Cloud connectivity provider Megaport has reined in spending over the past year, narrowing its losses.
Megaport has cut costs over the last year to beef up its balance sheetCloud connectivity provider Megaport has reined in spending over the past year, narrowing its losses and swinging to a positive cashflow for the first time, with newly installed chief executive Michael Reid pointing to a new go-to-market strategy as cause for the company’s revised guidance.increased 17 per cent on Wednesday to $12.15 as investors cheered the company’s 40 per cent jump in revenue to $153 million, up from $109.
The Brisbane-based tech stock reported a net loss of $9.8 million for FY23; an 80 per cent difference from the $48.5 million loss a year earlier.Normalised EBITDA – which measures the operating cash flow adjusted for one-time events – came in at $25.2 million for the year, an improvement from a normalised EBITDA loss of $10.22 million in FY22. The company said this was the first time the company had reached a positive normalised EBITDA.
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