NEW YORK, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Balincan USA Inc. ("Balincan" or the "Company") and Tekumo announced its financial results for the second quarter.
Revenue for the second quarter increased 70.6% over the first quarter. The first half of Q3 has already exceeded revenue for Q2. As indicated in the graph below, work orders have grown at approximately 45% monthly since March. This growth reflects our recently announced partnerships with the largest Retail managed service provider, digital signage partners, and a leader in Smart Home Rental Technologies.
FINANCIAL OUTLOOK
We continue to expect that revenue generated over the next 12 months will exceed more than $6 million. Given our gross margin of 40% and Operating Expenses of approximately $2.2 million, this would near cash flow breakeven. We will continue to invest in our technology and sales efforts fostering further growth into 2024.
As you review this MD&A, we encourage you to read our interim financial statements and notes for the quarter ended June 30, 2023, and our Letter to Shareholders dated May 9, 2023 (all filed with OTC Markets).
CORPORATE OVERVIEW
The Company offers a service delivery platform that solves the "last-mile" of installing, monitoring, and maintaining technology systems and smart connected devices.
We play at the intersection of two major trends: the “Uber-ization” of product and service delivery, and the explosion of smart connected devices brought about by the “Internet of
Things” (IoT). Our Service Delivery platform was designed to intelligently automate the installation and maintenance of products by offering On-Demand local technician resources, as well as providing a “smart interface” for the monitoring and management of connected devices.
This service platform caters for a broad range of technologies from POS systems, kiosks, digital menu boards, cameras, cabling, Wi-Fi and networking, to water and energy management, lighting and HVAC control, smart homes devices, wearable sensors, and access control.
Our platform results in “less people, less time and less cost” for our customers.
This MD&A includes statements and information about our expectations for the future. When we discuss our strategy, plans, future financial and operating performance, or other things that have not yet taken place, we are making statements considered to be forward-looking statements under United States (US) securities laws. Please see the disclosure relative to forward-looking statements at the base of this discussion.
About Balincan USA, Inc.
Balincan USA, Inc (OTC: BCNN) is an alternative reporting publicly held company that wholly-owns Tekumo LLC. The Company has filed for a name and symbol change to Tekumo, Inc., TKMO, subject to FINRA approval.
Safe Harbor:
Forward-Looking Statements
Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the Company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the Company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The Company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Colorado Springs
Timothy Simpson, Investor Relations
719-419-6709
investors@balincanusa.com
