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, 2023.
Key highlights of the third quarter financial results:
- Net sales in the third quarter were EUR 21.4 million, showing 7.4% growth compared to last year
- Operating results increased 23.0% to EUR 6.2 million as compared to 5.0 last year
- Net result decreased by 3.3% to EUR 3.2 million
- Cash flow after investments was EUR -7.9 million
- Earnings per share were EUR 0.01
- Tecnotree received EUR 31 million of new orders for the Quarter and the Order Backlog at the end of the period stood at EUR 78.0 million
Commenting on the results for the third quarter of 2023, Padma Ravichander, CEO of Tecnotree Corporation, said, “We are pleased with our performance this quarter as we maintain an ongoing momentum of consistent growth despite challenging market conditions. This growth was fuelled by deliveries of our Digital Stack for BSS in Africa and the Middle East along with Tecnotree Sensa AI/ML deliveries in Healthcare and Fintech in the United States of America. Our focus remains to keep delivering quality products and services to our customers while ensuring that we monetize all opportunities offered by the market for AIML-led Digital Transformations and B-B-X eco-system play.”
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Other significant milestones:
- Tecnotree launched MTN D-Stack, under the transformation program MTN Metamorphose powered by Tecnotree. Driven by Tecnotree’s digital suite, the project signifies a major leap towards enhancing MTN’s offerings, enabling them to benefit from wide-ranging automation-driven solutions.
- Tecnotree signed a multi-million Euro, 5-year agreement with Telenor Group, to supply Tecnotree Voice Mail System (VMS) for Norway, Denmark and Sweden operations in the Nordic region.
- Tecnotree signed a multi-million Euro agreement with Telikom PnG. Under this new agreement, Tecnotree will provide support to Telikom through its BSS-Edge platform, with products like mobile & fixed line business integration.
- Tecnotree signed a multi-million Euro deal with a rising telco services provider from the African region. This collaboration will see Tecnotree deliver an advanced digital Business Support Systems (BSS) stack, coupled with Fintech and Value-Added Services (VAS). The new logo is another successful endeavour toward the company’s strong presence in the African region.
- This quarter Briclinks Africa Plc ‘BTEL’ selects Tecnotree BSS, Moments B2B2X Marketplace, and Diwa Fintech platform to supercharge Go-to-market, and revenue monetization capabilities.
- In addition to this, in Q3 Tecnotree won a Sensa AI/Ml and Digital BSS transformation deal with a Tier-1 CSP in the MENA region.
- Tecnotree achieved the Diamond Badge for TM Forum Open API Conformance, solidifying a leading position with a total of 59 certified Open APIs including 9 real world open APIs. The recognition signifies Tecnotree’s commitment to creating an open digital ecosystem for customers and matching the increasing expectations of the global communications industry.
- Tecnotree has been ranked 4th among the top companies in the world for AI and Autonomous Agents by Markets and Markets Analyst firm in 2023.
- Tecnotree has also been ranked among the top 2 vendor companies globally for Revenue Monetisation Market Share in 2023 by Precision Reports and Digital Journal a renowned Canadian analyst firm for CSPs.
- Tecnotree was recognized by TM Forum as a finalist in its most prestigious TMF Excellence awards for Customer Experience that was delivered to MTN Uganda.
- Tecnotree was honoured with two prestigious awards – ‘Best Innovation in Information Technology’ and ‘Best Workplace Diversity Award’. The awards acknowledged Tecnotree’s achievements in the fields of innovation and novel technology implementation, as well as its dedication to fostering exceptional digital talents through workplace diversity.
Additionally, Tecnotree continues its investments in new initiatives – Tecnotree Sensa Fabric AI/ML platform, Tecnotree Moments, Tecnotree DiWa (Digital Wallet), and SaaS; and had successful participation in many global technology events this quarter.
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