Old Market Capital Corporation Transitions to Broadband Services, Reports $9.4M Revenue for Fiscal Year 2025

Old Market Capital Corporation (NASDAQ: OMCC) reported a significant transformation in its business model and financial performance for the fiscal year ending March 31, 2025. The company, which previously focused on consumer finance, has transitioned to a holding company with a controlling interest in Amplex Electric, Inc., a broadband service provider. For the fiscal year, OMCC generated total revenues of $9.4 million, a substantial increase from $0 in the previous year, primarily due to the acquisition of Amplex, which provides wireless and fiber internet services, voice over internet protocol (VoIP), and video services.

The company's operational changes were marked by the completion of the Westlake Purchase Agreement in April 2024, which involved the sale of its finance receivables and repossessed assets, effectively ceasing its auto loan origination activities. This strategic shift allowed OMCC to focus on broadband services, with Amplex reporting approximately 13,000 broadband customers and over 12,000 fiber passings completed as of March 31, 2025. The acquisition of Amplex has positioned OMCC to capitalize on the growing demand for high-speed internet, particularly in underserved rural areas of Ohio.

In terms of expenses, OMCC reported total operating expenses of $16.3 million for the fiscal year, up from $6.2 million in the previous year. This increase was largely attributed to general and administrative costs related to the Amplex acquisition, as well as costs associated with providing new services. The company recorded a loss from operations of $7.0 million, compared to a loss of $6.2 million in the prior year. Notably, the company also recognized a loss of $1.1 million related to dissenting shareholders' liability, reflecting the financial complexities associated with its restructuring.

As of March 31, 2025, OMCC's total assets amounted to $77.7 million, a significant increase from $59.8 million the previous year, driven by the acquisition of Amplex and the associated assets. The company employed 82 individuals, primarily in broadband operations, and has indicated a commitment to exploring further growth opportunities in the broadband sector and other industries that align with its investment strategy. Looking ahead, OMCC aims to leverage its strong balance sheet and access to financing, including a $21 million loan under the USDA’s Rural Utilities Service Reconnect loan program, to expand its broadband services and enhance shareholder value.