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Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Informationsteknik |
| Industri | Programvara |
More Than Doubled Pipeline since Q4 2024 Report
JANUARY TO MARCH 2025
- SaaS API Call revenues amounted to 14.6 (5.1) MSEK, +185%
- SaaS API Call volumes amounted to 60.6 million (23.8), +154 %
- SaaS ARR amounted to 74.7 MSEK (37.2), +101%
- Total ARR amounted to 101.1 MSEK (66.9), +51%
- Recurring revenues amounted to 25.3 MSEK (17.0), +49%
- Net Revenue Retention Rate (NRR) +142% (141)
- Net sales amounted to 25.3 MSEK (17.1), +47%
- Gross margin amounted to 86% (79)
- EBITDA adjusted amounted to -1.4 MSEK (-8.4), +83%
- Earnings per share amounted to -0.1 SEK (-0.0)
EVENTS DURING THE QUARTER
- Pipeline more than doubled since Q4 2024 report
- Teneo.ai successfully raises 60 MSEK through an oversubscribed directed share issue
- Raizor and Teneo.AI join forces to deliver Generative AI and Conversational AI for Enterprise Contact Centers
- Renewal of SaaS agreement with Medtronic, one of the largest medical device companies in the world
- Renewal of SaaS agreement with Global American Tech company
EVENTS AFTER THE QUARTER
- CloudHesive and Teneo.ai Partner to Supercharge Amazon Connect and ConnectPath CX with AI-Driven Automation
- Renewal of license agreement with Swisscom, the leading Swiss telecom operator
- Two years renewal of license agreement with AT&T, an American multinational telecommunications company
- Successful completion of SOC 2 Type II audit, underscoring the highest standards of data security for our clients
KEY FIGURES (For definitions please see page 18)
| JAN-MAR 2025 | JAN-MAR 2024 | JAN-DEC 2024 | |
| Net sales (MSEK) | 25.3 | 17.1 | 84.1 |
| Recurring revenues (MSEK) | 25.3 | 17.0 | 83.5 |
| ARR (MSEK) | 101.1 | 66.9 | 103.9 |
| SaaS ARR (MSEK) | 74.7 | 37.2 | 75.1 |
| SaaS ARR constant currency (MSEK) | 74.7 | 37.8 | 74.6 |
| SaaS API Call Revenues (MSEK) | 14.6 | 5.1 | 36.3 |
| SaaS API Call Volumes (average Million) | 60.6 | 23.8 | 60.3 |
| NRR % | 142% | 141% | 135% |
| Gross margin % | 86% | 79% | 79% |
| Gross margin % (excl. commission) | 86% | 79% | 83% |
| EBITDA adjusted (MSEK) | -1.4 | -8.5 | -22.3 |
| Earnings per share (SEK) | -0.1 | -0.0 | -0.2 |
| Cash flow from operating activities before changes in working capital (MSEK) | -9.3 | -4.0 | -30.6 |
CEO STATEMENT
Dear Shareholders, Team Teneo.ai and Partners,
The first quarter 2025 marked a strategic period focused on Recruitment, Pipeline Development, and Customer Renewals. I'm pleased to report that our team at Teneo.ai delivered outstandingly across all these areas.
Market Overview
In the first quarter 2025, the generative AI space continued to evolve rapidly, introducing significant advancements such as realistic video generation, document-driven podcasts, and extensive context windows capable of handling entire books. However, enterprise integration of these capabilities continues to face persistent hurdles regarding security, accuracy, and performance. Teneo remains uniquely positioned in the market, effectively managing high-volume telephony operations and automating up to 80% of incoming calls, offering unmatched efficiency and reliability. In the fourth quarter 2024, Genesys, a market leader in enterprise telephony, validated our solution's substantial cost-saving and quality improvement benefits, further underscoring Teneo's industry leadership.
Teneo.ai has a large proportion of our business with US customers. The company maintains a stable outlook, with no immediate risks identified from current U.S. administrative actions or proposed economic measures, including toll tariffs. The positive side of the current development for Teneo is an increased focus on cost reductions which increases the interest in adding AI Agents into the workforce.
