Neutrans is a dark fiber infrastructure provider based in Cyberjaya, Malaysia. Dark fiber refers to unlit fiber-optic strands leased to telecom companies and ISPs, who use the fiber to build or extend their own networks rather than buying bandwidth from a managed service provider. Neutrans owns approximately 80 km of fiber ducts concentrated in Cyberjaya, a planned tech hub that hosts 11 data centers and sits at the core of Malaysia's Multimedia Super Corridor. Neutrans operates as a carrier-neutral provider, meaning it does not sell internet bandwidth directly to end users and does not compete with its own customers. Neutrans generates revenue through four channels: recurring fiber core leasing (monthly or annual fees per fiber pair), non-recurring fiber duct sales (outright sale of physical conduit), IRU agreements (long-term exclusive-use contracts, typically 10–25 years, recognized as revenue straight-line over the contract term), and operation and maintenance fees bundled with IRUs. Fiber core leasing is the most stable revenue stream, while duct sales are lumpy and project-specific, meaning single transactions can drive an outsized share of revenue in a given period. Neutrans has 39 fiber core leasing customers, with renewal rates around 80%. Revenue is highly concentrated, with the top one or two customers typically accounting for 40–60% of total revenue. Neutrans plans to extend its network toward Kuala Lumpur, Petaling Jaya, and Shah Alam, though its inter-city KL link has been pushed to December 2027 due to construction restrictions.