Daily Roundup

Megaport is riding high on a wave of AI infrastructure demand, securing three major contracts worth approximately $978.6 million combined. The deals—which cover GPU and CPU compute, network, and storage for AI applications—will push the company's pro forma Annual Recurring Revenue to around $1.1 billion, with roughly $232.4 million expected to flow through by Q4 FY27. The company has upgraded its FY27 guidance accordingly, now targeting revenue between $720 million and $810 million with an EBITDA margin of 42-44%. Capital expenditure is also climbing to $1.78 billion to $1.88 billion, though Megaport says it's fully funded for these strategic moves and GPU pool replenishment, sitting on pro forma liquidity of approximately $362.2 million.

Over in the communications space, Codan Ltd is reporting impressive momentum in its H1 FY27 trading update. The Communications segment is expected to exceed $400 million in revenue—a significant jump driven largely by strong demand from conflict regions. The segment is tracking an EBIT margin around 40%, while the broader group NPAT for the half is expected to hit at least $160 million. Looking ahead, Codan is targeting full-year FY27 revenue growth of 30% to 40% for the Communications segment, suggesting the tailwinds aren't letting up anytime soon.

Develop Global Ltd has laid out its FY27 production roadmap. Woodlawn is guided to produce between 775kt and 875kt of ore at 2.7% CuEq, translating to roughly 21kt to 23.5kt of copper equivalent metal. Pioneer Dome will mine 650kt to 750kt of ore at 1.2% Li2O, containing 7.8kt to 9kt of lithium metal. The company is allocating A$367 million to A$406 million in growth capital to Yitirrti, which remains under construction and is expected to be a major cashflow contributor in FY28. Develop Mining Services, meanwhile, is forecasting FY27 revenue of A$100 million to A$110 million.

Lycopodium has landed an Engineering and Procurement services contract for Endeavour Mining's Assafou Gold Project in Côte d'Ivoire, valued at approximately A$42.9 million. The work involves designing and procuring equipment for a 5.0 Mtpa carbon-in-leach processing plant and associated infrastructure. Lycopodium has a long track record with Endeavour, having delivered more than five major capital projects over the past 12 years. The contract is progressing with early works and engineering activities underway, though full project implementation remains contingent on Endeavour's final investment decision, expected before year-end 2026.

Finally, Xreality Group Ltd has provided an update on its trading halt, announcing that a revised Appendix 4E will be released before trading resumes on 30 September 2026. The company, which specializes in enterprise software for military and law enforcement simulations alongside VR and AR entertainment offerings, requested the halt on 28 September.