Turnium Technology Group Inc. Reports Growth in First Quarter 2024 Financial Results

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This release corrects the name Claratti in the second paragraph.

Vancouver, British Columbia–(Newsfile Corp. – February 29, 2024) – Turnium Technology Group Inc.TSXV:TTGI) (FSE: E48)(“ternium” or “companyThe company is an industry leader in cloud-native SD-WAN, focused on improving enterprise application performance with secure and secure multisite connectivity without the burden of expensive dedicated bandwidth or hardware. Announced first quarter financial results. All financial information is provided in Canadian dollars unless otherwise stated.

These results are Recent announcement of letter of intent (LOI) to acquire Claratti Limited This will add hundreds of Australian-based customers to Turnium’s portfolio, increasing cross-selling opportunities.

“In the first quarter of 2024, the Turnium team continues to expand our channel partners, increase monthly recurring revenue (MRR), and deliver superior product and service solutions to our customers around the world,” said Turnium Chairman Ralph Garcea. We are very well positioned to achieve positive cash flow results this year as we continue to execute on our two-pronged growth strategy. Our top priority is organic growth. “The second part of our growth strategy includes M&A, with 2 new deals this year. Our intent to acquire Claratti, described below, is one of these strategic acquisitions. We will continue to evaluate other acquisitions as we look to increase our scale in the coming years.” Forecast our company’s revenue. ”

Our consolidated financial statements and management’s discussion and analysis (“MD&A”) for the first fiscal quarter ended December 31, 2023 are available on our SEDAR profile at www.sedar.com.

Highlights of Q1 2024:

revenue Revenue for the first quarter was $1.28 million, up from $1.26 million in the previous quarter.
gross profit First quarter sales were $890,000, up from $870,000 in the previous quarter.
total expenses, total expenses, total expenses First quarter sales were $1.5 million, down from $2.2 million in the previous quarter.
net loss Revenue for the first quarter was $0.62 million, down from $1.7 million in the previous quarter.
Number of issued common shares (basic) At the end of the first quarter of 2024, there were 104,605,243 people.

Fiscal quarter financial highlights:

Our key financial results for the three months ended December 31, 2023 are as follows:

Canadian Dollar	Q1 2024 – For the three-month period ending December 31, 2023	Q4 2023 – 3 months until September 30, 2023	Q3 2023 – 3 months until June 30, 2023	2nd quarter of 2023 – 3 months until March 31, 2023
total income	1,284,210	1,257,622	1,476,342	1,185,056
gross profit margin	890,182	873,459	916,845	886,540
total expenses, total expenses, total expenses	1,495,940	2,217,763	1,512,661	2,089,325

Comprehensive income (loss)	(624,842)	(1,662,592)	(745,223)	(1,201,843)

Weighted average number of common shares outstanding	104,605,243	90,370,451	68,935,614	68,865,009
Basic and diluted loss per common share	(0.01)	(0.02)	(0.01)	(0.02)

Notices:

Revenue and expenses could potentially fluctuate significantly from quarter to quarter due to several factors, including changes in product mix, costs associated with planned market share growth, costs of global expansion, and continued company development efforts. It is expected that there will be gender. Although revenue can fluctuate from quarter to quarter, and such fluctuations can be significant, management expects revenue to increase year-over-year.

Although there are no known trends or seasonal effects on our business, seasonal trends may emerge as we grow.

Further highlights from the first quarter of the fiscal year:

February 28, 2024 – The company announced that it has entered into a non-binding letter of intent (LOI) to acquire Claratti Limited (Claratti) is a provider of managed IT solutions for businesses, covering areas such as internet and telecommunications services, remote work and connectivity, cybersecurity, and quality hardware and software. Claratti is headquartered in Perth, Australia and serves hundreds of customers across Australia. The Company also announced that Derek Spratt will retire as CEO on February 29, 2024, but will remain as a director. The Company has implemented a CEO Office consisting of Founder and Director Johan Arnet and Director Jim Lovie. Until a permanent replacement for the CEO role is appointed, all future decisions will be made jointly by Chairman Arnett and Lovie, with input from the remaining members of the Board. . (Link)

February 20, 2024 – The Company and Wafaicloud announce a partnership to accelerate cloud adoption across the Middle East. Saudi Arabia’s Wafai International Company Inc. (WafaiCloud) has signed a multi-year term and volume agreement to partner with Turnium Technology Group Inc. Currently, with 200 sites already in service, Wafai expects revenue growth due to aggressive growth of the Turnium SD-WAN pipeline. More than 10 times in 3 years.

