Consolidated Highlights

Net Subscribers Grow 72% Over Same Quarter Last Year to 443,000

First Quarter Revenues Increase 76% Over Same Quarter Last Year to $51.5 million

Market-Level Progress

Initial Markets Subscribers Grow 29% Over Same Quarter Prior Year

Initial Markets Revenues Increase 38% Over Same Quarter Last Year

27 Markets Now Market EBITDA Positive with Clearwire Record Market EBITDA Margin of 21% for Initial Markets

Clearwire Corporation (“Clearwire”) (NASDAQ: CLWR), a leading provider of wireless high-speed Internet service, today reported financial and operating results for the first quarter of 2008.

“We began 2008 with an impressive first quarter across all major metrics, while continuing our emphasis on improving profitability,” said Benjamin G. Wolff, chief executive officer of Clearwire. “We surpassed the 400,000 subscriber milestone in January and ended the quarter with approximately 443,000 subscribers, representing 72% subscriber growth since the previous year’s first quarter. Our revenues grew a noteworthy 76% over last year’s first quarter. This was the result of the solid subscriber growth, as well as our successful expansion of service offerings to include residential voice service in more markets and a PC Card. We remain focused on increasing shareholder value by leveraging our residential broadband services, coupled with our dedication to customer satisfaction, to help realize the significant growth opportunities in the markets that we serve.

“During the latter half of 2007, we signaled our intention to focus more on cash flow and less on top-line growth to drive operating efficiencies in our existing markets given the challenging financing environment – and we have good news to report. Three additional markets turned Market EBITDA positive in the first quarter, bringing our total number to 27 versus 10 at the end of the same quarter last year. Further, the Market EBITDA margin expanded dramatically in our Initial Markets (those 25 markets launched prior to 2006) to more than 21%. During the first quarter, we continued to increase our household penetration and expand our ARPU. Overall estimated household penetration in our Initial Markets reached nearly 13%, while quarterly ARPU in these markets was nearly $37,” Wolff continued.

“The deployment of our mobile WiMAX network in Portland, Oregon, continues to make excellent progress and we are pleased with the success that our vendor partners are having with the development of mobile WiMAX enabled devices,” added Wolff. "With respect to our recent announcement to combine Clearwire and Sprint’s mobile WiMAX businesses to form the new Clearwire, we expect the transaction to close during the fourth quarter of 2008, and we believe that the accelerated deployment of our mobile WiMAX nationwide network will create a compelling opportunity to deliver the products and services that consumers want – combining mobility and speed, with access anytime and anywhere, at home or away.”

2008 First Quarter Consolidated Results

Consolidated Average Revenue Per User (or ARPU) for the 2008 first quarter was $36.86, which was slightly above the $35.80 level from the year-ago quarter, primarily due to increased sales of new services, including our Voice over IP (“VoIP”), PC Card, other ancillary services, and improving international results. Consolidated churn was 2.2%, while domestic churn was 2.0% in the first quarter of 2008.

Consolidated service revenues were $51.5 million in the quarter, versus $29.3 million for the same quarter of 2007, representing a growth rate of 76%. The growth in service revenues was driven primarily by Clearwire’s rapid subscriber growth, as well as new product initiatives. Clearwire added over 48,000 net new subscribers in the first quarter.

As a result of the seven large markets launched late in the third and fourth quarters of 2007 that cover approximately five million additional people and certain promotional offerings, gross margins declined to 26% in the first quarter from 43% in the prior year. We expect these margins to rebound as the new markets begin to scale, although gross margins may come under pressure again later in the year when the new WiMAX markets are launched.

Adjusted EBITDA reflected a loss of $81.2 million, versus an Adjusted EBITDA loss of $51.5 million for the same period in the prior year. The increased loss compared to the year-ago quarter was due primarily to the additional Cost per Gross Addition (or CPGA) incurred to acquire the increased number of new customers, general and administrative costs, and increased spectrum lease expense – all in support of the significantly higher number of markets in operation since the end of last year’s first quarter. Increased expenses in General and Administrative were largely attributable to a year-over-year increase in headcount in support of Clearwire’s growth and other corporate initiatives related to operations support systems, billing support systems, mobile WiMAX deployment and portal services.

Capital Expenditures (or CAPEX) for the first quarter were $53.1 million, which was significantly below the $74.4 million CAPEX level in the same period last year. The reduction in CAPEX is directly related to Clearwire’s decision to slow its expansion in the second half of 2007 and into 2008. Clearwire did not add any new markets in the first quarter of 2008, as continued focus has been placed on improving operating efficiency and profitability in its existing markets, and preparing to launch its initial mobile WiMAX enabled markets later in 2008.

Clearwire continues to have markets covering more than 36 million people in various stages of design, development and construction, which provides it with flexibility to modulate the pace of its market deployment up or down based on the availability of required capital.

The table below summarizes Clearwire’s 2008 first quarter consolidated results, versus the 2007 first quarter results.

Note: For a definition and reconciliation of non-GAAP financial measures, including Adjusted EBITDA, ARPU, Churn, CPGA, EBITDA and Market EBITDA, please refer to the section titled “Definition of Terms and Reconciliation of Non-GAAP Financial Measures” at the end of this release.

