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.
SOURCE: ConnectM
