Boingo Wireless added 300 new distributed antenna systems (DAS) nodes in the third quarter of 2020 and ended the period with a total DAS portfolio of 138 venues. Seventy-three of those venues are now live ,with another 65 in backlog, the company’s CEO Mike Finley said during a conference call with investors.
DAS revenue of $21.9 million decreased 1.5% compared to $22.2 million in the second quarter of 2020 and decreased 7.7% compared to $23.7 million in the third quarter of 2019. DAS revenue for Q3 2020 was comprised of $13.7 million of build-out project revenue and $8.2 million of access fee revenue. DAS revenue for the third quarter of 2019 included $1.8 million of one-time access fees, Boingo said.
Boingo Wireless’ CFO Pete Hovenier said that the DAS segment accounted for 37% of the firm’s overall revenues in Q3, in line with the contribution of this business unit in the same period the previous year.
As of September 30, 2020, Boingo Wireles’s 73 live DAS venues consisted of 40,800 DAS nodes and an additional 11,600 nodes in backlog. This compares to 71 venues live comprised of 37,200 nodes, as of September 30, 2019.
Boingo recorded revenues of $58.8 million in the third quarter of the year, almost flat compared to the previous quarter and down 9.2% year-on-year.
Net loss attributable to common stockholders was $2.9 million in Q3, compared to a net loss of $200,000 in the third quarter of 2019.
“While COVID-19 has been a challenge for the world over, one thing that remains clear is the critical role connectivity plays in our daily lives. This need for connectivity demonstrates Boingo’s resilience as an essential business, as well as the durability of our business model. The long-term wireless rights we hold at major venues, whether they are transportation, military, stadiums or multifamily, enable us to deliver connectivity for whatever comes next,” Finley said.
“That could mean licensed spectrum products like DAS, small cells and towers, unlicensed spectrum like Wi-Fi 6 and 6E or unlicensed cellular like CBRS. We believe our nearly 20 years of experience in both licensed and unlicensed spectrum, combined with our neutral-host approach, gives us a unique and defensible business model in this 5G era,” the executive added.
Boingo provides a range of services including Wi-Fi and TV for service men and women living in military barracks throughout the U.S. and in South Korea and Japan. The company ended the third quarter with 359,000 military beds on 64 military bases.
Military/multifamily revenue for the quarter was $23.8 million, representing an increase of 0.4% versus the prior quarter and an increase 0.7% versus the prior year period.