Peraso (NasdaqCM:PRSO) Conference March 25, 2026 02:30 PM ET Company ParticipantsJim Sullivan - CFORon Glibbery - CEO and Co-FounderJim SullivanWe'll move right through to the first slide and get you going.Ron GlibberyOkay. There we go. Peraso is a fabless semiconductor company. I just read today that the top seven of the top 25 companies in the world are semiconductor companies, so we're in good company. Basically we focus on wireless technology, and our specific focus is on 60 gigahertz millimeter wave, w ...

Summary of SBA Communications FY Conference Call Company Overview - **Company**: SBA Communications (NasdaqGS:SBAC) - **Date of Conference**: March 10, 2026 Key Highlights Financial Performance and Growth - **2025 Performance**: SBA Communications reported a solid performance in 2025, with significant organic leasing activity both domestically and internationally [3][4] - **Master Lease Agreement**: A long-term master lease agreement was signed with Verizon, expected to drive meaningful contributions to organic growth over the next decade [3][8] - **Acquisition of Towers**: Over 7,000 towers were acquired from Millicom in Central America, enhancing market positioning [3][4] Customer Activity and Demand Environment - **Carrier Activity**: Different U.S. carriers are at various stages of their 5G build-outs, with T-Mobile being notably active due to regulatory obligations and fixed wireless access [5][6] - **Verizon's Network Expansion**: Anticipated significant activity from Verizon as they ramp up their network, particularly with mid-band C-band build-out and upcoming spectrum auctions [6][8] - **T-Mobile's Subscriber Growth**: Fixed wireless access is a major driver for T-Mobile and Verizon, with fixed wireless subscribers consuming 15-20 times more network resources than average mobile users [10][11] Churn and Market Dynamics - **Churn Factors**: Elevated churn has been observed due to consolidation, particularly from Sprint and DISH, with projected churn from Sprint at approximately $56 million for 2026 [12][13] - **DISH Operations**: DISH is shutting down operations and has not paid remaining rents, leading to accelerated churn [13][14] - **UScellular Impact**: UScellular's acquisition by T-Mobile is expected to contribute to future churn, but the impact will be spread over the next five years [14][15] Future Growth Outlook - **Organic Growth Projections**: Expected organic growth in the U.S. leasing market is projected at 4%-5% over the next decade, driven by fixed escalators and new leasing activity [24][25] - **International Market Performance**: Brazil is expected to perform well due to strong carrier relationships and upcoming spectrum auctions, despite past currency challenges [26][28] Strategic Acquisitions and Market Positioning - **Central America Acquisition**: The acquisition of Millicom's towers positions SBA as the largest tower operator in Central America, enhancing scale and relationships with leading carriers [31][32] - **Portfolio Review**: A review of international markets has led to exits in subscale markets, focusing on strengthening positions in more promising regions [35][36] Financial Strategy and Leverage - **Leverage Target Update**: The leverage target was updated from 7-7.5 to 6-7, reflecting a transition in the company's maturity and opening access to new financing markets [39][40] - **Shareholder Returns**: The company has been active in share buybacks, with $500 million repurchased last year, and plans to continue returning capital to shareholders [40][41] M&A Environment - **U.S. Market Dynamics**: The U.S. market has high demand for tower assets but limited supply, leading to high valuations that may not be favorable for acquisitions [42][43] - **International Opportunities**: There is a softening in values internationally, with many assets available for purchase, allowing for selective acquisitions [44][45] Future Technology and Spectrum - **6G and Spectrum Auctions**: The upcoming spectrum auctions are expected to drive future leasing activity, with a focus on higher frequency bands that require greater network densification [17][18][50][52] - **AI-Infused Applications**: The shift towards AI applications is anticipated to change traffic patterns on networks, necessitating equipment upgrades at tower sites [52][54] Conclusion - **Overall Outlook**: Despite current challenges with churn and financing headwinds, SBA Communications is positioned for future growth through strategic partnerships, acquisitions, and a focus on emerging technologies [47][49][58]

