- Scheduled to release Q2 earnings after the closing bell, fixed wireless firm Towerstream (OTCPK:TWER) has slipped to -12.1% after issuing guidance for its results.
- EBITDA from continuing operations was $414,000, exceeding the high end of its guidance, the company said, and it improved on previous guidance with cash burn just under $2M.
- Operating expenses are down 50% from Q4 -- $10M for the quarter ended June 30, vs. about $20.2M for the quarter ended Dec. 31.
- This quarter is the company's "inflection point," says interim CEO Philip Urso. “The improving financial performance in the second quarter is a direct result of our new sales initiatives resulting in both additional On-Net buildings and increased penetration into buildings which were lit in prior periods and our implementation of operational efficiencies," says COO Arthur Giftakis.
- Faced with delisting threats, the company executed a reverse split and says it has exceeded Nasdaq's minimum share price for at least 10 consecutive days.