US-based fixed wireless access (FWA) service provider Starry Internet posted Q2 revenue of $7.8 million, a 52 per cent increase year-on-year, and added a record 9,703 subscribers, but funding remains a concern.
Starry Internet CEO Chet Kanojia cited positive progress on raising capital and noted it remained a top priority for the company.
MoffettNathanson analyst Craig Moffett stated in a research note Starry Internet’s financing issues “have stolen the show” despite its success in offering its FWA service to the multiple-dwelling unit (MDU) market.
Starry Internet struck a deal with Cantor Fitzgerald enabling it to raise up to $100 million in capital, or up to 19.9 per cent of shares outstanding, at its discretion which Moffett stated would buy the operator another six months of burn if it was fully executed.
The company reported a net loss of $36.3 million, down slightly from $38.6 million. Capex stood at $20.8 million compared with $20 million.
Starry Internet ended the quarter with close to $100 million in cash and outstanding term debt of $224.5 million, along with 80,950 customer relationships, a 69.4 per cent increase.Subscribe to our daily newsletter Back