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Revenue | 12 Months Ended
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Mar. 31, 2026
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The following table provides information regarding the Company’s revenue for each of the services it provides pursuant to its spectrum revenue agreements for the years ended March 31, 2026 and 2025 (in thousands):
| 2026 |  | 2025 |  |
Spectrum revenue |  |  |  |  |
900 MHz Broadband Spectrum Revenue |  |  |  |  |
Ameren Corporation | $ | 824 |  |  | $ | 737 |  |  |
Evergy | 1,541 |  |  | 1,542 |  |  |
Xcel Energy | 3,524 |  |  | 3,205 |  |  |
TECO (1) | 612 |  |  | — |  |  |
Narrowband Spectrum Revenue |  |  |  |  |
Motorola (2) | — |  |  | 547 |  |  |
Total spectrum revenue | $ | 6,501 |  |  | $ | 6,031 |  |  |
1.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to TECO in June 2025. 2.As of December 31, 2024, the Company recognized all the revenue associated with the 2014 Motorola spectrum agreement. 900 MHz Broadband Spectrum Lease Agreements The following table provides information regarding the Company’s spectrum lease agreements (as defined in the table below and collectively referred to as the “Spectrum Lease Agreements”) as of March 31, 2026:
Spectrum Lease Agreements (1) | Agreement Date | Initial Term | Renewal Options | Total Consideration (2) | Payments Received | Payments Remaining
Ameren Corporation (“Ameren”) | December 2020 | 30 - years | 10 - years | $47.7 million | $31.4 million | $16.3 million (3)
Evergy Services, Inc. (“Evergy”) | September 2021 | 20 - years | 2 x 10 - years | $30.2 million | $30.2 million | $—
Xcel Energy Services Inc. (“Xcel Energy”) | October 2022 | 20 - years | 2 x 10 - years | $80.0 million | $76.0 million | $4.0 million (4)
Tampa Electric Company (“TECO”) | November 2023 | 20 - years | 2 x 10 - years | $34.5 million | $34.5 million | $—
1.The Spectrum Lease Agreements are subject to customary provisions regarding remedies for non-delivery, including termination rights and refund of amounts paid, if the Company fails to perform its other contractual obligations, including failure to deliver the relevant cleared 900 MHz Broadband Spectrum in accordance with the terms of the Agreements. 2.In accordance with ASC 606, the payments of prepaid fees under the spectrum lease agreements will be accounted for as deferred revenue on the Company’s Consolidated Balance Sheets. Revenue is recognized over time as the performance obligations of clearing the 900 MHz Broadband Spectrum and the associated broadband leases are delivered by the respective county, over the contractual term. 3.The remaining payments of $16.3 million, excluding potential penalties, for the 30-year initial term are due by mid-2026, per the terms of the Ameren Agreements and as the Company delivers the relevant cleared 900 MHz Broadband Spectrum and the associated broadband leases. 4.The remaining payments of $4.0 million, excluding potential penalties, for the 20-year initial term are due by mid-2028, per the terms of the Xcel Energy Agreement and as the Company delivers the relevant cleared 900 MHz Broadband Spectrum and the associated broadband leases. 900 MHz Broadband Spectrum Sale Agreements As a result of the Company’s business strategy evolution and the introduction of the Company’s new brand and visual identity in the fourth quarter of fiscal 2026, as described in the Note 2 Summary of Significant Accounting Policies, sale agreements entered into in subsequent to this shift are considered completed in the ordinary course of business and are included as revenue agreements. The following table provides information regarding the Company’s spectrum sale agreements entered into after December 2025 (as defined in the table below and collectively referred to as the “Spectrum Sale Agreements”) as of March 31, 2026:
Spectrum Sale Agreements (1) | Agreement Date | Total Consideration (2) | Payments Received | Payments remaining | Broadband license(s) delivered | Broadband license(s) remaining
CPS Energy (“CPS”) | January 2026 | $13.0 million | $6.5 million | $6.5 million | — | 1
Texas-New Mexico Power Company (“TNMP”) | March 2026 | $3.2 million | $— | $3.2 million | — | 2
NorthWestern Energy (“NWE”) | March 2026 | $7.7 million | $— | $7.7 million | — | 65
1.The Spectrum Sale Agreements are subject to customary provisions regarding remedies for non-delivery, including termination rights and refund of amounts paid, if the Company fails to perform its other contractual obligations, including failure to deliver the relevant cleared 900 MHz Broadband Spectrum in accordance with the terms of the Agreements. 2.In accordance with ASC 606, the payments of prepaid fees under the spectrum sale agreements will be accounted for as deferred revenue on the Company’s Consolidated Balance Sheets. Revenue will be recognized for each county once we deliver the cleared 900 MHz Broadband Spectrum and the associated broadband licenses. Narrowband Spectrum Revenue In September 2014, Motorola paid the Company an upfront, fully paid fee of $7.5 million in order to use a portion of the Company’s narrowband spectrum licenses. The payment of the fee is accounted for as deferred revenue on the Company’s Consolidated Balance Sheets and is recognized ratably as the service is provided over the contractual term of approximately ten years. As of December 31, 2024, the Company recognized all the revenue associated with the 2014 Motorola spectrum agreement. Capitalized Contract Costs The Company capitalizes incremental costs associated with obtaining a spectrum agreement with a customer, which generally includes sales commissions. Capitalized incremental costs are amortized over the contractual term beginning on the first delivery of a broadband lease. The Company’s capitalized contract costs consisted of the following activity (in thousands):
| 2026 |  | 2025
Balance at the beginning of the year | $ | 1,241 |  |  | $ | 1,027 |
Additions | 226 |  |  | 339 |
Amortization (1) | (962) |  |  | (125) |
Balance at the end of the year | 505 |  |  | 1,241 |
Less amount classified as current assets (2) | (24) |  |  | (132) |
Noncurrent assets (2) | $ | 481 |  |  | $ | 1,109 |
1.Due to the change in commission plan and the Company’s approach to monetizing its spectrum, the Company accelerated the amortization of approximately $0.9 million of certain outstanding capitalized assets as of March 31, 2026. 2.Current assets are recorded as prepaid expenses and other current assets and noncurrent assets are recorded as other assets on the Company’s Consolidated Balance Sheets. Contract Liabilities Contract liabilities primarily relate to advanced consideration received from customers in connection with spectrum revenue agreements, for which revenue is recognized over the term of each delivered broadband lease. The Company’s contract liabilities consisted of the following activity (in thousands):
| 2026 |  | 2025
Balance at the beginning of the year | $ | 124,672 |  |  | $ | 122,212 |
Net additions (1) | 43,007 |  |  | 8,491 |
Revenue recognized | (6,501) |  |  | (6,031) |
Balance at the end of the year | 161,178 |  |  | 124,672 |
Less amount classified as current liabilities (2) | (14,513) |  |  | (6,095) |
Noncurrent liabilities (2) | $ | 146,665 |  |  | $ | 118,577 |
1.Represents milestone payments received from customer contracts pursuant to the terms of the associated spectrum revenue agreements, net of delivery delay adjustments. 2.Current liabilities and noncurrent liabilities are recorded as deferred revenue on the Company’s Consolidated Balance Sheets. Remaining Performance Obligations Revenue allocated to remaining performance obligations of the Company’s contracts represents contracted revenue that will be recognized in future periods. Total performance obligations include deferred revenue (i.e., contract liabilities) as well as amounts that will be invoiced and recognized in future periods. Revenue allocated to remaining performance obligations was $198.9 million as of March 31, 2026, which will be recognized over the remaining contract terms up to 30 years.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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