Open the filing on EDGARATN International, Inc. Reports Second Quarter 2026 Results; Announces Increased Repurchase Authorization; and Reaffirms 2026 Outlook
Delivers year-over-year revenue growth of 2% and Adjusted EBITDAgrowth of 9%
Receives $268 million in cash at the initial closing of the US Tower Portfolio Sale
Increases share repurchase authorization to $30 million
BEVERLY, Mass., August 5, 2026 (GLOBE NEWSWIRE) -- ATN International, Inc. (“ATN,” the “Company,” “we,” “us,” and “our”) (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today reported financial results for the second quarter ended June 30, 2026. ATN’s management will host a conference call and webcast tomorrow, August 6, 2026, beginning at 11:00 a.m. Eastern Time to review these results.
“Our second quarter results demonstrate the continued strength and resilience of our business. We delivered growth in both total revenue and Adjusted EBITDA, with profitability outpacing sales growth, reflecting improving operating leverage,” said Naji Khoury, ATN’s Chief Executive Officer. “In my first several months, I have had the opportunity to visit our markets, meet with team members, customers, stakeholders, and investors, and spend meaningful time understanding the strength of our platform. We have experienced management teams, capable operating organizations, strong infrastructure assets and customer relationships that have been built over many years, which provide a solid foundation to further optimize our operations.”
Mr. Khoury added, “During the quarter, we completed the initial closing of the sale of our US tower portfolio and entered into an agreement to sell certain US spectrum licenses, demonstrating our ability to unlock value from our infrastructure assets as the tower transaction multiple far exceeded our current trading multiple. Additionally, in June our Board increased both the quarterly cash dividend, and the Company’s share repurchase authorization, reflecting our confidence in the outlook for the business, the strength of our financial position, and our commitment to disciplined capital allocation to create long-term shareholder value.”
Second Quarter 2026 Operating and Financial Highlights (as compared to the Second Quarter 2025)
- High-speed broadband homes passed expanded by 21% to 523,400, supported by fixed wireless deployments in the second half of 2025
- Total high-speed broadband customers grew 1% to 140,900
- Revenue increased 2% to $184.5 million, driven by growth in both the International and US Telecom segments
- Operating income increased to $239.7 million, primarily due to a $229.9 million gain from the initial closing of the US Tower Portfolio Sale
- Net cash provided by operating activities decreased 11% to $53.5 million, reflecting movements in operating cash related to the US Tower Portfolio sale
- Adjusted EBITDA increased $4.0 million, or 9%, to $49.7 million and Adjusted EBITDA Margin improved from 25.3% to 27.0%
- Net Debt Ratio improved to 0.91x from 2.36x on December 31, 2025
Second Quarter 2026 Financial Results (as compared to the second quarter 2025)
Consolidated revenues were $184.5 million, up $3.2 million, or 2% versus $181.3 million. The increase was primarily driven by carrier services revenues and market demand for fixed and other ancillary services, which offset year-over-year declines in fixed consumer revenues primarily related to the previously disclosed loss of a government subsidy, and lower construction revenues.
Operating income was $239.7 million versus $0.2 million in the year-ago quarter. The increase reflects a $229.9 million gain recorded on the initial closing of the US Tower Portfolio Sale, and the above-mentioned revenue growth as well as lower restructuring and reorganization and depreciation and amortization expenses.
Net income attributable to ATN stockholders was $167.3 million, or $10.71 per diluted share, versus a net loss of $(7.0) million, or $(0.56) per share.
Adjusted EBITDA was $49.7 million, up $4.0 million, or 9%, from $45.8 million in the year-ago quarter and Adjusted EBITDA Margin expanded to 27.0% from 25.3%. The increase was primarily driven by higher revenues and cost efficiencies.
US Tower Portfolio Sale
On June 2, 2026, the Company completed the initial closing of the sale of its southwestern US tower portfolio (the “US Tower Portfolio Sale”) to an affiliate of Everest Infrastructure Partners, Inc. and received $267.7 million in cash. The Company may receive up to an additional $29.6 million in cash consideration at subsequent closings expected to occur over the next ten months subject to the satisfaction or waiver of specified construction and operational conditions related to tower sites deferred at the initial closing.
2026 Full-Year Outlook:
The Company reaffirms its previously updated financial outlook for full-year 2026, reflecting the impact of the initial closing of the US Tower Portfolio Sale, as follows:
- Adjusted EBITDA is expected to be in the range of $183 million to $193 million
- Capital expenditures are expected to be in the range of $105 to $115 million (net of reimbursable expenditures)
Segment Operating Results (in Thousands)
The Company recorded financial results in three categories: (i) International Telecom; (ii) US Telecom; and (iii) Corporate and Other.