Market-Level Progress

2008 First Quarter Results

Clearwire believes that its market-level progress reflects its continued focus on driving markets toward profitability.

Clearwire’s Initial Markets, all of which commenced operations prior to 2006, ended the first quarter of 2008 with approximately 226,000 subscribers, reflecting an increase of 51,000 subscribers over the same quarter last year, a growth rate of 29%.

The Initial Markets service revenue was $24.9 million for the quarter, versus $18.1 million in the first quarter of 2007, reflecting a growth rate of 38%. This revenue growth was driven not only by the growth in subscribers, but also by gains in the delivery of new products and services, particularly VoIP, which is achieving penetration rates that exceed the company’s initial expectations. In addition, the gross margin in the Initial Markets increased to 77% for the 2008 first quarter, versus a gross margin of 72% for first quarter of 2007. This improvement in gross margin was driven by increased network efficiencies, as Clearwire continued to penetrate the Initial Markets and leverage its network assets. Market EBITDA for the Initial Markets was $5.2 million in the first quarter of 2008, or 21% of revenue, compared to a Market EBITDA loss for the Initial Markets of $0.6 million in the year ago quarter. The Market EBITDA improvement resulted from Clearwire’s consistent focus on driving economies of scale and emphasis on containing selling, general and administrative expenses in the Initial Markets.

“We are highly focused on consistently improving execution in each of our markets,” added Wolff. “Nearly 60% of our 46 domestic markets were Market EBITDA positive at the end of the 2008 first quarter. We now have several markets exceeding 30% Market EBITDA margins, which we believe demonstrates a scalable, replicable business model. We are encouraged by the fact that we are achieving these margins well before we launch our mobile WiMAX services.”

Management Webcast

Clearwire’s senior leadership team will discuss the company’s 2008 first quarter performance during a conference call and simultaneous webcast at 5 p.m. Eastern Time (2 p.m. Pacific Time) today. The call is expected to last approximately 45 minutes. To access today’s conference call, please call 888-713-4217, or outside the United States please call 617-213-4869. The conference call passcode is 47287547. The simultaneous webcast can be accessed via the Internet at http://investors.clearwire.com. The conference call will be archived and available for replay until midnight Eastern Time (9 p.m. Pacific Time), on May 26. To access the replay, please call 888-286-8010, or outside the United States please call 617-801-6888. The replay passcode is 57294490.

About Clearwire

Clearwire, founded in October 2003 by telecom pioneer Craig O. McCaw, is a provider of simple, portable and reliable wireless high-speed Internet service. Clearwire customers connect to the Internet using licensed spectrum, thus eliminating the confines of traditional cable or phone lines. Headquartered in Kirkland, Wash., the company launched its first market in August 2004 and now offers service in 50 markets across the U.S, as well as in Europe. For more information, visit www.clearwire.com.

Forward-Looking Statements

This release, and other written and oral statements made by Clearwire from time to time, contains forward-looking statements which are based on management’s current expectations and beliefs, as well as on a number of assumptions concerning future events made with information that is currently available. Forward-looking statements may include, without limitation, management’s expectations regarding: future financial and operating performance and financial condition; development, network launch, and strategic plans and objectives; industry conditions; the strength of its balance sheet; and liquidity and financing needs. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside of Clearwire's control, which could cause actual results to differ materially and adversely from such statements. Some factors that could cause actual results to differ are:

• We are an early-stage company with a history of operating losses and we expect to continue to realize significant net losses for the foreseeable future.
• Our recently announced transactions with Sprint and several strategic investors are subject to several closing conditions that, if not satisfied, could result in the transactions not being completed.
• The transaction agreement with Sprint and the strategic investors includes covenants that limit our ability to take certain actions prior to the completion of the transactions and that may cause our business and prospects to suffer if such transactions are not completed.
• The transactions with Sprint and the investors may present significant challenges to our management that could divert management’s attention from day-to-day operations and have a negative impact on our business.
• We may fail to realize all of the anticipated benefits of the transactions with Sprint and the strategic investors.
• Our business plan will require us to raise substantial additional financing both in the near term and over the next five years or more.
• We are committed to using commercially reasonable efforts to deploy wireless broadband networks based solely on mobile WiMAX technology once that technology meets certain specified performance criteria, even if there are alternative technologies available in the future that are technologically superior or more cost effective.
• Our business plan contemplates migration of our pre-WiMAX network to a mobile WiMAX network, which may not be developed to our satisfaction.
• We currently depend on our commercial partners to develop and deliver the equipment for our pre-WiMAX and mobile WiMAX networks.
• Many of our competitors are better established and have significantly greater resources, and may subsidize their competitive offerings with other products and services.
• Our substantial indebtedness and restrictive debt covenants could limit our financing options and liquidity position and may limit our ability to grow our business.
• Craig McCaw and Intel Capital collectively control a majority of our combined voting power, and may have, or may develop in the future, interests that may diverge from other stockholders.
• Future sales of large blocks of our common stock may adversely impact our stock price.

For a more detailed description of the factors that could cause such a difference, please refer to Clearwire’s filings with the Securities and Exchange Commission, including the information under the headings “Risk Factors” and “Forward-Looking Statements” in our Annual Report on Form 10-K filed on March 13, 2008. Clearwire assumes no obligation to update or supplement such forward-looking statements.