Shares of cloud-based communications platform Pareteum (NASDAQ:TEUM) jumped on Friday. Shares gained as much as 17.9% but closed the trading day up 16.9%.
The stock's gain follows two separate announcements of significant increases in the company's 36-month contract-revenue backlog.
On Thursday, Pareteum announced $15 million in new 36-month contracts in the final two weeks of 2018, bringing the company's 36-month contractual revenue backlog to $615 million. This $15 million in closed contracts was made up of six contracts with new and existing customers, the company said.
On Friday, Pareteum said in another press release that 12 new agreements signed in January brought $49 million in 36-month contract-revenue backlog.
The new contracts have management optimistic about the company's momentum.
"Our strong position at the end of 2018 is exceeded by further strong growth into 2019 and indicates the scale of opportunities open to Pareteum," said Pareteum chief revenue officer Rob Mumby in the company's press release on Friday.
Mumby continued: "We continue to have a strong focus on sales and our service delivery as we launched eight customers in December. We have never been better positioned to empower businesses with the latest connectivity and cloud platform mobility solutions."