MP1 released its Q221 result which showed 10% QoQ constant currency revenue growth and the appointment of a Chief Revenue Officer to help accelerate growth. The company generated positive operating cashflow (pre capex) for the first time ever in Q221 and ended the period with cash of $145m. Management expects MP1 to be operating cashflow positive in FY22 (pre capex) and we forecast MP1 to become Free Cash Flow positive (post capex) in FY24. We retain our Hold recommendation and have reduced our target price to $13.27.