Material information regarding Bercman Technologies AS's subsidiary

Bercman Technologies AS (hereinafter "Bercman" or "parent company") announces that on 13 November 2026, the Management Board of its 94.56%-owned subsidiary Bercman Energy OÜ (hereinafter "Bercman Energy" or "subsidiary"), filed a bankruptcy petition for Bercman Energy with Tartu County Court due to the subsidiary's permanent insolvency.

Bercman Energy operates in the electric vehicle charging solutions sector, with its principal activity being the marketing and sale of fast chargers. An important part of its business plan has been the sale of charging solutions in the member states of the Gulf Cooperation Council (hereinafter "GCC"). Bercman Energy prepared for entry into the GCC market by conducting a comprehensive market study, engaging local partners, establishing a subsidiary in Qatar and launching a pilot project, with the associated costs totalling approximately EUR 60,000 in 2024-2025.

The subsidiary's sales and financing assumptions have not materialised. In the assessment of Bercman Energy's management, the escalation of geopolitical tensions and increased uncertainty in the region in spring 2026 made it more difficult to secure local financing and implement its sales plans. Bercman Energy's revenue amounted to EUR 245,144 in 2025. Revenue for the ten months of 2026 amounted to EUR 56,645. Based on the figures currently available, revenue is approximately 77% lower than in 2025.

As the sales and financing risks materialised, Bercman Energy has been unable to generate the cash flow required to continue its operations. The subsidiary's Management Board assessed the insolvency as permanent and filed a bankruptcy petition on 13 November 2026. As at the publication of this announcement, the court has not declared Bercman Energy bankrupt.

Impact on Group and future activities

As part of the Group's restructuring, Bercman is focusing on the parent company's core business-the development and sale of its own products-with the aim of reducing the Group's fixed costs and strengthening the financial foundation of its core business. Bercman continues to develop and sell smart pedestrian crosswalks and electric vehicle fast chargers for domestic and export markets, with both product lines developed by its team and based on intellectual property owned by the parent company.

In parallel, the parent company's Management Board continues to seek additional financing opportunities to strengthen the Group's financial position and support the parent company's ability to meet its payment obligations. The Management Board continuously monitors the Group's cash flow and the parent company's solvency and assesses the need for additional measures.

Bercman recognises the impact of these changes on employees, customers and partners and is coordinating the related communications and practical steps. Material further developments and updated assessments of the financial impact will be disclosed through stock exchange announcements.

Bercman is a technology company listed on Nasdaq First North, specialising in development services, creation of proprietary products, and provision of comprehensive technology systems. The Bercman Group consists of the subsidiaries Bercman Energy OÜ and Krakul OÜ.

Further information:

Mart Suurkask
AS Bercman Technologies
Member of the Board

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