28.03.2025
Management report
In the second half of 2024, development services were exported to Sweden, Finland, Singapore, Norway, and Switzerland, in addition to serving Estonian clients. The focus on strategic development projects, particularly in the defense sector, increased the share of defense industry clients in revenue. The volume of development work related to the energy sector also grew. The subsidiary Krakul signed a contract with Harju Elekter Group AS for the development of an alternating current (AC) charger for electric vehicles.
The focus for Company’s proprietary products was the development and sales activities of fast chargers for electric vehicles. In September, a 300-kilowatt fast charger was introduced at the ICNC24 conference in Berlin. By the end of the year, work related to fast chargers had reached a stage where preparations were being made to scale up sales activities and mass production.
Smart pedestrian crosswalks were exported in the second half of the year to the cities of Benkovac and Semeljici in Croatia, and a pedestrian crosswalk safety system was installed in Lamia, Greece. In Estonia, new smart crosswalk devices were installed in Harju County, specifically in the municipalities of Saue and Viimsi. To provide an overview of pedestrian and traffic statistics for the Põlva Smart Road, a publicly accessible website, nutitee.ee, was launched, displaying anonymous numerical data on road users. Additionally, amendments were submitted to the European Patent Office regarding the intellectual property protection of the monitoring and analysis methodology for the smart pedestrian crosswalk system.
To promote sales activities and introduce the company’s development services, participation took place in the Estonian-French defense industry joint event in the second half of 2024. The event aimed to strengthen cooperation between the two countries. Additionally, the company attended the EMS&Beyond 2024 seminar organized by the Estonian Electronics Industry Association and the annual conference of the Estonian Defence and Aerospace Industry Association in Tallinn.
To map business opportunities and establish contacts for electric vehicle charging solutions in the Persian Gulf region, the company participated in the Estonian Foreign Minister’s business delegation visit to Qatar.
For the development of a structured innovation strategy for development services, the company is taking part in the Top Innovators program organised by the Estonian Business and Innovation Agency, running until June 2025.
Financial results
The reporting period ended with a loss of 441,885 euros (the 12-month loss in 2023 was 253,796 euros).
As of 31.12.2024, the company’s consolidated balance sheet total was 1,768,507 euros (31.12.2023: 1,827,929 euros). Current assets amounted to 400,308 euros (31.12.2023: 391,881 euros). The value of fixed assets was 1,368,202 euros (31.12.2023: 1,436,048 euros). The company’s equity as of 31.12.2024 was 917,310 euros (31.12.2023: 1,187,914 euros). As of 31.12.2024, the company had loan liabilities of 132,840 euros (31.12.2023: 77,720 euros).
Team
As of 31.12.2024, 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 1,168,550 in 2024 (12 months of 2023: EUR 1,166,156).
Taking into account the current economic situation and the activities planned for this year, Bercman forecasts consolidated sales revenue of €1.65 million for the year 2025, representing approximately a 10% increase compared to the previous financial year.
Mart Suurkask, CEO of Bercman: “The recently concluded 2024 financial year was strategically important for Bercman, as the Group welcomed a new subsidiary, Bercman Energy OÜ. The second half of the year delivered better results compared to the first, and I believe the decisions we made have laid a strong foundation for future growth. While we remain conservative in our revenue expectations for the current year, we see greater growth potential starting from the 2026 financial year.”
For more details, please refer to the interim report available on the Investor Relations page.
For additional information please contact:
Mart Suurkask
Member of Board
+37253402902
mart.suurkask@bercman.com