Whilst MRR in December has dropped below 10% QoQ, I am optimistic for the SPP given that COGS (or Profit after direct cost margin) has improved by 60% and their normalised EBITDA margin has improved from a loss of (24%) to (14%). There has also been a reduction in Net Loss from ($38m) in 1HFY21 to ($20m) in 1HFY22 (47% improvement). I also like that existing customers are spending more with a 5% increase in services per customer. To be noted that the biggest increase in the OPEX has been increased investment in Employees with additional 71 staff being brough on board to support the business growth.
MRR growth has previously dipped as low as 5% back in Sep-20 before jumping back up in the following quarters to >10%. Hopefully we will see QoQ growth increase back to 10% along with COGS margin continuing to improve. GLTOH
Ann: 1HFY22 Market Update, page-3
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