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.

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.