Patriot Mobile IPO: how the business makes money

Patriot Mobile buys network capacity wholesale and resells phone plans under its own brand to people it says share "Christian-conservative values"; network costs and marketing take most of the money.

• 01Consumers paid 94.3% of FY2025 revenue. Most plans run month to month, with no long-term contract.
• 02Of every $100 of revenue in FY2025, Patriot Mobile spent $103.5, a net loss of $3.5.

New shares sold by the company

Not yet in the filing

To list on

Nasdaq

Proposed ticker

PTRT

• 01New shares: the company sells all the Class A shares. No selling stockholders are named, and the money goes to the company first.
• 02Part of the money then leaves the business. The company buys new units in Patriot Mobile Holdings LLC, which pays certain existing owners to redeem some of their units. The amount is blank.
• 03The number of shares, price range, money raised and share count after the offering are all blank. An amended registration statement (S-1/A) would add them.
• 04The $10,000,000 in the filing-fee table is not the offering size. The table says it is "estimated solely for the purpose of calculating the registration fee".
• 05Patriot Mobile Inc. is a new holding company, formed Jul 31, 2026. Its main asset will be units in Patriot Mobile Holdings LLC, which owns the operating business. This setup is called an Up-C.
• 06Existing owners who keep units also hold Class B shares, and can later redeem into Class A shares or cash.
• 07The company has applied to list Class A shares on Nasdaq under the symbol PTRT. It will be a Texas public benefit corporation, which means directors also weigh a stated public purpose.

Underwriters

1 named in the S-1 (lead: Northland Securities, Inc.)

Underwriter conflict of interest

None stated in the S-1 dated Oct 9, 2026.

Controlled company

The company expects to be a "controlled company" under Nasdaq rules because Bryan Bradford will hold a majority of the votes. The S-1 says it has elected not to use the exemption.

Directed share programme

None stated in the S-1 dated Oct 9, 2026.

Lead underwriters

Northland Securities, Inc.

Transfer agent

Vinyl Equity, Inc.

Learn: How to read an S-1: Anthropic's IPO registration statement · Dual-class shares: when votes and ownership don't match

• Pay certain existing owners (the S-1 calls them Continuing Equity Holders) to redeem some of their LLC Units, at the IPO price per unitThis cash goes to existing owners, and their matching Class B shares are canceled. The S-1 leaves the amount and the recipients blank.Goes to an affiliate of the company, as the S-1 states.Amount not fixed
• Repay up to a stated amount of the bank line of credit with ServisFirst BankThe line stood at $6.5 million at Jun 30, 2026, and the repayment amount is blank. The cash goes to the bank, but the S-1 says repayment would release guarantees and benefit related parties Glenn Story, Bryan Bradford and Shadowlawn Investments, LP. The company may refinance instead.Amount not fixed
• Pay the estimated costs of the offeringThe amount is blank in the S-1.Amount not fixed
• General corporate purposes, with whatever remains, if anythingThe S-1 says this may include opportunistic acquisitions, working capital, capital spending and repaying debt or other securities. All money from the underwriters' option also goes here.Amount not fixed

Every amount is blank in the S-1. Whatever remains is for general corporate purposes, and management "will have significant flexibility" over it. Any money from the underwriters' option goes to general corporate purposes.

Only the shares the company sells raise money for it; money from shares sold by existing stockholders goes to them.

Learn: IPO lock-up agreements: what they are and when they end

• Wireless plans

  Plans with 2GB, 6GB, 12GB or 45GB of high-speed data, with multi-line discounts of up to 20%. Wireless service brought $86.3 million in FY2025.

• Patriot Mobile One and Coverage Guarantee

  Patriot Mobile One puts two networks on one dual-SIM phone. Coverage Guarantee lets a customer move to another network without changing provider.

• Devices and accessories

  Equipment brought $6.6 million of revenue in FY2025 and cost $7.4 million, so it sold below cost.

• Patriot Mobile Connect

  Hotspots and 5G internet. 5G Home Wireless launched for businesses in March 2026 and for consumers in May 2026; the company says it is generally lower margin than phone plans.

• Patriot Care

  Device protection for customers. A third party underwrites it.

• Patriot Mobile Business

  Internet phone service (VoIP), connected-device plans and asset tracking for organizations. Enterprise customers paid $5.3 million in FY2025.