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
|---|
| International | International | US | US | Corporate and | Corporate and | Total | Total |
|---|
| Telecom | Telecom | Telecom | Telecom | Other* | Other* | ATN | ATN |
|---|
| For Three Months Ended June 30, 2026 and 2025 |
| Total Revenue: | $96,196 | $94,894 | $88,308 | $86,406 | $- | $- | $184,504 | $181,300 |
| Mobility | 27,138 | 26,323 | - | 8 | - | - | 27,138 | 26,331 |
| Fixed | 60,519 | 61,749 | 52,364 | 51,359 | - | - | 112,883 | 113,108 |
| Carrier Services | 3,549 | 3,423 | 32,793 | 29,806 | - | - | 36,342 | 33,229 |
| Construction | - | - | 779 | 2,216 | - | - | 779 | 2,216 |
| All other | 4,990 | 3,399 | 2,372 | 3,017 | - | - | 7,362 | 6,416 |
| Operating Income (Loss) | $21,917 | $16,221 | $224,192 | $(5,533) | $(6,378) | $(10,455) | $239,731 | $233 |
| EBITDA (1) | $36,146 | $31,626 | $240,289 | $13,292 | $(6,052) | $(9,596) | $270,383 | $35,322 |
| Adjusted EBITDA (1) | $35,485 | $33,274 | $19,088 | $18,262 | $(4,829) | $(5,744) | $49,744 | $45,792 |
| Capital Expenditures** | $6,142 | $9,466 | $11,099 | $11,718 | $1 | $- | $17,242 | $21,184 |
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
|---|
| International | International | US | US | Corporate and | Corporate and | Total | Total |
|---|
| Telecom | Telecom | Telecom | Telecom | Other* | Other* | ATN | ATN |
|---|
| For Six Months Ended June 30, 2026 and 2025 |
| Total Revenue: | $192,254 | $189,390 | $174,468 | $171,204 | $- | $- | $366,722 | $360,594 |
| Mobility | 53,497 | 52,363 | - | 46 | - | - | 53,497 | 52,409 |
| Fixed | 121,105 | 123,115 | 104,445 | 103,019 | - | - | 225,550 | 226,134 |
| Carrier Services | 7,747 | 7,326 | 64,682 | 59,033 | - | - | 72,429 | 66,359 |
| Construction | - | - | 779 | 3,262 | - | - | 779 | 3,262 |
| All other | 9,905 | 6,586 | 4,562 | 5,844 | - | - | 14,467 | 12,430 |
| Operating Income (Loss) | $41,139 | $30,970 | $225,929 | $(7,948) | $(15,648) | $(20,122) | $251,420 | $2,900 |
| EBITDA (1) | $69,185 | $62,004 | $259,139 | $30,135 | $(14,598) | $(18,397) | $313,726 | $73,742 |
| Adjusted EBITDA (1) | $69,774 | $65,665 | $38,578 | $35,774 | $(9,991) | $(11,308) | $98,361 | $90,131 |
| Capital Expenditures** | $14,404 | $20,269 | $23,854 | $21,745 | $1 | $2 | $38,259 | $42,016 |
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments. ** Excludes reimbursable government capital program amounts.
Operating Metrics
| 2026 | 2026 | 2025 | 2025 | 2025 | Q2 2026 |
|---|
| Q2 | Q1 | Q4 | Q3 | Q2 | vs. Q2 2025 |
|---|
| Operating Metrics |
| High-Speed* Broadband Homes Passed | 523,400 | 523,300 | 522,900 | 512,300 | 432,300 | 21% |
| High-Speed* Broadband Customers | 140,900 | 143,200 | 142,700 | 139,300 | 139,400 | 1% |
| Fiber Route Miles | 12,224 | 12,218 | 12,210 | 12,062 | 11,957 | 2% |
| International Mobile Subscribers | | | | | | |
| Pre-Paid | 322,700 | 323,900 | 331,100 | 325,800 | 325,900 | -1% |
| Post-Paid | 63,900 | 63,000 | 62,200 | 61,900 | 60,700 | 5% |
| Total | 386,600 | 386,900 | 393,300 | 387,700 | 386,600 | 0.0% |
| Mobile Blended Churn | 3.48% | 3.60% | 2.97% | 3.19% | 3.09% | |
*High-Speed Broadband is defined as download speeds 100 Mbps or greater and High-Speed Broadband Customers as subscribers connected to our high-speed networks regardless of the speed of plan selected.
Note: Data presented may differ from prior periods to reflect more accurate data and/or changes in calculation methodology and process.
Balance Sheet and Cash Flow Highlights
As of June 30, 2026, cash, cash equivalents, and restricted cash totaled $331.9 million versus $117.2 million as of December 31, 2025. Total debt was $513.3 million on June 30, 2026, compared to $565.2 million on December 31, 2025. The Company’s Net Debt Ratio was 0.91x on June 30, 2026.
Net cash provided by operating activities was $53.5 million for the six months ended June 30, 2026, compared to net cash provided by operating activities of $59.8 million in the same period last year. The year-over-year decrease was primarily due to operating cash movements related to the US Tower Portfolio Sale.