Recruitment Initiatives
We concluded 2024 on strong foundations, demonstrating the efficacy of our business model in delivering robust margins and sustainable cash flow. To further leverage our growth momentum, we strategically expanded our Go-To-Market capabilities, notably through key recruitments. Our EMEA organization is now complemented by a dedicated US team consisting of seven seasoned go-to-market specialists who all had joined us by March 1st, contributing immediately to pipeline growth. This new US organization not only expands our geographical reach but also strategically positions us to address future regulatory landscapes by deploying services from region-specific clouds.
Pipeline Development
Sales and Marketing in the first quarter 2025 prioritized US pipeline creation and advancing our existing opportunities within EMEA. In EMEA, we observed a growing trend of enterprises coming to Teneo after encountering deployment challenges with alternative technologies and increasing dissatisfaction with traditional chatbots. This has broadened our opportunities beyond our core UK and US market, notably enhancing our partnership with Microsoft, which has become a valuable lead generation channel. While we will opportunistically pursue business across EMEA, the US and UK markets remain our primary strategic focus.
Strategic Sales Events
In the first quarter 2025, we were honoured to participate in two important sales kick-offs: Genesys and NWN.
Genesys, processing over five billion calls on its platform during Q1 alone, highlighted Teneo as a pivotal value-added solution for their customers. Our joint approach to sales enablement significantly strengthened our US pipeline.
We also commenced a promising partnership with NWN, the largest reseller of Genesys Cloud services. NWN stands to benefit significantly by reselling Teneo licenses and providing integration services, making this partnership strategically beneficial for both parties.
Additionally, to strengthen our presence in the AWS ecosystem, we established a partnership with CloudHesive, aiming to deliver combined solutions leveraging AWS Connect and Teneo technology. Although formalized after the first quarter 2025 concluded, this partnership represents an essential channel for future growth, reinforcing our technological edge in the AWS Connect market.
Our new sales pipeline is measured as a 12-month subscription value, excluding future API calls-though API calls make up most of our revenue. The pipeline is weighted based on the sales stage of each opportunity and does not include additional revenue from existing customers.
For example, consider a sales opportunity for a new customer similar to one of our large existing clients. If this opportunity is in the *qualified* sales stage, it would be valued at:
9,900 times 12 months times 20 % (weight for qualified stage) = approximately 24,000 EUR.
While the long-term potential revenue from such a customer could be 3.5 MEUR per year, our pipeline reflects only 24,000 EUR at this stage.
Since our fourth quarter 2024 report, our weighted pipeline has more than doubled to 1 050 000 EUR from 461 000 EUR in our fourth quarter 2024 report. Our pipeline includes major enterprises across various sectors, driven by factors such as the discontinuation of Nuance (the foundation for traditional keypad navigation systems) and an anticipated surge in AI-driven call center interactions where the end customer uses an AI agent to call on his/her behalf.
Technology Advancements
Our technology continues to advance significantly, ensuring we maintain a competitive edge. Key developments this quarter included transitioning the operational management of our SaaS platform from an external provider back in-house, enhancing our agility and responsiveness, while also improving gross margins on revenues. Additionally, our Genesys integration achieved a deeper integration level than industry standards, fully utilizing internal Genesys services at multiple stages of the process. This comprehensive integration was officially certified by Genesys during the first quarter 2025.
Renewals and Customer Retention
The first quarter 2025 also marked our peak period for subscription renewals, with the vast majority of our customer contracts reaching renewal points. Despite the increased regulatory demands and necessary updates to Master Service Agreements, alongside proposed price adjustments, we successfully secured 100% customer renewals. This achievement reflects exceptional dedication from our Customer Sales and Engagement teams, supported by Teneo's superior product reliability. Customer feedback underscored our value proposition with comments like: "It just works!" and "We had 100% availability over 100 million calls-unprecedented."
Looking ahead, I want to express my sincere gratitude to our dedicated team, our valued partners, and exceptional customers for their continued collaboration. Additionally, I extend special thanks to our shareholders, whose recent infusion of 60 MSEK significantly bolsters our strategic expansion into the US market.
Thank you all for your continued support and confidence.
Sincerely,
Per Ottosson, CEO
Teneo.ai
This disclosure contains information that Teneo AI AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 06-05-2025 07:30 CET.