v3.26.1
Revenue
 12 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue 
The following table provides information regarding the Company’s revenue for each of the services it provides pursuant to its spectrum revenue agreements for the years ended March 31, 2026 and 2025 (in thousands):
20262025
Spectrum revenue
900 MHz Broadband Spectrum Revenue
Ameren Corporation
$824 $737 
Evergy1,541 1,542 
Xcel Energy
3,524 3,205 
TECO (1)
612 — 
Narrowband Spectrum Revenue
Motorola (2)
— 547 
Total spectrum revenue
$6,501 $6,031 
1.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to TECO in June 2025.
2.As of December 31, 2024, the Company recognized all the revenue associated with the 2014 Motorola spectrum agreement.
900 MHz Broadband Spectrum Lease Agreements
The following table provides information regarding the Company’s spectrum lease agreements (as defined in the table below and collectively referred to as the “Spectrum Lease Agreements”) as of March 31, 2026:
Spectrum Lease Agreements (1)
Agreement DateInitial TermRenewal Options
Total Consideration (2)
Payments ReceivedPayments Remaining
Ameren Corporation (“Ameren”) December 2020
30 - years
10 - years
$47.7 million
$31.4 million
$16.3 million (3)
Evergy Services, Inc. (“Evergy”) September 2021
20 - years
2 x 10 - years
$30.2 million
$30.2 million
$—
Xcel Energy Services Inc. (“Xcel Energy”) October 2022
20 - years
2 x 10 - years
$80.0 million
$76.0 million
$4.0 million (4)
Tampa Electric Company (“TECO”) November 2023
20 - years
2 x 10 - years
$34.5 million
$34.5 million
$—

1.The Spectrum Lease Agreements are subject to customary provisions regarding remedies for non-delivery, including termination rights and refund of amounts paid, if the Company fails to perform its other contractual obligations, including failure to deliver the relevant cleared 900 MHz Broadband Spectrum in accordance with the terms of the Agreements.
2.In accordance with ASC 606, the payments of prepaid fees under the spectrum lease agreements will be accounted for as deferred revenue on the Company’s Consolidated Balance Sheets. Revenue is recognized over time as the performance obligations of clearing the 900 MHz Broadband Spectrum and the associated broadband leases are delivered by the respective county, over the contractual term.
3.The remaining payments of $16.3 million, excluding potential penalties, for the 30-year initial term are due by mid-2026, per the terms of the Ameren Agreements and as the Company delivers the relevant cleared 900 MHz Broadband Spectrum and the associated broadband leases.
4.The remaining payments of $4.0 million, excluding potential penalties, for the 20-year initial term are due by mid-2028, per the terms of the Xcel Energy Agreement and as the Company delivers the relevant cleared 900 MHz Broadband Spectrum and the associated broadband leases.
900 MHz Broadband Spectrum Sale Agreements
As a result of the Company’s business strategy evolution and the introduction of the Company’s new brand and visual identity in the fourth quarter of fiscal 2026, as described in the Note 2 Summary of Significant Accounting Policies, sale agreements entered into in subsequent to this shift are considered completed in the ordinary course of business and are included as revenue agreements.
The following table provides information regarding the Company’s spectrum sale agreements entered into after December 2025 (as defined in the table below and collectively referred to as the “Spectrum Sale Agreements”) as of March 31, 2026:
Spectrum Sale Agreements (1)
Agreement Date
Total Consideration (2)
Payments ReceivedPayments remainingBroadband license(s) deliveredBroadband license(s) remaining
CPS Energy (“CPS”)
January 2026
$13.0 million
$6.5 million
$6.5 million
—1
Texas-New Mexico Power Company (“TNMP”) March 2026
$3.2 million
$—
$3.2 million
—2
NorthWestern Energy (“NWE”) March 2026
$7.7 million
$—
$7.7 million
—65
1.The Spectrum Sale Agreements are subject to customary provisions regarding remedies for non-delivery, including termination rights and refund of amounts paid, if the Company fails to perform its other contractual obligations, including failure to deliver the relevant cleared 900 MHz Broadband Spectrum in accordance with the terms of the Agreements.
2.In accordance with ASC 606, the payments of prepaid fees under the spectrum sale agreements will be accounted for as deferred revenue on the Company’s Consolidated Balance Sheets. Revenue will be recognized for each county once we deliver the cleared 900 MHz Broadband Spectrum and the associated broadband licenses.
Narrowband Spectrum Revenue
In September 2014, Motorola paid the Company an upfront, fully paid fee of $7.5 million in order to use a portion of the Company’s narrowband spectrum licenses. The payment of the fee is accounted for as deferred revenue on the Company’s Consolidated Balance Sheets and is recognized ratably as the service is provided over the contractual term of approximately ten years. As of December 31, 2024, the Company recognized all the revenue associated with the 2014 Motorola spectrum agreement.
Capitalized Contract Costs
The Company capitalizes incremental costs associated with obtaining a spectrum agreement with a customer, which generally includes sales commissions. Capitalized incremental costs are amortized over the contractual term beginning on the first delivery of a broadband lease. The Company’s capitalized contract costs consisted of the following activity (in thousands):
20262025
Balance at the beginning of the year$1,241 $1,027 
Additions226 339 
Amortization (1)
(962)(125)
Balance at the end of the year505 1,241 
Less amount classified as current assets (2)
(24)(132)
Noncurrent assets (2)
$481 $1,109 
1.Due to the change in commission plan and the Company’s approach to monetizing its spectrum, the Company accelerated the amortization of approximately $0.9 million of certain outstanding capitalized assets as of March 31, 2026.
2.Current assets are recorded as prepaid expenses and other current assets and noncurrent assets are recorded as other assets on the Company’s Consolidated Balance Sheets.
Contract Liabilities
Contract liabilities primarily relate to advanced consideration received from customers in connection with spectrum revenue agreements, for which revenue is recognized over the term of each delivered broadband lease. The Company’s contract liabilities consisted of the following activity (in thousands):
20262025
Balance at the beginning of the year$124,672 $122,212 
Net additions (1)
43,007 8,491 
Revenue recognized(6,501)(6,031)
Balance at the end of the year161,178 124,672 
Less amount classified as current liabilities (2)
(14,513)(6,095)
Noncurrent liabilities (2)
$146,665 $118,577 
1.Represents milestone payments received from customer contracts pursuant to the terms of the associated spectrum revenue agreements, net of delivery delay adjustments.
2.Current liabilities and noncurrent liabilities are recorded as deferred revenue on the Company’s Consolidated Balance Sheets.
Remaining Performance Obligations
Revenue allocated to remaining performance obligations of the Company’s contracts represents contracted revenue that will be recognized in future periods. Total performance obligations include deferred revenue (i.e., contract liabilities) as well as amounts that will be invoiced and recognized in future periods. Revenue allocated to remaining performance obligations was $198.9 million as of March 31, 2026, which will be recognized over the remaining contract terms up to 30 years.