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Boingo Wireless (NASDAQ:WIFI) reported its 2020 financial results, revealing a 10% decline in revenue to $237.4 million and a net loss of $17.1 million. Despite these challenges, adjusted EBITDA rose by 1% to $83.5 million. The company restructured into five segments to align with growth drivers, with Military revenue increasing by 2.5%. Boingo also announced its acquisition by Digital Colony for $854 million, a 23% premium over its recent share price, ensuring access to greater capital for future expansion.
Boingo Wireless (NASDAQ: WIFI) has agreed to be acquired by Digital Colony Management for $14.00 per share, valuing the merger at approximately $854 million, including $199 million in debt. This deal, approved by Boingo's Board, represents a 23% premium over its recent closing price. The acquisition aims to provide Boingo with enhanced flexibility to grow its digital infrastructure business. The transaction is subject to shareholder and regulatory approvals, with a projected close in Q2 2021.
Boingo Wireless (NASDAQ: WIFI) will report its fourth quarter and full year financial results for 2020 on March 1, 2021, at 4:05 p.m. Eastern Time. CEO Mike Finley and CFO Peter Hovenier will host a conference call at 4:30 p.m. to discuss these results. Investors can join the call by dialing the designated numbers or through a live broadcast on the company's website. A replay will be available shortly after the call. Boingo is a leading provider of DAS, Wi-Fi, and small cell networks, serving over a billion people annually across various locations.
Boingo Wireless (NASDAQ: WIFI) has been honored with the 2020 Global Traveler GT Tested Award for 'Best WiFi Service,' marking the 11th time it has received this accolade. The company connects travelers at over one million hotspots globally and is enhancing airport experiences with touchless technology amid COVID-19. Notable advancements include the deployment of the first known airport-wide Wi-Fi 6 network at São Paulo/Guarulhos International Airport (GRU), aimed at improving online activities and supporting health protocols.
Boingo Wireless (NASDAQ: WIFI) has launched managed Wi-Fi and IoT services at Kanso Twinbrook, a new multifamily community in Rockville, Md., owned by AvalonBay Communities. This community, designed for digital living, offers high-speed internet access up to 1 Gbps, streaming services, and smart home amenities. Residents can manage devices via smartphones. The property also integrates with Boingo’s Multifamily Open API, allowing AvalonBay to streamline resident experience management. With over 300,000 residents served across more than 2,200 communities, Boingo continues to lead in connectivity solutions.
Boingo Wireless (NASDAQ: WIFI) reported third-quarter 2020 revenue of $58.8 million, a slight increase from $58.7 million in Q2 but a 9.2% decline from $64.7 million in Q3 2019. The net loss attributable to common stockholders was $(2.9) million, an improvement over the previous quarter's $(5.8) million loss. Adjusted EBITDA rose 5.7% to $22.5 million. Although cash and equivalents decreased to $54.6 million from $172.0 million, management remains optimistic about growth opportunities, including contracts with San Diego State University and Wi-Fi 6 deployment at São Paulo Airport.
Boingo Wireless (NASDAQ: WIFI) has been selected by San Diego State University (SDSU) to create a 5G-ready cellular distributed antenna system (DAS) for the new Aztec Stadium, scheduled for completion in time for the 2022 NCAA football season. This initiative is part of SDSU's $3.5 billion campus expansion project. Boingo's neutral host approach allows multiple carriers to access the network, enhancing connectivity across the stadium's 35,000 capacity. This partnership expands Boingo's DAS portfolio, which includes various U.S. sports venues.
Boingo Wireless (NASDAQ: WIFI) will announce its third quarter financial results for 2020 on November 9 at 4:05 p.m. Eastern Time. CEO Mike Finley and CFO Peter Hovenier will discuss these results during a conference call at 4:30 p.m. Eastern Time on the same day. Investors can participate by dialing in or listening online. A replay will be available until November 23, 2020. Boingo Wireless provides extensive DAS and Wi-Fi services to a diverse customer base, connecting over a billion people annually across various venues.