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Why fund managers like Motio's under-the-radar digital advertising growth
Motio's out-of-home digital advertising network keeps expanding through its health venue rollout, with fund managers pointing to record revenue months and a debt-free balance sheet.
TT
Thesis Tracker
30 June 2026
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4 min read
Fund managers on Motio: FY26 cash EBITDA up 24% to $2.4 million, a health network expanding to 1,120 venues, and a market cap of around $15-17 million.
In Short
Motio's FY26 cash EBITDA rose 24% to $2.4 million, with May and June 2026 the highest revenue months in the company's history.
The company's health network venue count is expanding from 960 at December 2025 to a forecast 1,120 by June 2026, a 17% increase.
Motio has paid off all its debt and holds around $4 million in cash, against a market capitalisation of roughly $15-17 million.
Out-of-home digital advertising company Motio has quietly compounded earnings while trading on a market capitalisation of around $15-17 million. DMX Asset Management's June 2026 Monthly Report detailed a 24% increase in FY26 cash EBITDA to $2.4 million, with May and June the highest revenue months in the company's history and momentum broad-based across the business.
A health network rollout underpinning growth
Merewether Capital's February 2026 Monthly Report set out the balance sheet transformation behind the growth: revenue up 3% to $4.3 million and net profit of $800,000, compared with a small loss the prior year, following a small capital raise that let Motio pay off all debt and build a $4 million cash balance. Management flagged 150-175 new locations contracted for installation over the second half of the financial year, a more than 15% increase in the network underpinning forward revenue growth.
With ~$2.4m cash EBITDA and NPAT of ~$1.6m for FY26, a ~$15m market cap, $4m cash and a strong growth outlook heading into FY27, we think MXO represents an attractive growth set up from here.— DMX Asset Management, Monthly Report, May 2026
DMX Asset Management's May 2026 report detailed the specific growth driver: expansion of Motio's health network venue count from 960 at 31 December 2025 to a forecast 1,120 by 30 June 2026, a 17% increase, with 20-30 new locations being added each month, each incrementally contributing to FY27 revenue. Merewether Capital's own May 2026 update confirmed a re-acceleration in growth, with third-quarter revenue up around 20% on the prior year and forward revenue bookings up 13% heading into the seasonally strong fourth quarter.
What managers are watching next
DMX Asset Management's June 2026 report credited CEO Adam Caldwandar as a well-aligned, respected industry leader bringing strong passion and vision to the business, while noting the stock remains very much under the radar. With forward bookings for the first quarter of FY27 up 20% and the new Drive segment emerging as an additional growth vertical alongside the core Health network, managers are watching whether Motio can sustain its recent acceleration as it scales past its current sub-$20 million market capitalisation.
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Frequently asked questions
Frequently asked questions
What is Motio's core business?
Motio operates an out-of-home digital advertising network, placing digital screens in venues including health clinics, with revenue generated from advertisers paying to display content across the network.
How fast is Motio's health network growing?
According to DMX Asset Management, Motio's health network venue count is expanding from 960 at 31 December 2025 to a forecast 1,120 by 30 June 2026, a 17% increase, with 20-30 new locations added each month.
Is Motio profitable?
Yes. Motio's FY26 cash EBITDA rose 24% to $2.4 million, according to DMX Asset Management, with the company having paid off all its debt and holding around $4 million in cash.