Proprietary Products
Smart Pedestrian Crosswalks were delivered in the fourth quarter to customers in Greece, Montenegro, Serbia, Croatia and Estonia. In total, 41 smart pedestrian crosswalk equipment sets were delivered to customers during the last three months of 2025.
Five mobile 60 kW DC fast chargers were delivered to customers in Norway. In Qatar, a 60 kW DC fast charger was installed in the indoor parking area of the OQ Hotel in Doha.
The subsidiary Krakul launched its first proprietary product – Fuseboard. A smart power distribution panel designed to simplify the management of electrical system protections and loads during product development and make their control easier.
Development Services
In the fourth quarter, product development agreements were signed with new customers in Estonia, and the largest volume of work in the services segment was related to the development of electric car charging solutions. Projects were also carried out for industrial automation and the defence industry, which are segments with continuously growing demand.
Expansion of Sales and Partner Network
To map opportunities for offering development services, visits were made to the Elmia Subcontractor trade fair in Sweden and the Teknologia trade fair in Finland. In connection with the focus on the defence sector, participation took place in joint events organised by Estonian and Norwegian defence industry companies and in the EMS & Beyond 2025 seminar in Tallinn, which was aimed at providers of electronic manufacturing services.
The subsidiary Bercman Energy entered into a cooperation agreement with the Lithuanian company Area Energy UAB (stock exchange announcement on 12.12.2025). The cooperation will offer modern battery storage solutions that support the electricity grid for industrial, infrastructure, and public sector projects.
Discussions on resale and cooperation regarding smart crosswalks were initiated with companies in Bulgaria, Mexico, and the US to increase the international market share of the product portfolio.
Mart Suurkask, CEO of Bercman: “Our services business continued to provide a stable operational base towards the end of the year, which enabled us to focus on scaling the development and sales of our proprietary products. Within city infrastructure projects, deliveries of smart pedestrian crosswalks were carried out at the end of the year under public tenders won in previous periods.
In the fast-charging segment, our focus remains on expanding export activities through a growing reseller network, with primary attention on the Nordic markets. To accelerate development in more distant markets, we have established a subsidiary and a joint venture in Spain and Qatar, and the first fast charger in Qatar is already in everyday use.”
In connection with the realisation of employee option agreements, Bercman’s share capital was increased by €1,024.60 (Stock exchange announcement 04.11.2025).
Bercman is a technology company listed on the Nasdaq First North alternative market, offering development services, proprietary products, and comprehensive technology solutions. The Bercman consolidation group includes the parent company AS Bercman Technologies, the subsidiaries Bercman Energy OÜ and Krakul OÜ. Bercman Energy is focused on the development, production, and marketing of fast chargers for electric vehicles. Krakul is a leading product development company with over 12 years of experience in hardware and software development.
Further information:
Mart Suurkask
AS Bercman Technologies
Member of the Board
+372 5340 2902
[email protected]
To strengthen the supply of electric vehicle fast-charging solutions in Southern Europe, Bercman Energy has founded a wholly owned subsidiary in Spain – Bercman Energy Spain, S.L. To support the company’s interests in the Middle East and North Africa region, a joint venture has been established in Qatar – Bercman For Electrical Installation and Services, L.L.C. The company was founded together with a local partner, JMJ Ventures for Administrative Consultations, owned by JMJ Group Holding, which holds a 51% ownership stake, while Bercman Energy holds 49% of the joint venture.
JMJ Group Holding is a Qatar-based business group with activities in energy-related projects, real estate and hospitality, as well as industrial and technical services. JMJ provides the joint venture with local market expertise, regulatory know-how and operational support.
Mart Suurkask, Member of the Management Board of Bercman: “The sales of Bercman Energy fast chargers have gained momentum this year, and the chargers have been well received by customers. While our active sales efforts in Europe continue, we have already begun moving into the next phase of the company’s development, focusing on international expansion and the establishment of regional sales and support networks.”
Both Spain and Qatar are focus markets for Bercman Energy, and the creation of the new legal entities forms an integral part of the company’s expansion strategy. As of the publication of this announcement, economic activity has not yet commenced in the established entities; however, preparatory business-supporting activities are underway in both markets.