Financial Data and Key Metrics Changes - In Q4 2025, the FFO per share was $3.19, with a cash dividend of $1.11 per share, representing a 13% increase compared to Q4 2024 [5] - The company spent $213 million to repurchase 1.1 million shares at an average price of $191.07 during the quarter, totaling $500 million for the year to repurchase 2.5 million shares [6][7] - The company declared a cash dividend of $118.2 million or $1.11 per share for Q4 2025, with an increase to $1.25 per share for Q1 2026, marking a 13% increase over the previous year [9][10] Business Line Data and Key Metrics Changes - The service business revenue increased by 13% in Q4 2025 compared to Q4 2024, primarily due to construction-related projects focused on network expansion [5] - Domestic new leases and abandoned buildings added approximately $10 million in Q4 2025, while international segments added about $6 million [6] - The outlook for domestic new revenue growth in 2026 is expected to be similar to 2025, with a churn estimate of $55 million-$56 million related to Sprint [7][8] Market Data and Key Metrics Changes - In the U.S. market, mobile data consumption increased by 35% in 2024, with Americans consuming over 132 trillion MB of mobile data [11] - Brazil remains the second-largest market with over 12,000 sites, facing elevated churn due to industry consolidation but presenting opportunities for growth through network rationalization and increased tenancy [16][17] - The company expects international churn to trend down over the next couple of years, with a full-year contribution from the acquisition of sites from Millicom in Central America [8][18] Company Strategy and Development Direction - The company aims to maintain a high-quality end-user experience in a stabilized three-carrier market, requiring significant ongoing investment in network upgrades and densification [11][12] - The company is excited about future growth opportunities in 6G and anticipates a shift in network architecture, requiring more compute at tower sites [14][15] - The company plans to continue pursuing legal rights to recover revenues from EchoStar and expects to invest in additional assets or share buybacks during the year [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for Brazil, citing opportunities for additional colocations and network density improvements [17] - The company expects to see increased contributions from Verizon due to a recently signed Master Lease Agreement, despite Verizon's focus on controlling costs [31] - Management believes that 2026 may be the bottom for organic leasing, with expectations of a return to growth as consolidation churn diminishes [59] Other Important Information - The company has achieved investment-grade ratings from two major rating agencies and has operated comfortably between six and seven turns of leverage for the last three years [19] - The company is exploring opportunities in edge computing, leveraging its extensive asset portfolio to support AI-driven solutions [85] Q&A Session Summary Question: Expectations for domestic colocation revenue growth - Management expects $35 million of incremental revenue from new leases and amendments in the U.S., with steady activity levels anticipated throughout the year [23] Question: Growth drivers in Brazil - Most growth in Brazil is expected to come from organic lease-up, driven by new spectrum auctions and network expansion [24][25] Question: Visibility for the year ahead - Management has good visibility for the year, with a range provided due to potential variability in new business activity [30] Question: Update on DISH contract and lawsuit - The company filed a lawsuit against DISH for defaulting on payments and has terminated the contract [39] Question: Remaining consolidation churn - Management indicated that most significant consolidation churn has occurred, with minimal remaining impact expected [60][61] Question: Long-term growth expectations - Management believes the company can return to a growth rate of 4%-5% by 2027, with international markets expected to grow faster [68]

Core Insights - The U.S. carriers are transitioning from initial 5G coverage to capacity-oriented activities, with expectations for network densification to meet 5G demands and prepare for 6G [1] - The deployment of 800 megahertz of higher frequency spectrum for 6G is anticipated to drive significant tower activity [1] - The company expects durable, long-term, mid-single-digit organic growth in its U.S. portfolio, despite DISH's default on payment obligations [1][5] Industry Trends - The rapid growth in mobile data consumption, driven by AI applications, is expected to require greater bandwidth and lower latency, further increasing demand for network capacity [2][3] - A doubling of wireless network capacity is anticipated between now and 2030 due to secular demand growth [3] Financial Performance - The company reported an 8% growth in attributable AFFO per share for the full year, with over 13% growth in the fourth quarter, supported by strong leasing demand [4] - Consolidated property revenue grew approximately 4% year over year, with adjusted EBITDA growing approximately 5% [15] International Market Insights - In Europe, 5G progress is slightly behind the U.S., but strong demand for new sites is leading to increased build activity [6] - Emerging markets are still dominated by 4G activity, but there is a notable increase in 5G rollouts in key metropolitan areas [6] Operational Efficiency - The company has focused on improving its cost structure, achieving over 300 basis points of cash EBITDA margin expansion since 2022 [8][11] - Initiatives include managing land expenses, implementing unified sourcing, and accelerating technology adoption to optimize customer service [9][10] Capital Allocation Strategy - The company plans to grow its dividend by approximately 5% and deploy $1.9 billion in capital, primarily in developed markets [30][31] - Share repurchases are also a key focus, with approximately $365 million repurchased in 2025 and an additional $53 million in 2026 [17][32] 2026 Outlook - For 2026, the company expects consolidated organic tenant billings growth of approximately 1%, with a healthier customer base supporting growth in the U.S. [19] - Internationally, organic tenant billings growth is projected at approximately 8.5% in Africa and APAC, while Europe is expected to see around 4% growth [20][21] Challenges and Risks - The default by DISH is expected to negatively impact the 2026 outlook, but the company anticipates long-term benefits from a healthier customer base [5][18] - The company is also facing challenges in Latin America, with expected declines in organic tenant billings due to elevated churn [21]

