NuRAN Wireless Board Approves Growth Strategy to Scale Recurring Revenue from 5,000+ Contracted Towers

The Board will assess management’s validation work before further capital is committed to the growth plan.

Rhea-AI Summary

NuRAN Wireless (Nasdaq: NUR) approved a growth plan targeting approximately 2,000 cumulative towers by the end of 2028. With more than 5,000 towers under contract, the plan focuses on construction, service activation and cash collection to build recurring revenue. The target depends on financing and execution.

The Board requires a 90-day validation period before further capital commitments. A proposed US$12 million senior debt facility remains uncommitted, subject to definitive agreements, approvals and closing conditions. Potential equity financing is also uncommitted. NuRAN plans phased development of NuEnergy power infrastructure and customer-supported NuRAN EDGE computing pilots, with expansion dependent on commercial and technical validation. It is evaluating licensed Starlink satellite connections through third-party providers, subject to technical, commercial, regulatory and capital-allocation requirements.

6 points · 0 major

MixediHow this balance works

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0 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointMore than 5,000 contracted towers underpin the plan to expand recurring infrastructure revenue.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Approximately 2,000 cumulative towers by end-2028 is the company's deployment target, subject to financing and execution.
• Moderate pointProposed US$12 million senior debt facility is progressing through due diligence and documentation. 2.3× market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.NuEnergy development is planned in phases, initially serving existing network demand with power infrastructure.
• Minor point. Forward-looking: it has not happened yet and may not happen.NuRAN EDGE plans customer-supported computing pilots and partnerships before significant expansion.
• Minor pointSelective partnerships, regional hubs and acquisitions are under consideration where execution or risk-adjusted returns support them.

Negative

• Moderate pointProposed US$12 million debt funding remains uncommitted, subject to definitive agreements, approvals and closing conditions. 2.3× market cap
• Moderate pointPotential equity financing remains uncommitted; the company will evaluate pricing, share liquidity and potential dilution.
• Minor point90-day validation period requires Board assessment before further capital is committed to the plan.
• Minor point. Forward-looking: it has not happened yet and may not happen.NuEnergy and NuRAN EDGE advancement depends on defined commercial and technical milestones.
• Minor pointStarlink satellite backhaul evaluation remains subject to technical, commercial, regulatory and capital-allocation requirements.

Key Figures

Cumulative tower target: Approximately 2,000 towers Contracted towers: More than 5,000 towers Validation period: 90 days +1 more

Cumulative tower target

Approximately 2,000 towers

Target by the end of 2028; subject to financing, execution and other conditions

Contracted towers

More than 5,000 towers

Existing contracted portfolio

Validation period

90 days

Board-requested period for management to complete a plan before further capital is committed

Proposed debt financing

US$12 million

Proposed senior debt facility remains subject to due diligence, definitive agreements and closing conditions

Historical Context

3 past events · Latest: Nov 05

3 events

1. Nov 05

   tower portfolio update

   24h Move

   -24.1%

   Reported contracted-portfolio revenue estimates alongside operating-tower and network-revenue growth.

2. Oct 29

   credit facility

   24h Move

   +0.9%

   Entered a definitive non-convertible revolving credit facility for working capital and tower construction.

3. Oct 16

   deployment outlook

   24h Move

   -5.3%

   Outlined operating-network expansion and a conditional revenue forecast tied to financing and deployment.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

network-as-a-service, at-the-market offering, development finance institution, low Earth orbit

4 terms

network-as-a-service technical

"converting its contracted Network-as-a-Service ("NaaS") portfolio"

Network-as-a-service (NaaS) is a way companies obtain and run computer networking — like connectivity, security, and traffic management — as a subscription service rather than buying and maintaining their own hardware. Think of it like renting a utility instead of installing pipes yourself. For investors, NaaS models can mean steadier, recurring revenue, faster customer growth, and lower capital needs for providers, but also greater competition and reliance on service quality.

at-the-market offering financial

"any future at-the-market ("ATM") offering"

An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.

development finance institution financial

"Explore development finance institution ("DFI"), lender and shareholder-supported funding structures"

A development finance institution is a government-backed or multilateral lender that provides long-term loans, guarantees and technical support to projects intended to boost economic growth in lower‑income regions. For investors, their involvement often lowers project risk, unlocks financing and signals credibility—think of them as a well-known co-signer or coach who helps risky but potentially profitable projects attract private money and get built.

low Earth orbit technical

"evaluating licensed Starlink low Earth orbit satellite backhaul"