In Spain, Bercman Energy has completed an integration test of its fast chargers with one of the region’s largest public charging network operators. In Qatar, the company has delivered its first 60 kW fast charger, which has been installed in the indoor car park of the OQ Hotel in Doha.
Preparatory work for launching commercial operations continues, with primary focus on establishing partnerships and developing a local reseller network.
Bercman, founded in 2016, is a technology company listed on Nasdaq First North, specialising in development services, the creation of proprietary products, and the provision of comprehensive technology systems. The Bercman consolidation group comprises the parent company, AS Bercman Technologies, and its subsidiaries, Bercman Energy OÜ and Krakul OÜ.
For further information, please contact:
Mart Suurkask
AS Bercman Technologies
Member of the Board
+372 5340 2902
[email protected]
Area Energy’s core activities include the use of renewable energy sources, electricity production, and the provision of engineering and consulting services in the energy sector.
The purpose of the cooperation agreement is to expand Bercman Energy’s activities into the field of Battery Energy Storage Systems (BESS) to provide modern grid-supporting storage solutions for industrial, infrastructure and public-sector projects.
Mart Suurkask, Member of the Management Board of Bercman: “With the addition of a new business line, we have registered a notice of economic activity with the Estonian Consumer Protection and Technical Regulatory Authority for electrical installation and engineering services, as well as related technical consultancy. In doing so, we have strengthened the Group’s competencies in high-voltage solutions, energy storage, and electrical installation design and supervision, enabling us to offer comprehensive electrical and energy system solutions.”
Arturas Laucevicius, Director at Area Energy: “In cooperation with Bercman, we gain fast and efficient access to new markets at a time when battery storage systems and the balancing services sector are growing at a remarkable pace. By combining our experience with Bercman’s expertise, we create synergy and a strong foundation for meeting our customers’ technological needs.”
Bercman Energy, established in 2024, has focused primarily on the development and production of electric vehicle fast chargers. Expansion into the field of BESS is part of the company’s long-term strategy to evolve into a high-value-added energy technology provider, responding both to Europe’s green transition objectives and the increasing demand for grid stabilisation, energy storage and fast-charging solutions. Energy storage systems are also an important component of fast-charging infrastructure in locations where grid capacity is limited or load balancing is required.
The economic impact of the cooperation agreement cannot be quantified at this stage, but the company considers it to strongly support Bercman Energy’s growth strategy in Estonia and export markets.
Previously, Bercman Energy signed a cooperation agreement with Agla Energy, which provides Bercman’s clients with financing solutions for energy storage systems, fast chargers and solar parks, enabling large-scale investments to be converted into manageable monthly costs for companies.
Bercman, founded in 2016, is a technology company listed on Nasdaq First North, specialising in development services, the creation of proprietary products, and the provision of comprehensive technology systems. The Bercman consolidation group comprises the parent company AS Bercman Technologies and its subsidiaries, Krakul OÜ and Bercman Energy OÜ.
For further information, please contact:
Mart Suurkask
AS Bercman Technologies
Member of the Board
+372 5340 2902
[email protected]
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Proprietary Products
In the third quarter, preparations were made for the production and delivery of large-scale orders of Smart Pedestrian Crosswalks. Orders were received for the supply of unregulated pedestrian crossing safety systems to Greece, Croatia, Montenegro, Serbia, and Estonia. The majority of deliveries to customers are scheduled for the fourth quarter. Interest in Smart Pedestrian Crosswalks has increased in Eastern European countries. In cooperation with an engineering firm based in the United Arab Emirates, Bercman also participated in a public tender aimed at improving the urban infrastructure of Abu Dhabi.
On the electric vehicle fast charger side, the first mobile 60 kW chargers were delivered to a customer in Norway. These mobile chargers will be used in workshops servicing electric trucks. The first charger was shipped to Doha, Qatar, where it will be used for charging hotel guests’ electric vehicles. Alongside fulfilling sales orders, additional development work continues both to improve existing models and to develop new ones. During the third quarter, the main focus for finding distribution partners for fast chargers was on the Nordic countries. The business opportunities related to providing charging solutions in the Middle East remain under active evaluation.
