Revenue falls 6% as MVNO collapses 69%; equity swings to $(15.4)M deficit on cash burn

Filed April 15, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 25, 2025 · ~2 min read

Key Changes

• high

  Stockholders' equity swung from $15.3M surplus to $(15.4)M deficit, a $30.7M deterioration driven by net loss, $10.8M cash burn, and $15.2M liability surge (primarily accounts payable and notes payable).

  MD&A: Balance Sheet verify on EDGAR →
• high

  MVNO revenue collapsed 69% to $13.5M as ACP shutdown impact persisted; Point-of-Sale revenue surged 150% to $43.5M but gross margin turned negative at (3.9)% on Clearline launch costs.

  MD&A: Segment Performance verify on EDGAR →
• high

  Working capital swung from $11.2M surplus to $(16.2)M deficit; operating cash flow remained negative at $(21.3)M despite revenue stabilization, indicating ongoing margin and working-capital pressures.

  MD&A: Liquidity verify on EDGAR →