• Consumers

  94%

  of revenue

  Families and individuals on phone plans, usually billed month to month. They paid 94.3% of FY2025 revenue ($87.7 million), as stated in the S-1, and 94.1% in the six months to Jun 30, 2026.

• Enterprise customers

  6%

  of revenue

  Businesses, churches, ministries, nonprofits and other organizations. They paid $5.3 million in FY2025, or 5.7% of revenue (Cityfort calculation from S-1 filed Oct 9, 2026), up 63.6% on FY2024.

1. 1Customers paid $93.0 million in FY2025: $86.3 million for wireless service and $6.6 million for devices and accessories.
2. 2The cost of wireless service, which includes network fees, customer support and other direct costs, was $44.6 million. Devices cost $7.4 million, which is $0.8 million more than they brought in (Cityfort calculation from S-1 filed Oct 9, 2026).
3. 3Sales and marketing took $17.9 million. Employees outside sales and marketing cost $17.1 million. Other operating costs, including contributions to causes, took $7.2 million, for $42.2 million in all.
4. 4Depreciation and amortization of $0.6 million left an operating loss of $1.9 million.
5. 5Net interest of $1.0 million and a $0.4 million loss on an equity investment took the net loss to $3.3 million.

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

• Network capacity

  Bought through unnamed third-party aggregators with access to the three national networks. The cost of wireless service, which also covers customer support and other direct costs, was $44.6 million in FY2025. No law requires carriers to provide it, per the S-1, and the carriers also compete with Patriot Mobile.

• Sales and marketing

  Sales and marketing expense was $17.9 million in FY2025. The S-1 names channels such as radio, podcasts, Fox television, digital ads, NASCAR and SEC football sponsorships, referrals and events.

• People

  About 250 employees and contractors at Dec 31, 2025, nearly half in customer service. Employee cost, excluding sales and marketing employees, was $17.1 million in FY2025.

• Causes it gives to

  The S-1 says the company contributes "millions of dollars" a year, without a total. Named groups include Alliance Defending Freedom, First Liberty Institute, National Rifle Association, Gun Owners of America, Susan B. Anthony Pro-Life America and Folds of Honor. It also makes political contributions.

• Borrowed money

  A bank line of credit with a $6.5 million balance at Jun 30, 2026, and $3.5 million of convertible notes from related parties.

• AT&T, Verizon and T-Mobile

  National carriers, named in the S-1 as competitors. The carriers Patriot Mobile buys capacity from also compete with it.

• CREDO Mobile and Pure Talk

  The S-1 groups these with Patriot Mobile as values-aligned postpaid brands.

• Consumer Cellular, Google Fi, MobileX, Spectrum Mobile, Ting Mobile, US Mobile and Xfinity Mobile

  Other postpaid brands the S-1 lists as not values-aligned.

• Boost Mobile, Cricket Wireless, Lyca Mobile, Metro by T-Mobile, Mint Mobile, Straight Talk, Total Wireless, Ultra Mobile, Visible and Walmart Family Mobile

  Prepaid brands, where customers pay before using the service, as listed in the S-1.

• Satellite services such as Starlink

  Named in the S-1's risk factors as a possible source of competition.

• More active lines

  Working

  202,848 active lines at Jun 30, 2026, up from 172,499 a year earlier (company count, S-1)

  The company estimates its core market at about 28.3 million adults who call themselves "very conservative", averaging Pew and Gallup polls cited in the S-1. It puts that market at about $15 billion: 28.3 million adults × $543 of revenue per line.

  Status: Working, on track against what the company said.

• Business and organization customers

  Early

  Enterprise revenue of $3.2 million in the six months to Jun 30, 2026, up 32.7% (S-1)

  The S-1 says the company is building a business-to-business sales team. Enterprise customers include businesses, churches, ministries and nonprofits.

  Status: Early, too early to judge.

• 5G Home Wireless

  New

  Launched for businesses in March 2026 and consumers in May 2026 (S-1)

  The S-1 says this home internet service is generally lower margin than phone plans. It gives no separate revenue figure.

  Status: New, recently announced.

• Adjacent services

  Early

  Company estimate of over $40 billion: 28.3 million adults × $1,427 (S-1)

  That estimate assumes new categories such as insurance, internet services and merchandise reach the same 34.5% share of spending the company calculates for wireless.

  Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31). Net profit is the share belonging to the company's owners.

Patriot Mobile says in its S-1 that it is an emerging growth company, so the filing gives two audited years instead of three.

