NuRAN Wireless Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

NuRAN Wireless (OTCQB: NRRWF) reported results for the quarter ended September 30, 2025. For the nine months ended Sept 30, 2025 revenue was $3,548,865 (down 3.7% YoY) and gross profit was $2,189,662 (62%) versus $2,028,747 (55%) in 2024. Total expenses declined to $10,129,106 and net loss was $8,424,579 for the nine months. Key corporate actions include a $1.5M non-brokered private placement closed Aug 26, 2025; a CA$7.2M CAPEX contract to deploy up to 200 sites in West Africa; DRC infrastructure license authorization; and a US$1M third drawdown from the FEI facility.

The company was removed from the BCSC Default Issuers list on Dec 1, 2025 after filing Q3 financials and amended MD&A, and the proposed Restructuring Transaction was approved at the Oct 29, 2025 AGM.

Positive

• CA$7.2M signed CAPEX contract for up to 200 West Africa sites
• $1.5M private placement closed for working capital and short-term debt
• 80% gross margin contribution from NaaS revenue of $2,334,908
• Removed from BCSC Default Issuers list after filing Q3 financials
• Approved Restructuring Transaction at Oct 29, 2025 AGM
• Third drawdown of US$1M received from FEI facility

Negative

• Net loss of $8.42M for nine months ended Sept 30, 2025
• Revenue declined 3.7% to $3.55M year-to-date
• Increased financial expenses and foreign exchange losses related to debt service

News Market Reaction

-6.94%

1 alert

-6.94% News Effect

On the day this news was published, NRRWF declined 6.94%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Nine-month 2025 revenue: $3,548,865 Gross profit and margin: $2,189,662 (62%) NaaS revenue and margin: $2,334,908, 80% gross margin +5 more

8 metrics

Nine-month 2025 revenue $3,548,865 Nine months ended September 30, 2025 vs $3,688,827 in 2024 (down 3.7%)

Gross profit and margin $2,189,662 (62%) Nine months ended September 30, 2025 vs $2,028,747 (55%) in 2024

NaaS revenue and margin $2,334,908, 80% gross margin Nine months ended September 30, 2025 Network as a Service revenue

Total expenses $10,129,106 Nine months ended September 30, 2025 vs $11,135,470 in 2024 (down 9%)

Net loss $8,424,579 Nine months ended September 30, 2025 vs $8,131,565 in 2024 (up 3.6%)

Private placement proceeds $1.5M Non-brokered private placement closed August 26, 2025 for working capital and debt

West Africa CAPEX contract CA$7.2M, up to 200 sites CAPEX contract with state-owned MNO for rural network expansion

FEI facility drawdown US$1M Third drawdown from Facility for Energy Inclusion approved September 29, 2025

Market Reality Check

Price: $0.0143 Vol: Volume 550 is about 21.24...

high vol

$0.0143 Last Close

Volume Volume 550 is about 21.24x the 20-day average of 26, indicating unusually heavy pre-news trading. high

Technical Shares traded well below the 200-day MA of 9.19, reflecting a deeply depressed longer-term trend.

Peers on Argus

NRRWF showed a 7.12% pre-news gain with very light dollar value, while peers wer...

NRRWF showed a 7.12% pre-news gain with very light dollar value, while peers were mixed: HPNN up 20%, VISL up 5.52%, DZSI down 53.56%, and others flat. This points to stock-specific factors rather than a broad communication equipment move.

Historical Context

5 past events · Latest: Dec 02 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 02	Q3 2025 results	Neutral	-6.9%	Nine-month revenue slightly down, margins higher, losses persistent and restructuring plans.
Nov 03	AGM results	Neutral	-2.4%	Shareholders approved Restructuring Transaction amid ongoing BCSC disclosure review.
Sep 12	License authorization	Positive	+0.0%	DRC infrastructure license granted, enabling access to FEI loan facility tranche.
Sep 02	Q2 2025 results	Neutral	-11.0%	Strong NaaS-driven growth but wider net loss and billing system issues.
Jul 18	Corporate update	Positive	-3.3%	First-ever positive EBITDA and ongoing debt renegotiations highlighted in video update.

Pattern Detected

Recent news, including earnings and corporate updates, often coincided with flat-to-negative next-day moves even when operational headlines were constructive.

Recent Company History

Over the last six months, NuRAN reported multiple earnings updates and corporate milestones. Q1 and 2024 results showed strong revenue and margin expansion, NaaS growth, and positive EBITDA, while later quarters highlighted continued net losses and debt-service pressure. Corporate actions included a $1.5M private placement, DRC license authorization, and progress on a Restructuring Transaction. Despite operational wins, prior announcements frequently saw muted or negative next-day price reactions, underscoring market focus on balance-sheet and financing risk.

Market Pulse Summary

The stock moved -6.9% in the session following this news. A negative reaction despite operational hi...