Financial Data and Key Metrics Changes - For the full year 2025, attributable AFFO per share as adjusted grew by 8%, with over 13% growth in the fourth quarter [4] - Consolidated property revenue increased approximately 4% year-over-year, and approximately 5% when excluding non-cash straight line and FX impacts [15] - Adjusted EBITDA grew approximately 5% year-over-year, with a 20 basis points margin expansion [15][16] Business Line Data and Key Metrics Changes - Data center revenue grew approximately 14%, contributing to overall revenue growth [15] - Organic Tenant Billings Growth for 2026 is expected to be approximately 1%, with a 4% growth excluding DISH churn [17] - In the U.S. and Canada, Organic Tenant Billings Growth is expected to be approximately 0.5%, or approximately 4.5% when excluding DISH churn [17] Market Data and Key Metrics Changes - In Europe, organic tenant billings growth is expected to be approximately 4%, driven by colocation and amendment growth [19] - In LATAM, Organic Tenant Billings is expected to decline by approximately 3% due to elevated consolidation-related churn in Brazil [19] - In Africa and APAC, organic tenant billings growth is expected to be approximately 8.5% [18] Company Strategy and Development Direction - The company aims to drive durable revenue growth through mobile data consumption, which is expected to double by 2030 [5] - Focus on operational efficiency with initiatives to reduce costs and improve margins, targeting 200-300 basis points of tower cash EBITDA margin expansion over the next five years [10][11] - Capital allocation strategy emphasizes disciplined stewardship, with significant investments directed towards developed markets and CoreSite [12][27] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the long-term growth potential driven by mobile data consumption and AI applications [4][5] - The company is confident in its ability to recover value from DISH's remaining lease obligations despite the short-term negative impact on the 2026 outlook [8] - Management expects a healthier, well-capitalized customer base to drive future growth [8] Other Important Information - The company repurchased approximately $365 million of common stock in 2025, the largest buyback since 2017, and continued repurchases in 2026 [16][27] - The company has a strong balance sheet, with leverage back down to the target range of 3-5x [16][27] Q&A Session Summary Question: Can you provide more color on the pacing of activity from carriers as we enter a lower contracted revenue cycle? - Management noted steady activity levels with a higher incidence of new colocations and a healthy amendment pipeline, expecting the majority of new leasing to come from amendments [32][34] Question: Can you provide the amount owed by DISH? - Management indicated that DISH represents about 4% of U.S. revenue, approximately $200 million a year, and they plan to pursue litigation to recover the amount owed [44][45] Question: How should we think about M&A in the current landscape? - Management is evaluating opportunities but noted a disconnect between private and public multiples, which has kept them on the sidelines for M&A in recent years [47][48] Question: Can you elaborate on the cost reduction program? - Management highlighted ongoing cost management efforts and the addition of a COO to drive efficiency, expecting to achieve margin expansion through these initiatives [77][78] Question: What are the expectations for property growth in Europe? - Management expects a record number of new builds in Europe, particularly in Germany and Spain, driven by strong customer demand [80][81]

Financial Data and Key Metrics Changes - For the full year, attributable AFFO per share as adjusted grew by 8%, with over 13% growth in the fourth quarter [4] - Consolidated property revenue increased approximately 4% year-over-year, and approximately 5% when excluding non-cash straight line and FX impacts [15] - Adjusted EBITDA grew approximately 5% year-over-year, with a 20 basis points margin expansion [15][23] Business Line Data and Key Metrics Changes - Data center revenue grew approximately 14%, contributing to overall revenue growth [15] - Organic Tenant Billings Growth is expected to be approximately 1% for 2026, with a breakdown of colocation and amendment growth at approximately 2.5% [17] - In the data center business, strong demand for hybrid and multi-cloud deployments continues to yield impressive double-digit growth [9] Market Data and Key Metrics Changes - In the U.S., Organic Tenant Billings Growth is expected to be approximately 