Company Reverses Non-Reliance on Financials, Withdraws Material Weakness Conclusion

summarizeSummary

The company has withdrawn its prior non-reliance on 2023 and 2024 financial statements and reversed its conclusion of a material weakness in internal controls, re-establishing confidence in its financial reporting.

check_boxKey Events

• Non-Reliance on Financials Withdrawn

  The company has withdrawn its prior conclusion that its annual consolidated financial statements for 2023 and 2024 should no longer be relied upon.

• Material Weakness Conclusion Reversed

  The prior conclusion of a material weakness in internal control over financial reporting (ICFR) has been withdrawn, with management now concluding ICFR was effective.

• Audit Reports Remain Reliable

  The associated reports of the independent registered public accounting firm can continue to be relied upon.

• Accounting Issues Reclassified

  The original accounting issues regarding drop cable assets and 'last mile to the customers' are now characterized as changes in accounting policy, not errors.

auto_awesomeAnalysis

This amendment is highly significant as it reverses the company's prior conclusion, disclosed on March 10, 2026, that its 2023 and 2024 financial statements could not be relied upon and that a material weakness existed in its internal controls. The company now states that the financial statements and audit reports can be relied upon, and its controls were effective. This removes a major overhang related to financial reporting integrity and should restore investor confidence. The original accounting issues are now characterized as policy changes, not errors, which will be applied retrospectively in the 2025 Form 20-F.