MIDDLETOWN – WiMax service provider Towerstream Corp. said last week its service is now available in Philadelphia, which has become the company’s 10th market.
Towerstream said the addition of Philadelphia, the fifth most-populated metropolitan area in the United States, will allow it to market its service to at least 64,250 more businesses.
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Founded in 1999, Towerstream launched in its first two markets – Providence-New Bedford and Boston – in April 2001. In addition to Philadelphia, it has expanded to seven other markets since then: New York, Chicago, Dallas-Fort Worth, Los Angeles, Seattle, San Francisco and Miami.
“Philadelphia presents a significant growth opportunity for Towerstream and was a natural next step for our expansion given its heavy concentration of businesses,” Jeff Thompson, Towerstream’s president and CEO, said in a statement. He added: “Moving into 2010, we look forward to building our presence in Philadelphia and other target markets throughout the United States.”
Six of the nine markets had positive EBITDA (earnings before interest, taxes, depreciation and amortization) in the nine months ended Sept. 30, topped by New York with $2.23 million in EBITDA on $3.86 million in revenue, according to Towerstream.
Miami, Seattle and Dallas-Fort Worth were the three markets with negative EBITDA, although Towerstream said Seattle had positive EBITDA in the third quarter.
Towerstream reported a net loss of $6.65 million on revenue of $10.87 million in the nine months ended Sept. 30.