Capital expenditures were $38.3 million, net of $27.0 million of reimbursable capital expenditures, for the six months ended June 30, 2026, as compared to $42.0 million, net of $45.9 million of reimbursable capital expenditures, in the same period last year.
Quarterly Dividends and Share Repurchases
On July 8, 2026, the Company paid a quarterly dividend of $0.29 per share, on all shares of common stock outstanding to stockholders of record as of June 30, 2026. The cash dividend represented a 5.5% increase from the previous quarterly dividend of $0.275 per share.
The Company did not repurchase any outstanding shares under its $25 million share repurchase authorization (the “Repurchase Program”) during the second quarter, and as of June 30, 2026, there was $15 million available for repurchases under the Repurchase Program.
On July 31, 2026, the Company’s Board of Directors approved a share repurchase authorization increase of $15 million authorizing the Company to repurchase up to $30 million in shares of its common stock in the aggregate under the Repurchase Program.
2026 Second Quarter Earnings Conference Call
The Company will host a conference call at 11:00 a.m. Eastern Time on August 6, 2026, to discuss financial and operating results for the second quarter ended June 30, 2026. A live webcast of the conference call will be available via this webcast link: https://edge.media-server.com/mmc/p/dcmui7w9
Investors can listen to a live audio webcast of the conference call by either visiting the “Webcast Link” above or the "Events & Presentations" section of the Company’s Investor Relations website at https://ir.atni.com/events-and-presentations. A conference call replay will be available at the same locations beginning at approximately 1:00 p.m. Eastern Time that same day. The Company also will provide an investor presentation as a supplement to the call on the “Events & Presentations” section of its Investor Relations website.
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see “Use of Non-GAAP Financial Measures” below for full definitions of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin and see Table 5 for reconciliations of Operating Income to EBITDA and Operating Income to Adjusted EBITDA.
For the Company’s non-GAAP Adjusted EBITDA guidance, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. Please see “Use of Non-GAAP Financial Measures” below for a description of items excluded from the Company’s Adjusted EBITDA guidance.
Net Debt and Net Debt Ratio are non-GAAP financial measures. Please see “Use of Non-GAAP Financial Measures” below for full definitions of Net Debt and Net Debt Ratio and see Table 6 for the reconciliations of Total Debt to Net Debt.
As previously disclosed, on February 11, 2026, certain subsidiaries of the Company entered into that certain Purchase and Sale Agreement with EIP Holdings, IV, LLC, an affiliate of Everest Infrastructure Partners, Inc., to sell approximately 214 tower portfolio sites in the southwest US for up to $297 million in cash consideration (the “U.S. Tower Portfolio Sale”).
About ATN
ATN International, Inc. (Nasdaq: ATNI), headquartered in Beverly, Massachusetts, is a provider of digital infrastructure and communications services operating in the United States and internationally, including the Caribbean region. The Company’s operating subsidiaries focus on rural and remote markets and primarily provide: (i) advanced wireless and wireline connectivity to residential, business, and government customers, including a range of high-speed Internet and data services, fixed and mobile wireless solutions, and video and voice services; and (ii) carrier and enterprise communications services. For more information, please visit www.atni.com.
Use of Non-GAAP Financial Measures and Definition of Terms
In addition to financial measures prepared in accordance with generally accepted accounting principles (“GAAP”), this press release also contains non-GAAP financial measures. Specifically, the Company has included EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Net Debt, and Net Debt Ratio in this release and the tables included herein.
EBITDA is defined as Operating income (loss) before depreciation and amortization expense.
Adjusted EBITDA is defined as Operating income (loss) before depreciation and amortization expense, transaction-related charges, restructuring and reorganization expenses, the loss on dispositions, transfers and contingent consideration, and non-cash stock-based compensation.
Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by total revenue.
Net Debt is defined as total debt less cash and cash equivalents and restricted cash.
Net Debt Ratio is defined as Net Debt divided by the trailing four quarters ended total Adjusted EBITDA at the measurement date.
The Company believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of the Company's core operating results and enhances the usefulness of comparing such performance with prior periods. Management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company’s core operating performance and comparing such performance to that of prior periods. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP and should be used supplementally to the Company’s GAAP financial results. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying tables to, this press release. While non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating the Company’s own operating results over different periods of time, the Company urges investors to review the reconciliations of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business. Additionally, these non-GAAP financial measures may not be calculated in the same manner as similar measures presented by other companies. In addition, the forward-looking Adjusted EBITDA guidance for the full-year 2026 excludes potential charges or gains that may be recorded during the fiscal year, including among other things, restructuring and reorganization expenses, transaction-related expenses and gains or losses on dispositions, transfers and contingent consideration. The Company has not attempted to provide reconciliations of such forward-looking non-GAAP earnings guidance to the comparable GAAP measure, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K, because of the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without reasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of the Company’s financial performance.
