined the Estonian Minister of Defence's high-level delegation visit to Denmark and took part in a business trip to Germany, focused on the defence and security industry in Bavaria. As part of the EIS Top Innovators programme, which concluded in June, a study trip and company visits were carried out in Amsterdam, along with workshops that contributed to the advancement of the company's internal innovation strategy.
Financial results
The reporting period ended with a loss of 88,292 euros (for 6 months 2024, the loss was 350,532 euros). As of 30.06.2025, the consolidated balance sheet total of the company was 1,604,259 euros (30.06.2024: 1,677,031 euros). Current assets amounted to EUR 607,952 (30.06.2024: EUR 332,898). The volume of fixed assets was 996,307 euros (30.06.2024: 1,344,133 euros). As of 30.06.2025, the company's equity was 427,585 euros (30.06.2024: 867,382 euros). As of 30.06.2025, the company had 75,000 euros of loan liabilities (30.06.2024: 68,935 euros).
Team
As of 30.06.2025, 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 610,262 in the first half of 2025 (6 months 2024: EUR 632,111).
The financial results for the reporting period are presented below.
Consolidated statement of financial position
(In Euro)
| 30.06.2025 | 31.12.2024 | 30.06.2024 | 31.12.2023 | Note | |
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 128 436 | 72924 | 88 727 | 218 262 | |
| Receivables and prepayments | 433 678 | 296 844 | 206 648 | 122 922 | 2 |
| Inventories | 45 838 | 49 523 | 37 523 | 50 697 | 3 |
| Total current assets | 607 952 | 419 291 | 332 898 | 391 881 | |
| Non-current assets | |||||
| Receivables and prepayments | 0 | 0 | 32 293 | 32 293 | 2 |
| Property, plant and equipment | 8814 | 12 666 | 17 548 | 23 161 | 6 |
| Intangible assets | 987 493 | 930 786 | 1 294 292 | 1 380 594 | 7 |
| Total non-current assets | 996 307 | 943 452 | 1 344 133 | 1 436 048 | |
| Total assets | 1 604 259 | 1 362 743 | 1 677 031 | 1 827 929 | |
| Liabilities and equity | |||||
| Liabilities | |||||
| Current liabilities | |||||
| Loan liabilities | 75 000 | 60 | 68 935 | 49 920 | 8 |
| Payables and prepayments | 897 431 | 726 745 | 650 443 | 523 324 | 9 |
| Provisions | 4 168 | 4 168 | 4 168 | 4 168 | |
| Total current liabilities | 976 599 | 730 973 | 723 546 | 577 412 | |
| Non-current liabilities | |||||
| Loan liabilities | 200 075 | 135 190 | 27 800 | 27 800 | 8 |
| Payables and prepayments | 0 | 0 | 58 303 | 34 803 | 9 |
| Total non-current liabilities | 200 075 | 135 190 | 86 103 | 62 603 | |
| Total liabilities | 1 176 674 | 866 163 | 809 649 | 640 015 | |
| Equity | |||||
| Equity held by shareholders and partners in parent company | |||||
| Issued capital | 146 401 | 146 401 | 143 903 | 143 903 | 11 |
| Unregistered equity | 0 | 0 | 544 | 0 | 11 |
| Share premium | 2 451 603 | 2 451 603 | 2 412 758 | 2 412 758 | 11 |
| Other reserves | 395 501 | 377 204 | 556 469 | 527 013 | 11, 16 |
| Retained earnings (loss) | -2 478 628 | -1 895 760 | -1 895 760 | -1 641 964 | |
| Annual period profit (loss) | -88 292 | -582 868 | -350 532 | -253 796 | |
| Total equity held by shareholders and partners in parent company | 427 585 | 496 580 | 867 382 | 1 187 914 | |
| Total equity | 427 585 | 496 580 | 867 382 | 1 187 914 | |
| Total liabilities and equity | 1 604 259 | 1 362 743 | 1 677 031 | 1 827 929 |
Consolidated income statement
(In Euros)
| 30.06.2025 | 31.12.2024 | 30.06.2024 | 31.12.2023 | Note | |
| Revenue | 988 694 | 1 523 478 | 692 332 | 1 669 403 | 12 |
| Other income | 25 252 | 27 789 | 7 121 | 19 394 | 13 |
| Work performed by entity and capitalised | 60 451 | 0 | 0 | 132 010 | 7 |
| Raw materials and consumables used | -225 734 | -335 887 | -139 701 | -373 815 | 14 |
| Other operating expense | -204 804 | -386 973 | -172 920 | -345 172 | 15 |
| Employee expense | -610 262 | -1 181 103 | -632 111 | -1 166 156 | 16 |
| Depreciation and impairment loss (reversal) | -93 389 | -191 2028 | -96 788 | -167 783 | 6,7 |
| Other expense | -4 186 | -7 810 | -2 926 | -8 190 | |
| Operating profit (loss) | -63 978 | -551 714 | -344 993 | -240 309 | |
| Interest expenses | -6 135 | -31 658 | -5 880 | -14 070 | |
| Other financial income and expense | -18 179 | 502 | 341 | 583 | |
| Profit (loss) before tax | -88 292 | -582 870 | -350 532 | -253 796 | |
| Annual period profit (loss) | -88 292 | -582 870 | -350 532 | -253 796 | |
