The Company's contracted backlog stands at approximately $60 million, to date. This contractual backlog is generated by each of the Company's Managed Services customers who have entered into multi-year Software-as-a-Service agreements with Pareteum and consists of guaranteed minimum monthly recurring fees, as well as contractually forecasted subscribers and their resulting monthly recurring revenue.
"We believe the estimated revenue for the second quarter, coupled with our rapidly growing contracted backlog signify an important inflection point in the business," said Hal Turner, Executive Chairman of Pareteum. "Over the course of 2017 and 2018, we expect continued top-line improvement to be driven by our committed backlog revenue as it is converted into earned revenue in an escalating manner. Pareteum's approximate $60 million 36 month revenue backlog at the end of the second quarter is almost triple the number at the beginning of 2016. More importantly, because of five new sales agreements, including additions for our large existing customers, and new customers, we have increased by almost 50% the backlog since I first reported it at $44 million during our Q1 Town Hall call. This is a clear leading indicator of customers seeking the value that we bring to them from our software and solutions. We expect continued growth of our revenue backlog, which will be reflected in our reported top line revenues."
The Company's Second Quarter 2017 earnings conference call is expected to be held on or before August 14, 2017.
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