LICT

What LICT does

LICT Corporation is a publicly-traded rural telecommunications holding company (OTC: LICT) incorporated in Delaware in 1996 and spun off from Lynch Corporation in 1999. The company operates six wholly-owned subsidiaries (Cal-Ore Telephone Co., Central Broadband, JBN and Giant Communications, Haviland Broadband, WNM Communications, and CentraCom) plus Sound Broadband, collectively serving approximately 76,600 revenue-generating units across eight states (Utah, New Mexico, Kansas, Wisconsin, Iowa, California, Oregon, and Nevada). Each subsidiary functions as the primary carrier in its rural service territory, delivering integrated broadband (fiber, DSL, cable modem, fixed wireless including 5G), voice, video (CATV and IPTV), wholesale network access, enterprise solutions (hosted/managed services, private lines, virtual switchboard), and public access services including 911 emergency infrastructure.

Underlying infrastructure includes thousands of miles of fiber (over 400 miles operated by Cal-Ore and 750+ miles by WNM Communications), copper, coaxial cable, wireless towers, and owned wireless spectrum, with 63,000 total fiber passings as of 2025. The company is actively expanding fiber-to-the-premises across its footprint, supported by $157.5 million in USDA ReConnect III and IV grants and a $542 million aggregate revenue guarantee from the FCC's E-ACAM Universal Service Fund program running through 2038 (approximately $40.4 million annually). FY2025 reported revenue was $141.1 million with EBITDA from operations of $56.4 million.

LICT's go-to-market is direct service delivery through its subsidiaries, with a roll-up acquisition strategy that has completed 38 deals since 1989, most recently the 2025 acquisitions of Gunnison Telephone Company and Manti Telephone Company. Revenue is principally recurring subscription from rural residential and business customers, supplemented by regulated E-ACAM disbursements, USDA grant-funded build-outs, and wholesale carrier access. A $100 million revolving credit facility with CoBank (in discussion to expand to $150 million) underwrites acquisition liquidity. Shareholders have received over $75 million in repurchases since 2019. Mario J. Gabelli serves as Interim Chairman and CEO, with Joe Cecin appointed as COO in June 2025.

Name

LICT

Legal name

LICT Corporation

Website

https://lictcorp.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

101–250 employees

Short description

LICT Corporation is a publicly-traded rural telecommunications holding company operating six wholly-owned subsidiaries across eight states, providing integrated broadband, voice, video, and enterprise services to approximately 76,600 residential and business customers in underserved markets.

Ownership category

akta.pro rank

Product category

Rural Telecommunications

NAICS

Wired and Wireless Telecommunications Carriers (except Satellite) (51711)

SIC

Services-Telephone Interconnect Systems (7385)

akta.pro primary industry

Dedicated Internet Access (DIA) & Business Broadband (HDAIAFAD)

akta.pro secondary industry

Business/Enterprise ISPs (Dedicated Internet Access) (HDAIADAB)

Keywords

• Rural broadband services
• Telecommunications infrastructure
• Fiber optic networks
• Voice and video services
• Fixed wireless broadband

Headquarters

HQ city

Rye

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Technology or R&D

Revenue model

1. Subscription Services Revenue: Recurring subscription revenue from residential and commercial customers for broadband, voice, and video services across rural service territories.
2. E-ACAM Program Revenue: FCC's Universal Service Fund E-ACAM program providing bi-partisan revenue guarantee through 2038, delivering aggregate of $542 million in revenue to LICT through 2038. Currently approximately $40.4 million in annual E-ACAM disbursements.
3. Government Grants: USDA ReConnect III and IV Grant Programs providing federal broadband funding in California, Iowa, Kansas and New Mexico. Grants received or underway totaling $157.5 million to fund fiber network construction.
4. Wholesale Network Access: Wholesale network access services for other carriers.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

LICT Corporation is a publicly-traded rural telecommunications holding company that delivers integrated broadband, voice and video services to residential and business customers through six wholly-owned subsidiaries operating as primary carriers in rural service territories across eight U.S. states. Services are provided over thousands of miles of fiber optic, copper, and coaxial cable infrastructure, plus wireless towers and owned spectrum, with fixed wireless broadband including 5G offered through the Sound Broadband subsidiary.

