NuRAN Wireless plans 4G for most Cameroon towers
Sentiment and the balance of points
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Rhea-AI Filing Summary
NuRAN Wireless (NUR) outlined growth plans for its Network-as-a-Service business, which has agreements with mobile network operators including Orange and MTN covering 5,092 contracted towers across eight African countries. Approximately 300 towers are operational. Previously reported network-generated revenue rose 126.44% over the preceding 12 months, averaging US$1,356 per operational tower each month; tower-level gross margins exceeded 75% after satellite bandwidth, site lease, insurance and maintenance costs.
Terrestrial-transmission 4G pilots showed incremental revenue growth of up to 40% on selected towers. NuRAN plans 4G for the vast majority of its Cameroon towers and says new towers in Ivory Coast and upcoming Benin deployments will use both 2G and 4G. These historical results are not guaranteed for future deployments; the company describes its revenue measure as unaudited and non-IFRS, and says future rollout depends on financing, site economics, execution, and regulatory and contractual requirements.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNetwork-generated revenue increased 126.44% over the preceding 12 months.
Negative
- None.
Filing Explained
The 57 reported upgrades add capacity to NuRAN’s network; its model places infrastructure financing and ownership with the company.
The November 12 Form 6-K furnishes a company release reporting that NuRAN upgraded 57 towers in Cameroon with Orange to add 2G capacity.
In the model it describes, NuRAN finances, deploys, owns, operates and maintains the network infrastructure under long-term commercial agreements designed to generate recurring revenue.
Key Figures
Key Terms
Network-as-a-Service (NaaS) technical
tower-level gross margins financial
terrestrial transmission technical
non-IFRS financial measure financial
FAQ
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What did NUR's 4G pilots show?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2026
Commission File Number: 001-43351
NURAN WIRELESS INC.
(Registrant)
2150 Cyrille-Duquet Street, Suite 100
Quebec, Quebec, G1N 2G3 Canada
(Address of Principal Executive Offices)
Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F ☐ | Form 40-F ☒ |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NURAN WIRELESS INC. | ||
| (Registrant) | ||
| Date: November 12, 2026 | By | /s/ Francis Letourneau |
| Francis Letourneau | ||
| Chief Executive Officer | ||
EXHIBIT INDEX
Exhibit |
Description of Exhibit | |
| 99.1 | News Release dated November 12, 2026 – NuRAN Wireless Highlights Recurring Revenue Economics and Growth Potential of Its 5,092-Tower Contracted NaaS Portfolio | |
Exhibit 99.1
 |
PRESS RELEASE |
For immediate release
NuRAN Wireless Highlights Recurring Revenue Economics and Growth Potential of Its 5,092-Tower Contracted NaaS Portfolio
Approximately 300 operational towers provide a foundation for scaling contracted rural connectivity infrastructure across eight African countries while creating long-term recurring revenue opportunities.
Quebec, QC, Canada – November 12, 2026 – NuRAN Wireless Inc. (Nasdaq: NUR; FSE: 1RN) (“NuRAN” or the “Company”), a leading provider of rural connectivity infrastructure in Africa, today outlined the economics and growth potential of its Network-as-a-Service (“NaaS”) business model, following the Company’s recently announced Board-approved strategic growth plan.
NuRAN has agreements with major mobile network operators (“MNOs”), including Orange and MTN, covering 5,092 contracted towers across eight African countries, with approximately 300 towers currently operational. The Company’s strategy is focused on expanding its revenue-generating infrastructure while improving the performance of its existing network.
KEY HIGHLIGHTS
| ● | US$1,356 in previously reported average monthly revenue per operational tower, with network-generated revenue increasing 126.44% over the preceding 12 months. | |
| ● | Tower-level gross margins exceeding 75%, after deducting satellite bandwidth, site lease, insurance and maintenance costs. | |
| ● | Two potential growth drivers: activating additional contracted towers and increasing usage at existing operational towers. | |
| ● | Significant deployment pipeline: approximately 6% of the Company’s 5,092 contracted towers are currently operational, providing substantial room for future expansion, subject to financing and execution requirements. | |
| ● | Capital discipline remains central: deployment pace and financial returns depend on funding, site economics, operating execution and regulatory and contractual requirements. |
Making Rural Connectivity Economically Viable
Expanding telecommunications networks into rural Africa presents significant economic challenges. Lower population density, limited access to electricity and ongoing maintenance requirements can make traditional network deployments financially difficult for mobile operators.
