Turnium Technology Group Inc. Reports Fiscal Q1 2023 Financial Results
Turnium also announces the appointment of Ralph Garcea as Chair of the Board
March 6, 2023 – Vancouver, Canada – Turnium Technology Group Inc. (TSX.V: TTGI) (“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 Q1 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 first quarter ended December 31, 2022, are available on the Company’s SEDAR profile at www.sedar.com.
“Turnium continues to focus on executing its strategic growth initiatives, while managing costs. In the first quarter of fiscal 2023 our team implemented numerous cost cutting initiatives and efficiency improvements which have directly translated into annual cost savings of approximately $1.0 million. We remain committed, even in light of the challenging 2023 macro conditions and economic environment, with our priorities remaining unchanged: growing our customer base, expanding our geographic sales footprint, introducing new products to the market, cutting more costs, improving margins and ultimately optimizing return on capital for Turnium shareholders,” commented Turnium CEO Derek Spratt.
Fiscal First Quarter 2023 Highlights:
- Revenue in the first quarter increased to $1.29 million, compared to $1.23 million recorded in the first quarter of 2022;
- Gross Margin in the first quarter was $0.93 million, compared to $0.93 million in the first quarter of 2022;
- Total Expenses in the first quarter increased to $1.59 million, compared to $1.58 million in the first quarter of 2022;
- Net Income in the first quarter decreased to ($0.39) million, compared to ($0.83) million in the first quarter of 2022;
- Cash Position at the end of the first quarter 2023 was approximately $445,000.
- Number of Common Shares Outstanding (basic) at the end of the first quarter 2023 was 68,865,009.
Fiscal Quarter Financial Highlights:
The Company’s key financial results for the three months ended December 31, 2022, are as follows:
| Canadian Dollars |
For the three months ended December 31, 2022 |
For the three months ended September 30, 2022 |
For the three months ended June 30, 2022 | For the three months ended March 31, 2022 |
| Total revenue |
1,293,613 |
1,370,438 |
1,116,517 |
1,451,922 |
| Gross margin |
926,400 |
1,038,438 |
830,511 |
907,383 |
| Total Expenses |
1,593,229 |
2,586,146 |
2,212,734 |
2,154,491 |
| Other gain (loss) |
267,876 |
231,824 |
(2,055,559) |
(234,915) |
| Net comprehensive income (loss) |
(398,953) |
(1,315,884) |
(3,437,782) |
(1,482,023) |
|
Weighted average number of common shares outstanding |
68,865,009 |
61,613,713 |
59,165,329 |
58,373,629 |
|
Basic and diluted loss per common share |
(0.01) |
(0.02) | (0.06) |
(0.03) |
Special Notes:
It is anticipated that revenues and expenses may vary, perhaps materially, from quarter to quarter due to several factors, including changes in product mix, costs related to planned increase in market share, global expansion costs and ongoing corporate development initiatives. Although revenues may fluctuate from quarter to quarter, and such fluctuations may be material, management expects that revenues will increase year over year.
There are no known trends or seasonal impacts on the Company’s business although seasonal trends may develop as the Company grows.
Appointment of Ralph Garcea as Chair of the Board
The Company also announces that the Board of Directors has appointed Ralph Garcea to the role of Chairman, separating the role of CEO and Chair into two independent functions, adhering to best practices and improving its corporate governance.
Derek Spratt, Chief Executive Officer of the Company stated “The appointment of Ralph Garcea to the role of Chair of the Board is indicative of our firm and resolute belief in adhering to the best practices in corporate governance. His experience will be invaluable as we accelerate into the next chapter of our growth.”
About Turnium Technology Group Inc.
Turnium Technology Group Inc. delivers its SD-WAN solution as a white label, containerized, 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 solutions 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 sales@ttgi.io, visit www.turnium.com, 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.
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Turnium Contact:
Investor Relations: Bill Mitoulas, Email: investor.relations@ttgi.io, Telephone: +1 416-479-9547
Media inquiries: please email media@ttgi.io.
Sales inquiries: please email sales@ttgi.io
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&A. 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.