Helio, one of the few remaining MVNOs (Mobile Virtual Network Operator) and the only one that's focused heavily on mobile media, just reported a $92 million loss for Q3 2007, on revenue of just $51.7 million, according to today's Online Media Daily.

A joint venture of EarthLink and South Korean wireless operator SK Telecom, Helio so far has failed to build a significant subscriber base, despite heavy marketing for the upscale mobile phone aimed at young hipsters, the report said.

Remember that this comes after Earthlink washed its hands of Helio and turned it over to SK Telecom, who will reportedly give Helio a shot in the arm of up to $270 million.

Helio Reports $92M Loss For Q3 [Online Media Daily]