Cautionary Language Concerning Forward-Looking Statements
Forward-looking statements notice
This press release contains forward-looking statements relating to, among other matters, the Company’s future financial performance, business goals and objectives, and results of operations, its future revenues, operating income, cash flows, network and operating costs, Adjusted EBITDA, and capital investments; subsequent closings of the US Tower Portfolio Sale and the additional consideration related thereto and the timing thereof; the Company’s liquidity; and management’s plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others: (1) the general performance of the Company’s operations, including operating margins, revenues, capital expenditures, the impact of cost savings initiatives, and the retention of and future growth of the Company’s subscriber base and average revenue per user; (2) our ability to satisfy outstanding conditions to complete subsequent closings with respect to the US Tower Portfolio Sale; (3) the timing, manner and extent to which proceeds from the US Tower Portfolio Sale are deployed may be affected by future market conditions, potential changes in tax laws and the Company's ability to develop corporate investment and strategic opportunities; (4) government regulation of the Company’s businesses, which may impact the Company’s telecommunications licenses, the Company’s revenue and the Company’s operating costs; (5) the impact (if any) of geopolitical instability and U.S. military presence in the Caribbean; (6) management transitions, and the loss of, or an inability to recruit skilled personnel in the Company’s various jurisdictions, including key members of management; (7) the Company’s reliance on a limited number of key suppliers and vendors for timely and cost-effective supply of equipment and services relating to the Company’s network infrastructure; (8) the Company’s ability to satisfy the needs and demands of the Company’s major carrier customers; (9) the Company’s ability to realize expansion plans for its fiber markets; (10) the adequacy and expansion capabilities of the Company’s network capacity and customer service system to support the Company’s customer growth; (11) the Company’s ability to efficiently and cost-effectively upgrade the Company’s networks and information technology platforms to address rapid and significant technological changes in the telecommunications industry; (12) the Company’s continued access to capital and credit markets on terms it deems favorable; (13) the Company’s ability to successfully replace revenue declines in its US Telecom businesses as a result of the pending US tower portfolio sale through carrier, enterprise broadband, and consumer-based broadband services; (14) ongoing risk of an economic downturn, political, geopolitical and other risks and opportunities impacting the Company’s operations, including those resulting from changes and uncertainties related to trade policies and tariff regulations, financial market volatility and disruption, uncertain economic conditions in the U.S. and abroad, inflationary concerns, and other macroeconomic headwinds including increased costs and supply chain disruptions; (15) the occurrence of weather events and natural catastrophes and the Company’s ability to secure the appropriate level of insurance coverage for these assets; and (16) increased competition. These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 16, 2026, and the other reports the Company files from time to time with the SEC. The Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors that may affect such forward-looking statements, except as required by applicable law.
Table 1
Unaudited Condensed Consolidated Balance Sheets
| June 30, 2026 | December 31, 2025 |
|---|
| Assets: | | |
| Cash and cash equivalents | $317,580 | $102,491 |
| Restricted cash | 14,320 | 14,663 |
| Customer receivable | 9,094 | 8,783 |
| Assets held-for-sale | 8,600 | 11,200 |
| Other current assets | 192,693 | 190,739 |
| Total current assets | 542,287 | 327,876 |
| Property, plant and equipment, net | 947,213 | 991,767 |
| Operating lease right-of-use assets | 132,379 | 98,158 |
| Customer receivable - long term | 30,329 | 35,128 |
| Assets held-for-sale, net of current portion | 6,926 | - |
