Research

Revenue reached $31.5 million and backlog rose to $1.30 billion. But H1 free cash flow fell to -$1.00 billion, leaving execution—not demand—the central valuation test.

Revenue reached $31.5 million and backlog rose to $1.30 billion. But H1 free cash flow fell to -$1.00 billion, leaving commercialization progress balanced by execution risk.

Revenue and backlog advanced as deployment accelerated, but first-half free cash flow reached negative $1.00 billion. The print supports the operating thesis without raising fair value.

Charter produced higher EPS with fewer shares, not stronger operations. Broadband losses widened, EBITDA fell 4.3%, and leverage keeps the apparent valuation discount from being straightforward.

Free cash flow rose 2.3%, but residential connectivity EBITDA fell 8.0%. Wireless and Peacock improved without yet offsetting broadband pressure.