This stock pursues an ambitious goal as it aims to create a digital information super-highway in the sky.
The plan is to link a high-speed airborne wireless network to commercial aircraft in flight. The company has already completed one test, but its greatest challenge could be sustaining the cash input required to complete the project.
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AIRBORNE WIRELESS NETWORK (symbol ABWN on the U.S. over-the-counter bulletin board; www.airbornewirelessnetwork.com) hopes to create a high-speed airborne wireless network to link commercial aircraft in flight. The company believes that each aircraft participating in the network will act as an airborne repeater, or router. They will send and receive broadband signals from one aircraft to the next. The effect would be to create a digital information super-highway in the sky.
Airborne Wireless intends the network to be a high-speed broadband Internet pipeline to improve coverage and connectivity. The company does not intend to provide retail customer coverage to users. Instead, it will act as a wholesale carrier for Internet service providers and telephone companies.
Currently, the world’s connectivity is achieved by use of undersea cables, ground-based fibre and satellites.
The company believes that its network, once developed, will provide low-cost, high-speed connectivity to rural areas, island nations, ships at sea, and oil platforms. It will also offer connectivity to commercial and private aircraft in flight.
Penny Stocks: Company using up $2.5 million in cash per quarter
So far Airborne Wireless has concluded an initial testing phase. That consisted of a flight test in May 2017 over New Mexico. It utilized two Boeing 767s and a temporary mobile mast system, which served as a ground station. The company believes that the flights proved the viability of an airborne wireless network.
A 20-aircraft test, equipped with production hardware and software, and pre-production antennae, is planned for later this year.
Ultimately, Airborne Wireless hopes to have a “low-orbiting constellation” with up to 35,000 “satellites” (specifically aircraft) crossing the globe at heights of 8,000 to 50,000 feet.
As of November 30, 2017, the company held just $164,293 in cash. It has no revenue and is using up cash at a rate of $2.5 million per quarter. It spent just $285,889 on research in the latest three months—compared to $1.1 million on marketing and branding and $1.1 million on salaries and professional fees. To pay for its cash burn, Airborne Wireless issued $2.2 million in convertible notes.
The stock has conceptual appeal, but its plan is highly ambitious and a long way from commercialization.
TSI Networkrecommendation: We don’t recommend the shares of Airborne Wireless Network.
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