From GlobeNewswire: 2025-04-29 08:00:00

MachTen, Inc. reported financial highlights for the full year 2024 and the first quarter of 2025. Operating revenue for 2024 was $16.976 million, with a net income of $3.874 million. In the first quarter of 2025, operating revenue was $4.139 million, with a net income of $594,000.

The company achieved record revenue and EBITDA in 2024, showing momentum in 2025. Despite challenges in their first year post-spin-off, MachTen is building infrastructure to become a reliable broadband provider.

Michigan Broadband’s revenue increase in 2024 was driven by Enhanced-ACAM support. Broadband revenue rose to $3.4 million, but lost voice customers in certain areas to an electric company offering fiber-based Internet.

Operating profit decreased in 2024 to $5.8 million due to increased depreciation expenses. Net income also declined to $3.9 million, with higher interest and operating expenses.

MachTen invested nearly $10 million in new fiber infrastructure in 2024, expanding to 100 miles and 2,900 new passings. By March 31, 2025, Michigan Broadband had approximately 1,600 fiber broadband customers across 10k passings.

RC3 grant projects were initiated in late 2024, bringing improved connectivity to over 2,500 locations. Michigan Broadband is ahead of schedule in deploying fiber-based service to E-ACAM locations, reaching 3,500 new passings in 2025.

Michigan Broadband continues to invest in systems and processes following its spin-off. An upgrade to the switching and routing environment will enhance reliability and throughput as fiber-based service expands.

As of March 31, 2025, MachTen had $1.9 million in cash and cash equivalents. A $20 million term loan was secured in August 2024 with $16 million drawn down at an interest rate of around 5.5%.

Michigan Broadband will partner with UP Fiber, Inc. for operational services after acquiring wireline assets from AT&T. This partnership aims to generate additional revenue and improve profitability.



Read more at GlobeNewswire:: MachTen Reports Financial Results for the Full Year 2024 &