Pareteum Corporation (NASDAQ: TEUM) surpassed analysts’ expectations on revenue and earnings for the first quarter of 2019, sending the stock climbing 2.8% in aftermarket hours on Tuesday.
Total revenues jumped 460% year-over-year to $23 million. The net dollar-based expansion rate represented 144% growth.
Net loss was $5.7 million, or $0.06 per basic share, compared to $2.1 million, or $0.04 per basic share, in the prior-year quarter. Adjusted EPS was $0.02.
Hal Turner, Pareteum’s Founder, Executive Chairman and Principal Executive Officer stated, “We are very pleased with our strong first quarter results, delivering 460% revenue growth in Q1 2019 compared to Q1 2018. Pareteum’s core business, pre-acquisitions, has grown 33% over the prior quarter. We are proud of the significant business transformation we have achieved over the past few years. Pareteum is a fast-growing and profitable SaaS and communications service provider. Our software and platform solutions are unique in the market, our global TEUM is executing, we are well positioned to capture the large market opportunity, and we are committed to our mission to connect every person and every(thing).”
The company’s 36-month contractual revenue backlog rose to $938 million, up from $200 million in the prior-year period with a conversion rate to revenue of 101%. Connections increased 441% to 12,012,000.
Pareteum raised its guidance for the full year of 2019. The company now expects revenue to grow 255-285% year-over-year to a range of between $115 million and $125 million.