Megaport (MP1) posts a positive EBITDA for the first time, shares pop higher
MP1 +23.03%: the network connectivity business was out with their 4th quarter update today with the company’s performance bouncing back after a slow start to the year. Revenue in the final 3 months was up 10% on the third quarter, adding 533 new ports and posting a positive EBITDA in the quarter for the first time. After only growing monthly recurring revenue (MRR) by $300k in the third quarter, they added $1.2m to MRR in the final quarter with sales initiatives bearing fruit again. MRR is now up 43% in the year and revenue was 40% higher than FY21, a far better outcome than what was expected when they disappointed the market in April, though shares are trading near the same level now.
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