Capital ExpenditureCapex guidance, although below prior estimates, is significant, and when combined with lower EBITDA and expanded data centres profile, it is limiting any improvement.
Financial PerformanceSlower than expected net-revenue outlook, given the delayed ramp profile, which when combined with ongoing investment to scale the platform drives meaningful EBITDA downgrades.
Guidance And ForecastsThe key focus will be on guidance which is below expectations on net revenue and EBITDA, with commentary alluding to a slower ramp in order-book.