| Goodwill and other intangible assets, net | 116,948 | 117,770 |
| Other assets | 103,936 | 102,555 |
| Total assets | $1,880,018 | $1,673,254 |
| Liabilities, redeemable non-controlling interests and stockholders’ equity: | | |
| Current portion of long-term debt | $23,721 | $15,846 |
| Current portion of customer receivable credit facility | 8,999 | 8,784 |
| Taxes payable | 55,424 | 7,596 |
| Current portion of lease liabilities | 18,999 | 13,891 |
| Liabilities held-for-sale | 139 | - |
| Other current liabilities | 225,540 | 216,982 |
| Total current liabilities | 332,822 | 263,099 |
| Long-term debt, net of current portion | $489,592 | $549,321 |
| Customer receivable credit facility, net of current portion | 26,228 | 30,834 |
| Lease liabilities | 106,530 | 75,277 |
| Other long-term liabilities | 108,153 | 113,923 |
| Total liabilities | 1,063,325 | 1,032,454 |
| Redeemable non-controlling interests | 97,393 | 86,821 |
| Stockholders' equity: | | |
| Total ATN International,Inc.’s stockholders’ equity | 598,776 | 444,292 |
| Non-controlling interests | 120,524 | 109,687 |
| Total stockholders' equity | 719,300 | 553,979 |
| Total liabilities, redeemable non-controlling interests and stockholders’ equity | $1,880,018 | $1,673,254 |
Table 2
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, Except per Share Data)
| Three Months Ended, June 30, | Six Months Ended, June 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Revenues: | | | | |
| Communications services | $180,141 | $174,874 | $358,599 | $348,905 |
| Construction | 779 | 2,216 | 779 | 3,262 |
| Other | 3,584 | 4,210 | 7,344 | 8,427 |
| Total revenue | 184,504 | 181,300 | 366,722 | 360,594 |
| Operating expenses (excluding depreciation and amortization unless otherwise indicated): | | | | |
| Cost of services and other | 78,450 | 77,165 | 155,876 | 155,389 |
| Cost of construction revenue | 990 | 2,183 | 990 | 3,684 |
| Selling, general and administrative | 55,319 | 56,160 | 111,494 | 111,390 |
| Stock-based compensation | 1,398 | 2,685 | 3,333 | 4,590 |
| Transaction-related charges | 6,319 | 193 | 7,152 | 1,628 |
| Restructuring and reorganization expenses | 2,583 | 4,907 | 4,309 | 6,737 |
| Depreciation | 30,160 | 33,863 | 61,316 | 68,390 |
| Amortization of intangibles from acquisitions | 493 | 1,226 | 990 | 2,452 |
| (Gain) Loss on dispositions, transfers and contingent consideration | (230,940) | 2,685 | (230,158) | 3,434 |
| Total operating expenses | (55,228) | 181,067 | 115,302 | 357,694 |
| Operating income | 239,732 | 233 | 251,420 | 2,900 |
| Other expense: | | | | |
| Interest expense, net | (10,368) | (12,678) | (20,712) | (24,356) |
| Other expense | (747) | (591) | (3,979) | (3,158) |
| Other expense | (11,115) | (13,269) | (24,691) | (27,514) |
| Income (loss) before income taxes | 228,617 | (13,036) | 226,729 | (24,614) |
| Income tax expense (benefit) | 42,092 | (3,776) | 43,678 | (3,967) |
| Net income (loss) | 186,525 | (9,260) | 183,051 | (20,647) |
| Net (income) loss attributable to non-controlling interests, net | (19,237) | 2,234 | (18,560) | 4,693 |
| Net income (loss) attributable to ATN International,Inc. stockholders | $167,288 | $(7,026) | $164,491 | $(15,954) |
| Net income (loss) per weighted average share attributable to ATN International,Inc. stockholders: | | | | |
| Basic | $10.77 | $(0.56) | $10.52 | $(1.25) |
| Diluted | $10.71 | $(0.56) | $10.44 | $(1.25) |
| Weighted average common shares outstanding: | | | | |
| Basic | 15,384 | 15,223 | 15,334 | 15,177 |
| Diluted | 15,459 | 15,223 | 15,444 | 15,177 |
Table 3
Unaudited Condensed Consolidated Cash Flow Statements
(in Thousands)
| Six Months Ended June 30, |
|---|
| 2026 | 2025 |
|---|
| Net income (loss) | $183,051 | $(20,647) |
| Depreciation | 61,316 | 68,390 |
| Amortization of intangibles from acquisitions | 990 | 2,452 |
| Provision for doubtful accounts | 4,245 | 4,135 |
| Amortization of debt discount and debt issuance costs | 1,450 | 1,435 |
| (Gain) loss on dispositions, transfers and contingent consideration | (230,158) | 3,434 |
| Stock-based compensation | 3,333 | 4,590 |
| Deferred income taxes | 1,079 | (5,432) |
| (Gain) Loss on equity investments | 2,396 | (133) |
| Decrease in customer receivable | 4,487 | 1,780 |
| Change in prepaid and accrued income taxes | 42,295 | 1,666 |
