NXL +15.1% surged after delivering a clean operational beat and strong cash performance.
- 1H26 Revenue +15%, underlying EBITDA +18%
- Annualised contract value +8%, Neo ACV +148%
- Cash EBITDA +46%, though net dollar retention slipped to 101%
- FY26 guidance unchanged at $250m midpoint, slightly below consensus
Overall, a very solid print from NXL with beats largely across the board and guidance mostly inline. Today’s update could start to bring back some confidence in execution after a horrible 12 months.
MM needs more evidence of a sustainable turnaround at NXL
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