HELSINKI, Oct. 29, 2021 /PRNewswire/ -- Tecnotree, the IT products and services provider from Finland, today announced its financial results for the third quarter of 2021. With the highest revenue in the last 5 years and the highest order book in 9 years, Q3 of 2021 is another historical quarter for the company. Driven by growth in almost all the business parameters, Tecnotree also reported becoming debt-free this quarter, as it retired the long-standing debt and achieved an important milestone towards the company's goal.
Key Q3 Highlights of the financial results:
- Revenue of EUR 18.2 million in the third quarter, an increase of 24.7% year-on-year, being the highest in 5 years
- Net income grew to EUR 5.4 million, an increase of 21.5% for the same period in 2020
- Order book at the end of the reporting period stood at EUR 58.6 million, highest in last 9 years
- MEA (the Middle East and Africa) reported the strongest growth, and LATAM (Latin America) on track for recovery after the market was heavily impacted by the pandemic
- Purchased all outstanding debt and ended the restructuring program. With this, the company became debt free and is in very strong financial situation.
- Cash and cash equivalent of EUR 13.9 million at the end of the period, an increase of more than 100% in comparison to last year.
Padma Ravichander, CEO of Tecnotree Corporation, said, "I am delighted that our strong half yearly performance continued in the third quarter of 2021. As our strong results demonstrate, we are in a great position to have continued market momentum with our leading-edge digital BSS Suite 5 product portfolio."
She further commented, "Tecnotree made significant strides this quarter with the B2B2X platform - Tecnotree Moments. With the emergence of Moments and fintech offerings launched earlier this year, we hope to forge new partnerships with Digital Service Providers (DSPs), ecosystem players, and Internet of Things (IoT) providers, to build multiple new revenue models. The multi-experience platform will help break new grounds and empower digitally connected communities, with the help of 5G-powered cross-sectoral lifestyle connectivity bundles in the sectors of Education, Health, E-commerce, Gaming, Sports, and Entertainment."
Other Company Highlights from the Quarter:
- Achieved TM Forum Platinum Badge for Open APIs Conformance, becoming one of the top companies globally to support an open IT ecosystem, a collaboration that is essential for new-age providers to deliver best-in-class customer experience.
- Launched DevOps offering and won a deal already from one of the largest customers in the MEA region to implement DevOps-based digital services delivery capability to further enhance its Business Support Systems.
- Won a new logo - a tier 1 customer in the MEA region for digital BSS products
- Featured as 'Share of the Week' by the leading financial media of Finland, Kauppalehti
Tecnotree continues to make significant strides, strengthening its footprints across global markets. The company increased its brand presence by taking advantage of digital modernization and supporting the needs of Digital Service Providers (DSPs) to improve customer experience.
(Refer to attached Stock Release for more details and Jan-Sep report)
Contact Tecnotree at [email protected] to know more.
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