Analysis

The stock moved -6.9% in the session following this news. A negative reaction despite operational highlights fits prior patterns where earnings and corporate updates often saw selling pressure, such as the Q3 2025 release’s -6.94% move and Q2’s -11.03%. The market has focused on the $8.4M nine‑month net loss and reliance on financings despite high NaaS margins. With shares far below the 52-week high of 43.05, sustained weakness could reflect concern over debt service, restructuring execution, and dilution from capital raises.

Key Terms

network as a service ("naaS"), non-brokered private placement, capex contract, mobile network operator (mno), +4 more

8 terms

network as a service ("naaS") technical

"This includes $2,334,908 attributable to the Network as a Service (''NaaS'') revenue..."

Network as a service (NaaS) is a cloud-based model where businesses subscribe to networking functions — such as connectivity, routing, security, and traffic control — delivered and managed by a third-party provider instead of owning and operating hardware themselves. Investors watch NaaS because it turns large one-time equipment purchases into steady subscription revenue, can boost profit margins for providers, and signals shifts in customer capital spending and scalability needs.

non-brokered private placement financial

"completed an initial step towards this objective by closing a non-brokered private placement for proceeds of $1.5M..."

A non-brokered private placement is when a company raises money by selling securities (such as shares or bonds) directly to a small group of chosen investors without using a broker or dealer as a middleman. For investors it matters because it can provide faster, lower-cost access to new investment opportunities but may bring higher risk, less liquidity and potential dilution of existing holdings compared with public offerings.

capex contract financial

"The agreement is structured as a CAPEX contract valued at approximately CA$ 7.2M..."

A capex contract is an agreement to buy, build or upgrade long-lived physical assets — such as factories, machinery, vehicles or major IT systems — that requires significant up-front spending. For investors, these contracts matter because they commit a company to future cash outflows and shape its capacity to grow or compete, much like signing a mortgage or construction deal commits a homeowner to long-term payments and changes the home’s value and utility.

mobile network operator (mno) technical

"award of a contract worth approximately CA$ 7.2M by a state-owned Mobile Network Operator (MNO)..."

A mobile network operator (MNO) is a company that owns the radio spectrum and network equipment needed to provide wireless phone and data service to customers, acting like the utility or landlord that supplies mobile connectivity. It matters to investors because an MNO’s customer base, network quality, regulation, and capital spending on upgrades determine revenue, costs and competitive position—similar to how a power company's grid and customer contracts drive its financial health.

statutory hold period regulatory

"The Common Shares issued under the private placement are subject to a statutory hold period expiring December 26, 2025."

A statutory hold period is a legally required time window during which newly issued securities or shares received by insiders cannot be sold. It matters to investors because it affects when those shares can enter the market, influencing supply, short-term liquidity and potential price pressure—think of it like a temporary “no-sell” tag that prevents an immediate flood of items onto a store shelf after a big restock.

management discussion and analysis (md&a) regulatory

"filing of Q3 Financial Statements and Management Discussion and Analysis (MD&A)..."

Management discussion and analysis (MD&A) is a section in a company's financial reports where the company's leaders explain how they performed financially, what challenges they faced, and their plans for the future. It provides context and insights that help investors understand the numbers, much like a coach reviewing a game to highlight what went well and what needs improvement. This helps investors make more informed decisions based on the company's overall strategy and outlook.

national instrument 51-102 regulatory

"meet the requirements of National Instrument 51-102 Continuous Disclosure Obligations..."

National Instrument 51-102 is a Canadian securities rule that requires public companies to regularly publish clear, standardized information about their finances and significant developments, such as quarterly and annual reports, management discussion and analysis, and notices of material changes. For investors it acts like a rule forcing businesses to keep their financial “windows” clear and up to date, making it easier to compare companies, spot risks, and make informed decisions.

future-oriented financial information (fofi) financial

"changes to Future-Oriented Financial Information (FOFI) and promotional statements..."

Future-oriented financial information (FOFI) is a set of numbers and narratives that estimate a business’s expected revenues, costs, cash flows or financial position over coming months or years, based on assumptions about the future. Investors use it like a weather forecast for a company—helpful for planning and valuing the business but inherently uncertain, so outcomes can differ if the underlying assumptions (like sales growth or costs) change.

AI-generated analysis. Not financial advice.

QUEBEC, QC / ACCESS Newswire / December 2, 2025 / NuRAN Wireless Inc. ("NuRAN" or the "Company") (CSE:NUR)(OTCQB:NRRWF)(FSE:1RN), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce its financial results for the quarter ended September 30, 2025.

Highlights of the Company's financial results for the nine months ended September 30, 2025, include the following:

• Revenue of $3,548,865 compared to $3,688,827, for the nine months ended September 30, 2024, a decrease of 3.7%. This includes $2,334,908 attributable to the Network as a Service (''NaaS'') revenue generating 80% gross margin.