Low Earth orbit (LEO) is the region of space close to Earth, roughly from about 160 to 2,000 kilometers above the surface, where satellites and spacecraft circle the planet quickly—think of it as a busy highway just overhead. It matters to investors because many communications, imaging and data services rely on satellites in LEO; their shorter lifespans, lower launch costs, crowded lanes and debris risks directly affect the cost, revenue potential and operational risks of companies that build, launch or use these satellites.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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QUEBEC, QC / ACCESS Newswire / November 11, 2026 / NuRAN Wireless Inc. (Nasdaq:NUR)(FSE:1RN) ("NuRAN" or the "Company"), a provider of rural connectivity infrastructure in Africa, today announced that its Board of Directors has approved a strategic growth plan focused on converting its contracted Network-as-a-Service ("NaaS") portfolio into a larger base of recurring infrastructure revenue. The plan targets approximately 2,000 cumulative towers by the end of 2028 and establishes a disciplined approach to financing, deployment and the phased development of complementary infrastructure businesses. The target is subject to financing, execution and other conditions.

With more than 5,000 towers under contract, NuRAN's principal opportunity is to turn contracted demand into operating towers, recurring revenue and, over time, stronger cash generation. The Board reviewed the Company's deployment pipeline, operating capabilities, funding requirements and adjacent growth opportunities. Capital deployment will be prioritized according to site economics, operational readiness, financing availability and regulatory and contractual requirements, under ongoing Board oversight.

As part of its approval, the Board has requested that management complete a 90-day validation period. During this period, management is required to deliver a complete plan to the Board, including a detailed schedule, risk analysis, disciplined investment thesis, currency movement analysis, potential asset alignment and implementation phases. The Board will assess this work before further capital is committed to the plan.

Key Priorities of the Board-Approved Plan

• Convert contracted towers into recurring revenue: Focus on site construction, acceptance, network uptime, revenue activation and cash collection, with deployment capital allocated to commercially and financially viable site groups.
• Scale toward 2,000 cumulative towers by the end of 2028: Pursue a measurable deployment objective designed to increase recurring revenue, spread fixed operating costs across a larger network and strengthen the platform for reinvestment, subject to available financing and execution milestones.
• Build NuEnergy around existing network demand: Develop solar generation, battery storage and energy-management solutions in phases, initially serving NuRAN's network portfolio, while assessing project financing and potential third-party customers.
• Validate NuRAN EDGE before committing significant expansion capital: Pursue customer-supported pilots and partnerships in edge computing and local AI processing; expand only where demand, security, technical performance and unit economics are demonstrated.
• Maintain a disciplined approach to equity financing: Evaluate available shelf capacity and any future at-the-market ("ATM") offering in light of market conditions, share liquidity, pricing, potential dilution and expected returns. Neither shelf capacity nor a potential ATM constitutes committed funding.
• Conclude proposed US$12 million debt financing: Continue due diligence and documentation under the previously announced mandate letter for a proposed senior debt facility. Funding is not committed and remains subject to definitive agreements, approvals and closing conditions.
• Match financing to site-level returns: Explore development finance institution ("DFI"), lender and shareholder-supported funding structures, aligning commitments with deployment readiness, equity requirements and covenant capacity.
• Pursue selective partnerships and expansion: Consider regional hubs, strategic partnerships and acquisitions only where they improve execution or offer attractive risk-adjusted returns relative to organic deployment.

Turning Contracted Demand into a Scalable Infrastructure Business

NuRAN's immediate priority is execution: deploying contracted towers, bringing them into service and converting network usage into recurring revenue. As the installed base expands, management expects opportunities to improve operating leverage and capital efficiency. NuRAN Networks remains the core near-term business; NuEnergy and NuRAN EDGE offer potential additional revenue streams but will advance only after defined commercial and technical milestones are met.

The Company is also evaluating licensed Starlink low Earth orbit satellite backhaul through third-party service-provider arrangements. If successfully validated, this approach could improve connectivity at towers where terrestrial backhaul is unavailable or uneconomic, support higher-capacity 4G services and expand the potential applications of NuRAN's rural network. Together with NuEnergy's power infrastructure and NuRAN EDGE's proposed local-computing capabilities, these initiatives could increase the utility of each site and broaden NuRAN's long-term infrastructure offering. All remain subject to technical, commercial, regulatory and capital-allocation requirements.

"Our opportunity is to convert more than 5,000 contracted towers into a growing, revenue-producing digital infrastructure asset," said Francis Létourneau, President and Chief Executive Officer of NuRAN Wireless. "The Board has aligned our priorities around what investors can measure: towers deployed and accepted, network performance, revenue maximization per tower and prudent use of capital. Our objective of approximately 2,000 cumulative towers by the end of 2028 gives us a clear execution benchmark, while NuEnergy and NuRAN EDGE create potential upside that we will pursue only when the economics are supported. Financing and disciplined delivery will determine the pace of growth."