0.5%, with a healthier customer base anticipated to support future growth [17] - In Africa and APAC, organic tenant billings growth is expected to be approximately 8.5% [19] - In Europe, organic tenant billings growth is expected to be approximately 4%, driven by new site builds and strong demand [19][81] Company Strategy and Development Direction - The company aims to drive durable revenue growth, focusing on mobile data consumption and the anticipated doubling of wireless network capacity by 2030 [5] - Capital allocation will prioritize developed markets, with significant investments in tower markets and data centers [12][27] - The company is investing in AI to enhance operational efficiency and drive future growth [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential driven by mobile data consumption and AI applications [4][5] - The company is optimistic about the U.S. portfolio delivering mid-single-digit organic growth despite challenges from DISH's default [8] - Management highlighted the importance of maintaining a disciplined approach to capital allocation while focusing on shareholder returns [12][51] Other Important Information - The company repurchased approximately $365 million of common stock in 2025, the largest buyback since 2017 [16] - The company expects to grow its dividend by approximately 5%, resulting in approximately $3.3 billion in distributions to shareholders [26] Q&A Session Summary Question: Can you provide more color on the pacing of activity from carriers? - Management noted steady activity levels with a higher incidence of new colocations and a healthy amendment pipeline, expecting the majority of new leasing to come from amendments [32][34] Question: Can you provide the amount owed by DISH? - Management indicated that DISH represented about 4% of U.S. revenue, approximately $200 million a year, and emphasized the importance of de-risking the business by removing DISH from the numbers [45][46] Question: How should we think about M&A opportunities? - Management stated that they continue to evaluate M&A opportunities but noted a disconnect between private and public multiples, which has kept them on the sidelines [48][49] Question: Can you elaborate on the cost reduction program? - Management highlighted ongoing cost management efforts and the addition of a COO to enhance global operations and drive efficiency [77][78] Question: What are the expectations for property growth in Europe? - Management expressed confidence in the European market, expecting a record number of new builds and mid-single digit organic growth, particularly in Germany and Spain [80][81]

Financial Data and Key Metrics Changes - For the full year 2025, attributable AFFO per share as adjusted grew by 8%, with over 13% growth in Q4 [3] - Consolidated property revenue increased approximately 4% year-over-year, with about 5% growth when excluding non-cash straight line and FX impacts [13] - Adjusted EBITDA grew approximately 5% year-over-year, with a 7% increase when excluding non-cash net straight line and FX impacts [13][20] - The company ended 2025 with a leverage ratio of 4.9x, back within the target range of 3-5x [14] Business Line Data and Key Metrics Changes - The data center business experienced approximately 14% revenue growth, driven by strong demand for hybrid and multi-cloud deployments [13][19] - Organic Tenant Billings Growth for 2026 is expected to be approximately 1%, with a 4% growth excluding DISH churn [15] - In the U.S. and Canada, Organic Tenant Billings Growth is anticipated to be approximately 0.5%, or 4.5% when excluding DISH churn [16] Market Data and Key Metrics Changes - In the U.S., carriers are transitioning from initial 5G coverage to capacity-oriented activities, with expectations of mid-single-digit organic growth in the U.S. portfolio [5] - Internationally, organic tenant billings growth is expected to be approximately 8.5% in Africa and APAC, with colocation and amendment growth of about 7% [16] - In Europe, organic tenant billings growth is projected at approximately 4%, with significant new build activity anticipated [16][81] Company Strategy and Development Direction - The company aims to drive durable revenue growth, focusing on mobile data consumption, 5G adoption, and AI applications [4] - Capital allocation will prioritize developed markets, with significant investments in tower markets and CoreSite [11][25] - The company is pursuing operational efficiency through cost management initiatives, targeting 200-300 basis points of cash EBITDA margin expansion by 2030 [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential driven by mobile data consumption and interconnection-rich data centers [26] - The company is optimistic about the prospects of a healthier customer base following DISH's default, which is expected to enhance future growth [6] - Management noted that while 2026 may see higher churn, they anticipate an acceleration in organic growth starting in 2027 [18] Other Important Information - The company repurchased approximately $365 million of common stock in 2025, the largest buyback since 2017, and continued repurchases in 2026 [14][25] - The company is involved in ongoing litigation with DISH to recover lease obligations, which could provide upside to future financials [44] Q&A