Had a look at Pureprofile $PPL after its record quarter. DYOR - Just started checking it out. Revenue $18.3m (+14%), earnings $2.4m (+27%), & platform now about half of sales. Some good, some things to watch. Not sure it’s a 10-bagger, but the numbers are interesting. Full write-up on my Substack 8020invest.substack.com/p/sp… 👇 Not financial advice. I don’t hold PPL.

Elon’s tweet on neoclouds got me thinking about Megaport. @elonmusk $MP1.ax He says debt markets have almost shut for anyone who doesn’t have real revenue outside AI data centres. SpaceX got US$40b for GPUs, but it’s investment grade & has Starlink behind it. His view is most of the 200+ neoclouds won’t make it. Megaport is a neocloud now. It bought Latitude.sh, which rents out GPUs. I hold it, so I went back through the numbers. The good bits first. It’s signed about $2.3b of contracts since April. Customers sign take-or-pay contracts, so they pay whether they use the capacity or not. On the September deals they’re paying $322.6m upfront. One customer alone is paying $281.5m. Power & space are already secured, which is exactly what just tripped up NextDC. And network recurring revenue is still growing, up 29% in constant currency. Now the bits that make me pause. Spending this year is $1.78b to $1.88b. Revenue guidance is $720m to $810m. After all that, spare funding is about $362m. The $845m bank loan is signed, but more of it only opens up as revenue targets are hit. 2 of the 3 September customers are US tech companies backed by investors. My guess is they’re AI businesses that need outside money too. A take-or-pay contract is only as good as the customer paying it. There’s also $360m going on GPUs with no contract behind them yet. Then on Sunday the AFR’s Street Talk said banks have been sounding out investors for a raise of $700m to $1b. Megaport hasn’t confirmed anything & the report says there’s no firm plan. It was only 4 months ago they raised $827m at $14.30. In September they said they were fully funded. So if a raise comes, I’d want to know what it’s for. New contracts? Acquisitions? A buffer? Someone’s clearly keen. Pinnacle’s managers went from 6.18% to 8.22%. On 21 October, the day NextDC fell 42%, they bought 3.1m shares for $49.2m. That’s about $15.91 a share, which is pretty much where it is today at around $16. Director Jon Gidney also bought his first shares on 1 October, about $100k at $20.06. So is Megaport one of the few neoclouds that gets through? Maybe. It looks better placed than many, with prepaid contracts & power already sorted. But it’s spending a lot, it may need more money, & some of its customers are in the same boat Elon’s talking about. I don’t think it’s settled yet. I’m holding for now & waiting to see the next update & any raise terms before I decide whether to add or trim.