Synchronoss Technologies, Inc. (NASDAQ: SNCR) shares are on a notable rise today, up 28.75% to $9.18 as of the latest premarket check. This impressive increase in stock price is coming on the heels of the release of the company’s fourth-quarter and full-year financial results for 2024.
Financial Results Demonstrate Strong Growth
For the fourth quarter ended December 31, 2024, Synchronoss reported revenue growth, with total revenue reaching $44.2 million, up from $41.4 million in the same period last year. This growth was largely attributed to a 6.0% increase in cloud subscribers.
On an annual basis, total revenue rose by 5.7%, from $164.2 million in 2023 to $173.6 million in 2024. Adjusted EBITDA for the quarter saw a substantial increase of 38.9%, totaling $13.9 million, while annual Adjusted EBITDA surged 60.6% to $50.4 million.
Launch of Capsyl Cloud Paves Way for Future Growth
In a move to expand its cloud portfolio, Synchronoss introduced Capsyl Cloud, a new personal cloud platform designed to cater to mobile operators and broadband service providers globally.
Capsyl Cloud enables service providers to launch secure, scalable, and revenue-generating personal cloud services with minimal deployment time, marking a significant step forward in Synchronoss’s cloud strategy.
SNCR will be showcasing live demonstrations of Capsyl Cloud at MWC Barcelona, offering a firsthand look at how operators can rapidly deploy and monetize branded cloud services.
Telkomsel First to Deploy Capsyl Cloud
Capsyl Cloud, which enables users to save, manage, and safeguard their digital material across several devices, was created with a heavy focus on security and usability. The platform provides a more intelligent cloud experience with its cutting-edge AI features for improved organization and content management.
Capsyl Cloud was first deployed by Indonesia’s largest mobile network operator Telkomsel. The move made the platform available to millions of consumers. Synchronoss expects a high demand for the service in Southeast Asia, particularly in Thailand, Vietnam, the Philippines, and Indonesia, where operators are searching for methods to improve consumer engagement and increase ARPU.