Learn: Stock-based compensation and dilution: pay that becomes shares

• Official (GAAP): Net loss, FY2025

  −$3.3M

  Company's own measure: Adjusted EBITDA, FY2025

  −$1M

  The company's measure: net loss before interest, depreciation and amortization, other income (expense) and unit-based pay. It leaves out the $0.4 million investment loss and $0.3 million of unit-based pay.

• Official (GAAP): Net loss, six months to Jun 30, 2026

  −$4.6M

  Company's own measure: Adjusted EBITDA, six months to Jun 30, 2026

  −$3.4M

  Same definition. The adjusted loss was $1.0 million in the same period of 2025.

• Official (GAAP): Gross profit, FY2025

  $40.8M

  Company's own measure: Adjusted gross profit, FY2025

  $41M

  The company's measure: gross profit with depreciation and amortization in cost of sales added back.

• Official (GAAP): Revenue, six months to Jun 30, 2026

  $53.4M

  Company's own measure: Active lines, Jun 30, 2026

  202,848 lines

  The company's count of lines generating revenue, without lines deactivated within 60 days. It was 186,469 at Dec 31, 2025.

• Official (GAAP): Revenue, FY2025

  $93M

  Company's own measure: Revenue per line per year (ARPU), FY2025

  543 dollars a year

  The company's measure: total revenue, including equipment, divided by the average of beginning and ending lines. It is yearly, not monthly. The figure was $549 annualized for the six months to Jun 30, 2026.

• Official (GAAP)

  No official figure measures this; it is the company's own operating measure.

  Company's own measure: Average monthly customer loss (churn), FY2025

  1%

  "Approximately 1%", the company's own calculation: deactivations divided by beginning lines. The S-1 says the industry does not measure churn uniformly.

• Official (GAAP)

  No official figure measures this; it is the company's own operating measure.

  Company's own measure: Customer-satisfaction score (NPS), Dec 31, 2025

  86 points

  The company's stated score. NPS is a survey-based measure of customer satisfaction.

• Official (GAAP)

  No official figure measures this; it is the company's own operating measure.

  Company's own measure: Customer lifetime value to acquisition cost (LTV/CAC), Dec 31, 2025

  5.4 x

  "Approximately 5.4x", the company's own calculation. It rests on an estimated average customer life of 92 months. The financial statements separately use 75 months for deferred contract costs and performance obligations.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

• Liabilities were $39.1 million and assets $14.9 million at Jun 30, 2026. That leaves a members' deficit of $24.2 million, so equity is below zero and debt-to-equity is not shown.
• The S-1 states a working capital deficit (short-term liabilities above short-term assets) of $21.4 million at Jun 30, 2026, against $18.6 million at Dec 31, 2025.
• Debt was a $6.5 million bank line of credit, $3.5 million of related-party convertible debt and $0.2 million of notes payable.
• The line's rate floats at the greater of 4% or the WSJ Prime rate, and it matures Nov 10, 2027. It is secured primarily by all company assets, plus personal guarantees.
• Deferred revenue was $10.8 million: consumers billed in advance, for service still owed to them.
• The company raised $5.1 million from selling Class D units in FY2025 and $0.7 million in the six months to Jun 30, 2026.
• The accumulated deficit reached $67.3 million at Jun 30, 2026.

From the prospectus table of principal stockholders. Holdings fall after the IPO when new shares are sold; the prospectus also shows the holding after the offering.

• Glenn Story

  Co-founder, Chief Executive Officer and director · since 2013

  FY2025 total pay was $465,000. He is married to COO Jenny Story, and he guarantees the bank line of credit.

• Jenny Story

  Chief Operating Officer · since 2022

  FY2025 total pay was $345,541. An entity of hers holds four of the five Story Notes, and the $1.0 million May 2019 note was assigned to Jennifer P. Story as of Dec 31, 2024. The five were $1.8 million of convertible debt at Jun 30, 2026.

• Justin Cordon

  Chief Financial Officer · since 2025

  FY2025 total pay was $285,000.

• Robert Barracca

  Chief Technology Officer · since 2025

• Scott Coburn

  Chief Marketing Officer · since 2021

  He leases an RV to the company at $5,800 a month, month to month, from May 4, 2026, per the S-1.

• Emily Epperson

  General Counsel · since 2024

• Bryan Bradford

  Director nominee

  Of JC Bradford Family Office; founder and chairman of Austin Capital Bank SSB. The S-1 says he will hold a majority of the votes.