• Gross profit of $2,189,662 (62%) for the nine months ended September 30, 2025, compared to $2,028,747 (55%) in 2024, an increase of $160,915 or 8%.

• Total expenses of $10,129,106 compared to $11,135,470 for the nine months ended September 30, 2024, a decrease of 9%. Savings in selling and administrative expenses were offset by increased financial expenses related to debt service costs of short-term borrowings and the Cygnum Capital facility as well as foreign exchange losses with most of these charges being non-cash.

• Net Loss of $8,424,579 compared to $8,131,565 for the nine months ended September 30, 2024, an increase of 3.6%.

Highlights from the Quarter:

• On July 18, 2025, NuRAN announced that it has initiated negotiations with its current debt holders and with new potential institutional investors and lenders to raise additional operating funds. The plan is to potentially restructure or replace much of its outstanding current debt instruments with better terms.

• On August 26, 2025, the Company announced that it completed an initial step towards this objective by closing a non-brokered private placement for proceeds of $1.5M to be used for working capital purposes and payment of short-term debt. The Common Shares issued under the private placement are subject to a statutory hold period expiring December 26, 2025. The Company has decided to close this Private Placement currently to ensure that it has sufficient working capital for the duration of the discussions.

• On September 4, 2025, the Company announced the award of a contract worth approximately CA$ 7.2M by a state-owned Mobile Network Operator (MNO) for a major network expansion project in a rural region of West Africa. The agreement is structured as a CAPEX contract valued at approximately CA$ 7.2M and provides for the deployment of up to 200 sites to expand mobile coverage to underserved communities.

• On September 12, 2025, the Company announced it has received authorization from the approval committee for its infrastructure license to operate telecom sites in the Democratic Republic of The Congo ("DRC"). The authorization was confirmed through the issuance of the license fee invoice, which has now been settled.

• On September 29, 2025, the Company announced that it has received approval for the third drawdown of US$ 1M from the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital.

BCSC Continuous Disclosure Review

After the September 26, 2025 announcement regarding NuRAN's ongoing disclosure deficiencies, management worked diligently with the British Columbia Securities Commission (BCSC) to meet the requirements of National Instrument 51-102 Continuous Disclosure Obligations, amongst others. The Company is pleased to announce that on December 1, 2025, it was removed from the Default Issuers list, following a thorough review by the BCSC. This review concluded with the filing of Q3 Financial Statements and Management Discussion and Analysis (MD&A), as well as an amended MD&A for the six months ending June 30, 2025. These MD&As now include essential additional disclosures required by National Instrument 51-102 including sections addressing topics such as the proposed "Restructuring Transaction," international tariffs and their potential effects, material contracts and related financial impacts, changes to Future-Oriented Financial Information (FOFI) and promotional statements, along with expanded financial details and clarified risk factors. The Company has filed all mandatory documentation pertaining to changes considered to be material.

Proposed Restructuring Transaction

Approved during the recent Annual General and Special Meeting ("AGSM") concluded on October 29, 2025, the Company is now pursuing the Restructuring Transaction. Management shall inform its shareholders on the upcoming steps.

About NuRAN Wireless:

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

Additional Information:
For further information about NuRAN Wireless: www.nuranwireless.com

Francis Létourneau,
Director and CEO
Francis.letourneau@nuranwireless.com
Tel: (418) 264-1337

Frank Candido
Investor relations
Frank.candido@nuranwireless.com
Tel: (514) 969-5531

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws.All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes. Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of NuRAN, that may cause the actual results, level of activity, performance or achievements of NuRAN to be materially different from those expressed or implied by such forward looking statements, including but not limited to management's business strategy for 2025. Although NuRAN has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause NuRAN''s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither NuRAN assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.

SOURCE: NuRAN Wireless Inc

View the original press release on ACCESS Newswire

FAQ

What were NuRAN Wireless (NRRWF) revenues and gross profit for the nine months ended Sept 30, 2025?

Revenue was $3,548,865 and gross profit was $2,189,662 (62%) for the nine months ended Sept 30, 2025.

What is the value and scope of NuRAN's West Africa contract announced Sept 4, 2025?

The company announced a CA$7.2M CAPEX contract to deploy up to 200 sites to expand mobile coverage in a rural West Africa region.

How did NuRAN address its disclosure issues with the BCSC as of Dec 1, 2025?

NuRAN filed Q3 financial statements and amended MD&As and was removed from the BCSC Default Issuers list on Dec 1, 2025.

What financing actions did NuRAN complete in Aug–Sep 2025 to support liquidity?

NuRAN closed a non-brokered private placement raising $1.5M on Aug 26, 2025 and received a US$1M third drawdown from the FEI facility on Sept 29, 2025.

What did NuRAN report about debt restructuring and the Restructuring Transaction?

Management said it initiated negotiations with debt holders and approved the Restructuring Transaction at the Oct 29, 2025 AGM and will inform shareholders of next steps.