Under its build-own-operate NaaS model, NuRAN finances, deploys, owns, operates and maintains mobile network infrastructure, allowing MNO partners to expand rural coverage without directly financing the full upfront infrastructure investment.
Unlike traditional equipment sales, which generate primarily one-time revenue, the NaaS model is designed to generate recurring revenue through long-term commercial agreements. By combining low-power telecommunications technology, renewable-energy-enabled infrastructure and local operational capabilities, NuRAN aims to make rural network expansion more economically sustainable.
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PRESS RELEASE |
The Economics of Recurring Revenue
As previously reported, NuRAN’s network-generated revenue increased 126.44% over the preceding 12-month period, with average monthly revenue of US$1,356 per operational tower. Several towers generate over US$2,500 in monthly revenue with more than 2,000 active users, illustrating the potential of the business model. Over the past 18 months, NuRAN has invested in additional 2G capacity to meet growing demand, upgrading 57 towers in Cameroon with Orange.
The Company has also reported tower-level gross margins exceeding 75%, after deducting satellite bandwidth, site lease, insurance and maintenance costs, demonstrating the potential operating economics of its existing infrastructure.
These historical metrics reflect the performance of the existing network and should not be interpreted as guaranteed results for future deployments.
To further enhance returns on its installed base, the Company is conducting 4G pilots using terrestrial transmission, which have shown incremental revenue growth of up to 40% on the selected towers. NuRAN plans to add 4G to the vast majority of its towers in Cameroon, and all new towers in Ivory Coast and, upcoming, Benin will be deployed with both 2G and 4G, a strategy intended to increase revenue per tower and support long-term shareholder value creation.
The first growth driver is deploying and activating additional towers from the contracted portfolio. The second is increasing network usage at operating towers, where contractual terms permit additional revenue as subscriber activity grows.
Scaling Through Contracted Deployments and Network Utilization
NuRAN’s growth strategy is built around two complementary opportunities: expanding its operational network and increasing revenue from existing infrastructure.
With approximately 300 of its 5,092 contracted towers currently operational, the Company has a significant remaining deployment pipeline. Each additional activated tower has the potential to contribute to recurring revenue, while increased subscriber activity at existing towers may generate additional revenue where supported by commercial agreements.
The Company’s priority is to progressively convert its contracted portfolio into operational infrastructure while maintaining disciplined capital allocation and improving network utilization.
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PRESS RELEASE |
Future deployments remain subject to available financing, site economics, regulatory and contractual requirements, local execution capacity and other operating conditions.
“Our NaaS model is designed to make rural connectivity economically sustainable while building a scalable infrastructure business. Our focus is on disciplined execution, expanding our operational network and maximizing the performance of our existing towers to support long-term growth,” said Francis Létourneau, CEO of NuRAN Wireless.
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 5,092 contracted towers, of which approximately 300 towers are operational. The Company 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 press 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.
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PRESS RELEASE |
Forward-looking statements in this news release include, without limitation, statements regarding the Company’s anticipated network expansion, future tower deployments, estimated revenues associated with its contractual portfolio, expected growth in recurring revenues, future technology upgrades, and the continued development of its Network-as-a-Service business model; and the Company’s business plans, strategies, objectives, financing requirements, growth prospects and creation of long-term shareholder value.
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 could cause actual results to differ materially from those expressed or implied. These risks include, among others, financing availability, deployment timelines, operational challenges, regulatory requirements, market conditions, and the performance of the Company’s commercial partners 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.
Estimated contract revenues are based on assumptions regarding tower deployment, network operations, contract performance, and other factors, and should not be interpreted as guaranteed future revenues.
Readers are cautioned not to place undue reliance on these forward-looking statements. There can be no assurance that the deployments, operating-site targets, revenue or estimated revenue, contracted-site objectives will occur or be realized as currently contemplated. The forward-looking statements in this press 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, NuRAN undertakes no obligation to update or revise any forward-looking statements as a result of new information, future events, or otherwise.
Non-IFRS Financial Measures
This press release includes references to “ revenue”, which is not defined under International Financial Reporting Standards (IFRS). The intent of this unaudited and non-IFRS measure is to provide additional useful information to investors and analysts. This non-IFRS measure does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other entities. As such, this non-IFRS measure should not be considered in isolation or used as a substitute for measures of performance prepared in accordance with IFRS.
This non-IFRS financial measure reflects an additional way of viewing aspects of the Company’s operations. Because non-IFRS financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety under the Company’s profile on EDGAR and SEDAR+.
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