~200% year-over-year revenue growth in EV
Solutions, fueled by adoption across major automotive OEMs~
~9 new OEM partnerships secured in the past 12
months, including VST Tractors, Force Motors, and
JBM alongside key legacy partners like Volvo~
MARLBOROUGH, Mass., Feb. 18,
2025 /PRNewswire/ -- ConnectM Technology Solutions,
Inc. (NASDAQ: CNTM) ("ConnectM" or the "Company"), a technology
company focused on the electrification economy, today announced
unprecedented growth across its Transportation and Logistics
division in 2024, driven by surging demand for its cutting-edge
technology, strategic OEM partnerships, and a rapidly expanding
subscription-based network.
200% year-over-year revenue growth in EV
Solutions, fueled by adoption across major automotive OEMs
Financial and Operational Highlights
- Revenue Growth: EV Solutions (a subset of our
Transportation and Logistics segment) revenue skyrocketed 200%
year-over-year, fueled by adoption across passenger,
commercial, and light vehicle OEMs.
- OEM Expansion: Secured 9 new OEM partnerships in
the past 12 months, including industry leaders VST Tractors, Force
Motors, and JBM, alongside legacy clients Volvo Eicher,
Ashok Leyland, and TI Clean
Mobility.
- Network Scalability: ConnectM's Energy Intelligence
Network now supports over 25,000 EVs (up 48% YoY), with
2,000–3,000 new vehicles added monthly, driving recurring
subscription revenue.
- Breakthrough Innovation: Launched patent-pending
Digital Control Unit, integrating Vehicle Control,
Instrument Cluster, and Telematics into a single platform.
Complemented by Advanced Graphics Visual Unit and
Infotainment Solutions for commercial vehicles, enhancing
user experience and operational efficiency.
- Sustainability Leadership: Enabled cumulative reductions
of 40.8 million pounds of CO2 emissions and 1.3 million
gallons of fuel consumption over three years.
- Subscription Momentum: AI-driven network
subscriptions grow exponentially with each vehicle added,
driving high-margin recurring revenue streams.
- Customer Success: Record satisfaction scores, with
clients expanding deployments across multiple vehicle categories
post-adoption.
Leadership Commentary
"2024 marked a watershed moment
for ConnectM as our EV business transitioned from early adoption to
hyper-growth," said Bhaskar
Panigrahi, CEO and Chairman of ConnectM. "Our technology is
now embedded in vehicles spanning many major OEM segments, and as
these partners accelerate production, our scalable network
positions us to capture recurring revenue at an unprecedented pace.
With our proprietary innovations and sustainability impact,
ConnectM isn't just participating in the EV revolution—we're
powering its future."
2025 Outlook
The Company anticipates accelerated
growth as OEM partners ramp up EV production, further amplifying
subscription revenue and network scale. ConnectM's focus on
high-margin software, AI-driven analytics, and cross-segment OEM
relationships solidifies its role as a critical enabler of the
global EV ecosystem.
About ConnectM Technology Solutions, Inc.
ConnectM is
a pioneer in the electrification economy, integrating energy assets
with its AI-driven technology platform. Focused on delivering
solutions that drive efficiency, affordability, and sustainability,
ConnectM serves home, facility, and fleet across three major
segments: Building Electrification, Distributed Energy, and
Transportation and Logistics. The company's vertically integrated
approach combines technology, service/distribution networks, and
strategic partnerships to accelerate the transition to an
all-electric energy economy.
For more information, please visit:
www.connectm.com. Stockholders looking to receive Company
updates directly to their inbox should sign up here.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"). We have based these forward-looking
statements on our current expectations and projections about future
events. All statements, other than statements of present or
historical fact included in this press release, regarding our
future financial performance and our strategy, expansion plans,
future operations, future operating results, estimated revenues,
losses, projected costs, prospects, plans and objectives of
management are forward-looking statements. In some cases, you can
identify forward-looking statements by terminology such as "may,"
"should," "could," "would," "expect," "plan," "anticipate,"
"intend," "believe," "estimate," "continue," "project" or the
negative of such terms or other similar expressions. These
forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions about us that may cause our actual
results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by such
forward-looking statements. Except as otherwise required by
applicable law, we disclaim any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
of this press release. We caution you that the forward-looking
statements contained herein are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond our control. In addition, we caution you that the
forward-looking statements regarding the Company contained in this
press release are subject to the risks and uncertainties described
in the "Cautionary Note Regarding Forward-Looking Statements"
section of the Current Report on Form 8-K filed with the Securities
and Exchange Commission on July 18,
2024. Such filing identifies and addresses other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and ConnectM
is under no obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contact:
Investor Relations
Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
CNTM@redchip.com
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SOURCE ConnectM Technology Solutions, Inc.
