Megaport (ASX: $MP1) 1H FY24 Financial Highlights

Megaport Limited (ASX: $MP1) has reported its 1H FY24 financial results, demonstrating continued improvements in EBITDA, costs, and net cash flow. The company achieved a record Annual Recurring Revenue and a significant 35% increase in revenue compared to 1H FY23. The EBITDA for 1H FY24 reached $30.1M, showcasing the company's rapid turnaround in margins and profitability. Net cash flow for the period was reported at $12.5M, a substantial improvement from 1H FY23's $(28.3M).

Executive Commentary on Financial Performance

The financial results for 1H FY24 reflect Megaport's delivery of profitable, efficient growth and strong cash generation. The company has demonstrated a robust improvement in EBITDA, costs, and net cash flow, underlining our commitment to sustainable financial performance and operational excellence.

Summary of 1H FY24 Results and Outlook

Megaport's 1H FY24 results exhibit a remarkable 35% revenue growth, driven by organic growth and the Cloud VXC price increase. The company's EBITDA reached a record high, demonstrating a rapid turnaround in margins and profitability. Additionally, the net cash flow for 1H FY24 showed a significant improvement compared to the same period in the previous year. Looking ahead, Megaport maintains its guidance for FY24, with revenue expected to be in the range of $190M to $195M and EBITDA in the range of $51M to $57M. The company's outlook remains positive, with a focus on building momentum in the go-to-market engine and a recovery in key performance indicators expected in 4Q FY24.