FBN Residential — Executive Summary

Protected

As of March 27, 2026 · FY 2023–2025 · Source: GP

2025 Revenue
$10.2M
↓ 12% vs 2024 ($11.5M)
Gross Margin
39.6%
↑ from 38.4% in 2024
Net Income
$2.3M
↑ 23% vs 2024 ($1.9M)
Net Margin
22.8%
↑ from 16.4% in 2024

Revenue by Brand

Every brand is shrinking. Worldline down 30% since 2022, Eyesurf now reversing too.
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Key trend: Worldline has declined 30% since 2022 ($9.3M → $6.5M). Eyesurf was added in 2023 and offset the decline initially, but is now also softening. All brands are trending down.
Brand202320242025YoY
Worldline$8,006,540$7,224,887$6,492,526↓ 10%
Eyesurf$2,709,014$3,244,316$2,775,442↓ 14%
Nucleus$778,311$696,009$620,463↓ 11%
Voice Networks$490,295$377,414$309,717↓ 18%
Total$11,984,160$11,542,626$10,198,148↓ 12%

P&L Summary

Revenue down 15% over 3 years, but net margin up from 19% to 23% — cost cuts are outrunning the decline.
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Despite 15% revenue decline over 3 years, net margin improved from 19% to 23%. Opex was cut nearly in half ($3.0M → $1.7M), more than compensating for top-line erosion. The question is whether these cuts are sustainable.
202320242025
Revenue$11,984,160$11,542,626$10,198,148
COGS (Network)($6,737,118)($7,104,778)($6,156,985)
Gross Profit$5,247,042$4,437,848$4,041,163
Operating Expenses($2,956,408)($2,543,772)($1,718,719)
Net Income$2,290,634$1,894,076$2,322,444
Gross Margin43.8%38.4%39.6%
Net Margin19.1%16.4%22.8%

Cost of Sales (Network)

Access & transport eats 54% of every revenue dollar. Regulated wholesale rates — limited room to move.
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Access & transport — internet ($5.5M) alone is 54% of revenue. This is the cost of delivering service (last-mile, backhaul, transit). It improved $768K from 2024, driving the margin recovery.
202320242025
Access & Transport — Internet($5,993,476)($6,297,431)($5,529,474)
Access & Transport — Residential($223,207)($198,523)($171,628)
Access & Transport — SIM($37,684)($53,026)($50,083)
Access & Transport — Local Loops($35,296)($10,520)($2,287)
Internet Transit($110,930)($113,539)($189,168)
Hardware Costs($213,858)($316,911)($145,120)
Co-Location($122,667)($114,828)($69,225)
Total COGS($6,737,118)($7,104,778)($6,156,985)

Operating Expenses

Opex halved from $3.0M to $1.7M in two years. Call centre and salaries drove 56% of the savings.
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People costs (call centre + salaries) dropped from $1.26M to $564K — the single biggest opex improvement. If this pace holds, opex alone adds ~2 points of net margin per year even without revenue growth.
202320242025Savings (3yr)
Call Centre($734,126)($426,722)($244,016)$490,110
Advertising($227,031)($120,924)$0$227,031
Salaries($524,151)($382,523)($320,674)$203,477
Bad Debt & AR($795,582)($1,142,216)($703,968)$91,614
Freight & Shipping($92,435)($85,558)($27,048)$65,387
All Other($583,083)($385,829)($423,013)$160,070
Total Opex($2,956,408)($2,543,772)($1,718,719)$1,237,689

Q1 2026 (Current)

Revenue declining 7% but net margin expanding to ~32%. Cost discipline outpacing erosion.
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Annualized run rates (based on Jan+Feb avg):
Revenue: $9.5M (vs $10.2M in 2025 — ↓7%)
Expenses: $6.4M (vs $7.9M in 2025 — ↓19%)
Net Income: $3.0M (vs $2.3M in 2025 — ↑33%)
Net Margin: ~32% (vs 22.8% in 2025) — margin expansion continuing even as revenue declines.
BrandJanuaryFebruaryMarch (MTD)
Worldline$520,952$501,511$353,558
Eyesurf$214,328$205,561$164,713
Nucleus$48,837$49,227$38,911
Voice Networks$23,360$22,968$22,676
Total$807,477$779,266$579,858

Source: GP (Dynamics GP) · GL10111 / GL10110 · Generated 2026-03-27