Is Hyperoptic Losing Money?

Hyperoptic earned about £25.2 million more revenue in 2025 and ended the year with 440,270 subscribers, up 18%. Its operating loss fell by about £18.4 million. The day-to-day business improved on that measure.

The bigger final loss appears after the financing lines. Interest payable and similar expenses were £98.66 million, up from £85.00 million in 2024. The accounts also recorded a £17.82 million negative fair-value movement on interest-rate swaps, whereas 2024 showed a £14.72 million positive movement.

The company also reported £69.4 million in adjusted EBITDA. That figure leaves out interest, tax, depreciation, amortisation and specified adjustments, so it must not be presented as profit or as cash left after debt payments. Hyperoptic says its 2025 adjusted EBITDA would have been £46.7 million on a comparable basis without its FRS 102 accounting changes.

At 31 December 2025, Hyperoptic Limited reported £1.086 billion of borrowings and £2.9 million of cash. The directors said £98 million of debt would mature on 30 November 2026. When they approved the accounts on 26 June 2026, a refinancing to extend that maturity was at an advanced stage but not yet finalised.

The auditor drew attention to a material uncertainty related to going concern. If the company could not complete refinancing, secure additional funding or implement effective alternatives, it might struggle to meet obligations as they fall due. That is the risk disclosed in the filing; it is not a declaration of insolvency.

The directors said they expected the refinancing to succeed and judged that the company could meet liabilities for at least 12 months from approval of the accounts. They cited support from ultimate parent Thunderbird Topco Limited. The auditor accepted the use of going-concern accounting and did not modify its audit opinion, while still highlighting the material uncertainty. The company said it complied with its debt covenants during 2025.

The signed accounts establish the position when they were approved on 26 June. They do not establish whether refinancing was completed later. Hyperoptic’s separate first-half 2026 update covers trading and network growth, but gives no later completion announcement for that refinancing.

The accounts do not announce a broadband shutdown or say Hyperoptic has entered administration. A reported loss and a going-concern uncertainty are reasons to follow the company’s financing position, but they do not themselves change a customer’s connection, contract or bill.

Hyperoptic’s update for the first half of 2026 said its network had passed two million homes and businesses and that it was concentrating on customer growth across that footprint. Anyone deciding whether to buy the service should check address availability, terms and price separately; our Hyperoptic broadband review covers those consumer questions.

Building a full-fibre network takes substantial investment before every passed home becomes a paying customer. Hyperoptic’s 2025 figures show the tension plainly: more subscribers and stronger operating performance, alongside a larger net loss and a refinancing requirement.