I posted this on another board:
all I can comment on is what is in the public domain which has been communicated in PR, Financials and various PR-related interviews found online. So there is limited information in the "public" domain and you have to put 2+2 together from the other public clues provided (e.g. FCC website).
The CEO stated in an online audio interview the network should be "built out" in early 2020. I'm not sure if that timeline is still on track due to FCC delays in applications. Perhaps conservatively it is early 2020, and worst case it is later in the year. We are seeing multiple applications being granted on almost a daily basis now, so perhaps we are on track.
If I understand things from the FCC's website, once a FCC license is approved, there is a "construction" timeline provided to build the network, and a "proving time" to validate that you can run the network for commercial purposes at a small scale (e.g. a small business). Once you have these milestones met, you submit to the FCC the proof of these evidences, and the FCC then issues you a 10-year license for commercial use. Again, if I understand this correctly, these licenses listed in the FCC advanced search are for 10 years, so it is presumed they can now "build out" the network in that area beyond the first tower, and start commercializing the service.
That being said, we probably don't see financial results on this until Q4 2019 which gets filed sometime in the spring of 2020. My guess is that revenues would start small and ramp up from there.
I don't recall seeing anything in the public domain on revenue pipeline and close rates, so I'm not going to comment on that.
We do know that in the near future (next few quarters), we should see leases transfer from the LLC to the LP, which will reduce the debt being carried by the company's balance sheet, as confirmed in the latest 10-K. Hopefully we see this in the financials to be filed later this year, but this too may bleed over into next year.
The good news is, with each passing day, we control more and more of our destiny and have less and less dependence on the FCC.
