NEW YORK, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Balincan USA Inc. ("Balincan" or the "Company") and Tekumo announces progress updates for the third quarter.
Revenue for the third quarter, through August 31, 2023, increased 85% over the second quarter, 2023. As indicated in the graph below, revenue has grown at CAGR of 47% monthly since March. This growth reflects our continued partnerships with the largest retail managed service provider, digital signage partners, and a leader in Smart Home Rental Technologies.
We continue to expect that revenue generated over the next 12 months will exceed $6 million. Given our gross margin of 40% and Operating Expenses of approximately $2.2 million, this will result in near cash flow breakeven. We will continue to invest in our technology and sales efforts fostering further growth into 2024.
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.
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.
Phillip Dignan, President and CFO