Old Market Capital Corporation

What they do

Old Market Capital operates through a subsidiary, Amplex Electric, Inc., providing wireless and fiber internet services in rural markets. The company previously operated an auto finance business, Nicholas Financial, Inc., which was sold to Westlake Services, LLC. The company also holds a minority interest in a non-wholly-owned subsidiary, reflected as a redeemable noncontrolling interest. Its principal executive offices are in Omaha, Nebraska.

Revenue drivers

• Wireless internet services — Generated $3.3 million of revenue in the six months ended September 30, 2025, representing approximately 54% of total revenue for that period.
• Fiber internet services — Contributed $1.9 million in the six months ended September 30, 2025, about 31% of total revenue, and is the focus of ongoing physical asset installation.
• Other revenue — Added $0.9 million in the six months ended September 30, 2025, roughly 15% of total revenue, with no further breakdown provided in the excerpt.

Recent performance

For the six months ended September 30, 2025, Old Market Capital reported total revenue of $6.2 million, up from $3.4 million a year earlier. The net loss attributable to common shareholders from continuing operations was $1.5 million, or $0.24 per share, compared to a $4.0 million loss, or $1.02 per share, in the prior-year period. Depreciation and amortization expenses increased 157% to $1.5 million, driven by fiber optic asset installations. Other operating expenses decreased 13.5% to $6.7 million. The company also reported income from discontinued operations of $0.1 million for the six months ended September 30, 2025, versus $2.9 million in the prior-year period.

Strategy

Old Market Capital is focused on expanding its rural broadband operations through its subsidiary Amplex Electric. The company has been actively investing in fiber optic infrastructure, as indicated by the 157% increase in depreciation and amortization from ongoing asset installations. In June 2024, Amplex Electric entered a Reconnect Program Loan and Security Agreement with the Rural Utilities Service, supporting network buildout. The company sold its former auto finance business to Westlake Services, LLC in November 2023, completing a strategic exit from that sector. Its current priority is growing internet service revenue and subscriber base.

Risks

• Listing compliance — The company received a delisting notice or listing-rule failure event on December 11, 2025, which could result in the common stock being removed from Nasdaq if not resolved.
• Continuing losses — The company has reported net losses attributable to common shareholders in recent periods, including a $1.5 million loss from continuing operations in the six months ended September 30, 2025, and a $5.1 million annual loss for fiscal 2025.
• Execution risk in fiber buildout — The increase in depreciation and amortization reflects heavy investment in fiber optic assets, and failure to attract sufficient subscribers could impair returns on that capital.
• Rural market concentration — Operations are concentrated in rural broadband, which may limit growth and expose the company to regional economic and regulatory dependencies.

Outlook

The company has not provided specific forward financial guidance in the excerpts. Management highlights the reduction in net loss from continuing operations compared to the prior-year period. The strategic focus remains on expanding the fiber and wireless internet businesses. The recent delisting notice introduces uncertainty regarding the company's Nasdaq listing status.