Revenue from the distributed antenna system (DAS) segment accounted for 38% of Boingo Wireless’ overall revenue in the second quarter of the year, down from a contribution of 40% in the year-ago period, CFO Peter Hovenier said during a conference call with investors.
DAS revenue of $22.2 million was up modestly from the prior quarter and decreased 19.6% year-over-year. DAS revenue for the second quarter was comprised of $14 million of build-out project revenue and $8.2 million of access fee revenue.
“We added 3 new DAS venues in the second quarter, bringing us to a total of 137 DAS venues. 73 of those venues are now live with another 64 in backlog. This backlog provides us a tremendous amount of runway. The first DAS win for the quarter was the new MLS Stadium in Austin, home to Austin FC,” said Boingo Wireless’s CEO Mike Finley.
“The second DAS win for the quarter was a long-term agreement with South Dakota State University to provide campus-wide coverage that includes the SDSU Jackrabbits Football Stadium. We’re excited to bring a greater connectivity to the students of South Dakota State,” Finley added.
“Massachusetts Port Authority was our third DAS win for Q2. The long-term agreement gives Boingo exclusive rights to design, build and operate a DAS network in Boston’s Seaport District. We’re proud to bring our fiber connectivity solution to this thriving Boston community,” he added.
As of June 30, 2020, Boingo Wireless had a total of 73 DAS venues live comprised of 40,500 DAS nodes and an additional 11,100 nodes in backlog. This compares to 69 venues live comprised of 35,200 nodes as of June 30, 2019.
Boingo recorded revenues of $58.7 million for Q2, declining 14.4% compared to $68.6 million in the second quarter of 2019.
Net loss attributable to common stockholders was $5.8 million, compared to a net loss of $4.6 million in the first quarter of 2020, and net income of $200.000 in the second quarter of 2019.
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 second quarter with 359,000 military beds on 64 military bases.
Military/multifamily revenue for the quarter was $23.7 million, representing an increase of 4.4% versus the prior quarter and a decrease of 2.8% versus the prior year period.
“We remain confident and that the opportunities presented by the military vertical, and its potential to drive long-term recurring cash flows. In particular, we are encouraged by the continued interest and traction we are seeing from macro cell towers, small cell deployments and bulk service offerings on bases as we strive to meet the increasing connectivity needs of our military partners and carrier customers,” Hovenier said.
