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Starry Group Holdings, Inc. (STRY) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Starry Group Holdings, Inc.

CIK: 1884697 Ticker: STRY

EXHIBIT 99.1

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FOR IMMEDIATE RELEASE

PRESS RELEASE 21-22

 

Starry Announces First Quarter 2022 Results

 

Starry continues to show strong momentum, posting 72% year-over-year growth in customer relationships

 

Boston, Mass. (May 12, 2022)

– Starry Group Holdings, Inc. (NYSE: STRY) (the “Company” or “Starry”), a licensed fixed wireless technology developer and internet service provider, today reported results for the first quarter of 2022, which was the company’s first reporting of financial results since successfully completing its business combination and public listing process in March 2022. During the first quarter of 2022, Starry continued to successfully execute on its business plan, delivering a strong increase in customer relationships and driving an increase in penetration of homes serviceable, all while improving the operating leverage in the business.

 

Additionally, Starry continued to expand the reach of its digital equity program, Starry Connect, growing the program to reach more than 63,000 units of public and affordable housing, all of which are automatically eligible for participation in the federal government's Affordable Connectivity Program. Starry was also named to the second annual TIME100 Most Influential Companies list, which highlights 100 companies making an extraordinary impact around the world, in recognition of the Company’s digital equity work.

 

First Quarter of 2022 Highlights:

Revenue of $7.4 million, up 63% year-over-year.
Net Loss of $53.6 million, compared to a Net Loss of $41.0 million in the first quarter of 2021.
Adjusted EBITDA loss of $27.8 million, compared to an Adjusted EBITDA loss of $21.8 million in the first quarter of 2021.1
Capital expenditures were $16.8 million, compared to capital expenditures of $10.0 million in the first quarter of 2021.
Homes serviceable of 5.5 million at quarter end, up 20% year-over-year.
Customer relationships of 71,247 at quarter end, up 72% year-over-year. Net additions in the first quarter of 2022 were 8,017.
Penetration of homes serviceable increased 39 bps year-over-year to 1.30%.

 

“Putting our company on a path to sustained growth requires consistent and disciplined execution, which our team routinely demonstrates,” said Chet Kanojia, Starry co-Founder and CEO. “We are attaining our customer growth targets while simultaneously building out our network and driving efficiencies in our business on both technology development and service operations. Our disciplined approach over the last year to our business has created a solid foundation upon which to steadily grow and accelerate the business, even amidst difficult macroeconomic headwinds. These are challenging times for consumers, but home broadband access remains essential, and our business and technology are strongly positioned to meet that need in our current and future markets.”

 

Operational Highlights:

Homes Serviceable: The growth in homes serviceable was due to network improvements and expansion in existing markets.
Customer Relationships: The net additions performance in the quarter exceeded 8,000 for the second quarter in a row and Starry saw growth in customer relationships in each of its six markets during the quarter.
Penetration of homes serviceable: The Company increased penetration by 39 bps year-over-year by focusing sales and marketing efforts primarily on multiple dwelling units (“MDUs”) where Starry equipment had previously been installed.

 

“Our team’s performance in the first quarter demonstrates continued strong momentum across all aspects of our business: customer relationships, network deployment, customer satisfaction and our commitment to expanding digital access in underserved communities through Starry Connect,” said Alex Moulle-Berteaux, Starry Chief Operating Officer and co-Founder. “Our focus continues to be on efficient execution as we drive penetration in our current markets and expand to others. We are happy to see our team’s commitment to customer-first and ensuring equitable access to broadband was also recognized last quarter by TIME magazine in its naming of Starry as a TIME100 Most Influential Company for 2022.”

 

1 Adjusted EBITDA and Adjusted EBITDA margin are not measures of financial performance prepared in accordance with GAAP. See “Non-GAAP Financial Measures and Other Business Metrics” at the end of this release for more information and reconciliations to the most directly comparable GAAP financial measures.

 


The following information was filed by Starry Group Holdings, Inc. (STRY) on Thursday, May 12, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Stockholders (Deficit) Equity (Unaudited)
Consolidated Statements Of Stockholders (Deficit) Equity (Unaudited) (Parenthetical)
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Tables)
Accrued Expenses And Other Current Liabilities - Schedule Of Accrued Expenses And Other Current Liabilities (Details)
Asset Retirement Obligations
Asset Retirement Obligations (Tables)
Asset Retirement Obligations - Additional Information (Details)
Asset Retirement Obligations - Summary Of Changes In Asset Retirement Obligations (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Additional Information (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Liabilities Measured At Fair Value On Recurring Basis (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Remeasured Liability To Its Estimated Fair Value (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Common Stock Warrants And Earnout Shares
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Carrying Value Of Debt (Details)
Description Of Business
Description Of Business (Tables)
Description Of Business - Additional Information (Details)
Description Of Business - Schedule Of Business Combination, Net Of Transaction Costs And Assumed Liabilities (Details)
Description Of Business - Schedule Of Common Stock Issued And Outstanding Immediately After Business Combination (Details)
Description Of Business - Schedule Of Common Stock Issued And Outstanding Immediately After Business Combination (Parenthetical) (Details)
Income Taxes
Income Taxes - Additional Information (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Additional Information (Details)
Net Loss Per Share - Summary Of Basic And Diluted Net Loss Per Share (Detail)
Prepaid Expenses And Other Current Assets - Schedule Of Prepaid Expenses And Other Current Assets (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Detail)
Property And Equipment - Schedule Of Property And Equipment (Detail)
Redeemable Shares
Redeemable Shares - Additional Information (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Schedule Of Unearned Revenue (Details)
Share-Based Compensation Expense
Share-Based Compensation Expense - Additional Information (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Summary Of Convertible Preferred Stock (Details)
Stockholders' Equity - Summary Of Convertible Preferred Stock (Parenthetical) (Details)
Subsequent Events
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Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Schedule Of Cash, Cash Equivalents And Restricted Cash (Details)
Supplemental Cash Flow Information - Schedule Of Non Cash Investing And Financing Activities (Details)
Supplemental Cash Flow Information - Schedule Of Supplemental Cash Flow Information (Details)
Warrants And Earnout Shares - Additional Information (Details)

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Starry Group Holdings, Inc. provided additional information to their SEC Filing as exhibits

Ticker: STRY
CIK: 1884697
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-22-010103
Submitted to the SEC: Mon May 16 2022 4:33:22 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Blank Checks

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