Development Services
In the third quarter, development services were primarily focused on clients in Estonia, with particular attention given to electric vehicle charging solutions. Additionally, development work was carried out for clients in the defence, smart renewable energy, and industrial electronics sectors. A partnership agreement was concluded with the software company nodeSWAT, through which a comprehensive product development service is provided, covering everything from electronics to scalable software and systems integration.
Expansion of the Sales Network
To promote development services and attract new clients in the defence sector outside Estonia, the company participated in the MSPO 2025 International Defence Industry Exhibition in Poland and the world’s leading defence trade fair, DSEI UK 2025, in London. The team also took part in events held as part of Estonian Defence Week 2025, including the Tallinn Defence Expo.
Revision of 2025 Sales Forecast
According to the stock exchange announcement published on 28 March 2025, Bercman’s sales forecast for the current year was set at EUR 1.65 million. Taking into account the sales results for the first three quarters and the updated sales projections for the fourth quarter, the company’s management has decided to revise the 2025 sales forecast from EUR 1.65 million to EUR 2.15 million (+40% compared to 2024).
Mart Suurkask, CEO of Bercman: “As we saw in the first half of the year, sales continued to grow in the third quarter, and we expect this positive trend to carry on through the end of the year. Based on the information currently available, we are therefore raising our sales forecast for 2025. This progress is the result of the combined efforts of all Bercman Group companies, with growth coming from both our services and our own products.”
Bercman is a technology company listed on the Nasdaq First North alternative market, offering development services, proprietary products, and comprehensive technology solutions. The Bercman consolidation group also includes the subsidiaries Bercman Energy OÜ and Krakul OÜ. Bercman Energy is a company established in June 2024, focused on the development, production, and marketing of fast chargers for electric vehicles. Krakul is a leading product development company with twelve years of experience in hardware and software development.
Further information:
Mart Suurkask
AS Bercman Technologies
Member of the Board
+372 5340 2902
[email protected]
Through this collaboration, Bercman Energy will deliver advanced EV charging solutions, along with opportunities in solar park development and battery energy storage systems, while Agla Energy provides its “Capacity-as-a-Service” (CaaS) solution for flexible and predictable 100% loan-to-cost financing.
Mart Suurkask, CEO of Bercman Energy, said: “Transitioning to clean energy often faces high entry barriers. With Agla Energy’s financing and our charging technologies, our customers can take the next step right away and start implementing charging and battery storage solutions that fit their needs.”
Jose Buera Cienfuegos-Jovellanos, CIO of Agla Energy, added: “Our CaaS model transforms capital-heavy energy projects into straightforward, service-based solutions. Customers gain access to clean energy infrastructure through fixed monthly fees, while we manage financing, deployment, and operation, enabling faster adoption without financial strain.”
This partnership removes the barrier of high upfront costs, enabling businesses, fleet operators, and industrial sites to access EV charging, battery storage, and integrated renewable energy systems through predictable monthly service fees instead of large capital expenditures.
Key benefits of this partnership:
With this collaboration, businesses and industrial clients can now access scalable, financially flexible energy solutions. Interested in exploring how this partnership can support your clean energy goals?
Contact us at [email protected]
The list of shareholders entitled to vote in the annual general meeting shall be determined as at seven days before the general meeting is held, i.e., on 4 September 2025, at the end of the business day of the settlement system of Nasdaq CSD Estonia.
The registration of participants of the general meeting shall begin on 11 September 2025 at 11:30.
When registering for the meeting, please submit:
A shareholder wishing to appoint a representative is kindly requested to inform the Company by e-mail to [email protected] at the latest before the beginning of the general meeting. Please also send to the same e-mail address the corresponding power of attorney digitally signed by the shareholder no later than 11 September 2025 at 11:45 a.m. In the event of a withdrawal of the power of attorney, we kindly ask you to send a notice to this effect, digitally signed by the shareholder, to the e-mail address [email protected] no later than the beginning of the general meeting. The form of power of attorney is available on Investor Relations page.