| Change in other operating assets and liabilities | (20,943) | (1,827) |
| Net cash provided by operating activities | 53,541 | 59,843 |
| Capital expenditures | (38,259) | (42,016) |
| Government capital programs: | | |
| Amounts disbursed | (27,007) | (45,906) |
| Amounts received | 22,423 | 41,364 |
| Proceeds from Tower Portfolio Transaction | 267,669 | - |
| Proceeds from sale of telecommunications licenses | 2,200 | - |
| Proceeds from sale of assets | 1,585 | 221 |
| Purchases and sales of employee benefit plan investments | (28) | 701 |
| Net cash provided by (used in) investing activities | 228,583 | (45,636) |
| Dividends paid on common stock | (8,426) | (7,279) |
| Distributions to non-controlling interests | (1,410) | (1,404) |
| Finance lease payments | (376) | (974) |
| Term loan - repayments | (5,009) | (3,314) |
| Term loan - borrowings | 5,000 | - |
| Payment of debt issuance costs | (603) | (280) |
| Revolving credit facilities - borrowings | 49,050 | 41,000 |
| Revolving credit facilities - repayments | (101,170) | (13,000) |
| Repayment of customer receivable credit facility | (4,449) | (4,071) |
| Purchases of common stock - stock-based compensation | (1,902) | (770) |
| Purchases of noncontrolling interests | (288) | (44) |
| Funds payable and amounts due to customers | 2,205 | - |
| Net cash provided by (used in) financing activities | (67,378) | 9,864 |
| Net change in total cash, cash equivalents and restricted cash | 214,746 | 24,071 |
| Total cash, cash equivalents and restricted cash, beginning of period | 117,154 | 89,244 |
| Total cash, cash equivalents and restricted cash, end of period | $331,900 | $113,315 |
Selected Segment Financial Information
(In Thousands)
For the three months ended June 30, 2026 is as follows:
| International Telecom | US Telecom | Corporate and Other * | Total |
|---|
| Statement of Operations Data: | | | | |
| Revenue | | | | |
| Mobility | | | | |
| Business | $5,161 | $- | $- | $5,161 |
| Consumer | 21,977 | - | - | 21,977 |
| Total | $27,138 | $- | $- | $27,138 |
| Fixed | | | | |
| Business | $18,896 | $30,210 | $- | $49,106 |
| Consumer | 41,623 | 22,154 | - | 63,777 |
| Total | $60,519 | $52,364 | $- | $112,883 |
| Carrier Services | $3,549 | $32,793 | $- | $36,342 |
| Other | 3,621 | 157 | - | 3,778 |
| Total Communications Services | $94,827 | $85,314 | $- | $180,141 |
| Construction | $- | $779 | $- | $779 |
| Managed services | $1,369 | $2,215 | $- | $3,584 |
| Total Other | $1,369 | $2,215 | $- | $3,584 |
| Total Revenue | $96,196 | $88,308 | $- | $184,504 |
| Depreciation | $13,990 | $15,843 | $326 | $30,159 |
| Amortization of intangibles from acquisitions | $239 | $254 | $- | $493 |
| Total operating expenses | $74,279 | $(135,884) | $6,378 | $(55,227) |
| Operating income (loss) | $21,917 | $224,192 | $(6,378) | $239,731 |
| Net (income) loss attributable to non-controlling interests | $(3,144) | $(16,093) | $- | $(19,237) |
| Non GAAP measures: | | | | |
| EBITDA (2) | $36,146 | $240,289 | $(6,052) | $270,383 |
| Adjusted EBITDA (1) | $35,485 | $19,088 | $(4,829) | $49,744 |
| Balance Sheet Data (at June 30, 2026): | | | | |
| Cash, cash equivalents and restricted cash | $100,371 | $222,062 | $9,467 | $331,900 |
| Total current assets | 191,366 | 323,747 | 27,174 | 542,287 |
| Fixed assets, net | 442,009 | 503,870 | 1,334 | 947,213 |
| Total assets | 711,981 | 1,076,105 | 91,932 | 1,880,018 |
| Total current liabilities | 104,747 | 139,362 | 88,713 | 332,822 |
| Total debt, including current portion | 63,909 | 333,699 | 115,705 | 513,313 |
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
Table 4 (continued)
For the three months ended June 30, 2025 is as follows:
| International Telecom | US Telecom | Corporate and Other * | Total |
|---|
| Statement of Operations Data: | | | | |
| Revenue | | | | |
| Mobility | | | | |
| Business | $4,857 | $8 | $- | $4,865 |
| Consumer | 21,466 | - | - | 21,466 |
| Total | $26,323 | $8 | $- | $26,331 |
| Fixed | | | | |
| Business | $18,416 | $28,854 | $- | $47,270 |
| Consumer | 43,333 | 22,505 | - | 65,838 |
| Total | $61,749 | $51,359 | $- | $113,108 |
| Carrier Services | $3,423 | $29,806 | $- | $33,229 |
| Other | 2,088 | 118 | - | 2,206 |
| Total Communications Services | $93,583 | $81,291 | $- | $174,874 |
