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Highlights
- Megaport (ASX:MP1) reported its third successive quarterly EBITDA profit for 2Q FY23.
- Total revenue was AU$37 million.
- Megaport says it continues to strengthen its relationship and available services with cloud partners.
Provider of Elastic Interconnection services, Megaport (ASX:MP1) reported its quarterly Key Performance Indicators (KPIs) to 31 December 2022. The company witnessed strong EBITDA growth and continued to concentrate on operating efficiency. It claims to be staying ahead of Cloud & IT trends.
What were key highlights of 2Q FY23?
- Monthly Recurring Revenue growth reported is 6% QoQ, up AU$0.8 million to AU$12.4 million in December 2022.
- Total revenue amounted to AU$37 million, up 10% against 1Q FY23. The company also stated that this exceeds the revenue accomplished for the full year FY19.
- MP1 reported EBITDA profit for the quarter for a third successive period.
- It sold 762 brand new services, up 3% on a QoQ basis (to total services of 29,088).
- 203 Net ports were added, an increase of 2%, to finish at 9,809 active ports. This is a 3.7% increase in average revenue per port to AU$1,260, which is also a new record.
- Megaport achieved 2,739 total customers at the quarter end.
- Cash position was AU$57.5 million (at the end of December 2022).
What does Megaport expect in the months to come?
The company says it will continue to review network architecture to ensure it is well placed to deliver the quickest, most secure network for its customer base in the most cost-efficient manner. It says it is regularly assessing Individual data centre profitability too.
Image source- Kindel Media | Pexels
Recently, the company inked a deal to offer the fabric and underlying connectivity to Data Centre Operator, Databank. The company says this marks the first of several such anticipated deals to be serviced via a MegaportONE white label solution. MP1 is presently delivering AU$2k in MRR. The deals which closed in January might add AU$10k, the report says. Additionally, over AU$100k MRR in further deals remain in discussion, as per Megaport.
How are Megaport shares performing?
At market close on 31 January 2023, MP1 quoted AU$5.78. The shares traded down by over 24% with a volume of more than 7 million. Megaport’s market capitalisation is AU$1.21 billion.
The company claims that it can support enterprises in significantly simplifying the outposts deployment, presenting more flexibility in network architecture while utilising less physical infrastructure. How developments fare in the months to come will be an exciting watch.