Megaport Upgrades EBITDA Guidance for FY23 and Provides Insights into FY24 Projections
Megaport Limited (ASX: MP1), a leading global Network as a Service (NaaS) provider, has announced an upgrade to its earnings before interest, tax, depreciation, and amortisation (EBITDA) guidance for the financial year 2023 and provided insights into its financial year 2024 projections. The company attributes the revised FY23 normalised EBITDA guidance to the continued improvement in its operational metrics and financial performance.
Megaport now expects the FY23 normalised EBITDA range to be between $19 million and $21 million, representing an increase from the previous guidance of $16 million to $18 million. This upgrade demonstrates the company's strong performance and growth in its operations.
Additionally, Megaport anticipates FY23 reported EBITDA to fall within the range of $24 million to $26 million. It is noteworthy that Megaport achieved a net cash positive position in the fourth quarter of FY23, even after accounting for redundancy payments totalling approximately $2. 6 million.
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As Megaport finalises its FY24 budget, the company is incorporating various factors such as network expansion, product development, and revenue-generating headcount. With these considerations, Megaport expects its FY24 EBITDA guidance to surpass the previous range of $41 million to $46 million. A more detailed outlook for FY24 will be provided no later than the release of the FY23 full-year results on 22 August 2023.
Megaport's upgraded EBITDA guidance for FY23 and its positive projections for FY24 highlight the company's strong momentum and strategic focus. As a leading NaaS provider, Megaport continues to expand its global network and enhance its product offerings, positioning itself for further growth in the fast-evolving digital connectivity market.
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