| Construction | $- | $2,216 | $- | $2,216 |
| Managed services | $1,311 | $2,899 | $- | $4,210 |
| Total Other | $1,311 | $2,899 | $- | $4,210 |
| Total Revenue | $94,894 | $86,406 | $- | $181,300 |
| Depreciation | $15,154 | $17,850 | $859 | $33,863 |
| Amortization of intangibles from acquisitions | $251 | $975 | $- | $1,226 |
| Total operating expenses | $78,673 | $91,939 | $10,455 | $181,067 |
| Operating income (loss) | $16,221 | $(5,533) | $(10,455) | $233 |
| Net (income) loss attributable to non-controlling interests | $(2,307) | $4,541 | $- | $2,234 |
| Non GAAP measures: | | | | |
| EBITDA (2) | $31,626 | $13,292 | $(9,596) | $35,322 |
| Adjusted EBITDA (1) | $33,274 | $18,262 | $(5,744) | $45,792 |
| Balance Sheet Data (at December 31, 2025): | | | | |
| Cash, cash equivalents and restricted cash | $79,165 | $35,915 | $2,074 | $117,154 |
| Total current assets | 165,341 | 141,592 | 20,943 | 327,876 |
| Fixed assets, net | 451,303 | 533,443 | 7,021 | 991,767 |
| Total assets | 701,579 | 881,968 | 89,707 | 1,673,254 |
| Total current liabilities | 97,305 | 120,535 | 45,259 | 263,099 |
| Total debt, including current portion | 59,952 | 329,036 | 176,180 | 565,168 |
(1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA
(2) See Table 5 for reconciliation of Operating Income to EBITDA
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
For the six months ended June 30, 2026 is as follows:
| International Telecom | US Telecom | Corporate and Other * | Total |
|---|
| Statement of Operations Data: | | | | |
| Revenue | | | | |
| Mobility | | | | |
| Business | $10,337 | $- | $- | $10,337 |
| Consumer | 43,160 | - | - | 43,160 |
| Total | $53,497 | $- | $- | $53,497 |
| Fixed | | | | |
| Business | $37,642 | $60,137 | $- | $97,779 |
| Consumer | 83,463 | 44,308 | - | 127,771 |
| Total | $121,105 | $104,445 | $- | $225,550 |
| Carrier Services | $7,747 | $64,682 | $- | $72,429 |
| Other | 6,815 | 308 | - | 7,123 |
| Total Communications Services | $189,164 | $169,435 | $- | $358,599 |
| Construction | $- | $779 | $- | $779 |
| Managed services | $3,090 | $4,254 | $- | $7,344 |
| Total Other | $3,090 | $4,254 | $- | $7,344 |
| Total Revenue | $192,254 | $174,468 | $- | $366,722 |
| Depreciation | $27,565 | $32,701 | $1,050 | $61,316 |
| Amortization of intangibles from acquisitions | $481 | $509 | $- | $990 |
| Total operating expenses | $151,115 | $(51,461) | $15,648 | $115,302 |
| Operating income (loss) | $41,139 | $225,929 | $(15,648) | $251,420 |
| Net (income) loss attributable to non-controlling interests | $(5,750) | $(12,810) | $- | $(18,560) |
| Non GAAP measures: | | | | |
| EBITDA (2) | $69,185 | $259,139 | $(14,598) | $313,726 |
| Adjusted EBITDA (1) | $69,774 | $38,578 | $(9,991) | $98,361 |
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
Table 4 (continued)
For the six months ended June 30, 2025 is as follows:
| International Telecom | US Telecom | Corporate and Other * | Total |
|---|
| Statement of Operations Data: | | | | |
| Revenue | | | | |
| Mobility | | | | |
| Business | $9,706 | $46 | $- | $9,752 |
| Consumer | 42,657 | - | - | 42,657 |
| Total | $52,363 | $46 | $- | $52,409 |
| Fixed | | | | |
| Business | $36,909 | $58,099 | $- | $95,008 |
| Consumer | 86,206 | 44,920 | - | 131,126 |
| Total | $123,115 | $103,019 | $- | $226,134 |
| Carrier Services | $7,326 | $59,033 | $- | $66,359 |
| Other | 3,829 | 174 | - | 4,003 |
| Total Communications Services | $186,633 | $162,272 | $- | $348,905 |
| Construction | $- | $3,262 | $- | $3,262 |
| Managed services | $2,757 | $5,670 | $- | $8,427 |
| Total Other | $2,757 | $5,670 | $- | $8,427 |
| Total Revenue | $189,390 | $171,204 | $- | $360,594 |
| Depreciation | $30,531 | $36,134 | $1,725 | $68,390 |
| Amortization of intangibles from acquisitions | $503 | $1,949 | $- | $2,452 |
| Total operating expenses | $158,420 | $179,152 | $20,122 | $357,694 |
| Operating income (loss) | $30,970 | $(7,948) | $(20,122) | $2,900 |
| Net (income) loss attributable to non-controlling interests | $(3,781) | $8,474 | $- | $4,693 |
| Non GAAP measures: | | | | |
| EBITDA (2) | $62,004 | $30,135 | $(18,397) | $73,742 |
| Adjusted EBITDA (1) | $65,665 | $35,774 | $(11,308) | $90,131 |
(1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA
(2) See Table 5 for reconciliation of Operating Income to EBITDA
