Executive Summary

Q1 FY2026 revenue was $3.03M, up sharply year-over-year due to the consolidation of Amplex; GAAP diluted EPS was -$0.11 (continuing operations -$0.12) as depreciation ramped with fiber buildout .
Gross margin improved to 66.2% (from 63.6% YoY), and the telecom segment posted Adjusted EBITDA of $0.67M, reflecting scale benefits at Amplex despite higher D&A .
Management emphasized subscriber momentum in fiber (4,800 subs; passings 13,000) and low-cost RUS financing (2% APR) to fund expansion; internal control remediation plans were initiated across Amplex and corporate .
No formal guidance was provided; catalysts include continued fiber passings/subscriber conversion, margin expansion, and progress on internal-control remediation .

What Went Well and What Went Wrong

What Went Well
- Fiber-led revenue expansion: Q1 FY2026 revenue reached $3.03M, with fiber revenue at $0.93M; wireless at $1.67M .
- Margin and EBITDA improvement: Gross margin rose to 66.2% and telecom Adjusted EBITDA turned positive at $0.67M, with segment income before tax at $65K .
- Strategic positioning and financing: Approved RUS ReConnect loan (up to $21.3M at 2% APR; payments deferred to 10/31/2027) supports fiber buildout in underserved Ohio markets .
- Quote: “A large opportunity set for future projects will allow for continued growth and increased contributions to OMCC’s bottom line… focused on reducing operating expenses and finding additional investment opportunities” — CEO Jeffrey Royal .
What Went Wrong
- Continued GAAP losses: Net loss attributable to common shareholders was -$0.75M; diluted EPS (continuing) -$0.12 as D&A rose with fiber capex .
- Internal control weaknesses: Material weaknesses in controls (non-routine accounting, EPS calc review, segregation of duties at Amplex, IT controls) required remediation plans .
- Wireless churn and mix headwinds: Fixed wireless subscribers declined to 8,400 (from 9,100 YoY), reflecting mix shift toward fiber; capex intensity increased (Q1 capex $3.73M) .

Metric	Q1 2025	Q4 2025	Q1 2026	Q2 2026
Revenue ($USD Millions)	$0.49	N/A	$3.03	$3.16
Gross Margin %	63.6%	63.54%*	66.2%	69.58%*
Diluted EPS - Continuing Operations ($)	-0.79	-0.14*	-0.12	-0.12
Diluted EPS - Total ($)	-0.49	N/A	-0.11	-0.11
Net Income - (IS) ($USD Millions)	-$3.30	-$1.03*	-$0.75	-$0.75
Cash from Operations ($USD Millions)	-$0.44	-$0.76*	$0.91	-$0.13*
Capital Expenditure ($USD Millions)	-$0.37	-$2.19*	-$3.73	-$4.77*

Values marked with * retrieved from S&P Global.

Segment revenue breakdown ($USD Thousands):

Segment	Q1 2025	Q1 2026	Q2 2026
Wireless Internet Services	319	1,672	1,666
Fiber Internet Services	106	930	1,016
Other Revenue	64	432	477
Total Revenue	489	3,034	3,159

Telecom KPIs:

KPI	Q1 2025	Q1 2026
Fixed Wireless Subscribers	9,100	8,400
Fiber Subscribers	3,700	4,800
Fiber Passings	9,500	13,000
Segment Adjusted EBITDA ($USD Thousands)	-520	665

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY2026	None provided	None provided	Maintained (no guidance)
Margins	FY2026	None provided	None provided	Maintained (no guidance)
OpEx	FY2026	None provided	None provided	Maintained (no guidance)
OI&E	FY2026	None provided	None provided	Maintained (no guidance)
Tax Rate	FY2026	None provided	None provided	Maintained (no guidance)
Dividends	FY2026	None provided	None provided	Maintained (no guidance)

Note: A Q1 FY2026 earnings call transcript was not available via the document tools; themes below reflect press release and 10-Q commentary.

Topic	Previous Mentions (Q-2: Q3 2025)	Previous Mentions (Q-1: Q4 2025)	Current Period (Q1 2026)	Trend
Fiber buildout and capex	Fiber plant $17.5M; increasing depreciation; advertising minimal; revenue $2.97M	Capex elevated; domestication complete; D&A rising with assets	Capex $3.73M; D&A +568% YoY; margin up to 66.2%	Scaling with improving margins
Subscriber mix	12,850 broadband customers; fiber subs 4,100	Not disclosed for Q4; strategy shift maintained	13,200 total; fiber subs 4,800; wireless subs down to 8,400	Fiber penetration rising; wireless down
RUS financing	Facility approved; initial draw $0.62M; 2% APR	Continued use of RUS; terms outlined	Draws increased to $1.5M outstanding in Q1; continued funding	Funding ramp supports build
Internal controls	Material weaknesses identified; remediation plan pending	Detailed remediation steps initiated	Ongoing remediation execution (journal review, EPS calc controls, IT access)	Improving control environment
Discontinued operations/legal	Settlement mechanics and insurer claims progress	Class settlement payment cleared; no P&L impact	Discontinued ops income $38K; legal resolved; no current impact	Tail risk reduced

Strategy: “A large opportunity set for future projects will allow for continued growth and increased contributions to OMCC’s bottom line... focused on reducing operating expenses and finding additional investment opportunities that are accretive to shareholder value” — Jeffrey Royal, CEO .
Operating execution: “Depreciation and amortization expenses increased... attributable to the ongoing installation of physical assets related to the fiber optic business; other operating expenses decreased 14% YoY” .
Segment performance: Telecom Adjusted EBITDA of $665K and segment income before tax of $65K, reflecting operating scale and cost discipline .

The Q1 FY2026 earnings call transcript was not available via the document tools; no Q&A themes could be extracted. Management’s prepared remarks and MD&A indicate focus on fiber expansion, cost controls, and control remediation .

Metric	Q1 2026 Actual	Q1 2026 Consensus	# of Estimates
Revenue ($USD)	$3,034,000	N/A	N/A
Primary EPS (GAAP)	-$0.11	N/A	N/A

Consensus estimates were not available in S&P Global for Q1 FY2026; only actuals are present . Values retrieved from S&P Global.

Fiber-led revenue growth with improving gross margin (66.2%) and positive telecom Adjusted EBITDA signal early operating leverage despite higher depreciation from buildout .
Sequential performance remained stable in Q2 FY2026 (revenue $3.16M), suggesting sustainable run-rate as fiber subs increase; monitoring mix and churn in wireless is prudent .
Balance sheet capacity and 2% RUS loan materially de-risk funding for passings and subscriber conversion over a multi-year horizon .
Internal-control remediation is a necessary short-term overhang; successful execution should reduce accounting risk and support future capital allocation (acquisitions, expansion) .
No formal guidance and limited Street coverage may keep volatility elevated; catalysts include passings milestones, fiber ARPU trends, and EBITDA trajectory .
Watch capex intensity and D&A burden; gross-margin expansion and cost controls are key to breakeven path as the footprint scales .
Legal and discontinued operations headwinds largely resolved; focus shifts fully to telecom growth and potential new investments .

Values marked with * retrieved from S&P Global.