The company has said in the past that it would have reach $52 ARPU in order to break even.
As part of its quarter one 2019 results on Monday, NBN Co said that revenue had increased by 53% year-on-year to $620 million.
But the red ink continues to show on its balance sheet, with total losses for the quarter at $875 million, a 31% decrease from the comparable quarter in 2018.
Activated premises are now about 4.4 million, which means an additional 339,000 activations for the quarter.
NBN Co chief executive Stephen Rue said: "We are entering the biggest deployment and activation years of the NBN Co build and these results demonstrate our ability to scale and deliver.
"Central to our continued progress and performance are our strong relationships with delivery partners and retail service providers. Industry collaboration has helped us scale network deployment quickly and make substantial improvements to end-user experience.
"Fifty-three percent of all homes and businesses are now on a 50 Mbps wholesale download speed or higher, with 70% of new customers opting for these higher speed plans each month.
"We know our pricing decisions last year are having the impact we intended, that is, to help provide a good experience for homes and businesses using the network.
"We are confident we'll continue to deliver in partnership with the industry, meeting our Corporate Plan targets for the 2019 financial year and driving towards network completion by 2020."