Teltonika Group's revenue grew by 20% in 2024
13 days ago
The revenue of the Lithuanian high-tech company group Teltonika increased by 20% in 2024 compared to 2023, and consolidated turnover reached €352 million. Net profit rose by 18%, amounting to €53.8 million.
In 2024, the Teltonika company group generated revenue from the following business areas: telematics, industrial networking equipment, telemedicine, electric vehicle charging stations, and contract manufacturing. Across its two manufacturing units in Vilnius and Molėtai, the company produced 7.6 million Internet of Things (IoT) devices over the year, 80% of which were Teltonika-branded products.
“We view the 2024 results positively – we managed to significantly increase revenue while maintaining a solid level of profitability. We invested a record-high amount of €21.3 million into research and experimental development for new technologies and products. This strategic move will enable our companies to expand more confidently in new markets by offering partners the most advanced IoT solutions,” said Marius Derenčius, President of the Teltonika Group.
As the head of the group noted, the company generated a significantly higher profit last year and considerably strengthened its equity and liquidity positions – critical for financing both ongoing and future expansion projects.
“It is important to note that although the economic environment did not improve in 2025 – in fact, uncertainty has increased – we are making every effort to maintain the Teltonika Group’s growth momentum. The first quarter of the year indicates that we are on track to sustain a growth pace similar to last year,” M.Derenčius emphasized.
In 2024, the largest international expansion in Teltonika’s history took place, with five new local representatives established across different regions of the world. New local representatives were opened in Dallas, Milan, Warsaw, Tokyo, and Manchester. Today, a team of 2,750 employees operates in 27 countries, having grown by over 250 specialists in the past year.
In 2024, Teltonika continued developing its large-scale 50-hectare technology park in Vilnius. Over €95 million was invested in the project during the year, with a further €75 million investment planned for 2025. In the third and fourth quarters of 2025, four new factories will begin operations: a 33,000 m² PCB (printed circuit board) plant, new electronics assembly factories, and facilities for plastic molding and mechanical parts production. These four new facilities alone are expected to create approximately 1,250 jobs, bringing the total number of Teltonika Group employees to 4,000 in the near future.
Throughout this year, in addition to completing these manufacturing projects and maintaining its growth momentum, the group also plans to continue developing its semiconductor manufacturing capabilities and intensify its business expansion worldwide.
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