NEW YORK, March 14, 2024 (GLOBE NEWSWIRE) -- Tekumo Inc. (or the "Company") announces its results for Q4, 2023.
Revenue for the fourth quarter increased 281% year-over-year to $1.37 million. Revenue growth for Q4, 2023 increased 60% over Q3 2023.
FINANCIAL UPDATE
In the second half of 2023, Tekumo reported revenue of $2.23 million, achieving an annualized revenue run rate above $5 million in Q4. Significantly, the Company reported positive net ordinary income in Q4.
Phillip Dignan, President & CFO states, “The first quarter of 2024 continues to show impressive year-over-year growth. We have integrated a managed services division that has signed multiple contracts scheduled to begin in early Q2.”
Mr. Dignan continues, “We have also reduced our convertible debt balance by over $400K, continuing to improve our long term balance sheet.”
We encourage you to read our annual financial statements and notes for the year ended December 31, 2023, filed March 14, 2024 with OTC Markets.
CORPORATE OVERVIEW
The Company offers a service delivery and field services management platform that solves the "last-mile" of installing, monitoring, and maintaining technology systems and smart connected devices.
We play at the intersection of three major trends: the “Uber-ization” of product and service delivery, the explosion of smart connected devices brought about by the “Internet of Things” (IoT), and the advent of Artificial Intelligence in the analysis of real-time data. Our Service Delivery platform is 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.
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 Tekumo, Inc.
Tekumo, Inc (OTC: TKMO) is an alternative reporting publicly held company that wholly-owns Tekumo LLC.
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 & CFO
719-419-6709
Investors@Tekumo.com
