Tekumo Inc. (OTC:TKMO) Stock Surges 28%: Here is Why
The announcement of the quarterly results is often seen as a significant event, and on Thursday, it was Tekumo Inc. (OTC:TKMO) that came into focus after it announced its financial results for the fourth fiscal quarter of 2023. The company announced yesterday that its revenues for the fourth fiscal quarter stood at $1.37 million, which worked out to a year-on-year rise of as much as 281%. On a sequential basis, revenues recorded a jump of 60% from the third fiscal quarter of 2023. However, that was not all. The company also announced that in the last six months of 2023, it had generated revenues to the tune of $2.23 million, and that worked out to an annualized run rate in excess of $5 million in the fourth quarter.
Additionally, Tekumo also reported positive net ordinary income for the fourth quarter of 2023. The Chief Financial Officer and President of the company, Phillip Dignan, spoke about the development as well. He noted that the first fiscal quarter of 2024 had continued to be strong in terms of year-on-year growth. The company had also integrated a managed services unit, which had inked a number of contracts. The contracts would begin in the second fiscal quarter.
Dignan went on to add that Tekumo had also been successful in cutting down on its convertible debt balance by more than $400,000. That would help in continuing to strengthen the long-term balance sheet of the company. Investors need to note that the company is involved in providing a field services and service delivery management platform that aids in solving the last stage of maintaining, installing, and monitoring tech systems as well as smart connected devices. It could be a good time to add Tekumo to your watch lists, given the strong showing.
