Tecnotree Achieves Strong Q1 2024 Results with Sustained Revenue Growth and Enhanced Profitability
April 26 2024 - 4:46AM
Business Wire
Tecnotree, a global digital platform and services leader for AI,
5G, and cloud-native technologies, today announced its financial
results for the first quarter of 2024, demonstrating solid growth
with a 4.7% increase in revenue. The company maintained its
momentum in driving global sales of its digital platform, in the
first quarter of 2024, completing many AIML and digital
transformations to key customers, resulting in a significant
increase in revenue. The growth was primarily driven by new wins in
the LATAM region, while EMEA and APAC regions remain growing
markets for the digital platform.
Key Q1 Highlights of the financial results:
- Net sales increased 4.7% to EUR 16.3 (15.5) million.
- Operating results increased by 22.3% to EUR 4.4 (3.6)
million.
- Earnings per share EUR 0.01 (0.01).
- Order book at the end of the period increased by 10.3% to EUR
74.8 (67.8) million.
Tecnotree achieved several notable milestones in the first
quarter. The company solidified its position as a trusted partner
for telecom providers in AIML-powered BSS solutions by winning an
AIML-enabled Digital Transformation partnership in Jordan,
expanding its offerings in the Middle East. Additionally, Tecnotree
secured Nuh-Digital in Brazil, increasing the number of MVNO wins
in a new market. Tecnotree Moments platform was selected by Global
Hitss to elevate e-health services across Mexico and Latin America,
promising streamlined operations across the healthcare value chain.
This initiative was also recognized by the TMForum 2024 Excellence
Awards, where Tecnotree became the finalist, particularly for its
collaboration with Globalhitss in bringing B2B2X healthcare to
Mexico using the ODA framework and accelerating network
monetization.
Padma Ravichander, CEO of Tecnotree Corporation, said, “With the
revenue growth to EUR 16.3 million, the first quarter proved to be
a great start to 2024. Tecnotree’s order book grew to EUR 74.8
million and the growth was supported by LATAM, Middle East, Africa,
and APAC. Looking ahead, Tecnotree remains committed to extending
its digital products and services to telecom operators worldwide
and helping their digital transformation journeys. We aim to expand
within existing markets while exploring new opportunities in the
US, Europe, Oceania, Asia Pacific, and adjacent regions.
"With the partnerships for Tecnotree Moments that we are forging
in LATAM with Global Hitss for E-health, we strengthen our
eco-system play and plan to drive tangible business for all
stakeholders.”
About Tecnotree
Tecnotree has been Empowering Digitally Connected Communities to
over 90+ Telecom Providers around the world, since 1978. Our
leading AIML-embedded, 5G-ready digital Business Support System
(BSS), with multi-cloud extensibility, has challenged traditional
transformation approaches and gained acceptance across a range of
emerging and established markets, currently supporting over 1
billion subscribers. Change and transformation are at the very
essence of our DNA driving continuous innovation, delivering
world-class experiences and monetisation capabilities to telecom
operators and their customers through Tecnotree Moments, enabling
essential services beyond voice and data connectivity to other
digital experiences in the area of health, education, financial
inclusion and beyond. Tecnotree is listed on the Helsinki Nasdaq
(TEM1V).
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Prianca Ravichander, Tecnotree CMO Email:
marketing@tecnotree.com