Pareteum Corporation (TEUM) announced that it expects a minimum of $8 million in third quarter revenues. This represents an approximate 129% growth for the third quarter ended September 30, 2018, as compared to a year ago. Third quarter expected 2018 revenues will also represent an approximate 33% sequential growth over the second quarter of 2018, demonstrating the continuing strong increase in connections previously reported in the second quarter of 2018.
Pareteum’s customer connections, a leading indicator of revenue, are expected to exceed 2.9 million, as of September 30, 2018; this reflects the ever-growing, robust demand for Pareteum’s Global Software Defined Cloud platform services. All expected results reflect Pareteum’s performance only, and do not include results for Pareteum’s acquisition of Artilium, which was approved by the courts in London and announced on September 28, 2018.
Executive Chairman and Principal Executive Officer of Pareteum Hal Turner commented, “Pareteum continues to surge through 2018; with our expectation of superior financial and operating results for the third quarter. Our acceleration in revenues and connections proves it, and there’s more to come. We are focused on forward momentum, and it is happening as we move into the fourth quarter. Why? Because our existing customers are buying more from us and we are signing on new ones.” Turner added, “This sales performance, coupled with our daily-accelerating 36-Month Contractual Revenue Backlog conversion, provides a favorable outlook for our business, even before we complete the operational integration of our newly-acquired Artilium, which is also performing well. We are in a good place for our company.”
Pareteum’s third quarter, ended September 30, 2018, earnings and results update call is expected to be held during the week of November 5, 2018.
Pareteum’s stock has been hammered by the broad based sell-off in markets over the last few days providing an excellent entry level IMO.