TRAVERSE CITY, Mich., Nov. 20, 2025 (GLOBE NEWSWIRE) -- MachTen, Inc. (OTC: MACT) today announced financial results for the third quarter ended September 30, 2025. “Michigan Broadband delivered another quarter of disciplined execution, expanding our fiber footprint while continuing to invest in our teams, systems and capabilities that support scalable growth,” said Dan Miller, Chief Executive Officer. “We remain committed to building the most reliable network in every community we serve, driving long-term v ...

Core Viewpoint - MachTen, Inc. continues to execute its fiber-based investment plan while enhancing operational foundations for sustained growth, aiming to establish a reliable broadband network and drive long-term value for customers and shareholders [1]. Financial Highlights - **Second Quarter 2025 Revenue**: $4.22 million, slightly down from $4.25 million in 2Q24, with subscriber gains in fiber-optic services offset by declines in legacy voice services [5]. - **Operating Profit**: $1.3 million compared to $1.7 million in 2Q24, impacted by increased depreciation and operating expenses [5]. - **Net Income**: $640,000, down from $1.1 million in the prior year period [5]. - **EBITDA (Non-GAAP)**: $2.1 million, down from $2.4 million in 2Q24 [5]. - **Year-to-Date Revenue**: $8.35 million, compared to $8.42 million in 2024 [5]. - **Year-to-Date Operating Profit**: $2.42 million, down from $2.85 million [5]. - **Year-to-Date Net Income**: $1.23 million, down from $1.65 million [5]. - **Year-to-Date EBITDA (Non-GAAP)**: $4.2 million, down from $4.3 million [5]. Strategic & Operational Highlights - **Capital Investments**: Approximately $3.7 million invested year-to-date, adding over 50 fiber route-miles and 1,000 passings in the first half of 2025 [4]. - **Customer Base**: As of June 30, 2025, Michigan Broadband serves approximately 1,800 fiber broadband customers across 9,500 passings, with expected improvements in take-rates as build areas mature [4]. - **E-ACAM Program**: Expected to reach approximately 3,500 new fiber passings in 2025, totaling around 4,500 by year-end 2025, which is about 50% of the target for the end of 2028 [6]. - **ReConnect Projects**: Ongoing construction on RC3 grant projects to improve connectivity to over 2,500 locations across approximately 500 miles, with an estimated total cost of around $85 million [6]. - **Network Modernization**: Core switching and routing upgrades initiated in early 2025 to enhance reliability and throughput as fiber replaces legacy copper-based DSL [6]. - **Operating Services Agreement**: Finalizing an agreement with UP Fiber for customer service and administrative support, which will increase network capacity [6]. Balance Sheet & Liquidity - **Cash and Cash Equivalents**: $1.73 million as of June 30, 2025 [13]. - **Debt**: $20 million term loan with $17 million outstanding at a weighted average interest rate of approximately 5.5% as of June 30, 2025 [13]. - **Total Assets**: $41.91 million as of June 30, 2025, compared to $39.69 million in December 2024 [12][14].