Synchronoss ( (SNCR) ) has released its Q4 earnings. Here is a breakdown of the information Synchronoss presented to its investors.
Synchronoss Technologies, a global leader in personal cloud solutions, specializes in providing secure and scalable cloud platforms for service providers worldwide. The company recently reported its financial results for the fourth quarter and full year of 2024, showcasing significant growth and strategic advancements. In the fourth quarter, Synchronoss achieved a 6.8% year-over-year revenue increase, totaling $44.2 million, with an impressive 91% of this revenue being recurring. The company’s gross margin expanded to 69.1%, while the adjusted gross margin rose to 79.3%. Notably, Synchronoss signed a three-year contract extension with a major U.S. telecom provider and launched Capsyl, a new personal cloud solution for global operators. For the full year 2024, Synchronoss reported a 5.7% increase in total revenue, reaching $173.6 million, driven by a 6.0% growth in cloud subscribers. The company also saw a substantial improvement in adjusted EBITDA, which increased by 60.6% to $50.4 million. Looking ahead to 2025, Synchronoss is optimistic about its growth prospects, with over 90% of its revenue already under contract for the year. The company aims to continue expanding its customer base and enhancing its product offerings, including the promising rollout of Capsyl.