The (commercial) register extract regarding a legal person registered abroad must be legalised or certified with an apostille, unless provided otherwise in the relevant convention or international agreement. If the representation right is not apparent from a (commercial) register extract, other documents which evidence the representative’s representation rights must be presented. Extracts and other documents which are not in Estonian or in English must be translated into English or Estonian by a sworn translator.
Agenda of the annual general meeting
According to the resolution of the supervisory board of the Company, the agenda of the annual general meeting of the shareholders is as follows:
The supervisory board of the Company has made the following proposals to the shareholders with respect to the items on the agenda (draft resolutions):
This item of the agenda is of informative nature. To take notice of the information.
To approve the Company’s 2024 consolidated annual report as presented to the general meeting and cover the losses of the Company in the 2024 financial year in the sum of EUR 582,868 from the profit of future periods.
To elect sworn auditor Eve Leppik (personal identification code: 46411296529) from the company of auditors Number RT OÜ (registry code 10213553) as the Company’s auditor for the fiscal year of 2025.
To amend the Articles of Association of the Company due to the expiration of Article 5.4 (The Supervisory Board’s right to increase the share capital of the public limited company) and to approve the version of the Articles of Association presented to the General Meeting of Shareholders.
________________________
All documents pertaining to the annual general meeting of the shareholders of the Company and the documents to be presented to the general meeting pursuant to the law (inter alia, the draft resolutions of the general meeting and the substantiations submitted by the shareholders in respect to the items on the agenda, the 2024 consolidated annual report of the Company, the report of the sworn auditor, a proposal for the covering of losses and the supervisory board’s report on the annual report for the financial year 2024) are available for review on Investor Relations page.
A shareholder has the right to receive information on the activities of the Company at the general meeting. The management board may refuse to give information if there is a reason to presume that this may cause significant damage to the interests of the Company. In the event the management board of the Company refuses to give information, the shareholder may demand that the general meeting decide on the legality of the shareholder’s request or file, within two weeks after the general meeting, a petition to a court by way of proceedings on petition in order to obligate the management board to give information.
The shareholders whose shares represent at least 1/10 of the share capital of the Company may submit to the Company a draft resolution in respect of each item on the agenda by submitting it in writing to the email address [email protected] or by sending it to the Company’s address. The right specified in the previous sentence may not be used later than three days before the general meeting is held.
The shareholders whose shares represent at least 1/10 of the Company’s share capital may demand the inclusion of additional issues on the agenda of the annual general meeting if the respective demand has been submitted no later than 15 days before the general meeting is held, by submitting the request in writing to the email address [email protected] or by sending it to the Company’s address. Upon exercising the above right, the shareholders shall simultaneously with the demand on the amendment of the agenda submit to the Company a draft of the resolution or substantiation regarding each additional issue.
Any questions regarding the items on the agenda of the annual general meeting may be presented by sending them to Mr Mart Suurkask at the e-mail address [email protected].
The shareholders may vote electronically on the draft resolutions prepared in respect of the items on the agenda before the meeting in accordance with the following procedure:
the vote of the shareholder must be submitted by using the respective voting form and must be signed digitally. The voting form to be used by the shareholder for the submission of the vote is available on Investor Relations page.
in case a shareholder is represented at the general meeting by a representative, the following must also be submitted to the email address indicated in section 1 together with the electronic vote or before submitting the electronic vote:
The (commercial) register extract regarding legal person registered abroad must be legalised or certified with an apostille unless provided otherwise in the relevant convention or international agreement. Extracts and other documents which are not in Estonian or in English must be translated into English or Estonian by a sworn translator. The respective original documents must be submitted to the Company at the latest by the deadline for the submission of the electronic vote;
A notarised or written power of attorney replaces a digitally signed power of attorney provided that it has reached the Company at the latest by the deadline for the submission of the electronic vote;
the shareholders who have voted on time shall be deemed to have taken part in the general meeting and the votes represented by their shares shall be accounted as part of the quorum of the general meeting unless otherwise provided by law. If only draft resolutions that were not disclosed before the general meeting are voted on at the general meeting, in respect of which the shareholder did not submit any votes, the shareholder shall not be deemed to have taken part in the general meeting.