Other highlights from Q1 2024:

November 29, 2023 – Effective November 28, 2023, the Company changed its auditor from Manning Elliott LLP to Kingston Ross Passnak LLP. The former auditor submitted his resignation as an auditor of the Company on November 27, 2023, and submitted his resignation to the Board of Directors. The company has appointed a successor auditor as the company’s auditor from November 28, 2023 until the next annual general meeting of shareholders.

From November 29, 2023 The Company announced the appointment of Constantin Lichtenwald as Chief Financial Officer. Mr. Lichtenwald has over 16 years of experience in finance and accounting, including corporate compliance, accounting and financial management, initial public offerings, reverse takeovers, corporate finance, valuation, tax, financial reporting, consulting and other accounting. We provide services to small and medium-sized enterprises and small businesses. and public companies.

October 24, 2023 – Our board of directors has authorized the grant of a total of 3.1 million incentive stock options to our directors, officers and employees with an exercise price of $0.10 per common share. Options are exercisable for five years from the date of grant. Certain grants are subject to vesting conditions pursuant to the terms of the option plan.

October 12, 2023 – Our Turnium SD-WAN version 7.0 development is nearing completion. This new software release revolutionizes Turnium SD-WAN and enhances the use cases and capabilities that Turnium channel partners can use to solve common customer problems in today’s cloud-based networking business environments. Version 7.x enables Turnium to integrate many previously announced global partners and others currently in the pipeline as Turnium scales from over 10,000 lines today to over 100,000 lines over the next few years. Become.

September 28, 2023 – We signed a 5-year OEM (Original Equipment Manufacturer) license agreement with a leading technology group and service provider in Southeast Asia. His new five-year OEM license agreement with the Southeast Asian service provider, signed on July 18, 2023, will initially be valid across Indonesia.

September 25, 2023 ・All resolutions were passed at our general meeting of shareholders held on September 15, 2023. A total of 54,836,337 common shares participated in this meeting, representing approximately 54.9% of the outstanding common shares as of the record date.

September 12, 2023 – SDWAN & SASE Solutions Ltd. has joined the Turnium Technology Group Global Partner Program and can now license, package, and bundle Turnium’s SD-WAN software into the SDWAN & SASE Solutions portfolio.

About Turnium Technology Group Inc.

Turnium Technology Group Inc. offers its SD-WAN solutions as a white-label, disaggregated software platform that is hosted, managed, branded, and priced by OEM channel partners. Turnium is also available to resellers as a managed service for his Turnium brand. Turnium SD-WAN 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.ttgi.io or follow us on Twitter @turnium.

About SD-WAN

SD-WAN is revolutionizing the networking and communications industry by abstracting secure, high-speed networking and network control from the underlying physical circuits. SD-WAN frees enterprises, small businesses, and cloud and managed service providers from the business and cost constraints imposed by traditional telcos.

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Ternium contact information:

Investor Information: Bill Mitoulas, Email: investor.relations@ttgi.io, Phone: +1 416-479-9547

Media inquiries: Email media@ttgi.io.

Sales Inquiries: Please email sales@ttgi.io.

www.ttgi.io, www.turnium.com

Notes

Neither 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 laws. Forward-looking information generally includes statements such as “plans,” “expects,” “does not expect,” “anticipates,” “budgets,” “projects,” “estimates,” or similar statements. You can identify us by the use of forward-looking terminology. “anticipates,” “intends,” “anticipates,” “does not anticipate,” or “believes,” or variations of such words or phrases, or words that “anticipate,” “intend,” “anticipate,” “do not anticipate,” or “believe,” or variations of such words or phrases, or “might” result in a particular action, event, or result. ”, “may”, “may”, “might”, “may” or “obtain”, “occur” or “achieve”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied. It may be different. Such positive information. Some of these risks are described in the “Cautionary Note Regarding Forward-Looking Information” and “Risk Factors” sections of 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, the Company There may be other factors that may cause this. 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 in these statements. The Company undertakes no obligation to update forward-looking information except in accordance with applicable securities laws.