Apr. 9 at 8:51 AM
$UCL :
$81M revenue and 52% margins
The crazy part is their net income is actually up 38% (
$6.3M) because they are ditching the low-margin hardware business for pure service. Their gross margin is sitting at 52.4% now.
What’s interesting to me isn't the roaming anymore, it’s the GlocalMe IoT and the eSIM Trio stuff. They’ve got active terminals in those sectors up over 100-130% YoY. They are basically turning into a software/connectivity layer for other people’s hardware (car infotainment, security cams, even pet tech).
The 2026 guidance is a massive range (
$85M to
$200M), which tells me even management doesn't know how fast the eSIM and IoT scale will hit, but if they even land in the middle of that, the current valuation feels like a massive disconnect. Anyone else actually watching the connectivity sector or is everyone still just chasing NVDA pullbacks?
