Adjusted EBITDA decreased 6% to $45.8 million, mainly impacted by lower U.S. Telecom revenues.
Capital expenditures for the first half of 2025 totaled $42 million net of $45.9 million reimbursable capital spend, down from $61.8 million net of $46.2 million reimbursables in the prior year.
Cash balance increased to $113.3 million from $97.3 million at the end of Q1, with total debt at $583.4 million and a net debt ratio of 2.58x.
Net cash from operations increased 2% year-over-year to approximately $60 million, driven by working capital improvements.
Net loss for the quarter was $7 million or $0.56 per share, compared to net income of $9 million or $0.50 per share in the prior year.
Operating income declined to $0.2 million from $24.3 million in the prior year, which included a $15.9 million gain from asset disposition.
Total company revenue for Q2 2025 was $181.3 million, down 1% year-over-year, primarily due to the wind down of subsidy programs and decommissioning of legacy mobile consumer services.