Product overview

LICT Corporation is a diversified broadband and communications holding company operating as a single unified platform through six wholly-owned subsidiaries. The company provides an integrated suite of telecommunications services including broadband (fiber, DSL, cable modem, fixed wireless/5G), voice (local and long-distance), video (cable TV and IPTV), wholesale network access, enterprise solutions (hosted/managed services, private lines), and public access services (911). The six operating subsidiaries—Cal-Ore Telephone Co., Central Broadband, JBN/Giant Communications, Haviland Broadband, WNM Communications, and CentraCom—each function as the primary carrier in their respective rural service territories across eight states (Utah, New Mexico, Kansas, Wisconsin, Iowa, California, Oregon, and Nevada), collectively serving approximately 76,600 revenue-generating units with 63,000 fiber passings.

Differentiator

Problem solved

Functional benefit

Products and services

• Broadband Services
• Voice Services
• Video Services
• Wholesale Network Access
• Enterprise Solutions
• Public Access Services
• Cal-Ore Telephone Co.
• Central Broadband
• JBN and Giant Communications
• Haviland Broadband
• WNM Communications
• CentraCom
• Sound Broadband

Quantifiable outcome

• $542 million aggregate E-ACAM revenue through 2038
• +4 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Regional players

• WideOpenWest (WOW!): WOW! is a regional cable and broadband operator serving smaller U.S. markets, with comparable customer scale, fiber-capex-driven growth strategy, and exposure to suburban/rural competitive dynamics.
• Hawaiian Telcom: Hawaiian Telcom is a regional incumbent fiber carrier serving Hawaii, with a comparable small-cap ILEC and fiber-build profile to LICT, though geographically distinct.

Broad incumbents

• Consolidated Communications: Consolidated Communications (now private under Searchlight Capital and BCI) is a rural and regional fiber and broadband carrier that historically operated as a direct small-cap RLEC peer to LICT before being taken private.
• Lumen Technologies: Lumen (formerly CenturyLink) is a major incumbent telecom with significant rural and Tier-2/3 market exposure across the U.S., competing in adjacent geographies and providing wholesale and enterprise backhaul services to smaller rural carriers like LICT.
• Liberty Latin America: Liberty Latin America operates cable, fiber, and telecom assets across the Caribbean and Latin America, sharing LICT's holding-company structure and broadband/voice service mix in smaller regional markets.
• Frontier Communications: Frontier is a large incumbent fiber-to-the-home operator serving rural and suburban markets across 25 states, directly competing with LICT's subsidiary footprints in several states while operating at significantly greater scale.

Emerging players

• CIBL Inc. CIBL is a closely-related small-cap rural telecom holding company in which Mario Gabelli serves as Executive Chairman, sharing investor base, board overlap, and a similar roll-up playbook with LICT.

Direct peers

• ATN International: ATN International is a publicly-traded holding company operating rural and regional telecom and broadband providers (such as Commetrex, Iconic, Viya) across the U.S. and Bermuda, sharing LICT's small-cap RLEC consolidation model and federal subsidy exposure.
• Shenandoah Telecommunications (Shentel): Shentel is a rural-focused broadband and fiber operator serving Virginia, West Virginia, Pennsylvania, Kentucky, and Maryland, with a comparable mix of incumbent carrier fiber buildouts and federal grant-funded rural expansion.
• Telephone and Data Systems (TDS Telecom): TDS Telecom operates a portfolio of rural ILECs and competitive carriers across 30+ states with substantial fiber buildouts, making it one of the closest publicly-traded analogs to LICT's RLEC roll-up strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LICT