- FTE Networks (FTNW +5%) reports Q1 revenue growth of 89.1% Y/Y to $85.1M.
- Q1 overall margins: Gross declined 700 bps to 15.2% & Adj. EBITDA increased 626 bps to 8.7%.
- Operating expenses were $11.3M (+22.8% Y/Y), the increase in expenses was due to higher stock compensation expense & increased amortization expense of intangible assets.
- The company announced new infrastructure & technology expansion projects valued at ~$161M YTD.
- Also, entered into agreement with a global tier-1 commercial real estate owner to provide CrossLayer service for their in-building technology & technology solutions.
- Achieved a combined backlog of ~$460.7M (+6.2% Y/Y).
- Cash & equivalents of $9.6M & working capital of $12.5M.
- 2018 Outlook: Net revenue of $350M; Adj. EBITDA of $30M; Operating Income of $15M & Buildings on-net, 30.
- Previously: FTE Networks reports Q1 results (May 21)