Session Summary Question: Can you provide more color on the pacing of activity from carriers? - Management noted steady activity levels with a higher incidence of new colocations and a healthy amendment pipeline, expecting the majority of new leasing to come from amendments [29][33] Question: What is the amount owed by DISH? - Management indicated that DISH represents about 4% of U.S. revenue, approximately $200 million annually, and they plan to pursue litigation to recover this amount [44] Question: How should we think about M&A opportunities? - Management stated they are evaluating M&A opportunities but noted a disconnect between private and public multiples, which has kept them on the sidelines [47][48] Question: Can you elaborate on the cost reduction program? - Management highlighted ongoing cost management efforts and the addition of a COO to enhance efficiency, aiming for continued margin expansion [78] Question: What are the expectations for property growth in Europe? - Management expressed confidence in strong opportunities in Europe, particularly in Germany and Spain, with a record number of new builds expected [81]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated revenue of $48.4 million and Adjusted EBITDA of $6 million, both exceeding guidance and marking the third consecutive quarter of sequential growth in each metric [3][24] - For the full year 2025, total revenue was $166.2 million, reflecting sequential quarterly momentum throughout the year [24][25] - Non-GAAP gross margin in Q4 2025 was 43%, up 75 basis points sequentially, and for the full year, it was also 43%, the highest level in over a decade [25][26] - Adjusted EBITDA for the full year 2025 was $20.1 million, representing a 12.1% margin [26] Business Line Data and Key Metrics Changes - Mobile revenue in Q4 2025 increased 27% sequentially to $20.4 million, representing approximately 40% of total company revenue [8][24] - Fixed Wireless Access (FWA) revenue was up 50% year-over-year in Q4, driven by a diversified carrier customer base and solid channel activity [24] - Software services revenue was $12 million in Q4, providing a stable, high-margin contribution [24] Market Data and Key Metrics Changes - The company expanded its Tier 1 carrier footprint for FWA, securing awards with AT&T and Verizon, marking a significant inflection point for the business [7][8] - Industry forecasts project North America Enterprise FWA service revenue to grow at a 37% compound annual rate through 2030, expanding from roughly $2 billion to more than $11 billion [15][16] Company Strategy and Development Direction - The company is focused on building an enterprise wireless broadband platform that combines cellular-first connectivity with intelligence, manageability, and scalability [4] - Five strategic priorities include scaling carrier revenue, evolving into a solutions company, expanding customer base, maintaining financial discipline, and building a world-class management team [5][19] - The company plans to introduce four new products in the first half of 2026, including new MiFi products and an entry-tier enterprise FWA offering [17][18] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism for 2026, highlighting a strong market backdrop with increasing enterprise demand for resilience and always-on connectivity [15][16] - The company anticipates a front-loaded year in 2026 with multiple carrier launches and product introductions in Q1 [19][22] - Management acknowledged challenges in Q1 due to engineering delays and inventory adjustments but remains confident in the overall growth trajectory [21][30] Other Important Information - The company retired all preferred stock at a significant discount, enhancing long-term flexibility and stockholder value [3][28][29] - The management team has been strengthened, adding depth across various operational areas to support future growth [14] Q&A Session Summary Question: Can you elaborate on the memory market dynamics and its impact? - Management indicated they have secured supply and do not foresee significant impacts on deployments, having locked in modest price increases for products [20][38] Question: What is the visibility on the 2026 guidance and expected EBITDA margins? - Management expects Q2 to ramp significantly, with EBITDA margins improving in the second half of the year [39][40] Question: How does the competitive landscape look for mobile hotspots in 2026? - Management is optimistic about consolidating market share with all three major carriers launching new mobile products [41][43] Question: Will the FWA side of the business contribute more to growth in 2026? - Both mobile and FWA are expected to grow, with FWA likely having a larger contribution due to portfolio expansion [49][51] Question: What are the expectations for MSO and distribution channel contributions? - Management anticipates meaningful contributions from MSOs and VARs as discussions progress throughout the year [53][54] Question: Is there potential for software revenue growth with new customers? - Management sees opportunities for expanding software services, particularly in government sectors [61][62] Question: How will having Verizon back in the fold affect visibility? - Management believes having all three carriers will provide reasonable