Megaport Limited On A Growth Trajectory With Solid 2Q FY 19 Performance

  • Jan 17, 2019 AEDT
  • Team Kalkine
Megaport Limited On A Growth Trajectory With Solid 2Q FY 19 Performance

Including new and extended data center and network partnerships, the company continues growth trajectory with solid 2Q FY19 performance, while increasing reported revenue by 21% and Monthly Recurring Revenue 14% QoQ. The company Megaport Limited (ASX: MP1) provides a global market update and reports quarterly Key Performance Indicators to 31 December 2018. While deepening its reach within existing metros, Megaport continued to expand its Network footprint to new markets, in 2Q FY19. 

By enabling several new cloud on-ramps globally, the company furthered its leadership position in cloud networking. Linxdatacenter, OneAsia, DataMSP, eStruxture, and Root are the new partnerships with data center operators included in DataMSP. Leading cloud service providers are investing in infrastructure to support regional demand, where Megaport’s partnership with Orixcom has extended the reach of Megaport services into Dubai.

Megaport achieved 1,277 customers in December 2018, generated $2.7M of monthly recurring revenue, and operated in a total of 245 Installed Data Centres. An increase of 21% from the last quarter, the revenue for the period was $8.32M. In June 2018, representing an 80% growth during the half-year period Megaport’s North America region increased from $0.55M its Monthly Recurring Revenue (MRR) to $1.0M at the end of December 2018.

The company with MRR in North America doubling in the last eight months this achievement represents a major growth breakthrough.

Megaport realized significant revenue gains, generating $8.32M of revenue during the quarter, i.e. during the second quarter of the FY 2019 while also deepening strategic partnerships with key data center operators and cloud providers. For Megaport as cloud adoption continues to accelerate, cloud interconnection represents a significant opportunity.

Providing greater options to their customers and extending the reach of cloud services, to support further adoption the company enabled several new cloud on-ramps in the quarter as part of their commitment to both customers and cloud partners. The company connects to more cloud on-ramps today than any other interconnection fabric.

The company’s cash position was $38.1M as at the end of December 2018. With an increase of 11 across three regions, or 5% QoQ the total Installed Data Centres was 245 at the end of the quarter, while the customers increased by around 10% QoQ to a total of 1,277.

The stock of MP1 traded at a market price of $3.930 which is up by 3.15% or $0.120. The daily number of shares traded was at 224,218. The company has performed positive 15.45% in the past year but has dipped to 0.26% in the past month. The market cap as at January 17, 2019, is $452.1 million.


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