Nuran Wireless loses $8.42-million in nine months

Executive Summary

• Nuran Wireless Inc. reported its financial results for the nine months ended September 30, 2025, showing a slight decrease in revenue but an increase in gross profit and a wider net loss compared to the prior year period.
• The company successfully closed a $1.5 million non-brokered private placement to support working capital and debt repayment, while simultaneously initiating negotiations for a broader debt restructuring.
• Significant operational milestones include the award of a $7.2 million contract for network expansion in West Africa, the receipt of a telecom infrastructure license in the DRC, and the removal from the BCSC default issuers list following the resolution of continuous disclosure deficiencies.

Key Details

• Revenue: $3,548,865 for the nine months ended Sept. 30, 2025, a 3.7% decrease from $3,688,827 in the same period of 2024.
• NaaS Revenue: $2,334,908 attributable to network-as-a-service, generating an 80% gross margin.
• Gross Profit: $2,189,662 (62% margin) for the nine months ended Sept. 30, 2025, an increase of $160,915 (8%) from $2,028,747 (55% margin) in 2024.
• Total Expenses: $10,129,106 for the nine months ended Sept. 30, 2025, a 9% decrease from $11,135,470 in 2024. Savings in selling and administrative expenses were offset by increased financial expenses related to debt service (short-term borrowings and Cygnum Capital facility) and foreign exchange losses (mostly non-cash).
• Net Loss: $8,424,579 for the nine months ended Sept. 30, 2025, an increase of 3.6% from $8,131,565 in 2024.
• Private Placement: On Aug. 26, 2025, the company closed a non-brokered private placement for gross proceeds of $1.5 million, used for working capital and payment of short-term debt. Common shares issued are subject to a statutory hold period expiring Dec. 26, 2025.
• New Contract: On Sept. 4, 2025, Nuran was awarded a capex contract worth approximately $7.2 million (CAD) by a state-owned mobile network operator in West Africa. The agreement involves deploying up to 200 sites to expand mobile coverage in underserved rural communities.
• Regulatory License: On Sept. 12, 2025, the company received authorization from the approval committee for its infrastructure license to operate telecom sites in the Democratic Republic of the Congo (DRC), confirmed via the settlement of the license fee invoice.
• Facility Drawdown: On Sept. 29, 2025, the company received approval for the third drawdown of $1 million (USD) from the Facility for Energy Inclusion (FEI), managed by Cygnum Capital.
• Debt Restructuring: On July 18, 2025, Nuran announced negotiations with current debtholders and new institutional investors/lenders to restructure or replace outstanding debt instruments with better terms. The private placement was closed to ensure sufficient working capital during these discussions.
• BCSC Compliance: On Dec. 1, 2025, Nuran was removed from the British Columbia Securities Commission (BCSC) default issuers list. This followed the filing of Q3 financial statements, Q3 MD&A, and an amended MD&A for the six months ended June 30, 2025, which included additional disclosures on the proposed restructuring, international tariffs, material contracts, and risk factors.
• Restructuring Approval: The proposed restructuring transaction was approved during the Annual General and Special Meeting (AGSM) held on Oct. 29, 2025.

Notable Quotes

• "Management worked diligently with the BCSC to meet the requirements of National Instrument 51-102, Continuous Disclosure Obligations, among others. The company is pleased to announce that on Dec. 1, 2025, it was removed from the default issuers list..."