Overview
- Q4 revenue reached $48.4 million with $6.0 million in adjusted EBITDA and a 43% non‑GAAP gross margin.
- Mobile revenue rose 27% sequentially to $20.4 million as carriers increased stocking and enterprise adoption broadened.
- Enterprise FWA wins at AT&T and Verizon completed alignment with all three U.S. Tier 1 carriers, with initial stocking orders expected to fuel a commercial ramp in H1 2026.
- The company retired all preferred stock, exchanging $42 million for $26 million in cash, notes and shares, delivering a $16 million benefit to common holders.
- 2026 outlook calls for roughly $190 million in revenue, with Q1 revenue guided to $33–36 million and EBITDA to $1–2 million during a transition quarter tied to engineering delays, carrier inventory sell‑through and tight memory supply partly offset by secured allocations and customer cost‑sharing.