NEW YORK, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Balincan USA Inc. ("Balincan" or the "Company") and Tekumo announces preliminary results for the third quarter.
Revenue for the third quarter of 2023 increased 194% over the second quarter to $857K, representing 114% growth year-over-year. This growth reflects our growing partnerships with retail managed service providers, digital signage partners, and smart home technologies.
WHAT IS TEKUMO?
Tekumo is the only full-service delivery platform that enables the installation, monitoring, and management of connected devices.
Our name means “Tech Cloud” in Japanese. 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).
Tekumo’s 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.
FINANCIAL OUTLOOK
We expect that Q4 revenue will exceed $1.2 million and that revenue generated over the next 12 months will exceed $6 million. Given our gross margin of 40% and projected Operating Expenses, this will result in near cash flow breakeven.
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).
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
Phillip Dignan, President and CFO
719-419-6709
investors@balincanusa.com