| Profit (loss) from shareholders and partners in parent company | -88 292 | -582 870 | -350 532 | -253 796 |
Consolidated statement of cash flows
(In Euros)
| 30.06.2025 | 31.12.2024 | 30.06.2024 | 31.12.2023 | Note | |
| Cash flows from operating activities | |||||
| Operating profit (loss) | -63 978 | -551 714 | -344 993 | -240 309 | |
| Adjustments | |||||
| Depreciation and impairment loss (reversal) | 93 389 | 191 208 | 96 788 | 167 783 | 6,7 |
| Profit (loss) from the sale of fixed assets | |||||
| Other adjustments | -190 351 | -92 751 | 14 002 | 11 145 | 10,11 |
| Total adjustments | -135 996 | 98 457 | 110 790 | 178 928 | |
| Changes in receivables and prepayments related to operating activities | -135 996 | -141 629 | -83 726 | 66 771 | |
| Changes in inventories | 3 685 | 1 175 | 13 174 | 43 915 | |
| Changes in payables and prepayments related to operating activities | 309 672 | 268 620 | 127 119 | 45 193 | |
| Interest received | 321 | 503 | 341 | 583 | |
| Proceeds from government grants | 25 252 | 27 789 | 7 002 | 20 554 | 10 |
| Total cash flows from operating activities | 41 994 | -296 799 | -170 293 | 115 635 | |
| Cash flows from investing activities | |||||
| Purchase of property, plant and equipment and intangible assets | -146 991 | -1 159 | -1 159 | -135 100 | 6,7 |
| Received from property, plant and equipment and intangible assets | |||||
| Total cash flows from investing activities | -146 991 | 1 159 | 1 159 | -135 100 | |
| Cash flows from financing activities | |||||
| Loans received | 265 499 | 92 525 | 20 323 | 0 | |
| Repayments of loans received | -101 535 | -31 192 | 0 | -8 859 | |
| Interest paid | -3 388 | -8 411 | -1 142 | -3 252 | |
| Repayments of finance lease liabilities | -67 | -3 802 | -1 308 | -4 819 | |
| Proceeds from issuing shares | 0 | 0 | 544 | 0 | 11 |
| Other cash outflows from financing activities | 0 | 103 500 | 23 500 | 0 | |
| Total cash flows from financing activities | 160 509 | 152 620 | 41 917 | -16 930 | |
| Total cash flows | 55 512 | -145 338 | -129 535 | -36 395 | |
| Cash and cash equivalents at beginning of period | 72 924 | 218 262 | 218 262 | 254 657 | |
| Change in cash and cash equivalents | 55 512 | -145 338 | -129 535 | -36 395 | |
| Cash and cash equivalents at end of period | 128 436 | 72 924 | 88 727 | 218 262 |
Consolidated statement of changes in equity
(In Euros)
| Equity held by shareholders and partners in the parent company | TOTAL | |||||
| Issued capital | Unregistered equity | Share premium | Other reserves | Retained earnings (loss) | ||
| 31.12.2023 | 143 903 | 0 | 2 412 758 | 527 013 | -1 895 760 | 1 187 914 |
| Annual period profit (loss) | -350 532 | 350 532 | ||||
| Issue of equity | 544 | 544 | ||||
| Changes in reserves | 29 456 | 29 456 | ||||
| Changes in equity | 0 | |||||
| 30.06.2024 | 143 903 | 544 | 2 412 758 | 556 469 | -2 246 292 | 867 382 |
| Annual period profit (loss) | -232 336 | -232 336 | ||||
| Issue of equity | 2 498 | -544 | 1 954 | |||
| Changes in reserves | 38 845 | -179 265 | -140 420 | |||
| Changes in equity | ||||||
| 31.12.2024 | 146 401 | 0 | 2 451 603 | 377 204 | -2 478 628 | 496 580 |
| Annual period profit (loss) | -88 292 | -88 292 | ||||
| Issue of equity | ||||||
| Changes in reserves | 19 297 | 19 297 | ||||
| Changes in equity | ||||||
| 30.06.2025 | 146 401 | 0 | 2 451 603 | 396 501 | -2 566 920 | 427 585 |
Mart Suurkask, Member of Board of Bercman: "The first half of this year has met the expectations we set - we expanded our market and partnership relations, strengthened product development, and increased international visibility. Compared to the previous year, turnover grew by more than a third, and the consolidated loss decreased. Development services played a steady role in revenue growth, but a significant contribution came from sales of our own products. The list of export destinations expanded to include the Balkans and the United States, while our position in Norway strengthened. Through both ongoing and newly established partnerships with local distributors such as MerElektro in Norway, Eur.Elec in Greece, A1 Hrvatska in Croatia, and TrueSolutions in the Balkans, we have built a strong foundation for further growth."
Bercman, founded in 2016, is a technology company listed on Nasdaq First North, and specialises 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.
Additional information:
Mart Suurkask
Member of Board
+37253402902
mart.suurkask@bercman.com