The 5G Networks Ltd (ASX: 5GN) share price is up nearly 120% over just the past year from 56 cents to $1.24 today, so let's take a look at what may be powering it higher.
5G Networks is a telecommunications and cloud services or data centre services specialist that posted an operating cash profit of $629,000 on revenue of $15.4 million for the quarter ending March 31 2019.
It had $3.13 million cash on hand at quarter end. The telco player also recently raised $8 million to mean in reality its balance sheet is probably now considerably stronger in terms of cash on hand. It also recently announced it has extended its debt facility with the Commonwealth Bank of Australia (ASX: CBA) to $7.2 million in part to give it more flexibility around acquisitions.
Based on around 45 million shares quoted on the ASX and another 16 million unquoted it has a market value around $80 million. Other big platers in the cloud services and enterprise-facing internet services space include Vocus Group Ltd (ASX: VOC) and TPG Telecom Ltd (ASX: TPM).