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments
Table 5
Reconciliation of Non-GAAP Measures
For the three months ended June 30, 2026 is as follows:
| International Telecom | US Telecom | Corporate and Other * | Total |
|---|
| Operating income (loss) | $21,917 | $224,192 | $(6,378) | $239,731 |
| Depreciation expense | 13,990 | 15,843 | 326 | 30,159 |
| Amortization of intangibles from acquisitions | 239 | 254 | - | 493 |
| EBITDA | $36,146 | $240,289 | $(6,052) | $270,383 |
| Stock-based compensation | 126 | - | 1,272 | 1,398 |
| Transaction-related charges | - | 8,116 | (1,797) | 6,319 |
| Restructuring and reorganization expenses | 264 | 580 | 1,740 | 2,584 |
| (Gain) loss on dispositions, transfers and contingent consideration | (1,051) | (229,897) | 8 | (230,940) |
| ADJUSTED EBITDA | $35,485 | $19,088 | $(4,829) | $49,744 |
| Total revenue | $96,196 | $88,308 | $- | $184,504 |
| ADJUSTED EBITDA MARGIN | 36.9% | 21.6% | NA | 27.0% |
For the three months ended June 30, 2025 is as follows:
| International Telecom | US Telecom | Corporate and Other * | Total |
|---|
| Operating income (loss) | $16,221 | $(5,533) | $(10,455) | $233 |
| Depreciation expense | 15,154 | 17,850 | 859 | 33,863 |
| Amortization of intangibles from acquisitions | 251 | 975 | - | 1,226 |
| EBITDA | $31,626 | $13,292 | $(9,596) | $35,322 |
| Stock-based compensation | 141 | 50 | 2,494 | 2,685 |
| Transaction-related charges | - | - | 193 | 193 |
| Restructuring and reorganization expenses | 1,385 | 2,357 | 1,165 | 4,907 |
| Loss on dispositions, transfers and contingent consideration | 122 | 2,563 | - | 2,685 |
| ADJUSTED EBITDA | $33,274 | $18,262 | $(5,744) | $45,792 |
| Total revenue | $94,894 | $86,406 | $- | $181,300 |
| ADJUSTED EBITDA MARGIN | 35.1% | 21.1% | NA | 25.3% |
Table 5 (continued)
Reconciliation of Non-GAAP Measures
For the six months ended June 30, 2026 is as follows:
| International Telecom | US Telecom | Corporate and Other * | Total |
|---|
| Operating income (loss) | $41,139 | $225,929 | $(15,648) | $251,420 |
| Depreciation expense | 27,565 | 32,701 | 1,050 | 61,316 |
| Amortization of intangibles from acquisitions | 481 | 509 | - | 990 |
| EBITDA | $69,185 | $259,139 | $(14,598) | $313,726 |
| Stock-based compensation | 253 | 28 | 3,052 | 3,333 |
| Transaction-related charges | - | 8,134 | (982) | 7,152 |
| Restructuring and reorganization expenses | 1,009 | 771 | 2,529 | 4,309 |
| (Gain) loss on dispositions, transfers and contingent consideration | (673) | (229,494) | 8 | (230,159) |
| ADJUSTED EBITDA | $69,774 | $38,578 | $(9,991) | $98,361 |
| Total revenue | $192,254 | $174,468 | $- | $366,722 |
| ADJUSTED EBITDA MARGIN | 36.3% | 22.1% | NA | 26.8% |
For the six months ended June 30, 2025 is as follows:
| International Telecom | US Telecom | Corporate and Other * | Total |
|---|
| Operating income (loss) | $30,970 | $(7,948) | $(20,122) | 2,900 |
| Depreciation expense | 30,531 | 36,134 | 1,725 | 68,390 |
| Amortization of intangibles from acquisitions | 503 | 1,949 | - | 2,452 |
| EBITDA | $62,004 | $30,135 | $(18,397) | $73,742 |
| Stock-based compensation | 357 | 127 | 4,106 | 4,590 |
| Transaction-related charges | - | - | 1,628 | 1,628 |
| Restructuring and reorganization expenses | 2,891 | 2,491 | 1,355 | 6,737 |
| Loss on dispositions, transfers and contingent consideration | 413 | 3,021 | - | 3,434 |
| ADJUSTED EBITDA | $65,665 | $35,774 | $(11,308) | $90,131 |
| Total revenue | $189,390 | $171,204 | $- | $360,594 |
| ADJUSTED EBITDA MARGIN | 34.7% | 20.9% | NA | 25.0% |
Table 6
Non GAAP Measure - Net Debt Ratio
| June 30, | December 31, |
|---|
| 2026 | 2025 |
|---|
| Current portion of long-term debt * | $23,721 | $15,846 |
| Long-term debt, net of current portion * | 489,592 | 549,321 |
| Total debt | $513,313 | $565,167 |
| Less: Cash, cash equivalents and restricted cash | 331,900 | 117,154 |
| Net Debt | $181,413 | $448,013 |
| Adjusted EBITDA - for the four quarters ended | $198,273 | $190,044 |
| Net Debt Ratio | 0.91 | 2.36 |
* Excludes Customer receivable credit facility
Contacts
Company Contact: Michele Satrowsky SVP, Head of IR & Treasury ATN International Inc. ir@atni.com
Investor Relations Contact: Joe Noyons or Kelley Buchhorn Three Part Advisors, LLC jnoyons@threepa.com; kbuchhorn@threepa.com