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MachTen, Inc. reports operating and financial results for its Michigan Broadband business, an OTC-traded regional telecommunications operator focused on broadband communications in Michigan. Company updates center on fiber-optic network expansion, subscriber trends, legacy copper voice and DSL declines, bundled services, operating profit, net income, EBITDA and capital spending tied to broadband construction.
Recurring developments also include Enhanced-ACAM support, rural broadband programs such as ReConnect and BEAD, infrastructure investment, service reliability initiatives and regional connectivity partnerships involving Michigan Broadband. MachTen’s public-company history includes its completed 2023 spin-off from LICT Corporation.
LICT reported strong Q2 2024 results, with revenues increasing 15.8% to $33.7 million and EBITDA up 21% to $14.2 million. The growth was driven by regulated revenues, which rose $3.2 million to $14.9 million, largely due to the acceptance of Enhanced ACAM (E-ACAM). Non-regulated revenues increased 8% to $18.8 million.
The company announced a $100 per share charitable contribution program for registered shareholders and increased its share buyback authorization. LICT also highlighted its participation in various FCC programs, including E-ACAM, which will provide $37.2 million annually through 2038, and ReConnect grants totaling $157.5 million.
LICT continues to expand its broadband infrastructure, owning 6,713 miles of fiber optic cable and 95 towers. The company reported a 2.2% increase in broadband lines and a 1% growth in total revenue generating units.
MachTen Inc. (OTC: MACT) reported audited financial results for 2023 and an interim update for H1 2024. Key highlights include:
- 2023 revenue: $15.9 million, operating income: $6.1 million, net income: $4.3 million
- H1 2024 revenue: $8.4 million (up from $7.9 million in H1 2023), operating income: $2.9 million, net income: $1.7 million
- Significant investments in fiber-optic networks, with 100 miles built in 12 months ending June 2024
- Approved for a $20 million term loan from NCSC, expected to close in August 2024
- Participating in Enhanced-ACAM program and various broadband expansion grants
The company is transitioning from a small rural ILEC to a fiber-based regional communications provider, with ongoing capital investments in network expansion.
LICT reported a robust Q1 2024 with a 15.5% rise in revenue, hitting $33.5 million. EBITDA increased 30% to $14.7 million, compared to $11.5 million in Q1 2023. Earnings per share rose to $295 from $228. Capex surged to $16.4 million, driven by the E-ACAM program and grants. The E-ACAM program adds $14 million annually through 2038, totaling $37.2 million per year. The company was awarded $157.5 million in USDA ReConnect III and IV grants. LICT continues to expand its broadband services and 5G wireless installations. However, higher operating expenses and a $0.8 million decrease in other income due to interest expenses and unrealized losses on MachTen were noted.
MachTen, Inc. announced the launch of fiber-based broadband services in St. Ignace, Michigan. The project includes high-speed internet, advanced voice tech, and a TiVo-based video platform. The company plans to expand its fiber network to cover over 9,000 locations by the end of 2024. First-quarter revenues reached $4.4 million, showing growth from the previous year. MachTen is investing in its network and strategic markets, aiming to provide a complete communication bundle in northern Michigan.
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