Performance was driven by a 154% annual revenue increase, fueled by a surge in network construction and the subsequent activation of recurring service streams.

The company transitioned to a public listing to unlock the 70% of the market previously inaccessible due to the capital-intensive nature of the Network-as-a-Service (NaaS) model.

Management attributes growth to a 'win-win-win' model that integrates property owners into the revenue chain, increasing their Net Operating Income (NOI) by approximately 200 basis points.

Operational scaling is supported by a flexible model using a centralized call center and contracted installation teams, allowing for rapid geographic expansion with minimal fixed costs.

The 'RevOps' organization, launched in Q1 2026, utilizes an AI-enabled stack to transition from passive exhibiting to proactive, data-driven decision-maker engagement.

Strategic positioning focuses on high-margin, long-lived recurring revenue with 5- to 10-year contracts that mirror the 'sticky' nature of data center or alarm company models.

Management expects recurring revenue to grow as a percentage of total revenue as billed units increase and the higher-rate NaaS model gains traction throughout 2026 and 2027.

The 2026 strategy includes an aggressive 22-event industry calendar, with early results already contributing approximately 1,800 units to the active pipeline.

Guidance for network construction gross margins targets a return to approximately 15% following the implementation of specific cost reduction actions.

The sales cycle for NaaS is expected to be shorter than new builds, with revenue typically commencing 3 to 6 months after contract signing.

Future growth financing is expected to rely predominantly on debt partners to fund NaaS projects, preserving equity capital while leveraging the strengthened post-IPO balance sheet.

Activated units grew 92% to 22,255, representing a 12-month 'rollover' period where costs are onboarded pro rata to align with resident lease renewals.

The current pipeline mix is 88% managed services, but management expects NaaS (currently 5%) to expand as they target smaller portfolio owners with limited capital.

Fourth-quarter SG&A included onetime IPO-related expenses representing approximately 15% to 20% of the category total.

Gross margins for recurring services are projected to reach 60% for managed services and 75% for NaaS as the portfolio matures.

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Management expects the majority of the 9,200 units currently in contracting to be finalized by the end of April and completed by year-end 2026.

Applying a conservative 25% success rate to the 33,000-unit proposal pipeline suggests an additional 8,000 units will be contracted before the end of the year.

Large property managers are accelerating the move to managed WiFi to leverage their balance sheets, a trend management expects mid-sized and smaller firms to follow to avoid competitive disadvantages.

The NaaS offering is specifically positioned for smaller prospects where capital is not readily available, allowing them to increase NOI with zero upfront expenditure.

The company intends to fund NaaS projects primarily through debt with minimal equity, utilizing an existing relationship with Endurance Financial for rapid deployment.

Management is actively seeking more efficient, long-term capital partners to optimize project financing as the NaaS portfolio scales.

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