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Superloop Enjoys 42.3% Growth, But Losses Mount

Growing telco Superloop has seen a boost in revenue and customers, but continues to battle losses involved with its fast expansion.

Superloop’s revenue for the last six months of 2022 jumped by 31.7 per cent, to $148.9 million year-on-year.

EBITDA was up 88.8 per cent to $12.6 million.

Customer growth rose by 42.3 per cent to 296,000, driven by the migration of 50,000 MyRepublic customers, which cost Superloop $12.5 million to procure.

Split into segments, Superloop saw consumer revenue jump 31.4 per cent to $77.9 million, business earnings up 34.7 per cent to $48.1 million, and wholesale business up 21.1 per cent to $21.8 million.

“We managed to deliver earnings growth, highlighting the strong underlying momentum in the business,” Paul Tyler, CEO and managing director of Superloop said (pictured above).

However, Superloop’s losses increased by 1.9 per cent to reach $21.7 million.

This was due to a $1.8 million impairment charge, increased depreciation and amortisation associated with recent asset investments and purchases, including the $50 million purchase of VostroNet, and the aforementioned $12.5 million MyRepublic acquisition.

Superloop forecasts “strong profitable revenue growth in FY23” and will meet its full-year EBITDA guidance of between $33 million and $36 million.

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