v3.26.1
Revenue
 3 Months Ended
Jun. 30, 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 three months ended June 30, 2026 and 2025 (in thousands):
Three months ended June 30,
20262025
Spectrum revenue
900 MHz Broadband Spectrum Lease Revenue
Ameren Corporation (“Ameren”)$206$206
Evergy Services, Inc. (“Evergy”)385385
Xcel Energy Services Inc. (“Xcel Energy”)935801
Tampa Electric Company (“TECO”) (1)
43226
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.
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 June 30, 2026:
Spectrum Lease Agreements (1)
Agreement DateInitial TermRenewal Options
Total Consideration (2)
Payments ReceivedPayments Remaining
AmerenDecember 2020
30 - years
10 - years
$47.7 million
$45.2 million
$2.5 million (3)
EvergySeptember 2021
20 - years
2 x 10 - years
$30.2 million
$30.2 million
$—
Xcel EnergyOctober 2022
20 - years
2 x 10 - years
$80.0 million
$76.0 million
$4.0 million (4)
TECONovember 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 $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.
900 MHz Broadband 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 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
$1.6 million
$1.6 million
—2
NorthWestern Energy (“NWE”)March 2026
$7.7 million
$0.1 million
$7.6 million
—65
Benton County (“Benton PUD”)April 2026
$0.8 million
$0.2 million
$0.6 million
—1
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.
Capitalized Contract Costs
The Company capitalizes incremental costs associated with obtaining a spectrum agreement with a customer, which generally include sales commissions, when it expects the benefit of those costs to extend beyond one year. The Company determined that certain sales commissions met the criteria for capitalization upon its adoption of Accounting Standards Codification, Revenue from Contracts with Customers (“ASC 606”). 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 during the three months ended June 30, 2026 and 2025 (in thousands):
Three months ended June 30,
20262025
Balance at the beginning of the period$505$1,241
Additions —49
Amortization(6)(19)
Balance at the beginning of the end4991,271
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.
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 or upon delivery of a broadband license associated with a sale agreement. 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,
20262025
Balance at the beginning of the period$161,178$124,672
Net additions (1)
15,6934,960
Revenue recognized(1,958)(1,418)
Balance at the end of the period174,913128,214
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.
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 $197.8 million as of June 30, 2026, which will be recognized over the remaining contract terms up to 30 years for lease agreements and upon delivery of a broadband license associated with a sale agreement.