Boingo Wireless reported Q1 2020 revenue of $59.9 million decreased 9.9% compared to $66.5 million in the first quarter of 2019. Net loss attributable to common stockholders was $(4.6) million, or $(0.10) per diluted share, compared to net loss of $(5.2) million, or $(0.12) per diluted share, in the first quarter of 2019.
“The last 90 days have been an extraordinary time in history and our hearts go out to those who have lost loved ones or who have been infected by the coronavirus,” commented Mike Finley, Chief Executive Officer of Boingo Wireless. “Since Boingo has been deemed an essential business, we have been able to not only support our existing wireless networks, but continue to build out new neutral-host networks at a time when many other companies are not as fortunate. In addition, we were delighted to provide complimentary Wi-Fi service to more than 10,000 Air Force, Army and Marine beds set up for quarantine purposes around the country. I am incredibly proud of the Boingo team for going the extra mile to ensure our customers and our venue partners have the connectivity they need.”
Mr. Finley continued, “Boingo delivers a vital neutral solution in the essential space of connectivity, and is supported by a business model with approximately 95% contractual or recurring revenue. We have a strong balance sheet with ample liquidity and the ability to continue using our cash flow to fund our network builds where we have carrier commitments. Our focus on reducing expenses and increasing profitability at the end of 2019 has prepared us well to weather the recent events. While we cannot predict the nature, duration or scope of the overall impact of the COVID-19 pandemic on our business, we believe that Boingo will emerge from this period with velocity and continue to deliver a critical, and essential, service to our military men and women, our venues, our customers and our partners.”
Some highlights:
- Military/multifamily revenue of $22.7 million decreased 12.3% compared to $25.9 million in the first quarter of 2019.
- DAS revenue of $22.2 million decreased 7.9% compared to $24.1 million in the first quarter of 2019. DAS revenue for the quarter was comprised of $14.0 million of build-out project revenue and $8.2 million of access fee revenue. DAS access fee revenue increased 27.3% year-over-year.
- Wholesale Wi-Fi revenue of $9.7 million decreased 11.6% compared to $11.0 million in the first quarter of 2019.
- Retail revenue of $3.0 million decreased 24.6% compared to $3.9 million in the first quarter of 2019.
- Advertising and other revenue of $2.3 million increased 48.6% compared to $1.5 million in the first quarter of 2019.
