NTO +19.7%: the 1st quarter trading update provided the catalyst for a strong bounce in signature and document productivity business Nitro today. Annualized Recurring Revenue (ARR) came in ahead of guidance, up 61% YoY compared to previous guidance of 39-47%. Cash receipts were also up 42% YoY which helped reduce the cash burn to $3.6m, down from $4.5m in the previous period. With performance metrics improving early in the year, management upgraded EBITDA guidance to a loss of $15m-18m, down from an $18-21m loss in previous guidance. They now expect to be cash flow breakeven by the end of 2023 with plenty of cash on hand to get them there.
MM remains bullish and long NTO in the Emerging Companies Portfolio
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