• Robert Burckle

  Director nominee

• Lila Flores

  Director nominee

• Joseph Malchow

  Director nominee

  Of HNVR.

Auditor

Grant Thornton, since 2026

Auditor changes

Jan 27, 2026: UHY LLP → Grant Thornton (UHY was dismissed and Grant Thornton engaged, approved by management, per the S-1. UHY's letter (Exhibit 16.1) is to be filed by amendment.)

Audit qualifications

FY2024: UHY's report on FY2024 said conditions "raise substantial doubt" about the company continuing as a going concern. Grant Thornton's report dated Aug 12, 2026 has no going-concern paragraph; the S-1 says future reports may contain one.

Related-party dealings

The company borrows from related parties, and they guarantee its bank line. Vendors with common ownership, not named in the S-1, cost $6.8 million in FY2025. These dealings were not reviewed under the written related-party policy, which starts with the offering.

Credit rating

No public credit rating found

• Five convertible, secured Story Notes dated May 2019 to June 2026 total $1.8 million at 11% to 13% fixed interest. Jenny Story's entity holds four; the $1.0 million May 2019 note was assigned to Jennifer P. Story as of Dec 31, 2024. Four run month to month past Nov 1, 2025, and one is due Sep 1, 2027.
• A trust affiliated with Bryan Bradford holds a $1.5 million convertible, secured note from February 2023 at 13%, with interest added to the balance. It runs month to month.
• The named Story and Bradford notes total $3.3 million (Cityfort calculation from S-1 filed Oct 9, 2026). The balance sheet shows $3.5 million, and the S-1 names no holder for the other $0.25 million of June 2026 notes.
• Entities tied to Bradford converted $6.6 million of notes and interest into units on Nov 1, 2024.
• Glenn Story, Bryan Bradford and Shadowlawn Investments, LP, an affiliate of Bradford, guarantee the bank line for no fee. Repaying it with IPO money would release them.
• Vendors under common ownership cost 16.0% of FY2025 operating expenses (Cityfort calculation from S-1 filed Oct 9, 2026). The company owed them $2.5 million at Jun 30, 2026.
• An unnamed related party gave a letter of support, stating its intent and ability to fund shortfalls over the next 12 months, per Note 2.

Cases are listed as the offer document describes them. A pending case is an allegation until a court or regulator decides it.

• Concentration

  Network access rests on voluntary agreements

  Patriot Mobile owns no network, and no law requires carriers to provide access, per the S-1. The cost of wireless service, which includes network fees and customer support, was $44.6 million in FY2025.

  Watch Any change to its aggregator or carrier agreements in later filings.

• Cash and liquidity

  Doubts about continuing in business

  The S-1's risk factors cite losses in every period, a working capital deficit and debt. The deficit was $18.6 million at Dec 31, 2025, and $21.4 million at Jun 30, 2026. Management's plan relies partly on a related party's letter and on IPO proceeds.

  Watch Going-concern wording in the next amendment and in the auditor's report.

• Demand

  A brand tied to political and religious values

  The S-1 says this limits its market and may bring boycotts. It also says vendors, partners, payment processors or ad platforms may decline to work with it.

  Watch Any partner or ad platform the company reports losing.

• Execution

  Marketing rose faster than revenue

  In the six months to Jun 30, 2026, sales and marketing rose 62.3% to $13.7 million. Revenue rose 21.3% to $53.4 million, and the operating loss was $4.1 million.

  Watch Sales and marketing, and new lines added, in the next period.

• Competition

  Larger rivals and easy switching

  The S-1 names AT&T, Verizon, T-Mobile and other resellers as competitors. Customers can leave easily, and fourth-quarter promotions add pressure.

  Watch The company's reported churn and active lines.

• Debt

  Debt and related-party notes

  Total debt was $10.3 million at Jun 30, 2026, against $2.8 million of cash. The line of credit has a floating rate, and its capacity falls to $7.5 million from April 2027.

  Watch How much of the bank line an amendment says IPO money will repay.

• Governance

  Weak internal controls

  The S-1 reports material weaknesses that continued at Dec 31, 2025. The prior auditor also found one over year-end close and reconciliations.

  Watch Progress on the weaknesses in the next filing.

• Legal

  Telemarketing and text rules

  The S-1 says the Telephone Consumer Protection Act carries statutory damages of $500 to $1,500 per violation, and that such claims are often class actions.

  Watch Any such case named in a later filing.

