The good news is this financial year's loss is 20 percent lower than the previous year as the company continues to spend in order to build up its wireless network in Sydney and Melbourne.

Unwired's operating revenue was up 104 percent to $23.4 million for the 12 months ending 30 June, 2006. This figure was largely made up from the sale of wireless modems and monthly service subscriptions. In the past year, subscriber numbers has increased by 90 percent from 28,148 to 53,405.

"We are very pleased with these results. It's a good indication that we are managing this business well by doubling customer revenue while at the same time containing costs," Spence said.

Of its subscriber sign ups, 64 percent came from its retail channel, 29 percent from direct sales and 7 percent from its wholesale customers.

On the downside, he said a 3 percent churn rate was "higher than anticipated." This has been felt largely over the last six months. To combat the churn, the company is looking at changing its retail plans, refining its call center operations to retain customers, and implementing network tools to optimize the network performance.