Teltonika Networks office in Kaunas. Photo of Judita Grigelytė (VŽ).
Teltonika Networks, the designer of Internet of Things products of the Lithuanian high-tech company group Teltonika, earned 23.9 million euros last year. EUR net profit – 4% more than in 2022, when it reached EUR 23.1 million. Eur.
The company’s revenue grew by 2% last year to 114.4 million. EUR (112.4 million EUR in 2022), is indicated in the 2023 company report submitted to the Register Center.
As announced in the company’s annual report, last year the greatest attention was paid to turnover growth related to expansion into new countries, increasing turnover in old markets and launching new products.
“Despite the increasing production volumes and sales turnovers, the company managed to optimize costs, which even decreased slightly, so the net profit in 2023 was also slightly higher,” the announcement reads.
According to the report, Teltonika Networks invested in human resources last year – it raised the qualifications of employees, increased the number of sales managers, and expanded in the regions.
In the fall of 2022, “Teltonika” opened a 34 million. EUR technology center, where the companies Teltonika Energy, Teltonika Telemedic and Teltonika Networks operate.
Giedrius Kukauskas, head of Teltonika Networks, previously stated that the annual capacity of Teltonika’s factory in Molėtai is to be increased from 100,000 to 200,000 products in 2024.
In addition, the annual report states that the company plans to continue increasing its turnover and sales outside of Europe, introducing new products.
As previously announced, Teltonika started building a new electronics assembly plant in Vilnius, Liepkalnis last year, in which it is planned to invest about 75 million. Eur.
Also, the group is preparing for the construction of new semiconductor chip factories. The projects in Lithuania are planned to be implemented by the end of 2027 – the production of chips will start in 2028-2029.
It is expected that after a decade, when the large “Teltonikas” technology park in Vilnius, on Liepkalnis street, starts operating, the company’s export volume will reach 9-10 billion. EUR, which would amount to about 5% of the country’s gross domestic product (GDP).
The net profit of the “Teltonikas” group grew by 22% last year to 45.7 million. EUR (in 2022 – EUR 37.5 million). Revenue grew by 8% to 294 million. EUR (EUR 272 million).
The average number of employees in Teltonika Networks was 450 in 2023, and 423 in 2022. The entire Teltonika group currently employs about 2,500 employees.
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