• Size and price not yet set

  The S-1 leaves the price range, shares offered, money raised and dilution blank. It lists dilution and no expected dividends among its risks.

• Some money goes to existing owners

  Offering money pays certain existing owners to redeem units, and may release guarantees given by related parties. The S-1 leaves those amounts blank, and the remainder, if any, is for general purposes.

• Voting control

  The S-1 says Bryan Bradford will hold a majority of the votes through the dual-class (what this means)dual-classShares with different voting power, so some holders control more votes than their share of ownership. Learn more structure. Votes per Class B share are blank, and the company expects to be a controlled company without using the exemption.

• Tax payments to existing owners

  Under a Tax Receivable Agreement, the company pays Continuing Equity Holders a share of certain cash tax savings. The S-1 leaves the percentage blank, expects the payments to be substantial and says they may accelerate.

• Public benefit corporation

  Directors must balance stockholders with a public benefit and other stakeholders, and the S-1 says this may not maximize value.

• Limits on suing

  The company's terms set the Texas Business Court as the forum for internal disputes. They also include a jury-trial waiver and a ban on class actions. Derivative suits are brought on the company's behalf. Those under Texas's public benefit rules (Section 21.958) need the lesser of 2% of shares or $2 million of market value (what this means)market valueShare price × number of shares: what all the shares were worth at one dated price. Learn more.

• Shares awarded at the IPO, and the lock-up

  Officers, directors, employees and service providers get fully vested stock units right after closing, in a number left blank. The lock-up (what this means)lock-upA period after an IPO when insiders agree not to sell their shares. Learn more length is also blank.

• Less disclosure as an emerging growth company

  The S-1 gives two audited years, and the company may use other reduced reporting rules as an emerging growth and smaller reporting company.

What does Patriot Mobile do?

Patriot Mobile, based in Grapevine, Texas, sells phone plans under its own brand to consumers, businesses, churches and organizations it says share "Christian-conservative values". It owns no spectrum or towers. It had 202,848 active lines at Jun 30, 2026, and revenue of $53.4 million in the six months to that date, per its S-1.

How does Patriot Mobile make money?

Patriot Mobile makes most of its money from wireless plans, which brought $86.3 million of its $93.0 million revenue in FY2025. It sold devices and accessories for the other $6.6 million, per its S-1.

What is Patriot Mobile's business model?

Patriot Mobile is a mobile virtual network operator. It buys wholesale capacity through third-party aggregators with access to the three national networks, then resells it. Its FY2025 wireless service revenue was $86.3 million, per its S-1. The cost of that service was $44.6 million, which includes network fees, customer support and other direct costs.

Who are Patriot Mobile's customers?

Consumers paid 94.3% of Patriot Mobile's FY2025 revenue ($87.7 million), and business and organization customers paid $5.3 million, per its S-1. No customer was 10% or more of revenue.

How big is Patriot Mobile?

Patriot Mobile's revenue was $93.0 million in FY2025 (year to Dec 31, 2025), up 24.5% from $74.7 million in FY2024. Its revenue in the six months to Jun 30, 2026 was $53.4 million, and it counted 202,848 active lines at that date, per its S-1.

Is Patriot Mobile profitable?

No. Patriot Mobile's net loss was $3.3 million in FY2025 and $4.6 million in the six months to Jun 30, 2026, per its S-1. Its operating loss was $1.9 million and $4.1 million in those periods.

What is Patriot Mobile's revenue by segment?

Patriot Mobile reports one segment, per its S-1. By type, FY2025 revenue was $86.3 million from wireless service and $6.6 million from equipment. By customer, it was $87.7 million from consumers and $5.3 million from enterprise customers.

How much does Patriot Mobile earn from wireless service?

Patriot Mobile's wireless service revenue was $86.3 million in FY2025, up from $69.3 million in FY2024, per its S-1. The cost of that service was $44.6 million in FY2025.

Who owns Patriot Mobile before the IPO?

Patriot Mobile's S-1 dated Oct 9, 2026 names Bryan Bradford and his affiliates, and Glenn Story, Jenny Story and certain affiliates, as significant pre-IPO owners, but leaves the percentages blank. It says Bradford will hold a majority of the votes after the offering.

What is the Patriot Mobile IPO?

Patriot Mobile filed a Form S-1 with the SEC on Oct 9, 2026 to list Class A shares on Nasdaq under the proposed symbol PTRT. Only the company sells shares, and part of the money goes to existing owners; the share count and price range are not yet in the filing.

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