Record Top-Line Growth
Revenue grew to $25.2M in FY2025 from $9.5M in FY2024, an approximate 165% year‑over‑year increase, driven by higher sales of LNA/LNB products, expansion of 5G product lines and recovery in Asian Spectrum markets.
Improved Gross Profit and Operating Performance
Gross profit increased to $6.0M from $3.5M year‑over‑year. Operating loss improved to $7.3M (from $8.4M) and net loss narrowed to $7.0M versus $11.2M in 2024, reflecting strong revenue leverage and absence of certain one‑time 2024 charges.
Material Commercial Pipeline and LOIs
Company holds a $78M nonbinding LOI (management believes it can grow north of $100M over two years based on forecasts) and a second LOI >$40M with a North American MNO. As of March 2026, the company had received ~ $5M in funded POs against the $78M LOI and ~50% funded POs against the $40M LOI; ~$12M of ORAN radios already shipped to the North American MNO.
Initial Shipments and Clear Deployment Cadence
Initial shipments began in December 2025; company expects bulk shipments to resume and culminate in Q2 2026 (with additional cadence continuing into Q3) as installer crews ramp, supporting near‑term revenue visibility tied to funded POs and end‑user forecasts.
Strengthened Balance Sheet and Liquidity
Year‑end working capital of $10.2M and cash & equivalents of $11.6M. The company completed capital raises in January 2026: ~$8.1M (net) from a rights offering and ~$8.3M (net) from a registered direct offering — ~ $16.4M total — which management says funds operations for at least 12 months under current plan.
Technology and Manufacturing Progress
Advanced ORAN systems (Massive MIMO 64T64R ORAN CAT B), expanded MMIC Design Center and Texoma MMIC capabilities, and continued development of cryogenic LNAs for quantum computing — positioning the company’s transition from component supplier to systems provider.