Total Revenue

+6.3% (from $56.48M in Q1 2024 to $60.032M in Q1 2025)

Revenue growth was driven by higher contributions from Wholesale Capacity Services and Government & Other Services, which partially offset declines in subscriber segments. The increase reflects continued performance improvements compared to the previous period. " "

Duplex Segment Revenue

-27% (from $4.76M in Q1 2024 to $3.452M in Q1 2025)

The sharp decline in Duplex revenue reflects a reduced subscriber base and the strategic discontinuation of Duplex devices, consistent with previous period trends where lower average subscribers led to significant revenue drops. " "

SPOT Revenue

-8.5% (from $10.24M in Q1 2024 to $9.371M in Q1 2025)

Declines in SPOT revenue are driven by competitive pressures and a reduction in the subscriber base, mirroring challenges seen previously and resulting in a modest revenue drop despite efforts to stabilize ARPU. " "

Wholesale Capacity Services

+16% (from $31.63M in Q1 2024 to $36.709M in Q1 2025)

Growth in this segment was propelled by expanded service fees and higher network costs, continuing the expansion strategy observed in prior periods though at a pace lower than the full-year increase seen in FY 2024. " "

Government and Other Services

+138% (from $0.40M in Q1 2024 to $0.955M in Q1 2025)

The nearly tripled revenue in this category is primarily due to new government service contracts (including initiatives like the Parsons agreement) on top of a very modest previous base, creating a significant YoY uplift. " "

Operating Income

Deepened loss (80% increase in the loss, from -$4,712K to -$8,501K)

Worsening operating income reflects a steep rise in operating expenses that outpaced revenue growth, particularly as margins were pressured by lower revenues in high-margin subscriber segments compared to the previous period. " "

Net Income Attributable to Common Shareholders

Loss expanded by 26% (from -$15,840K to -$19,946K)

The further deterioration in net income is largely driven by the larger operating loss and reduced margin performance, compounding the challenges seen in Q1 2025 versus Q1 2024. " "

Cash, Cash Equivalents and Restricted Cash

-$149,753K drop (from $391,164K in Q4 2024 to $241,411K in Q1 2025)

The significant contraction in liquidity highlights the use of cash for operational or investment activities, marking a stark decline from the previous quarter though additional detail is needed to explain the specific cash flow drivers. " "