Join our daily newsletter At The Bell to receive exclusive market insights
- Megaport (MP1) sees shares soar following the release of its quarterly report, which highlights growth across most key metrics
- The company delivers its first EBITDA profit for the fourth quarter, which was driven by the turn to profitability in two of its new markets, Japan and Canada
- During the fourth quarter, operating activities saw cash inflows of $1.6 million, which was driven by customer and revenue growth
- The company finishes the quarter with $82.5 million in cash and cash equivalents
- Shares are trading 21.6 per cent higher today at $7.88 each at 2:55 pm AEST
IT service provider, Megaport (MP1) has seen shares soar following the release of its quarterly report, which highlighted growth across most key metrics.
The company delivered its first EBITDA profit for the fourth quarter, which was driven by the turn to profitability in two of its new markets, Japan and Canada.
MP1 also reported success from its recent launch in Mexico, after seeing sales of core products ahead of schedule.
During the fourth quarter, total revenue was up 10 per cent during the period to $30.6 million.
While monthly recurring revenue (MRR) was driven 13 per cent higher to $10.7 million.
Customers grew by four per cent, with Megaport exceeding 2600 customers by the quarter’s end.
These successes translated into cash inflows of $1.6 million from operating activities.
Its largest expenses during the period were staffing costs at $15.1 million followed by manufacturing and operating costs at $7.2 million.
The company finished the quarter with $82.5 million in cash and cash equivalents.
Shares rocketed 21.6 per cent higher today to $7.88 at 2:55 pm AEST.
