Tecnotree Delivers Strong First Quarter 2024 Results with Sustained Revenue Growth and Improved Profitability

ESPOO, Finland – Tecnotree, a global leader in digital platforms and services for AI, 5G and cloud-native technologies, today announced its financial results for the first quarter of 2024, showing solid growth with a revenue increase of 4.7%. The Company continued its momentum in increasing global sales of its digital platform in the first quarter of 2024, completing numerous AIML and digital transformations for key customers, resulting in significant revenue growth. The growth was driven primarily by new deals in the LATAM region, while the EMEA and APAC regions remain growth markets for the digital platform.

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Key Q1 financial results highlights:

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Net sales rose by 4.7% to EUR 16.3 (15.5) million.
The operating result rose by 22.3% to 4.4 (3.6) million euros.
Earnings per share EUR 0.01 (0.01).
The order backlog at the end of the reporting 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 telcos in AIML-powered BSS solutions by winning an AIML-powered Digital Transformation partnership in Jordan and expanded its offerings in the Middle East. Additionally, Tecnotree secured Nuh-Digital in Brazil, increasing the number of MVNO deals in a new market. The Tecnotree Moments platform was selected by Global Hitss to improve e-health services in Mexico and Latin America and promise optimized operations across the healthcare value chain. This initiative was also recognized at the TMForum 2024 Excellence Awards, where Tecnotree became a 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 revenue growing to €16.3 million, the first quarter proved to be a great start to 2024. Tecnotree’s order book grew to €74.8 million and the growth was driven by LATAM , Middle East, Supported , Africa and APAC. Looking forward, Tecnotree remains committed to expanding its digital products and services to telecom operators worldwide and supporting them in their digital transformation. Our goal is to expand within existing markets while exploring new opportunities in the United States, Europe, Oceania, Asia Pacific and adjacent regions.

“With the Tecnotree Moments partnerships we are forging in LATAM with Global Hitss for E-Health, we are strengthening our ecosystem game and plan to drive tangible business for all stakeholders.”

About Tecnotree

Tecnotree has been enabling digitally connected communities for over 90 telecommunications 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 in a range of emerging and established markets, currently supporting over 1 billion subscribers. Change and transformation are the essence of our DNA, driving continuous innovation by delivering world-class experiences and monetization opportunities to telecom operators and their customers through Tecnotree Moments, enabling essential services beyond voice and data connectivity for other digital experiences in healthcare, education, financial inclusion and beyond. Tecnotree is listed on the Helsinki Nasdaq (TEM1V).