Revenue (Tables)

12 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

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):


	2026		2025
Spectrum revenue
900 MHz Broadband Spectrum Revenue
Ameren Corporation	$	824	$	737
Evergy	1,541		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.

Schedule of Lessor, Operating 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 Date

Initial Term

Renewal Options

Total Consideration (2)

Payments Received

Payments 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

$—

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

$—

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.

Schedule of Spectrum Sale 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 Received

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

CPS Energy (“CPS”)

January 2026

$13.0 million

$6.5 million

—

Texas-New Mexico Power Company (“TNMP”)

March 2026

$3.2 million

$—

$3.2 million

—

NorthWestern Energy (“NWE”)

March 2026

$7.7 million

$—

$7.7 million

—

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.

The following table provides information regarding the Company’s spectrum sale agreements entered into prior to 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

Payments Received

Payments remaining

Broadband license(s) delivered

Broadband license(s) remaining

San Diego Gas & Electric (“SDG&E”) Agreement

February 2021

$50.0 million

$45.6 million (2)

$3.1 million

LCRA Agreement

April 2023

$30.0 million

$29.3 million

$0.7 million

LCRA Expansion Agreement

January 2025

$13.5 million

$6.0 million

$6.5 million (3)

—

Oncor Agreement

June 2024

$102.5 million (4)

$100.6 million (4)

$—

—

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. A gain or loss on the sale of spectrum will be recognized for each county once we deliver the cleared 900 MHz Broadband Spectrum and the associated broadband licenses.

2.Net of delivery delay adjustments.

3.Includes a $1.0 million credit, which was applied against the remaining balance pursuant to the LCRA Expansion Agreement in recognition of their contributions to our business efforts.

4.Includes reimbursable clearing costs and Anti-Windfall Payments made in connection with the transfer of the associated broadband licenses. Total consideration included $7.5 million in estimated reimbursable clearing costs and Anti-Windfall Payments of which $5.6 million was realized.

The following table summarizes the Company’s short-term and long-term contingent liabilities related to certain spectrum sale agreements based on the estimated timing of license deliveries (in thousands) as of March 31, 2026:


	2026				2025
Spectrum Sale Agreements	Current		Long Term		Current		Long Term
SDG&E	$	1,000	$	—	$	1,000	$	—
LCRA Agreement	1,220		—		1,093		15,336
LCRA Expansion Agreement	—		6,000		—		—
Oncor	—		—		6,000		—
Total contingent liabilities (1)	$	2,220	$	6,000	$	8,093	$	15,336

1.A reduction in the contingent liability and a gain or loss on the sale of spectrum will be recognized for each county once the Company delivers the 900 MHz Broadband Spectrum and the associated broadband licenses.

Schedule of Contract Assets

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):


	2026		2025
Balance at the beginning of the year	$	1,241	$	1,027
Additions	226		339
Amortization (1)	(962)		(125)

Balance at the end of the year	505		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.

Schedule of 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):


	2026		2025
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 year	161,178		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.