Tecnotree Reports Impressive Q1 2023 Results with Strong Growth and Increased Profitability
ESPOO, Finland–(BUSINESS WIRE)– Tecnotree, a global digital platform and services leader for 5G and cloud-native technology, announced its financial results for the first quarter of 2023, demonstrating impressive growth and success. The company has achieved a remarkable 17% growth in net sales, marking its strongest Q1 revenue performance in the past four years. This exceptional growth was primarily driven by the Americas Region, which contributed significantly to Tecnotree’s revenue expansion.
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Tecnotree Reports Impressive Q1 2023 Results with Strong Growth and Increased Profitability (Graphic: Business Wire)
Key Q1 Highlights of the financial results:
• Net sales were EUR 15.5 million with a growth of 17.0% as compared to last year
• The operating result was EUR 3.6 million, an increase of 80.5%
• The net result was EUR 1.8 million, an increase of 79.2%
• Order book at the end of the period stood at EUR 67.8 million
• Earnings per share were EUR 0.01
Padma Ravichander, CEO of Tecnotree Corporation, said, “Tecnotree has achieved several significant milestones in the first quarter of 2023, demonstrating its unwavering commitment to innovation, excellence, and customer satisfaction. Our continued growth is fuelled by the increasing demand for our products and solutions, with strong ongoing deliveries of the Digital Stack across the Middle East, Africa, and Europe, and we anticipate receiving increasing orders from new and existing Tier 1 operators. This growth is a result of our continued investment in R&D, particularly in our Tecnotree Sensa AI/ML engineering platform and multi-cloud technologies, which has further cemented our position as a leader in the AI/ML space.”
She further commented, “We’re committed to expanding our digital products and services to reach new frontiers in Telco, Healthcare, and Fintech industries in 2023 and beyond. Our Moments platform and Fintech offerings are poised to revolutionize the way digital service providers and ecosystem players collaborate to introduce innovative revenue models and empower digitally connected communities. We’re excited to build new partnerships and leverage our expertise to make a significant impact in these new verticals.”
Other significant milestones in the Quarter:
- Tecnotree has increased its research and development investments and launched Tecnotree Sensa AI/ML engineering platform, which has been integrated across its digital portfolio for Telecom, Fintech, and Social Commerce segments. The move has enabled the company to enhance its offerings and deliver more value to its customers.
- The company witnessed its highest Q1 growth in net sales and added two new Tier-1 logos from North America, Radian in the USA and Telus in Canada. Furthermore, an existing customer, Claro Peru, expanded its digital portfolio to include Sensa AI for customer 360 experience management. This expansion has helped Tecnotree to strengthen its customer base and position itself as a leader in the industry.
- Tecnotree’s profitability has improved, despite increasing its investments in research and development. The company has implemented strong cost-saving measures in its human capital to achieve this, demonstrating its commitment to sustainable growth.
- Tecnotree has been recognized by Gartner’s Market Guide again in Q1 of 2023 for Customer Experience and Management for Telecom Operators and has been consistently recognized for the same since 2020. Additionally, Tecnotree has been recognized by Gartner’s Market Guide for Revenue Monetisation and Management for Telecom Operators consistently since 2020. The recognition reinforces Tecnotree’s reputation as a reliable and innovative partner in the industry.
- Tecnotree continues to be among the leading vendors in TM Forum Open APIs certification standards, with 44 APIs certified by the industry standards body, highlighting the company’s commitment to interoperability and collaboration.
- Tecnotree Moments, the company’s telecom monetisation platform, has been awarded the Best Telecom Monetisation Platform by the Government of Dubai at the ftNFT Awards. This recognition is a testament to Tecnotree’s leadership in cutting-edge technologies and its ability to drive further innovation with humanized AI-enabled experiences.
Tecnotree is a 5G-ready digital Business Support System (BSS) player, with AI/ML capabilities and multi-cloud extensibility. Tecnotree is among the first companies 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 is listed on Helsinki Nasdaq (TEM1V).
For more information, please visit www.tecnotree.com
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Padma Ravichander, Tecnotree CEO