Daily Roundup

Megaport is riding high on a wave of AI infrastructure demand. The company just locked in three new contracts worth approximately $978.6 million, a massive vote of confidence in its GPU and CPU compute capabilities. These deals will push its pro forma Annual Recurring Revenue to around $1.1 billion, marking a significant milestone for the infrastructure provider. The contracts are expected to contribute roughly $232.4 million in ARR by the end of Q4 FY27.

The momentum is reflected in Megaport's upgraded guidance. The company now expects FY27 revenue between $720 million and $810 million, with EBITDA margins holding steady at 42-44%. To support this growth, Megaport is ramping up capital expenditure to $1.78 billion to $1.88 billion. The good news? The company is fully funded for these strategic moves, with pro forma liquidity sitting at approximately $362.2 million.

Over in the defense and communications space, Codan Ltd is experiencing a surge in demand that's hard to ignore. The company's Communications segment is expected to exceed $400 million in revenue for the first half of FY27, driven largely by strong demand from conflict regions. That segment is running at an impressive 40% EBIT margin, while the Minelab business continues to perform solidly.

Codan expects Group net profit after tax of at least $160 million for H1 FY27. Looking ahead to the full year, the Communications segment is targeting revenue growth of 30% to 40%, signaling confidence in sustained demand.

Develop Global Ltd has laid out its FY27 roadmap, and the picture looks encouraging. Woodlawn is guided to produce between 775,000 and 875,000 tonnes of ore grading 2.7% CuEq, while Pioneer Dome will mine 650,000 to 750,000 tonnes at 1.2% Li2O. The real growth story is Yitirrti, which remains under construction with $367 million to $406 million earmarked for expansion capital. Develop Mining Services, meanwhile, is forecasting FY27 revenue of $100 million to $110 million. The company expects strong cashflow from its operating mines, with Yitirrti positioned to become a significant contributor in FY28.

Lycopodium has won a substantial engineering and procurement contract for Endeavour Mining's Assafou Gold Project in Côte d'Ivoire. The deal, valued at A$42.9 million, covers engineering and procurement services for a 5.0 million tonne per annum carbon-in-leach processing plant. This isn't Lycopodium's first rodeo with Endeavour—the two have worked together on more than five major projects over the past 12 years. The project's advancement to full implementation hinges on Endeavour's final investment decision, expected before year-end 2026.

Finally, Xreality Group has provided a brief update on its trading halt. The company plans to release a revised Appendix 4E before trading resumes on 30 September 2026. The simulation software specialist, which serves military and law enforcement agencies, will have more details to share once the revised financials hit the market.