expectations for growth, though initial growth rates may vary [70][72] Question: Can the company sustain double-digit revenue growth in the coming years? - Management is confident in sustaining double-digit growth, especially as new products and carrier partnerships ramp up [76][79]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated revenue of $48.4 million and adjusted EBITDA of $6 million, both exceeding guidance and marking the third consecutive quarter of sequential growth in each metric [3][24] - For the full year 2025, total revenue was $166.2 million, reflecting sequential quarterly momentum throughout the year [24][25] - Non-GAAP gross margin in Q4 2025 was 43%, up 75 basis points sequentially, and for the full year 2025, it was also 43%, the highest level in over a decade [25][26] Business Line Data and Key Metrics Changes - Mobile revenue in Q4 2025 increased 27% sequentially to $20.4 million, representing approximately 40% of total company revenue [8][24] - Fixed Wireless Access (FWA) revenue in Q4 was up 50% year-over-year, driven by a diversified carrier customer base and solid channel activity, despite a sequential decline from Q3 2025 [24][25] - Software services revenue was $12 million in Q4, providing a stable, high-margin contribution [24] Market Data and Key Metrics Changes - The company expanded its tier one carrier footprint for FWA by securing awards with AT&T and Verizon, marking a significant milestone as all three U.S. tier one carriers now support Inseego's enterprise FWA offerings [6][7] - Industry forecasts project North America Enterprise FWA service revenue to grow at a 37% compound annual rate through 2030, expanding from roughly $2 billion to more than $11 billion [15] Company Strategy and Development Direction - The company is focused on building an enterprise wireless broadband platform that combines cellular-first connectivity with intelligence, manageability, and scalability [4] - Five strategic priorities include scaling carrier revenue, evolving into a solutions company, expanding customer base, maintaining financial discipline, and building a world-class management team [4][5] - The company plans to introduce four new products in the first half of 2026, including new MiFi products and an entry-tier enterprise FWA offering [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting a stronger market backdrop and increased enterprise prioritization of resilience and connectivity [15][16] - The company anticipates a front-loaded year with multiple carrier launches and product introductions in Q1 2026 [17] - Management noted that Q1 2026 is expected to be a transition quarter with lower sequential revenue due to engineering delays and inventory adjustments from a tier-one carrier [20][21] Other Important Information - The company retired all preferred stock at a 38% discount, enhancing long-term flexibility and stockholder value [27][28][29] - The balance sheet ended Q4 with $24.9 million in cash and a manageable debt balance of $41 million, approximately 2x LTM adjusted EBITDA [27] Q&A Session Summary Question: Memory market dynamics and impact on operations - Management indicated they are well-prepared for the memory market dynamics and have secured supply for the first half of the year [39][40] Question: 2026 guidance and revenue ramp - Management confirmed expectations for significant revenue growth in 2026, with Q2 expected to ramp up following a lighter Q1 [41][42] Question: Competitive landscape and product portfolio - Management highlighted the importance of having all three major carriers launching new mobile products and discussed the expansion of the product portfolio to include entry-level enterprise-grade routers [43][46] Question: Contributions from MSOs and distribution channels - Management expressed optimism about discussions with MSOs and the potential for significant contributions from VARs and MSPs in the long term [55][56] Question: Software business and customer expansion - Management noted the potential for expanding software services with new customers and highlighted the unique features of their subscriber lifecycle management platform [61][62] Question: Industry focus on enterprise FWA - Management discussed the favorable dynamics for enterprise FWA driven by higher ARPU and the shift in carrier focus towards enterprise solutions [64][66] Question: Variability of results with Verizon's involvement - Management stated that while visibility may vary, they have reasonable expectations for growth with Verizon back in the mix [71][73] Question: Long-term revenue growth sustainability - Management affirmed confidence in sustaining double-digit revenue growth over the next several years, driven by new product introductions and a diversified customer base [79][80]

Q4 2025 EARNINGS RESULTS Feb 19, 2026 Financial Profile | Strengthened Foundation & Improving Trajectory Overhauled Capital Structure Scalable Operating Model Strong Gross Margin Profile Consistent Adj. EBITDA Profitability Diversified Hardware & SaaS Revenue Mix Driving Sustainable Revenue Growth 2 Q4 2025 Financial Results | Beat Guidance In the Nov 6, 2025 Q3 2025 Earnings call, the Company issued guidance for Q4 2025. On Feb 19, 2026, financial results for Q4 2025 were reported and represent a 'beat' on ...