ESPOO, Finland--(BUSINESS WIRE)--Tecnotree, a global digital platform and services leader for AI, 5G, and cloud-native technologies, announced today its financial results for the quarter ended September 30, 2024.
Key highlights of the third quarter financial results:
- Positive free cash flow EUR 1.7 (-7.9) million, second quarter of positive free cashflow
- Foreign exchange gains EUR 0.3 (-1.9) million.
- Net income for the period EUR 4.1 (3.2) million.
- Gross cash inflow from operating activities EUR 5.5 (1.2) million, an increase of +358% year on year
- Earnings per share EUR 0.24 (0.01*).
- Order book at the end of the period EUR 75.1 (78.0) million.
* On 19 April 2024, Tecnotree executed a reverse split, i.e. the reduction of the number of shares where every 20 old shares in the company corresponds to one new share.
Commenting on the results for the third quarter of 2024, Padma Ravichander, Tecnotree CEO, stated, “Tecnotree’s Q3 2024 results reflect our strategic focus on shifting our revenue mix towards more profitable and cash-generating business. While revenue was EUR 19.0 million (constant currency EUR 20.2 million), we are seeing strong growth in key markets like North America and Europe, with their share of our revenue rising to 22%, up from 17% last year. We have also achieved a 7% growth in ARR revenue in Q3 2024, demonstrating the strength of our product stack and partnerships in developed markets.
Our focus on operational efficiency is paying off with a 10% reduction in OpEx and positive free cash flow generation for the second consecutive quarter. As we continue to optimize working capital and drive efficiencies, we remain committed to long-term profitability and cashflow growth."
In addition, Tecnotree has achieved recognition by Gartner and IDC, leading technology business analyst firms, for CPQ, marketplaces, partner ecosystem monetisation and enterprise monetization. Further in Q3, Precision Reports recognised Tecnotree as one of the largest billing and revenue monetization vendors consecutively for the years 2023 and 2024.
Tecnotree Moments launched a GenAI social commerce agent with a Tier one telco in the MEA region and has been nominated for a “Vendor of the Year” award along with a Tier 1 CSP group in LATAM. Continued demand for our digital platforms further validates our strategy.
The company focus for Q4 and beyond is a continuation of the same – building our order book in North America and Europe optimizing the cost, improved working capital, continuing the recent trend in positive free cashflow in 2024 and beyond as per the guidance provided.
ABOUT TECNOTREE
Tecnotree is a 5G-ready digital Business Support System (BSS) player, with AI/ML capabilities and multi-cloud extensibility. Tecnotree leads the way on the TM Forum Open API Conformance with 59 certified Open APIs including 9 real-world open APIs, a testament to the company's commitment to excellence, and continuously striving to deliver differentiated experiences and services to both CSPs and DSPs. 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 the Helsinki Nasdaq (TEM1V). For more information, please visit our website www.tecnotree.com or social media channels – Linkedin I Facebook I Twitter
