Thursday, February 22, 2024

Tecnotree Reports High Revenue Growth Above Global Market Trends, in Q4 and Full Year 2023

 ESPOO, Finland - Thursday, 22. February 2024


(BUSINESS WIRE) -- Tecnotree, a global digital platform and services leader for AI, 5G, and cloud-native technologies, today announced its financial results for the fourth quarter and full year of 2023. The company delivered record revenue at 78.4 M Euros, outperforming global market trends, with excellent demand for Tecnotree products. Tecnotree experienced the highest-ever order intake at 95.4 M Euros and secured 12 new logos including 3 Tier-1 operators in Scandinavia and North America regions, reflecting an increased demand for digital cloud offerings.

Key highlights of the fourth quarter 2023:

Net sales increased 10.4% to EUR 22.2 (20.1) million

Operating results increased 29.5% to EUR 7.9 (6.1) million

The result for the period decreased by 22.5% mainly due to a higher exchange loss of EUR 2.4 (3.1) million

Operating Cash flow EUR 4.7 (0.6) million

Earnings per share EUR 0.01 (0.01)

Order book at the end of the period increased by 16.4% to EUR 80.2 (68.9) million

Key Highlights for the full year 2023:

Net sales increased 9.5% to EUR 78.4 (71.6) million

Operating results increased 30.2% to EUR 23.8 (18.3) million

Result for the period is EUR 11.2 (11.6) million

Operating Cash flow EUR 6.2 (6.0) million

Earnings per share EUR 0.04 (0.04)

Tecnotree CEO, Padma Ravichander, said, “As we close out the fourth quarter and the full year, I am proud to say that we have surpassed our expectations by delivering record order intake, record revenue, and high profitability. We continued to execute our strategy in 2023 and demonstrated digital leadership thanks to Tecnotree’s competitive product portfolio and its ability to drive outcome-based digital transformations. In 2023, the company increased its investment in AIML competitiveness, which accounted for 15.6% of the total order intake, resulting in AIML revenue exceeding the projected growth for the year.

We have continued to build and transform our culture in 2023 and have consistently showcased our dedication to driving innovation and value for our customers. I would like to express my gratitude to our partners and employees for their commitment to carrying out Tecnotree's vision, together we stand ready to shape the future. Looking ahead, our competitive strength will be the cornerstone of everything we do, as we remain focused on delivering differentiated experiences.”

Significant milestones and business achievements for the year included:

Tecnotree celebrated 14 go-lives globally for some of the largest operator groups across various regions, delivering large-scale Digital BSS transformation for customers through the Tecnotree Digital Suite.

Gartner recognized Tecnotree in their Market Guide for Customer Experience Management and in another Market Guide for Revenue Monetisation and Management.

Tecnotree was recognized as a Finalist in the TM Forum Excellence Awards 2023 for Customer Experience for the implementation of the Tecnotree Digital Stack embedded with AIML to drive business outcomes for MTN

Tecnotree was awarded the Diamond Badge for TM Forum Open API Conformance. The certification verifies the successful implementation of Open APIs with conformance to a total of 9 real-world and 59 certified Open APIs. This achievement makes Tecnotree No. 1 on the TM Forum Open API Conformance table.

The company was also the Top Vendor for official conformance and certification for TM Forum's Business Process Framework (eTOM) in 2023

Tecnotree obtained 20 new patents covering various areas such as Augmented Intelligence, Gen AI, ML Ops, and Data Ops. The patents also include common frameworks and methodologies, utilizing Sensa Low-Code Tooling & Platform and Co-pilots embedded for FTTX, Mobile, and B2B2x Marketplace B/OSS modules.

The company was recognized among the top 4 major vendors globally for Autonomous AI and Autonomous Agents Market by Markets and Markets for implementing various types of organic and inorganic growth strategies such as product launches, upgrades, partnerships, M&As, and business expansions by region and by verticals

Tecnotree Moments was awarded best Telecom Monetisation Platform by the Dubai Government

The company was honoured with two prestigious awards - ‘Best Innovation in Information Technology’ by CMO Asia and 'Best Workplace Diversity Award' by UBS Forums

Tecnotree was recognized as a top performing Mid-Cap company by the Nordic Diversity Index, reinforcing our commitment to fostering a diverse and inclusive workplace that drives innovation and empowers every individual within the company

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).


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Prianca Ravichander, Tecnotree CMO


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