Old Market 2026 Q1 Earnings Strong Performance as Net Income Loss Narrows 79.5%

Old Market (OMCC) reported its fiscal 2026 Q1 earnings on Aug 14th, 2025. The results exceeded expectations in several key financial metrics, particularly in revenue growth and narrowing of net losses. The company also highlighted strategic cost management and continued expansion in wireless and fiber services, though it did not provide forward-looking guidance.

Old Market posted a 512.2% year-over-year increase in total revenue, reaching $2.60 million in Q1 2026. The company's wireless and fiber internet services were the primary drivers, with wireless internet generating $1.67 million and fiber internet contributing $930,000. Additional revenue streams, including other services, added $432,000 to the total. The firm demonstrated strong growth across all segments, particularly in the fiber optic division, which saw a significant year-over-year rise.

Old Market narrowed its net loss to $-720,000 in Q1 2026, a 79.5% reduction from the $-3.51 million loss in the prior-year period. On a per-share basis, the company improved its loss from $0.49 to $0.11, indicating a 77.6% improvement. The decline in losses reflects effective cost management, as other operating expenses dropped 14% to $3.4 million compared to $4.0 million in the prior year.

Old Market’s stock price has faced downward pressure, recording a 0.00% change during the latest trading day, a 6.55% decline over the past week, and a 14.46% drop month-to-date. Investors who purchased the stock following a quarter of declining revenue have seen limited returns, with the strategy underperforming the benchmark by 5.27 percentage points over the last three years. Despite a 4.77% compound annual growth rate and minimal volatility (maximum drawdown of 0%), the investment offered only moderate gains.

A post-earnings analysis of the stock's performance over 30 days showed minimal volatility and a low Sharpe ratio of 0.08. While the strategy delivered some excess return, the 6.27% gain was not statistically significant, highlighting the need for further refinement in future approaches. The low risk profile remains appealing for stability-focused investors.

CEO commentary underscored the company’s operational improvements and investment in long-term infrastructure. Revenue from wireless and fiber services grew to $1.7 million and $930,000, respectively, compared to $319,000 and $106,000 in the prior year. Despite a $0.7 million net loss from continuing operations, the CEO noted a substantial decline in other operating expenses and a 568% increase in depreciation and amortization to $608,000, attributed to fiber optic infrastructure expansion.

The company did not provide forward-looking guidance or outlook statements in the report. No expectations for future performance were explicitly mentioned.

Additional News

On Aug 15, 2025, Nigerian politics saw major reactions to a Canadian court ruling labeling the country's two dominant political parties, the Peoples Democratic Party (PDP) and All Progressives Congress (APC), as terrorist organizations. Both parties rejected the ruling, with the PDP condemning the decision as politically motivated and a threat to Nigerian democracy. The ruling has sparked national debate and could have legal and political implications for the country.

In business, the EFCC announced a sting operation involving high-profile suspects but denied any targeted actions against former President Olusegun Obasanjo. Meanwhile, in Lagos, police successfully dismantled an armed robbery operation operating from a refuse dump, recovering stolen property and arresting suspects. This operation is part of a broader effort to curb criminal activity in high-risk urban areas.

In entertainment news, gospel singer Mercy Chinwo announced the birth of her second child with her husband, Pastor Blessed. The couple shared the news on social media, marking the occasion with joy and gratitude. The child’s arrival has been widely celebrated among fans and fellow artists.

In summary, while Old Market's financial performance showed encouraging signs of recovery and strategic investment, the Nigerian news landscape highlighted key political and law enforcement developments that could impact the business and regulatory environment.