Superloop 1H FY24 Results
Superloop Limited reported a significant increase in total revenue for 1H FY24, reaching $197.6 million, a 32.7% rise from the previous year.
The company experienced strong organic revenue growth of 20.0%, with contributions across all customer segments.
Superloop added over 40,000 net new customers in 1H FY24, marking a 38.1% increase from the prior corresponding period, now serving more than 408,000 customers.
Gross margin improved to $68.7 million, up 38.9% compared to the previous year.
Underlying EBITDA saw a substantial increase of 83.3%, reaching $23.0 million.
NPATA turned positive to $1.2 million, a significant improvement from a ($8.3) million loss in the prior period.
Operating cash flow and free cash flow both saw notable increases, to $23.7 million and $12.5 million respectively.
Despite improvements, the company reported a net loss of $18.7 million, which is a $3 million improvement over the prior corresponding period.
A landmark deal with AGL, valued at over $31 million, is expected to contribute $4-$5 million in revenue in FY25.
Superloop's "Double Down" strategy for FY24 is on track, with the company focusing on strong organic growth and exploring M&A opportunities.
The company is confident in achieving its FY24 Underlying EBITDA guidance of $49 – 53 million.
This announcement is a summary of the company approved ASX announcement on 22/2/2024.