MIDDLETOWN – Towerstream Corp., a fixed-wireless fiber-alternative provider, said it expects to have added 170 new buildings in the second half of the year that are equipped with its On-Net platform.
It also said that this is expected to result in a nearly 70 percent increase in the total number of businesses in the company’s On-Net buildings able to purchase its On-Net services.
The company, in a news release, also said that it closed on $4 million equity financing last month, which will give it “greater financial flexibility to pursue its expansion.”
“As we expand On-Net buildings and businesses, we are seeing an uptick in sales. September contracts, when installed, represent about $780,000 in annual revenue,” stated Philip Urso, interim CEO.
Arthur Giftakis, chief operating officer, said “there is momentum in our business now.”
“More and more companies are recognizing the benefits of our network. When we reached positive EBITDA in [the second quarter], it marked a turning point in the company’s development, and we expect continued improvements in our operating metrics going forward,” he said.
