Pareteum Announces $94 Million Revenue Backlog and Expects Q3 2017 Revenues to Exceed Analyst Expectations
• 57% Quarter-over-Quarter Growth in Revenue Backlog
• Third Quarter Results Conference Call to be Held on or before November 14, 2017
NEW YORK, NEW YORK, September 27, 2017 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing mobile Cloud Communications Platform company, today announced it has executed agreements that are expected to result in a record $94,000,000 revenue backlog approximately, and consequentially, a 352% compounded annual growth rate (CAGR) in its revenue backlog since January 1, 2017. Bolstered by 3 new agreements totaling $29,000,000 in revenue backlog signed during past 9 days alone, Q3 revenue backlog increased 57% over Q2.
“We concluded the second quarter with a break-away-from-the-pack revenue backlog increase, and it is one that has escalated significantly in the third quarter, with a 57% growth rate in our revenue backlog during such third quarter. This is the scorecard, but the basis of these results is, we believe, found in how our services and solutions solve customer problems, saving materially in operations expense, and most importantly creating faster revenue for our customers and opening new sources of revenue that would have previously required multiple vendors and complex system integrations,” stated Hal Turner, Executive Chairman of Pareteum.
“In thinking back to the second quarter of 2017, when analyst estimates were $3.0 million and the Company came in at $3.24 million in revenues, I am reminded that our customers decided matters with their willingness to continue buying our services. We anticipate that in the third quarter, we will again exceed analysts’ estimated revenues of $3.1 million by a very comfortable margin,” Turner concluded.
The Company’s Third Quarter 2017 earnings conference call is expected to be held on or before November 14, 2017.
About Pareteum Corporation:
The mission of Pareteum Corporation (NYSE American: TEUM) is to connect “every person and everything”. Organizations use Pareteum to energize their growth and profitability through cloud communication services and complete turnkey solutions featuring relevant content, applications, and connectivity worldwide. By harnessing the value of communications, Pareteum serves retail, enterprise and IoT customers. Pareteum currently has offices in New York, Sao Paulo, Madrid, Barcelona, Bahrain and the Netherlands. For more information please visit: www.pareteum.com.
Forward Looking Statements:
Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to Pareteum’s plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about Pareteum’s industry, management’s beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of Pareteum may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, Pareteum also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from those projected or suggested in Pareteum’s filings with the Securities and Exchange Commission, copies of which are available from the SEC or may be obtained upon request from Pareteum Corporation.
Contractual Revenue Backlog Definition:
Contractual revenue backlog is measured on a forward looking 36 month snapshot view monthly, and, is generated by each of the Company’s Managed Services, Global Mobility Cloud, and Application Exchange & Developer’s Platform customers. The Pareteum multi-year Software-as-a-Service agreements include service establishment and implementation fees, guaranteed minimum monthly recurring fees, as well as contractually scheduled subscribers, in some cases including subscriber usage, during the term of the agreement, and, their resulting monthly recurring revenue.
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