Key Highlights

● Second quarter 2026 Revenue was $40.6 million, up 18.0% from $34.4 million.

● Net Debt was $82.2 million, or 1.5 times trailing twelve-month EBITDA.

● Grants of $14.8 million cut net capex to about $17.5 million year to date.

● The Gunnison Telephone Company Acquisition closed on July 1, 2026.

LICT Corp. (OTC:LICT) is a Holding Company with rural telecommunications and fiber operations, and its per-share figures are unusual because relatively few shares are outstanding. On Tuesday, November 3, 2026, one useful way to look at the company is through funding: how government grants, a bank Credit Facility and Operating Cash Flow together support network construction. Its per-share figures run into the hundreds of dollars.

Revenue Up 18% in Second Quarter

LICT reported second quarter 2026 results on August 11, 2026, with preliminary, unaudited figures. Revenue was $40.6 million, up 18.0% from $34.4 million, and EBITDA was $18.2 million, a 44.9% margin. The company attributed the Margin lift mainly to a $4.7 million contribution from a middle-mile fiber project, which may not recur at the same level. Net Income was $6.2 million, or $403 per share.

For the first six months, revenue was $76.3 million and net income was $8.0 million. Cash was $13.8 million at June 30, 2026, plus $2.7 million of restricted cash. The company also said its acquisition of Gunnison Telephone Company closed on July 1, 2026. Management also said the quarter benefited from higher non-regulated activity, and first quarter 2026 results had been released on June 24, 2026, which shows the company's reporting calendar can run later than many listed peers.

Grants Offset Heavy Construction Spending

Funding is central. LICT had $68.6 million drawn on a $100 million credit facility at an average 5.8% rate, with net debt of $82.2 million, or 1.5 times trailing twelve-month EBITDA after corporate expenses, compared with 1.2x at September 30, 2025. Gross Capital spending was $32.3 million year to date, but net capex after grants was about $17.5 million, since $14.8 million of grants had been received.

The company said it was awarded about $23.2 million of BEAD grants requiring around $11.6 million of matching contributions, and expects enhanced A-CAM support to rise to $40.4 million in 2026. It had 46,278 fiber broadband lines and 8,397 fiber miles. By comparison, in the third quarter of 2025 the company had reported $50.4 million drawn on the same facility and 43,263 broadband lines, so debt rose while the line count increased.

Credit Line, BEAD and Reporting Dates

Investors may watch whether the company completes its negotiation to raise the credit facility from $100 million to $150 million, which the release said carried no assurance of completion. Net leverage, now 1.5x, could move as BEAD construction and the Gunnison purchase proceed. Readers may also follow fiber line growth, the timing of grant reimbursements and whether middle-mile contributions repeat. Third quarter 2025 results were released on December 9, 2025, so the next Quarterly Report could arrive around a similar time, though no date was confirmed. Share repurchases were small in 2026, with 29 shares bought for $0.3 million year to date, and trading in a thinly traded OTC stock can be volatile. Regulatory support schedules and the pace of BEAD contracting could also affect timing.

Growth Funded by Grants and Debt

LICT's latest figures show growing revenue and expanding fiber, funded by grants and moderate borrowing. Confirmed results differ from the company's commentary on expected support, and future outcomes could vary with construction timelines and financing terms. Investors may consider the OTC listing's Liquidity profile alongside the fundamentals.