January 30, 2024 – Vancouver, Canada – Turnium Technology Group Inc. (TSX.V: TTGI) (FSE: E48) (“Turnium” or “the Company”), an industry leader in software-defined wide area networking solutions (SD-WAN), is pleased to announce its financial results for the 2023 fiscal year. All financial information is provided in Canadian dollars unless otherwise indicated.

The Consolidated Financial Statements and Management Discussion and Analysis (“MD&A”) for the year ended September 30, 2023, are available on the Company’s SEDAR+ profile at www.sedarplus.ca.

“Turnium generated $5.2 million in revenue, a slight year-over-year increase compared to fiscal 2022. We grew our SaaS revenue by 3.2% year-over-year, despite the capital constraints we encountered throughout most of the year which delayed the release of our next generation V7 SD-WAN platform. Additionally in fiscal 2023, our team implemented numerous cost cutting initiatives and efficiency improvements which directly translated into annual cost savings of approximately $1.0 million. We also raised new capital to fully retire and discharge the Firepower Secured Loan, and also entered into a strategic transaction (non-binding merger letter of intent) with Activeport (ASX: ATV). Our team remains focused on executing on its strategy of growing its sales pipeline, as part of the release of our V7 platform during the 2024 fiscal year. The successes we saw in the last fiscal quarter should start generating revenue and gross margin growth as we move forward,” commented Turnium CEO Derek Spratt.

Fiscal Fourth Quarter 2023 Highlights:

  • Revenue in the fourth quarter was $1.26 million, compared to $1.37 million recorded in the fourth quarter of 2022;
  • Gross Margin in the fourth quarter was $0.87 million, compared to $1.04 million in the fourth quarter of 2022;
  • Total Expenses in the fourth quarter were $2.22 million, compared to $2.59 million in the fourth quarter of 2022;
  • Number of Common Shares Outstanding (basic) at 2023 Fiscal Year End was 104,605,243.
  • Cash Position at 2023 Fiscal Year End was $152,882.

Subsequent Events:

On December 11, 2023, the Company entered into a loan agreement with a third party for proceeds of $250,000. The proceeds will be used for operating purposes. This loan is repayable in 60 monthly payments starting November 2024, carries a floating interest rate (currently at 9.3%), and is secured by a general security agreement on the Company’s assets.

Quarterly Financial Highlights:

The Company’s key financial results for the three months ended September 30, 2023, are as follows:

Canadian Dollars For the
three months ended
September 30, 2023
For the
three months ended
June 30, 2023
For the
three months ended
March 31, 2023
For the
three months ended
December 31, 2022
Total revenue





Gross margin





Total Expenses





Other gain (loss)





Net comprehensive income (loss)





Weighted average number of common shares outstanding





Basic and diluted loss per common share





Special Notes:

It is anticipated that revenues and expenses may vary, perhaps materially, from quarter to quarter due to several factors, including changes in product mix, costs related to planned increase in market share, global expansion costs and ongoing corporate development initiatives. Although revenues may fluctuate from quarter to quarter, and such fluctuations may be material, management expects that revenues will increase year over year.

There are no known trends or seasonal impacts on the Company’s business although seasonal trends may develop as
the Company grows.


Fiscal Year Financial Results Summary:

Results for the Years ended September 30, 2023 and 2022 are as follows:

Income Statement Data

Year Ended
September 30, 2023 Consolidated
Year Ended
September 30, 2022 Consolidated



Cost of good sold



Agent revenue



Gross profit






Loss before other income



Other income (loss)



Net comprehensive loss for the year



Basic and diluted loss per common share $ (0.05) $ (0.12)
Weighted average number of common shares outstanding



About Turnium Technology Group Inc.

Turnium Technology Group Inc. delivers its SD-WAN solution as a white label, containerized, disaggregated software platform that OEM channel partners host, manage, brand, and price. Turnium is also available to Resellers as a Turnium-branded managed service. Turnium SD-WAN solutions 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 telecommunications industry by abstracting secure, high-speed networking and network control from underlying physical circuits. SD-WAN frees enterprises, small and medium businesses, cloud and managed services providers from the business and cost constraints imposed by traditional telecommunications companies.


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Turnium Contact:

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

Media inquiries: please email media@ttgi.io.

Sales inquiries: please email sales@ttgi.io

www.ttgi.io, www.turnium.com



Neither the 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 legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Some of these risks are described under the “Caution on Forward-Looking Information” section and “Risk Factors” section of the 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, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 by these statements. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.