BUSINESS WIRE: Tecnotree Q3 Financial Results Show the Highest-Ever Order Position
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ESPOO, Finland --(BUSINESS WIRE)-- 21.10.2022 --
Tecnotree, the global leader in Digital Business Support Systems, announced today its financial results for the quarter ended September 30, 2022. With the highest ever order book position, a 30% higher growth than Q3 of last year, this is another great stride for the company towards achieving its goals. This quarter the company witnessed new deals, customer logos, and partnerships, experiencing a surge in demand for its products and solutions.
Key Q3 Highlights of the financial results:
- Revenue growth of 9% in the third quarter at 19.9 ME against 18.2 ME in the same quarter last year. The growth in net sales came from MEA & APAC segment
- The highest ever order book position of EUR 76.1 million, witnessing a 30% growth compared to Q3 last year. New orders recorded during the third quarter totalled EUR 23.2 million compared to EUR 11.8 million last year
- 17% growth in license revenue for the current year over the same period last year
- Cash and cash equivalents at the end of the third quarter were EUR 19.9 million compared to EUR 13.9 million last year. Tecnotree’s financial position remains strong and debt free
Commenting on the results for the third quarter of 2022, Padma Ravichander, CEO of Tecnotree Corporation, said, “Tecnotree is at the cusp of the hyperscaling ecosystem for the telecommunications industry and fortunately Tecnotree is striking the right partnerships to help drive the new digital economy of the future. I am delighted that our performance is reflecting our ongoing momentum and healthy business activity, especially in the MEA & APAC segment. We continue to receive huge orders from the large tier 1 CSPs for our Digital BSS Suite 5, which now requires us to invest in delivering these orders to ensure continuity and growth. Our strong results demonstrate an increase in annual recurring revenue, validating the stability of our platform and our ability to deliver rapidly. Our focus remains to keep delivering quality products and services to our customers while ensuring that we monetize all opportunities offered by the 5G market.”
Other Company Highlights in the Quarter:
- Tecnotree announced a fast-track global ISV partnership with Microsoft to accelerate the digital transition to the cloud with Microsoft Azure
- Was recognized by TM Forum as the first digital platform company in the world to be certified for real-world open API implementation
- Partnered with MTN Nigeria to launch ‘Metamorphose – powered by Tecnotree’
- Delivered a successful go-live of the Digital Provisioning Platform for Zain
- Signed a multi-million-dollar deal with MTN Nigeria for 5G digital transformation
- Won a new logo – Tecnotree LATAM region acquired ENTEL Bolivia for its Digital Accelerator Platform (DAP)
Additionally, Tecnotree continues its investments in the new initiatives – Tecnotree Moments, Tecnotree DiWa (Digital Wallet), and SaaS, expecting good results in the next few quarters.
Tecnotree is a 5G-ready digital Business Support System (BSS) player, with AI/ML capabilities and multi-cloud extensibility. Tecnotree is the first company in the world to be Platinum Certified by TM Forum Open API standards, and our agile and open-source Digital BSS Stack comprises the full range (order-to-cash) of business processes and subscription management for telecom and other digital services industries creating opportunities beyond connectivity. Tecnotree also provides Fintech and B2B2X multi-experience digital marketplace to its subscriber base through the Tecnotree Moments platform to empower digitally connected communities across gaming, health, education, OTT, and other vertical ecosystems. Tecnotree digital platform products and services today serve over 1 billion subscribers globally in over 70 countries. Tecnotree is listed on Helsinki Nasdaq (TEM1V).
For more information, please visit www.tecnotree.com or social media channels – LinkedIn I Facebook I Twitter
Padma Ravichander, CEO, Tecnotree