For further information please contact:
Mart Suurkask
AS Bercman Technologies
Member of Board
E-post: [email protected]
Compared to the unaudited interim report published on March 28, there are differences in the financial results of the audited annual report. The changes result from accounting adjustments and updated estimates applied during the audit process.
Bercman’s consolidated audited sales revenue for 2024 was 1,523,478 euros (unaudited interim report: 1,523,978 euros; 2023: 1,669,403 euros).
The reporting period ended with a loss of 582,868 euros (loss in the interim report: 441,885 euros; loss in 2023: 253,796 euros).
As of 31 December 2024, the Group’s consolidated audited balance sheet total was 1,362,743 euros (interim report as of 31.12.2024: 1,768,507 euros; 31.12.2023: 1,827,929 euros). Current assets amounted to 419,291 euros (interim report as of 31.12.2024: 400,308 euros; 31.12.2023: 391,881 euros). Non-current assets amounted to 943,452 euros (interim report as of 31.12.2024: 1,368,202 euros; 31.12.2023: 1,436,048 euros). Consolidated equity as of 31.12.2024 was 496,580 euros (interim report as of 31.12.2024: 917,310 euros; 31.12.2023: 1,187,914 euros). As of 31.12.2024, the company had loan liabilities amounting to 135,250 euros (interim report as of 31.12.2024: 132,840 euros; 31.12.2023: 77,720 euros).
Mart Suurkask, CEO of Bercman: “The year 2024 remained economically challenging for Bercman. Although we saw stabilisation and a return to growth in the services segment, a significant portion of proprietary product sales was postponed to 2025. The financial results were also affected by the launch of a new business line and the commencement of development work on electric vehicle chargers. This year, the main focus for in-house products is on increasing charger sales volumes, and the results from the first half of the year already confirm a positive trend in this regard. On the smart pedestrian crosswalks side, we are fulfilling orders in accordance with the tenders won in 2023–2025. In the services sector, we are primarily focusing on large-scale projects in the defence and energy industries. Based on both planned and ongoing activities, we expect to see growth in revenue as well as a reduction in loss in Bercman’s results this year.”
The consolidated audited report for the 2024 financial year and the independent auditor’s report are published on the Investor Relations page.
Bercman is a technology company listed on the Nasdaq First North alternative market, offering development services, proprietary products, and comprehensive technology solutions. The Bercman consolidation group includes the subsidiaries Bercman Energy OÜ and Krakul OÜ. Bercman Energy is a company established in June 2024, focused on the development, production, and marketing of fast chargers for electric vehicles. Krakul is a leading product development company with twelve years of experience in hardware and software development.
Additional information:
Mart Suurkask
Member of the Board
+372 5340 2902
[email protected]
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AS Bercman Technologies (hereinafter “Bercman”) reported consolidated sales revenue of EUR 613,555 for the second quarter of 2025, representing a year-on-year increase of 57% (2024 Q2: EUR 390,884). Consolidated sales revenue for the first half of 2025 was EUR 988,649, an increase of 34% year-on-year (2024 6 months: EUR 737,449).
Mart Suurkask, CEO of Bercman: “It is encouraging to note that Bercman’s sales performance has strengthened for the second consecutive quarter. The growth is supported by steadily increasing demand for development services, as well as the acceleration of sales of our proprietary products, particularly electric vehicle chargers. We are also seeing renewed market activity in smart pedestrian crosswalks, with sales proposals increasingly converting into orders.”
On the proprietary products side, smart crosswalks were exported and installed in Croatia, and the first crosswalk detection device was delivered to the United States for research purposes. The results of a tender were announced, under which smart crosswalks will be installed in Elva, Estonia, and Kostajnica, Croatia. Cooperation was initiated with the Serbian company TrueSolutions for the resale of smart pedestrian crossings in the Balkan countries – Serbia, Kosovo, North Macedonia, Bosnia and Herzegovina, and Montenegro.
