ESPOO, Finland–(BUSINESS WIRE)–Tecnotree, a global digital platform and services leader for 5G and cloud-native technology, today announced its financial results for the fourth quarter and full year of 2022. The company has exceeded its target for 2022 with an 11.5% growth in revenue, showing strong progress in all regions.
Key Highlights for the full year 2022:
- Net sales were EUR 71.6 million with a growth of 11.5% as compared to last year.
- The full-year operating result was EUR 18.3 million, a decrease by 22.7% as compared to last year
- The net result for the full year was EUR 11.6 (18.3) million, a decrease by 36.7% as compared to year
- Order book recorded at the end of the year was EUR 68.9 million, showing a 28.8% increase compared to last year
- Earnings per share were EUR 0.04
Tecnotree CEO, Padma Ravichander, said, “Tecnotree witnessed a surge in demand for its products resulting in another record level order book position. We continued to receive big orders from large tier 1 operators for our Digital BSS Suite 5, which requires that we invest to deliver these orders expeditiously. This will ensure long term recurring revenue from these new customers. Furthermore, as a product company, we witnessed 32% growth in our license revenue, which demonstrates strong trust in Tecnotree and provides credible references to our potential customers. We registered an increase of 7% in recurring revenue compared to the same period last year, which validates the stability of our platform and our ability to rapidly deliver our digital stack to multiple customers simultaneously.”
She further commented, “Tecnotree has set the standard in some respects this year, being the first non-telco in the world to be recognised for Real-World Open APIs by TMForum implementation, which ensures quick and rapid integrations to accelerate business growth and advancement in our partner ecosystems in the 5G and Cloud era. Through its acquisition of the award-winning, and Forrester recognised CognitiveScale platform, Tecnotree has secured 108 granted patents for AIML engineering. This makes Tecnotree a market leader in this space to help further humanise digital experiences with data driven intelligence for its customers across the globe. Tecnotree has also been recognised by Gartner for Customer Experience Management and Revenue Monetisation Management in 2022. In addition, Tecnotree also announced a fast-track global ISV partnership with Microsoft to accelerate the digital transition to cloud with Microsoft Azure.
I want to thank our employees, customers, and shareholders for their continued trust and support, and look forward to building on our momentum as we enter the new year.”
Some other significant milestones and business achievements for the year included:
- Tecnotree acquired CognitiveScale award-winning AIML platform with 108 granted patents in the United States to further enhance Tecnotree’s AI-enabled total customer experience, creating new prospects in North America
- The company announced simultaneous production launch of its Digital BSS suite across Europe, the Middle East, and Africa for some of the largest operators, with over 100 million subscribers
- Tecnotree announced its partnership with MTN Nigeria on a new initiative- Metamorphose Powered by Tecnotree. MTN Metamorphose is a transformation program to enhance the company’s digital presence for consumers and enterprises enabled by Tecnotree’s digital suite.
- The company was recognized by Gartner® as a representative vendor in the market guide for CSP Revenue Management and Monetization Solutions. Tecnotree’s key investments in the areas of Cloud-based B2B2X ecosystem through Moments, its SaaS offerings that are compatible with the big three clouds (Azure, AWS, GCP), and its Fintech growth through the Diwa platform, led to this recognition
- Tecnotree acquired several awards including “Change-maker of the year” by the Helsinki Stock Exchange Foundation and the Telco Partner of the Year (ISV) Award from MongoDB
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).