5,092 contracted towers provide a platform for expansion as network-generated revenue grows 126.44% over the past 12 months.
QUEBEC, QC / November 5, 2026 / NuRAN Wireless Inc. (NASDAQ:NUR)(FSE:1RN) (“NuRAN” or the “Company“), a leading provider of rural connectivity infrastructure in Africa, today highlights its evolution from an equipment manufacturer to a Network-as-a-Service (“NaaS”) operator, with 5,092 contracted towers across eight African countries representing more than US$900 million in estimated revenue over contractual terms ranging from five to ten years.
With approximately 300 operational towers across five countries, NuRAN is focused on converting its contracted portfolio into revenue-generating infrastructure while expanding mobile connectivity to underserved African communities.
NuRAN addresses this gap by combining TowerCo-type site infrastructure with active-network deployment, operation and maintenance under long-term NaaS agreements, enabling operators to expand coverage with lower upfront capital while creating recurring infrastructure revenue. Its shared, outsourced model helps operators extend rural coverage and upgrade service with a lower deployment burden, while managing power constraints and sustainability objectives.
The installed base of telecom towers across the African market is projected to grow from 798,950 units in 2026 to 929,810 units by 2031, an addition of roughly 130,860 new tower units over the next five years (a compound annual growth rate of 3.08%). Against this backdrop, the Company’s corporate objective of 10,000 towers within the next five years would represent more than 7.5% of the total projected market growth.
Source: Mordor Intelligence, Africa Telecom Towers and allied market size analysis
Operating Momentum and Network Growth
As of November 2, 2026, NuRAN reported the following operational indicators:
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A population of more than 1.3 million covered with 439,741 mobile devices connected to our network.
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Contracted portfolio and growth: 5,092 towers across eight African countries, about 300 operational, including 29 additional activations announced in October 2026.
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Revenue performance: 126.44% growth in network-generated revenue over the past 12 months, reaching a monthly average revenue of US$1,356 per operational tower.
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Growing demand: Over 180K monthly active users, representing 48.64% growth over the previous 12 months.
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Approximately 90 million minutes of monthly voice calls.
These results provide a foundation for NuRAN’s next phase of growth, with additional tower activations, increasing network traffic, and revenue generation serving as key measures of progress.
From Technology Development to Infrastructure Ownership
NuRAN began as a telecommunications equipment manufacturer, developing cost-efficient, low-power wireless technologies for remote markets. In 2016, the Company joined the Telecom Infra Project and announced a collaboration supporting Facebook’s OpenCellular initiative.
Through its relationships with major mobile operators, NuRAN recognized that affordable equipment alone could not solve the challenges of rural connectivity. Operators also needed financing, reliable power, deployment capabilities, and long-term infrastructure management.
This realization led to NuRAN’s NaaS model, through which the Company finances, builds, owns, operates, and maintains mobile network infrastructure while partners such as Orange and MTN provide services to end users. Rather than relying solely on equipment sales, the model is designed to generate recurring revenue through long-term commercial agreements.
A major milestone came in February 2021, when NuRAN announced a NaaS agreement with Orange for the planned deployment of 2,000 towers in the Democratic Republic of the Congo, representing up to CAD$500 million in estimated gross revenue over the contractual term, as disclosed at the time.
From Contracts to Operational Infrastructure
NuRAN’s approximately 300 operational towers account for about 6% of its 5,092-tower contracted portfolio, leaving significant room to expand revenue-generating infrastructure. Additional tower activations can generate recurring revenue, while higher network usage offers growth opportunities across existing towers.
The Company’s priorities are to accelerate deployments, strengthen network utilization, and expand recurring revenue, subject to financing availability, regulatory requirements, and operational conditions.
Connecting Communities and Building for the Future
Beyond its infrastructure business, NuRAN’s mission is to connect communities where reliable mobile coverage remains limited or unavailable.
For rural families, connectivity can mean receiving money without traveling hours to the nearest connected town. For farmers, it can provide access to market prices. For local merchants, it can enable digital payments and new business opportunities improving local economy.
These everyday needs are part of a much larger digital economy. According to the GSMA’s State of the Industry Report on Mobile Money 2026, US$1.4 trillion was transacted through mobile money in Sub-Saharan Africa in 2025, representing 66% of global transaction value. Mobile money alone could justify the growing demand for connectivity, and NuRAN’s technology helps enable and facilitate these transactions by extending the mobile coverage they depend on, supporting productivity and growth, reducing demographic migration from rural areas, and strengthening local economies, although these figures reflect the broader mobile money ecosystem rather than NuRAN’s revenue or directly addressable market.
NuRAN’s strategy also reflects the technologies rural communities use today. According to the GSMA’s Mobile Economy Africa 2025 report, 52% of African mobile connections relied on 2G or 3G in 2024, with approximately 25% projected to remain on these technologies by 2030.
To support reliable connectivity in regions with limited electricity infrastructure, NuRAN is also developing its integrated energy capabilities through NuEnergy, its wholly owned subsidiary focused on solar, storage, and hybrid power systems.
“We started by developing technology to connect rural communities, but we realized that operators needed more than equipment. They needed a partner to finance, deploy, and operate the infrastructure. Today, our focus is on turning our contracted portfolio into operational networks, connecting more communities, and building recurring revenue around services people rely on every day,” said Francis Létourneau, Chief Executive Officer of NuRAN Wireless.
About NuRAN Wireless
NuRAN Wireless Inc. (NASDAQ:NUR)(FSE:1RN) is a rural telecommunications infrastructure company connecting remote and underserved communities across Africa. Through its Network-as-a-Service model, NuRAN finances, builds, owns, operates and maintains 2G, 3G and 4G mobile network infrastructure for mobile network operators seeking to expand coverage outside urban markets.
NuRAN has more than 5,000 towers under contract, of which a portion have been built and are operating today. The Company combines telecommunications engineering, low-power wireless technology, renewable-energy-enabled infrastructure, tower selection and field operations to solve the economic and technical challenges of rural mobile coverage.
NuRAN is also building on this foundation through NuEnergy, its wholly owned subsidiary focused on owning and operating the Company’s solar, storage and hybrid power systems across its African footprint.