Pareteum Achieves US$500 Million in 36-Month Contractual Revenue Backlog

Pareteum (NASDAQ:TEUM) announced that its current 36-month contractual revenue backlog has grown to US$500 million.

As quoted in the press release:

This number includes the backlog incorporated with Pareteum’s recent acquisition of Artilium and excludes certain monthly recurring revenue streams deriving from that acquisition for which long-term contracts are not in place.

• This milestone for Pareteum represents a 1,150% increase year over year since 2016: at year end 2016, Pareteum announced $40 million 36MCRB; at year end 2017, the company announced $147 million; and now, ten months into this year, Pareteum has reached $500 million in 36MCRB.
• During the same period, Pareteum’s quarterly booked revenue increased by 260%.
• The company continues to convert backlog at greater than 100% of the contract schedules over the life of the agreement.

Pareteum Executive Chairman and Principal Executive Officer Hal Turner commented, “The evidence of our services being adopted by customers is clear in the number and rate of new contracts we have signed. Pareteum’s focus is enhancing the growth and market competitiveness of our customers. We do this by growing with our customers as they use our software and communications services to expand and fulfil their business plans, taking and paying for services they need, when they need it. That leads to a win-win for us all.” Turner added, “Pareteum’s platform as a service allows us to be a leader in leveraging global connectivity networks with smart software solutions. This gives more people around the world access to mobility services and enhanced customer experiences.”

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