Tecnotree Half-Yearly Financial Results Demonstrates Consistent Growth in Uncertain Economic Conditions
ESPOO, Finland–(BUSINESS WIRE)–Tecnotree, a global digital platform and services leader for 5G and cloud-native technology, announced its second quarter and half-year results for 2023, demonstrating steady growth in revenue and profitability. The company has shown strong performance with net sales for the review period 10.2% higher as compared to last year, the growth primarily driven by the Middle East Region and North America.
Consolidated highlights of the results of the Second Quarter and Half Year 2023:
Half year (January-June 2023)
- Net sales increased 10.2% to EUR 34.8 million
- Operating results increased 37.3% to EUR 9.8 million
- The net result increased by 11.1% to EUR 5.5 million
- Earnings per share were EUR 0.02
- Order book at the end of the period stood at EUR 68.4 million
Padma Ravichander, CEO Tecnotree Corporation, said, “As we reach the halfway mark for the year 2023, I am pleased to share Tecnotree’s consistent half-yearly results that demonstrate agility and growth during challenging market conditions. These results are evidence of the richness of our Digital BSS stack and its predictability for zero-touch delivery. Our investments in R&D to deliver next-generation, cloud-enabled products and platforms, integrated with Tecnotree Sensa Fabric for embedded AI/ML insights across our D Stack, Moments, and Fintech suites have been extremely well received by our customers. This was further validated by the renewal of trust from our older clients in the EMEA region.
Substantial revenue was recognized from Middle East Region and North America in Q2. Further growth has been enabled by ongoing deliveries of our Digital Stack for BSS in Africa and the Middle East, as well as Tecnotree Sensa AI/ML deliveries in HealthCare and Fintech in the United States. We believe that the immediate growth for Telecommunication operators will be driven by investments in AI/ML, IoT, Cloud-based monetization. With our entry into the North American Telecom market, Tecnotree now has a footprint across major 5G economies.”
Tecnotree’s other significant milestones:
- Tecnotree achieved the official conformance and certification for TM Forum’s Business Process Framework (eTOM), for Partner Relationship and Provisioning Systems.
- Tecnotree continues to be among the leading vendors in TM Forum Open APIs certification standards with 45 APIs certified by the industry standards body, the highest in the Internet Service community.
- Tecnotree’s Digital BSS, Moments, and Sensa platforms have been nominated for the prestigious TM Forum Excellence Awards 2023 and recognised as a finalist in the category of Customer Experience for its implementation with MTN.
- Tecnotree has been consistently recognized by Gartner in various reports for providing unparalleled solutions to customers. It has been recognized by Gartner’s Market Guide again in Q1 of 2023 for Customer Experience and Management and has been consistently recognized for the same since 2020.
- Additionally, for 2023 Tecnotree has been recognized by Gartner’s Market Guide for Revenue Monetization and Management and has been consistently recognised for the same since 2020.
- Tecnotree DiWa wallet achieved PCI DSS (Payment Card Industry Data Security Standard) compliance which will significantly increase the growth opportunities for its Fintech offering globally.
About Tecnotree
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).
For more information, please visit www.tecnotree.com
Contacts
Padma Ravichander, Tecnotree CEO
Email: [email protected]
