Revenue (Tables)

3 Months Ended

Jun. 30, 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 three months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025
Spectrum revenue
900 MHz Broadband Spectrum Lease Revenue
Ameren Corporation (“Ameren”)	$	206	$	206
Evergy Services, Inc. (“Evergy”)	385		385
Xcel Energy Services Inc. (“Xcel Energy”)	935		801
Tampa Electric Company (“TECO”) (1)	432		26
Total spectrum revenue	$	1,958	$	1,418

1.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to TECO during the three months ended June 30, 2025.

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 June 30, 2026:

Spectrum Lease Agreements (1)

Agreement Date

Initial Term

Renewal Options

Total Consideration (2)

Payments Received

Payments Remaining

Ameren

December 2020

30 - years

10 - years

$47.7 million

$45.2 million

$2.5 million (3)

Evergy

September 2021

20 - years

2 x 10 - years

$30.2 million

$—

Xcel Energy

October 2022

20 - years

2 x 10 - years

$80.0 million

$76.0 million

$4.0 million (4)

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 $2.5 million, excluding potential penalties, for the 30-year initial term are due in the second half of 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 (as defined in the table below and collectively referred to as the “Spectrum Sale Agreements”) as of June 30, 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

$1.6 million

—

NorthWestern Energy (“NWE”)

March 2026

$7.7 million

$0.1 million

$7.6 million

—

Benton County (“Benton PUD”)

April 2026

$0.8 million

$0.2 million

$0.6 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.

Spectrum Sale Agreements (1)

Agreement Date

Total Consideration

Payments Received (2)

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 (3)

$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 (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. See Note 5 Intangible Assets for further discussion on the sale of intangible assets.

2.The payment of prepaid fees under the spectrum sale agreements entered into in the non-ordinary course of business, will be accounted for as contingent liability on the Company’s Consolidated Balance Sheets.

3.Net of delivery delay adjustments.

4.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.

The following table summarizes the Company’s short-term and long-term contingent liabilities related to spectrum sale agreements entered into in the non-ordinary course of business based on the estimated timing of license deliveries (in thousands) as of June 30, 2026 and March 31, 2026:


	June 30, 2026				March 31, 2026
Spectrum Sale Agreements	Current		Long Term		Current		Long Term
SDG&E	$	1,000	$	—	$	1,000	$	—
LCRA Agreement	1,220		—		1,220		—
LCRA Expansion Agreement	—		6,000		—		6,000

Total contingent liabilities (1)	$	2,220	$	6,000	$	2,220	$	6,000

1.As these contracts were entered into outside the ordinary course of business, 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. See Note 5 Intangible Assets for further discussion on the sale of intangible assets.

Schedule of Contract Assets

The Company's capitalized contract costs consisted of the following activity during the three months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025
Balance at the beginning of the period	$	505	$	1,241
Additions	—		49
Amortization	(6)		(19)

Balance at the beginning of the end	499		1,271
Less amount classified as current assets (1)	(24)		(24)
Noncurrent assets (1)	$	475	$	1,247

1.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

The Company’s contract liabilities consisted of the following activity during the three months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,
	2026		2025
Balance at the beginning of the period	$	161,178	$	124,672
Net additions (1)	15,693		4,960
Revenue recognized	(1,958)		(1,418)
Balance at the end of the period	174,913		128,214
Less amount classified as current liabilities (2)	(14,331)		(6,343)
Noncurrent liabilities (2)	$	160,582	$	121,871

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.