Upcoming Milestones and Investor Reporting

This release establishes the priorities against which NuRAN intends to report progress. Subject to applicable disclosure requirements and material developments, future updates are expected to cover:

1. progress under the proposed US$12 million senior debt facility mandate and other financing initiatives;
2. Beginning in 2027, quarterly site deployment, acceptance, uptime and operating performance;
3. NuEnergy structuring, project-finance readiness and initial commercial initiatives;
4. NuRAN EDGE customer discovery, partnerships and pilot milestones;
5. Capital-market readiness, including any decision to implement an ATM program;
6. Senior leadership and Africa-based execution capacity;
7. Strategic partnership, DFI engagement and selected M&A developments, where applicable; and
8. Growth in the contracted tower portfolio through an economically viable and operationally efficient regional hub strategy.

NuRAN intends to emphasize measurable execution indicators, including deployed and accepted towers, uptime, operating performance, financing progress and capital efficiency. The Company will continue to distinguish potential financing sources from binding commitments and will report on NuEnergy and NuRAN EDGE as their commercial validation advances.

About NuRAN Wireless

NuRAN Wireless Inc. (Nasdaq:NUR)(FSE:1RN) is a rural telecommunications infrastructure company connecting remote and underserved communities across Africa. Through its Network-as-a-Service model, NuRAN finances, builds, owns, operates and maintains 2G, 3G and 4G mobile network infrastructure for mobile network operators seeking to expand coverage outside urban markets.

NuRAN has more than 5,000 towers under contract, a portion of which have been built and are operating. Its platform combines telecommunications engineering, low-power wireless technology, renewable-energy-enabled infrastructure, site selection and field operations to address the economic and technical challenges of rural mobile coverage.

NuRAN is also building on this foundation through NuEnergy, its wholly owned subsidiary focused on owning and operating the Company's solar, storage and hybrid power systems across its African footprint.

Additional Information:

For further information about NuRAN Wireless: www.nuranwireless.com
Francis Létourneau, Director and CEO
Francis.letourneau@nuranwireless.com
Tel: (418) 264-1337

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws, including the securities laws of the Province of British Columbia, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact are forward-looking statements. Forward-looking statements are generally, but not always, identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "potential," "project," "seek," "should," "target," "will," "would" and similar expressions, or by statements that certain events, actions or results "may," "could," "should," "would" or "will" occur, be achieved or be realized. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those expressed or implied by such statements. Such statements include, without limitation, statements regarding the Company's business plan, expected site deployment, the objective of reaching approximately 2,000 cumulative towers by the end of 2028, anticipated financing initiatives, the proposed senior debt facility, a potential ATM program, NuEnergy, NuRAN EDGE, licensed LEO satellite backhaul through third-party service provider arrangements, migration to 4G and beyond, increased bandwidth demand and related digital services, DFI engagement, M&A opportunities, operating cash generation and potential shareholder value creation.

Forward-looking statements are based on management's current expectations, estimates, assumptions and projections and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially, including risks related to the Company's Nasdaq and other exchange listings and continued compliance with applicable listing standards; the Company's obligations as a reporting issuer under applicable Canadian securities laws, including the securities laws of the Province of British Columbia, and oversight by the British Columbia Securities Commission; dilution or other consequences of future financings; and the risks described under "Risk Factors" and elsewhere in the Company's most recent annual report on Form 40-F, subsequent reports furnished on Form 6-K and other filings with the U.S. Securities and Exchange Commission, and in the Company's filings on SEDAR+ at www.sedarplus.ca.

Financing discussions, mandate letters, expressions of interest, shelf capacity and prospective facilities do not constitute committed capital unless and until definitive agreements are executed and all applicable conditions are satisfied.

Readers are cautioned not to place undue reliance on forward-looking statements. There can be no assurance that the deployments, operating-site targets, revenue levels, contracted-site objectives, financing activities or additional revenue initiatives will occur or be realized as currently contemplated. The forward-looking statements in this news release speak only as of its date and are expressly qualified in their entirety by this cautionary note. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE: NuRAN Wireless Inc.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What tower deployment target has NuRAN Wireless set?

NuRAN targets approximately 2,000 cumulative towers by the end of 2028, subject to financing, execution and other conditions. Its portfolio includes more than 5,000 towers under contract; the target is not a statement that those contracted towers are already operating.

Is NuRAN Wireless's proposed US$12 million debt financing committed?

The proposed US$12 million senior debt facility is not committed. Due diligence and documentation continue under a previously announced mandate letter, and funding remains subject to definitive agreements, approvals and closing conditions.

What operating updates does NuRAN Wireless plan to provide beginning in 2027?

Beginning in 2027, NuRAN expects quarterly updates on site deployment, acceptance, uptime and operating performance. These updates are subject to applicable disclosure requirements and material developments.

What must NuRAN management deliver during the growth plan's validation period?

Management must deliver a complete plan to the Board during the 90-day validation period. It must include a detailed schedule, risk analysis, investment thesis, currency movement analysis, potential asset alignment and implementation phases.