360 +11.74%: the digital safety company provided a strong 1Q update today as the company sits on the cusp of breakeven for the first time. Gross profit was up 40% with margins expanding 400bps as software subscription revenue grows as a proportion of sales. With operating leverage working its magic, the company posted an EBITDA loss for the quarter of just -$0.5m which compares to a FY EBITDA loss of $40m in FY22. From here, management expects to be operating cash flow positive in each quarter, grow subscription revenue by more than 50% and gave FY revenue guidance of $300-310m, in line with consensus. Shares hit a 5-month high today thanks to the strong update.
MM is bullish 360 ~$6
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