NuRAN Wireless Reports Strong Second Quarter 2024 Financial Results

NuRAN Wireless Inc., a leading supplier of mobile and broadband wireless infrastructure solutions, announced its financial results for the second quarter ended June 30, 2024. The company reported significant growth in revenue and gross profit while reducing its net loss.

Revenue increased by 151% to $1,512,457 compared to the same period in 2023, largely due to Network as a Service (NaaS) revenue, including billings in Cameroon. Gross profit rose to $1,188,180, reflecting a 646% increase. However, total expenses increased by 58% to $4,005,534, attributed to higher financial expenses and costs related to the FEI bridge facility. The net loss decreased by 14% to $2,425,697.

For the six months ended June 30, 2024, revenue increased by 64% to $2,085,634. Gross profit surged by 3903% to $1,232,978, while total expenses rose by 19% to $6,892,784. The net loss was reduced by 21% to $4,882,809.

The company also highlighted recent significant financing agreements, including a $5 million loan facility with FEI and a $32.2 million NaaS agreement with MTN Benin for deploying rural sites in Africa. These financings are expected to facilitate the procurement and installation of network infrastructure across several African countries.