BOINGO WIRELESS, INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2021 10-Q, filed May 10, 2021. Its latest SEC filing is a 15-12B from Jun 10, 2021.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Builds and operates indoor cellular and Wi-Fi networks for wireless carriers, the U.S. government and military users, and venue and property operators.

How Did They Make Money?

Telecom carriers pay build-out fees as construction milestones are reached and recurring access fees for network access; military and retail users buy monthly Wi-Fi subscriptions or single-use access, while property owners pay for network installation and monthly Wi-Fi service.

FY2020 revenue

Who Were Their Customers?

Telecom operators contract for network access; venues and property owners buy network installation and service, while military and retail users buy Wi-Fi directly. Wholesale partners and advertisers use the network to reach their customers.

Customers above 10% of revenue, FY2020

of revenue from three customers (21%, 13%, 11%)

FY2019: 43% from three customers

Did Revenues Turn Into Profits?

No. It lost $17.1M in FY2020.

Operating income, FY2020

−4% of revenue

▲ +146% (Loss) vs FY2019 (−$3.7M, −1%)

Net income, FY2020

−7% of revenue

▲ +66% (Loss) vs FY2019 (−$10.3M, −4%)

Free cash flow, FY2020

−14% of revenue

▲ +35% (Loss) vs FY2019 (−$25M, −9%)

How Were They Changing?

Since the FY2020 annual report

Latest quarter: Q1 FY2021, the three months to Mar 31, 2021

Revenue: ▲ 0%; vs $59.9M in Q1 FY2020
Net income: ▲ +39% (Loss); vs −$4.6M in Q1 FY2020

Jun 2, 2021 Digital Colony completed its acquisition of Boingo Boingo became privately held, and its shares stopped trading on Nasdaq.
May 28, 2021 Boingo sold its multifamily business The sale closed when the parties signed the asset purchase agreement.

Grew. Revenue grew 16% in 3 years, from $204.4M in FY2017 to $237.4M in FY2020, about 5% a year.

Private networks The older report describes DAS, Wi-Fi and small-cell networks for venues; the latest also describes private networks using licensed, unlicensed and shared spectrum for enterprise and other non-carrier customers.

Legacy offerings The older report presents retail, wholesale Wi-Fi and advertising as distinct offerings; the latest groups these under Legacy and says they are no longer foundational to the business.

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