Executive Summary

Quarter ended September 30, 2025: Revenue was $3.159M, up 7% YoY and modestly above the prior quarter; diluted EPS from continuing operations was ($0.12), improving YoY from ($0.22) as G&A declined and the fiber build drove higher D&A .
No formal guidance or earnings call transcript was available; consensus estimates via S&P Global were unavailable, so beat/miss versus Street cannot be assessed.
Operational highlights included continued fiber expansion (fiber subscribers +33% YoY; passings +47.5% YoY) and incremental draws on the 2% RUS loan; management is remediating internal control material weaknesses identified at Amplex and corporate .
Strategic repositioning continues: OMCC operates as a holding company controlling Amplex broadband; fiscal year-end changed to December 31 to better align planning cycles .

What Went Well and What Went Wrong

What Went Well

Continued subscriber and footprint growth: fiber subscribers rose to 5,200 and passings to 14,600 as of 9/30/25; Adjusted EBITDA for telecom rose sharply on a six-month basis to $1.551M .
Lower corporate G&A YoY in the quarter reflecting reduced restructuring/integration costs versus the period immediately after the Amplex acquisition .
Access to low-cost capital: Amplex drew an additional $2.4M under the RUS ReConnect Loan, totaling $3.0M outstanding, at a 2% fixed rate with payments deferred until Oct 31, 2027 .

What Went Wrong

Operating losses persist: loss from operations was ($0.963M) in Q2 FY26 even as revenue increased; depreciation and amortization continue to rise with the fiber build .
Internal controls: management disclosed multiple material weaknesses (non-routine transaction accounting, segregation of duties at Amplex, and IT controls), with remediation underway but not yet complete .
Mixed wireless trends: fixed wireless subscribers declined YoY (8,200 vs 8,900), reflecting migration toward fiber and potential churn in legacy wireless .

Financial Results

Quarterly revenue and EPS vs prior periods (oldest → newest)

Metric	Q4 FY25 (Mar 31, 2025)	Q1 FY26 (Jun 30, 2025)	Q2 FY26 (Sep 30, 2025)
Revenue ($USD Thousands)	$2,951	$3,034	$3,159
Diluted EPS - Continuing Ops ($)	($0.14)	($0.12)	($0.12)
Consensus Revenue (S&P Global)	n/a	n/a	n/a
Consensus EPS (S&P Global)	n/a	n/a	n/a

Note: Consensus data via S&P Global was unavailable, so beat/miss cannot be determined.

Year-over-year comparison (Q2 FY25 vs Q2 FY26)

Metric	Q2 FY25 (Sep 30, 2024)	Q2 FY26 (Sep 30, 2025)
Revenue ($USD Thousands)	$2,958	$3,159
Loss from Operations ($USD Thousands)	($1,263)	($963)
Depreciation & Amortization ($USD Thousands)	$481	$864
General & Administrative ($USD Thousands)	$2,811	$2,208
Diluted EPS - Continuing Ops ($)	($0.22)	($0.12)

Segment/Category breakdown (services)

Category	Q4 FY25 (Mar 31, 2025)	Q1 FY26 (Jun 30, 2025)	Q2 FY26 (Sep 30, 2025)
Wireless Internet ($USD Thousands)	$1,656	$1,672	$1,666
Fiber Internet ($USD Thousands)	$870	$930	$1,016
Other Revenue ($USD Thousands)	$425	$432	$477
Total ($USD Thousands)	$2,951	$3,034	$3,159

KPIs

KPI	Q1 FY26 (As of Jun 30, 2025)	Q2 FY26 (As of Sep 30, 2025)
Fixed Wireless Subscribers	8,400	8,200
Fiber Subscribers	4,800	5,200
Fiber Passings	13,000	14,600

Note: The Q2 FY26 10-Q narrative referenced “over 15,000 fiber passings,” which differs from the 8-K press release disclosure of 14,600 passings as of 9/30/25; treat 10-Q narrative as a rounded figure and 8-K tabular disclosure as precise .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Quarter	None disclosed	None disclosed	Maintained (no formal guidance)
Margins / OpEx / OI&E / Tax Rate	FY/Quarter	None disclosed	None disclosed	Maintained (no formal guidance)
Segment-specific guidance	FY/Quarter	None disclosed	None disclosed	Maintained
Capital / Debt (RUS Draws)	Multi-year	RUS Loan up to $21.3M	$3.0M drawn as of 9/30/25	Update (increased draws)

Management did not issue numerical revenue, EPS, margin, or tax-rate guidance in the quarter’s filings and releases .

