Technotree, a leading provider of digital platforms and services for AI, 5G, and cloud-native technologies, has announced its financial performance for the first half of 2024. The results reveal a period of revenue stability, positive free cash flow, product advancements, and new customer acquisitions.
Financial Highlights (January to June 2024):
- Sales: €34.9 million, compared to €34.8 million in Q1 2017. At constant currencies, sales increased by 5% to €40.8 million.
- Adjusted Operating Profit: €10.9 million, up from €9.8 million in the same period last year.
- Free Cash Flow: €800,000, reversing the previous year’s deficit of €800,000.
- Earnings per Share: €0.22, compared to €0.02 in the same period last year. Note: On April 19, 2024, Technotree implemented a reverse stock split, consolidating 20 shares into 1.
Key Achievements:
- New Customer Acquisition: Secured six new clients in global markets, including South Africa, Mexico, Peru, Brazil, Uganda, and Kenya.
- Digital Stack Delivery: Completed 10 digital transformation projects for major clients such as STC Group, Ooredoo Tunisia, MTN Group Operating Companies, Zain, and Emtel.
- Product Enhancements: Added 600 new features to the digital stack, improving areas such as multi-tenancy, AI/ML, cloud native, campaign-as-a-service, and API and IoT monetization.
- Gartner® Magic Quadrant™: TechnoTree Sensor was recognized in the June 2024 Gartner® Magic Quadrant™ for AI in Communications Service Providers (CSPs) Customers and Business Operations, reflecting its leadership and innovation.
- Gartner® Hype Cycles™: TechnoTree Moments was highlighted in three Hype Cycles™ for Enterprise Communications Services, Private Mobile Network Services, and Telecom Operations and Automation. It was noted as a key innovation trigger in partner ecosystem management and CSP digital marketplaces, aiding CSPs with vertical and horizontal monetization strategies.
- TM Forum Excellence Awards: TechnoTree Moments was named a finalist in the TM Forum 2024 Excellence Awards for its role in B2B2C network monetization in the healthcare sector.
- Strategic Partnerships: Strengthened alliances with HCL Technologies and Microsoft Azure, enhancing market reach and demonstrating strong SI readiness, with significant global interest from SI partners and hyperscalers.
- Launch of Sensor Certify: Introduced “Technotree Certify” to comply with the European AI Regulation, becoming a leading player in supporting trust and governance for European CSPs, especially those categorized as “high risk” under Annex III of the 2024 European AI Regulation.
CEO Statement:
Padma Ravichander, CEO of Technotree, commented, “Our performance in the first half of 2024 highlights our resilience and strategic focus. Despite market challenges, we achieved improved free cash flow, maintained revenue stability, and enhanced operational efficiencies in both delivery and collections. Our efforts in digital transformation and cost optimization have driven these results. With new customer acquisitions, innovative product offerings, analyst recognition, and strategic partnerships, Technotree is positioned to lead in innovation and deliver exceptional value to our customers. We are particularly excited about the impact of Sensor Certify in fostering trust, governance, and transparency in the European CSP market.
