Old Market Capital Corp
Old Market Capital Corp is a U.S.-based holding company incorporated in Delaware that owns a controlling interest in Amplex through Amplex Holdings. Its operating business is broadband connectivity in rural and underserved areas of Northwest and North Central Ohio, with services spanning wireless internet, fiber internet, voice over internet protocol, and video-related offerings.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueWireless and fiber-based internet access sold to residential and commercial customers.
VOIP and related voice connectivity services bundled with broadband offerings.
Video streaming and other ancillary telecom services provided in the service footprint.
Products
Reported · share of revenue- Wireless Internet Sevices58.0 %
- Fiber Internet Services27.8 %
- Other Revenue14.2 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The customer base consists primarily of residential households and small businesses in rural and underserved communities. Amplex also serves commercial customers that need reliable fixed broadband connectivity where larger cable or telecom providers have limited reach. Demand is driven by the need for higher-speed, more dependable internet access and bundled communications services.
Households buying wireless or fiber internet for everyday connectivity and streaming.
Local businesses buying broadband and VOIP for operations and communications.
Organizations buying higher-reliability connectivity in Amplex service areas.
Subscribers taking ancillary video or bundled communications services.
Strategy
The company’s strategy is to expand its rural broadband footprint through fiber-to-the-home buildout and related network investment. It also seeks to use its holding-company structure to pursue additional controlling interests in businesses and sectors that fit its capital-allocation criteria. The strategy emphasizes durable, long-lived infrastructure assets and opportunistic acquisitions in fragmented markets.
More fiber passings support subscriber growth and service upgrades in underserved areas.
The broadband market is fragmented, creating opportunities to buy small operators.
Network expansion and acquisitions require access to debt and equity funding.
Geography
The company’s operating footprint is concentrated in Northwest and North Central Ohio, where Amplex provides broadband services to rural and underserved communities. Old Market Capital is incorporated in Delaware and has its principal executive offices in Omaha, Nebraska, but the revenue base is tied to the Ohio service territory. Geography matters because the business depends on local network buildout, utility relationships, and the economics of serving lower-density areas.
Risks
The business is exposed to leverage, capital-access, and execution risk because network expansion and acquisitions require ongoing funding. It also faces intense competition from larger cable, wireless, and telecom operators, plus cybersecurity and regulatory risks tied to operating broadband networks and handling customer data.
- Capital access riskImpact: HighLikelihood: Medium
Growth depends on raising debt or equity on acceptable terms.
Exposure: Expansion funding and acquisitions
- Competitive pressure from larger operatorsImpact: HighLikelihood: Medium
Cable, wireless, and telecom rivals have greater resources and broader offerings.
Exposure: Ohio broadband footprint
- Cybersecurity and IT disruptionImpact: HighLikelihood: Medium
Broadband operations rely on IT systems and customer data handling.
Exposure - Leverage and debt service riskImpact: HighLikelihood: Low
Borrowing can strain cash flow and reduce flexibility for network investment or acquisitions.
Exposure: Holding company and broadband operations
- Regulatory changeImpact: MediumLikelihood: Medium
Internet services may face new utility-style, privacy, or service-quality rules.
Exposure: Broadband service model
Accounting
Judgemental itemsBilling timing and service delivery determine when revenue is recorded.
Impact: Deferred revenue and accounts receivable balances
Amplex acquisition required fair value allocation of assets and liabilities.
Impact: Goodwill and intangible asset balances
Management must test acquired goodwill and intangibles for impairment when indicators arise.
Impact: Potential non-cash charges to earnings
The Westlake sale and Amplex acquisition changed the revenue base materially.
Impact: Year-over-year revenue and expense comparisons
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Last updated: 24/09/2026