Last Friday, WIFI shares corrected sharply to 3,620 (-14.82%), triggered by a weaker-than-expected Q3 2025 earnings print. However, the sell-off reflects a short-term earnings shock, rather than any deterioration in the company’s underlying fundamentals.

The Q3 profit decline was driven by an aggressive expansion phase, where opex (advertising) and bond interest expenses were recognized upfront, while revenue monetization lagged due to timing. Fundamentally, gross margin and operating margin remain intact, underscoring the strength of WIFI’s core business.
 

Looking ahead, the key focus should shift away from quarterly earnings and toward revenue growth and subscriber expansion. The company’s target of 5 million subscribers by end-2026 implies a run-rate of approximately 1.25 million subscribers per quarter, which serves as a critical metric to validate the growth thesis.
 

2025 is an investment year (capex-heavy), while 2026 has the potential to be a harvesting year. Current capex is being deployed for network expansion, capacity upgrades, and customer acquisition, which should translate into operating leverage and margin improvement as revenue growth catches up with costs.

Market reaction—particularly from retail investors—was largely driven by headline Q3 earnings, without fully accounting for business timing. Key initiatives such as partnerships, funding, and FWA are logically expected to contribute only after the build-up phase is completed.

The recent price correction reflects earnings volatility typical of a growth phase, NOT a weakening business. As long as revenue growth, subscriber expansion, and margins remain on track, near-term pressure may present an attractive opportunity for gradual accumulation.