Key Highlights

● Second-quarter revenue was $40.6 million, up 18% year on year.

● Weighted-average shares fell to 15,309 from 15,940 a year earlier.

● Net debt was $82.2 million, or 1.5x trailing EBITDA.

● The Gunnison Telephone Company acquisition closed July 1, 2026.

LICT Corp. (OTC:LICT) has one of the highest nominal share prices in the market, and its share count is slowly falling. The company reported weighted-average shares of 15,309 in the second quarter of 2026 compared with 15,940 a year earlier, a reduction of roughly 4%. With quarterly earnings per share of $403 and a delayed quote of $12,000 on July 23, 2026, small changes in share count can matter. The question for investors is how a company using borrowings and grants for fibre growth also manages its equity base.

Latest Company Context

LICT released second-quarter 2026 results on August 11, 2026. Revenue was $40.6 million, up 18% year on year, and EBITDA was $18.2 million, up from $13.5 million. Net income was $6.2 million versus $3.2 million, helped by a middle-mile fibre project that contributed about $4.7 million of EBITDA. Cash was $13.8 million at June 30, 2026, and net debt was $82.2 million, or 1.5x trailing EBITDA after corporate expenses. The company has drawn $68.6 million of a $100 million credit facility and is negotiating an increase to $150 million, which is not assured. Shareholders' equity was $213.4 million. The Gunnison Telephone Company acquisition closed July 1, 2026. These figures are preliminary and unaudited.

Key Business Drivers

Shares outstanding were 15,297 at June 30, 2026 versus 15,732 a year earlier. Dividing reported equity of $213.4 million by that count gives roughly $13,950 of book value per share, which is simple arithmetic rather than a company metric, and set against a quote dated July 23 rather than today. The company reported repurchases of only a few hundred thousand dollars in the first half, and the release is unclear about the units, so the buyback pace should not be overstated.

Funding is the competing demand. Gross capital expenditure was $32.3 million in the first half, partly offset by $14.8 million of grants, and BEAD awards of about $23.2 million still await final agreements. E-ACAM support is projected at $40.4 million in 2026. The stock trades over the counter.

What Investors Should Watch

Several developments could influence how capital is allocated. A confirmed credit facility increase to $150 million would widen financing options, though it may also raise leverage. Final BEAD agreements, which carry about $11.6 million of required matching funds, may add capital needs. Investors may also check whether the middle-mile project's contribution recurs, since non-regulated EBITDA of $12.0 million in the quarter included that boost. The company's third-quarter report, which last year arrived in December, may show whether the share count continues to fall. Trading in the shares is thin and quotes can be stale. The company's own release notes that the facility increase is not assured and that figures remain preliminary until audited statements are filed.

Equity Base and Fibre Build Compete for Capital at LICT

LICT's share count has declined by about 4% over twelve months while the company continues to invest in fibre and acquisitions. Confirmed facts include the preliminary Q2 figures, 1.5x net leverage and a facility upsizing under negotiation. How much capital flows to repurchases rather than network growth could depend on grant timing, borrowing capacity and project cash flows, and the disclosure on buyback units remains unclear.