Earnings Call Themes & Trends

No earnings call transcript was available for Q3 2025.

Topic	Previous Mentions (Q1 FY26 and Q4 FY25)	Current Period (Q2 FY26)	Trend
Fiber build and passings	Passings 13,000; incremental RUS draws; fiber subs 4,800	Passings 14,600; fiber subs 5,200; six-month D&A up 157% on fiber assets	Accelerating build; mix shift to fiber
RUS ReConnect Loan	$1.5M drawn by 6/30/25 at 2%	$3.0M drawn by 9/30/25; payments deferred to 10/31/27	Increased utilization
Corporate G&A/restructuring	Elevated post-acquisition; integration costs	G&A down YoY in Q2 FY26 quarter; corporate overhead still meaningful	Normalizing from elevated levels
Internal controls	—	Multiple material weaknesses disclosed; remediation in progress	Under remediation
Discontinued operations	Gains at close of Westlake sale in prior periods	Minimal income from discontinued ops ($50k) in Q2 FY26	Fading impact
Fiscal year-end change	—	Year-end changed to Dec 31, next annual on Form 10-KT	Alignment initiative

Management Commentary

“The OMCC Management Team is excited about the strong quarterly performance from Amplex. Amplex contributed nearly $3 million in revenue and $410 thousand of income for the quarter… reducing operating expenses and finding additional investment opportunities that are accretive to shareholder value,” said CEO Jeffrey Royal in Q2 FY25 press release (prior year quarter) .
Strategy and structure: OMCC operates as a holding company with a controlling interest in Amplex; pursuing additional controlling interests in other sectors to drive shareholder returns .
Operational drivers: Revenue growth tied to subscriber additions and fiber network expansion; six-month gross margin at 67.9% and six-month Adjusted EBITDA of $1.551M for the telecom segment reflect improving unit economics as the footprint scales .

Q&A Highlights

No public earnings call transcript was available; no Q&A disclosed in filings.

Estimates Context

Wall Street consensus via S&P Global (EPS and revenue) was unavailable for Q2 FY26 and Q1 FY26 due to data access limits; therefore, we cannot assess beat/miss relative to Street and do not recommend inferring performance versus expectations without validated consensus.
Given the company’s transition and limited sell-side coverage, we expect estimates to adjust as reporting cadence normalizes (new fiscal year-end) and as fiber economics scale.

Key Takeaways for Investors

Sequential revenue growth continues ($2.951M → $3.034M → $3.159M), with fiber accelerating and wireless moderating; mix shift and higher D&A tied to the fiber plant build are key to margin trajectory .
Operating losses narrowed YoY; Q2 FY26 loss from operations was ($0.963M) vs ($1.263M) YoY as corporate G&A normalized and scale benefits began to show; watch D&A ramp as a leading indicator of future margin leverage .
Balance sheet capacity: $3.463M of total debt outstanding with 2% RUS loan terms and three-year deferral provide attractive financing for rural broadband buildouts; compliance and draw pacing are critical execution variables .
Execution focus: Internal control remediation at Amplex and corporate is a near-term governance priority; investors should monitor the timing and effectiveness of remediation through FY26 .
KPI momentum: Fiber subscribers and passings are key operating KPIs; sustained growth in these should translate to revenue and margin upticks as cohorts mature .
Corporate actions: Fiscal year-end change to Dec 31 may adjust reporting cadence and seasonality; next annual filing will be a 9-month 10-KT, potentially complicating year-over-year comparisons .
Without consensus estimates, trading setups hinge on visible KPI progress (fiber subs/passings), opex normalization, and control remediation milestones; catalysts include additional RUS draws, subscriber trends, and any new acquisition announcements .

OLD MARKET CAPITAL Corp (OMCC)·Q3 2025 Earnings Summary