Development work continued on fast chargers for electric cars in the 30-300 kW range. 60 kW fast chargers were delivered to our Norwegian sales partner MerElektro for everyday use in charging electric vehicles. The Norwegian distributor presented the 60 kW fast charger in June at a joint exhibition with Mercedes electric trucks in Norway, which was organised to celebrate the 90th anniversary of the Norwegian Truck Owners Association. In terms of promoting charger sales, the focus is on expanding the reseller network in Norway, Sweden, Denmark and Finland, with direct sales taking place in the Baltic States. Reseller agreements for chargers have already been signed with existing distributors in Greece and the Balkan countries. Additionally, business prospects are being explored in Spain and the Middle East region in Qatar. A customer portal is being developed for convenient remote management and monitoring of fast chargers.
The provision of development services continued to focus on the development of charging solutions for electric vehicles. Cooperation with clients in the defence sector continued at a considerable scale. The development project for smart customer desks for coaches was successfully completed. To promote the company’s development services and learn about the needs and innovations in the field, we participated in DefenceTech Meetup, MELT Innovation Forum and Latitude59 in the second quarter. In connection with the focus on the defence sector, the company participated in the Estonian Minister of Defence’s high-level delegation to Denmark and a business trip to Germany with a focus on the defence and security industry in Bavaria.
As part of the EIS Top Innovators programme, which was completed in June, a study trip and company visits were made to Amsterdam, and workshops were attended to promote the company’s internal innovation strategy.
Further information:
Mart Suurkask
AS Bercman Technologies
Member of the Board
+372 5340 2902
[email protected]
As part of a growing company focused on developing high-power DC chargers for electric vehicles, the new team member will play a key role in designing, developing, and implementing next-generation charging solutions that support the transition to cleaner and smarter mobility.
We are looking for a candidate with a background in electrical or energy engineering, and ideally previous experience in product development or system design. The role offers a hands-on opportunity to work on technically challenging projects within a future-oriented sector that is rapidly evolving both in Estonia and internationally.
“At Bercman Energy, we are building energy solutions that support sustainable transportation. This is a great opportunity for an engineer who wants to work with real impact and help shape the future of electric mobility,” said Mart Suurkask, CEO of Bercman Technologies.
The position is based in Tartu, and applications are open immediately.
Location: Tartu, Estonia
Position: Electrical Engineer
Start date: As soon as possible
For more details and to apply, see the full job description here.
Mart Suurkask, CEO of Bercman: “The year started with moderate growth compared to the previous year, supporting the achievement of this year’s sales target as outlined in the forecast published in March. We are seeing generally stable, and in some sectors increasing, interest in both development services and our proprietary products. The ongoing digitalisation and focus on energy-efficient solutions in the technology sector create good opportunities to apply the group’s competencies.”
In addition to serving Estonian clients, development services were exported to Sweden, Finland, Singapore, and Switzerland in the first quarter. The beginning of the year in the development services segment was characterised by continued focus on the defence sector and electric vehicle charger development.
In the proprietary products segment, smart pedestrian crosswalk systems were installed in the Croatian cities of Semeljici and Benkovac. Together with Croatian distributor A1 Hrvatska, a tender was won to install a pedestrian safety system in the city of Novi Vinodolski.
Development of DC fast chargers in the 30–300 kW range continued, including wall-mounted and mobile solutions. At this stage of product development, the focus is on the advancement of different device types, testing, and improving production processes to meet the evolving needs of the market.
To introduce the company’s development services and stay informed about industry needs and innovations, we participated in the sTARTUp Day and DefenceTech Meetup events in the first quarter. Participation also continued in workshops of the Top Innovators programme organised by the Estonian Business and Innovation Agency.
Bercman, founded in 2016, is a technology company listed on Nasdaq First North, specialising in development services, the creation of proprietary products, and the provision of comprehensive technology systems. The Bercman consolidation group comprises the parent company AS Bercman Technologies and its subsidiaries, Bercman Energy OÜ and Krakul OÜ.
Further information:
Mart Suurkask
AS Bercman Technologies
Member of the Board
+372 5340 2902
[email protected]