Old Market Capital (OMCC -1.07%), a regional broadband provider and telecom holding company operating in Ohio, reported Q1 FY2026 results on Aug. 14, 2025. The most notable news was a surge in GAAP revenue, which increased 520.4% year-over-year in Q1 FY2026, supported by the integration of Amplex, its fiber broadband business. The quarter showed a marked reduction in net loss per share (GAAP) and the company achieved positive adjusted EBITDA. No formal analyst estimates were available for comparison. The results underscore progress in transitioning from its legacy finance roots toward a telecom-centric model, although forward guidance remains absent and growth sustainability questions persist.
| Metric | Q1 FY26(Three months ended June 30, 2025) | Q1 FY25(Three months ended June 30, 2024) | Y/Y Change |
|---|---|---|---|
| Revenue (GAAP) | $3.0 million | N/A | N/A |
| Net Income (Loss) Attributable to Common Shareholders | ($0.7 million) | ($3.3 million) | 77.3% |
| EPS (GAAP) | ($0.11) | ($0.49) | 77.6% |
| Adjusted EBITDA | N/A | ($0.5 million) | N/A |
| Gross Margin | 66.2% | 63.6% | 2.6% |
Business overview and recent focus
Old Market Capital (OMCC -1.07%) operates as a holding company with a controlling interest in a broadband provider and seeks additional controlling interests in other companies and sectors yet to be determined. Its core business is delivering high-speed internet and Voice over Internet Protocol (VoIP) services through Amplex, which offers both fiber optic and fixed wireless broadband primarily in Northwest and Northcentral Ohio.
The company recently completed its rebranding and restructuring after the 2024 Amplex acquisition. Its business now concentrates on expanding its fiber network, growing subscriber counts, and pursuing operational efficiencies.
Quarter highlights: Financial and operational developments
Total GAAP revenue climbed sharply in Q1 FY2026, partly because the prior-year period included only partial results from Amplex. Wireless internet services generated $1.67 million in GAAP revenue, fiber internet services added $0.93 million, and other services contributed $0.43 million (GAAP). Notably, the broadband segment marked a swing to positive adjusted EBITDA of $0.7 million after a loss in the same period last year.
Fiber was the growth engine, with subscriber counts rising by 1,100 to reach 4,800—a 30% increase from June 30, 2024 to June 30, 2025. Fiber passings—the number of premises able to be connected to the fiber network—expanded by 36.8%, now covering 13,000 locations as of June 30, 2025. This growth was enabled by substantial capital investment and ongoing network buildout. Fixed wireless subscribers, however, decreased by 7.7% to 8,400 as some customers shifted toward fiber as of June 30, 2025.
Gross margin improved to 66.2% in Q1 FY2026, an increase of 4.1 percentage points. Depreciation and amortization expenses increased 568% to $0.6 million in Q1 FY2026, attributable to the ongoing installation of physical assets related to the fiber optic business. Other operating expenses fell 14% in Q1 FY2026, pointing to more disciplined overhead management during the period.
The quarter also featured significant infrastructure investment, supported by a $21.3 million low-interest federal loan. By the end of Q1 FY2026, the company had drawn $1.5 million through this Rural Utilities Service (RUS) loan. This funding supports ongoing fiber rollouts, although it creates a future obligation for debt repayment that will increase as more funds are drawn. No new acquisitions were reported.
Company positioning, product families, and market focus
As of Q1 FY2026, the fiber product family, which enables high-speed broadband services, remained the main source of subscriber growth, outpacing the fixed wireless product line in new additions. The wireless segment continued to shrink, and the overall subscriber base increased by approximately 3.1% from June 30, 2024 to June 30, 2025. The ongoing strategy prioritizes building out fiber infrastructure and transitioning customers from legacy services to the higher-speed network offerings.
The company services a limited regional footprint, meaning most of its risk and opportunity are tied to Northwest and Northcentral Ohio. Leadership has stated a goal of diversifying both geographically and operationally, but there is little detail on the timing or sectors for potential expansion beyond telecom. No new verticals or major product launches were announced this period.
Outlook and what to watch
Company leadership did not offer specific forward guidance for upcoming quarters or the full fiscal year. There were no projections for revenue, costs, or capital expenditure, nor commentary on anticipated subscriber or passings growth.
Looking ahead, investors may want to monitor organic fiber subscriber additions, gross margin developments, and updates on capital deployment outside the Ohio broadband business. With no declared dividend, OMCC does not currently pay a dividend. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
