1H Result: a decent start to the year from the document productivity business. Revenue was up 26% to $24.1m with net recurring revenue more than doubling. Operating EBITDA remains in the red, -$3m for the half. They reaffirmed recently upgraded guidance for ARR of $39-42m and EBITDA loss of $9-11m. It remains cheap, and the business model suggests a strong first half sets them up for a stellar second half, particularly with the recent launch of Nitro Sign. NTO was trading down -6% at the time of writing.
MM is bullish NTO
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