Tecnotree reports high revenue growth above global market trends

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, with revenue growth above global market trends.

The company delivered record revenue at €78.4 million, outperforming global market trends, with excellent demand for Tecnotree products. Tecnotree experienced the highest-ever order intake at €95.4 million 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