Pareteum sees Q4 revenue exceeding expectations of $3.75M
Q4 consensus $3.83M. Fourth quarter 2017 revenue represents sequential quarterly growth of at least 10% over the $3.5M reported in the third quarter of 2017. During the second half of 2017, the Company's 36-month Contractual Revenue Backlog increased from $60,000,000 at the end of the second quarter to $147,000,000 at the end of the fourth quarter. This contractual backlog is generated by each of the Company's Managed Services and Global Cloud customers who have entered into multi-year Software-as-a-Service agreements with Pareteum. These customer agreements consist of guaranteed minimum monthly recurring fees, as well as contractually scheduled subscriber and connections expansion, with their resulting monthly recurring revenue. "Our TEUM ended the 2017 year with a very strong fourth quarter as demonstrated by the acceleration in our 36-month Contractual Revenue Backlog. This key performance indicator is directly correlated to our financial and operating results and reflects the traction our services and solutions are gaining in the marketplace. We continue to solve customer problems by presenting solutions that yield significant operational efficiencies and expense savings, creating faster revenue, while opening new sources of revenue, such as Blockchain and mobile payment solutions, that would have previously required multiple vendors and complex system integrations," stated Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum.