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Pareteum Corporation announces 2020 financial results

By Reshma on Jun 21, 2021 | 03:31 AM IST

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Pareteum Corporation [TEUM], a global cloud Communications-Platform-as-a-Service (CPaaS) company, today announced financial results for full year 2020.

“While 2020 was a transitional year for Pareteum as we worked towards resolving corporate legacy issues and financial restatements, we continued to make progress across our business that we believe has laid a foundation for significant future growth,” commented Bart Weijermars, Pareteum's interim Chief Executive Officer. “Our mission is to empower our customers to simply create and control their wireless communication products and experiences through our powerful cloud platform and global connectivity. We have grown revenue 244% over the past three years and improved net loss attributable to common equity from $222.3 million in 2019 to $45.5 million in 2020. We added over 50 additional customers last year, and have grown platform connections 156% since 2018. We believe Pareteum is well positioned to address a large, rapidly growing global opportunity and have developed an expanded corporate strategy to do so.”

Full-Year 2020 Financial Results Highlights:

•    Revenue: Total revenue was $69.6 million for the full year 2020, up 12% compared to $62.0 million in 2019. This increase was primarily due to strong demand for services in our mobility business, partially offset by a decrease in connectivity services, which includes travel-related communications.

•    Gross Profit: Gross profit (revenue minus cost of revenue) for the full year 2020 was $20.7 million, compared to $14.9 million for 2019.

•    Net loss attributable to common equity: Net loss attributable to common equity was $45.5 million for the full year 2020, compared to a net loss of $222.3 million in 2019. During 2019, the Company recognized a non-cash impairment charge of $156.8 million, consisting of a $125.9 million impairment of goodwill and a $30.8 million impairment of intangible assets.

•    Cash: Cash and cash equivalents, together with restricted cash totaled $14.8 million as of December 31, 2020, compared to $5.9 million as of December 31, 2019.

Key Business Metrics and Highlights:

•    Diversified business portfolio across MVNE, MVNO, Enterprise, Messaging and SMB, which supports one stop solutions for customer communication needs.

•    Surpassed 1,100 customers and partners globally, up from 533 in 2018, including key enterprise customers and MVNE/MNVOs.

Added over 50 new customers in 2020.

Renewed strategic deal with Vodafone.

•    Connections grew to 4.6 million in 2020, up from 3.9 million in 2019, and 1.8 million in 2018.

•    Operations in North America, Latin America, Europe, Middle East and Africa and Asia-Pacific.

Recent expansions in Brazil, Colombia and Tunisia.

•    200 employees worldwide as of December 31, 2020.


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