Total Revenue

~6.3% increase from $56.48 million in Q1 2024 to $60.03 million in Q1 2025

Total revenue increased as a result of expanding service offerings under updated agreements and enhanced revenue from wholesale capacity services, building on the previous period’s improved performance. This growth reflects cumulative effects from prior period investments and the recognition of additional fees that continue to drive upward revenue trends. " " " " "

Service Revenue

~6.7% increase from $53.47 million in Q1 2024 to $57.07 million in Q1 2025

Service revenue grew driven primarily by the continued strength in wholesale capacity services, along with solid contributions from Commercial IoT and other service lines. The previous period’s momentum and established revenue bases allowed for further incremental increases in Q1 2025. " "

Wholesale Capacity Services

16.1% increase from $31.63 million in Q1 2024 to $36.71 million in Q1 2025

Wholesale capacity services revenue surged thanks to expanded services and the recognition of additional fees, performance bonuses, and higher network costs under updated services agreements. These drivers, which began impacting revenue in previous periods, have compounded to yield strong year-over-year growth in Q1 2025. " " " " "

Total Operating Expenses

~12% increase from $61.19 million in Q1 2024 to $68.53 million in Q1 2025

Operating expenses rose due to increased costs associated with service delivery and overall operational scaling. The expense increase mirrors the revenue expansion efforts seen in prior periods, reflecting higher cost structures as the company ramps up additional services. " "

Operating Loss

Increased from a loss of $4.71 million in Q1 2024 to $8.50 million in Q1 2025

Operating loss widened as the higher operating expenses outpaced revenue increases. The continued cost pressures, already observable in past periods, have intensified, contributing to a more significant deterioration in operational profitability in Q1 2025. " "

Net Income (Loss) Attributable to Common Shareholders

Deepened from $(15.84) million in Q1 2024 to $(19.95) million in Q1 2025

Net loss deepened due to a combination of increased operating losses and higher costs related to service expansion, which offset the revenue gains. This further deterioration reflects trends from previous periods where cost escalations diminished net profitability. " "

Weighted-Average Basic Shares Outstanding

~93% reduction from 1,882,605 thousand in Q1 2024 to 126,476 thousand in Q1 2025

The significant share reduction is attributable to a 1:15 reverse stock split on February 10, 2025. All historical share amounts were adjusted to reflect this consolidation, thereby reducing the number of outstanding shares dramatically compared to the prior period. " "