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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-12593

ATN INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)	47-0728886 (I.R.S. Employer Identification No.)
500 Cummings Center, Suite 2450 Beverly, Massachusetts (Address of principal executive offices)	01915 (Zip Code)

(978) 619-1300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	ATNI	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ◻		Accelerated filer ⌧

Non-accelerated filer ◻		Smaller reporting company ☐
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ⌧

As of November 10, 2025, the registrant had outstanding 15,257,391 shares of its common stock ($.01 par value).

Table of Contents

ATN INTERNATIONAL, INC.

FORM 10-Q

Quarter Ended September 30, 2025


CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS		3

PART I—FINANCIAL INFORMATION		4

Item 1	Unaudited Condensed Consolidated Financial Statements	4

	Condensed Consolidated Balance Sheets at September 30, 2025 and December 31, 2024	4

	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024	5

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024	6

	Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2025 and 2024	7

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	8

	Notes to Unaudited Condensed Consolidated Financial Statements	9

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43-79

Item 3	Quantitative and Qualitative Disclosures About Market Risk	79

Item 4	Controls and Procedures	80

PART II—OTHER INFORMATION		80

Item 1	Legal Proceedings	80

Item 1A	Risk Factors	80

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	81

Item 5	Other Information	81

Item 6	Exhibits	83

SIGNATURES		84

CERTIFICATIONS

Table of Contents

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (or the “Report”) contains forward-looking statements relating to, among other matters, the Company’s future financial performance, business goals and objectives, and results of operations, and management’s plans, expectations 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; (2) the Company’s reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to the Company’s network infrastructure; (3) the Company’s ability to satisfy the needs and demands of the Company’s major carrier customers; (4) the Company’s ability to realize expansion plans for its fiber markets; (5) the adequacy and expansion capabilities of the Company’s network capacity and customer service system to support the Company’s customer growth; (6) 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; (7) the Company’s continued access to capital and credit markets on terms it deems favorable; (8) government subsidy program availability and regulation of the Company’s businesses, which may impact the Company’s telecommunications licenses, the Company’s revenue and the Company’s operating costs; (9) the timeliness and availability of government program funding, permitting and approvals during the ongoing U.S. government shutdown; (10) the impact (if any) of geopolitical instability and U.S. military presence in the Caribbean; (11) the Company’s ability to successfully transition its US Telecom business away from wholesale mobility to other carrier and consumer-based services; (12) ongoing risk of an economic downturn, political, geopolitical and other risks and opportunities facing the Company’s operations, including those resulting from changes to trade policies or 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; (13) management transitions, and the loss of, or an inability to recruit skilled personnel in the Company’s various jurisdictions, including key members of management; (14) the Company’s ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (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 the impact of such events on the timing of project implementation and corresponding revenue; 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 this Quarterly Report on Form 10-Q, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on March 17, 2025, 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 law.

In this Report, the words “the Company,” “we,” “our,” “ours,” “us” and “ATN” refer to ATN International, Inc. and its subsidiaries. This Report contains trademarks, service marks and trade names that are the property of, or licensed by, ATN and its subsidiaries.

References to dollars ($) refer to US dollars unless otherwise specifically indicated.

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In Thousands, Except Share Data)


	September 30,		December 31,
	2025		2024
ASSETS
Current Assets:
Cash and cash equivalents	$	106,163	$	73,393
Restricted cash		13,477		15,851
Short-term investments		395		300
Accounts receivable, net of allowances for credit losses of $15.3 million and $15.1 million, respectively		81,301		83,719
Government grant receivables		36,682		50,511
Customer receivable		9,135		7,986
Inventory, materials and supplies		13,193		15,191
Prepayments and other current assets		59,065		62,210
Assets held for sale		7,757		—
Total current assets		327,168		309,161

Fixed assets, net		997,478		1,040,193
Telecommunication licenses, net		105,487		113,319
Goodwill		4,835		4,835
Intangible assets, net		8,589		11,990
Operating lease right-of-use assets		101,720		99,427
Customer receivable - long term		36,735		41,030
Other assets		116,669		107,148
Total assets	$	1,698,681	$	1,727,103
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	9,851	$	8,226
Current portion of customer receivable credit facility		8,322		8,031
Accounts payable and accrued liabilities		165,815		178,172
Dividends payable		4,196		3,627
Accrued taxes		13,753		8,234
Current portion of lease liabilities		15,478		16,188
Advance payments and deposits		42,320		44,836
Total current liabilities		259,735		267,314
Deferred income taxes		1,184		4,882
Lease liabilities, excluding current portion		78,509		77,469
Deferred revenue, long-term		48,577		55,116
Other liabilities		63,111		65,235
Customer receivable credit facility, net of current portion		29,876		36,203
Long-term debt, excluding current portion		569,755		549,130
Total liabilities		1,050,747		1,055,349
Redeemable noncontrolling interests:
Preferred redeemable noncontrolling interests		70,227		65,704
Common redeemable noncontrolling interests		14,101		10,599
Total redeemable noncontrolling interests		84,328		76,303
ATN International, Inc. Stockholders’ Equity:
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding		—		—
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 18,061,239 and 17,879,110 shares issued, respectively, 15,257,391 and 15,114,216 shares outstanding, respectively		181		179
Treasury stock, at cost; 2,803,848 and 2,764,894 shares, respectively		(103,183)		(102,413)
Additional paid-in capital		218,653		212,759
Retained earnings		325,279		368,191
Accumulated other comprehensive income		11,376		10,777
Total ATN International, Inc. stockholders’ equity		452,306		489,493
Noncontrolling interests		111,300		105,958
Total equity		563,606		595,451
Total liabilities, redeemable noncontrolling interests and equity	$	1,698,681	$	1,727,103

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

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ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(Unaudited)

(In Thousands, Except Per Share Data)


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
REVENUE:
Communication services	$	177,752	$	174,422	$	526,657	$	533,055
Construction		1,115		203		4,377		2,609
Other		4,298		3,826		12,726		12,863
Total revenue		183,165		178,451		543,760		548,527
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Cost of communication services and other		77,850		78,973		233,239		235,499
Cost of construction revenue		1,086		205		4,770		2,588
Selling, general and administrative		54,293		53,601		165,684		172,580
Stock-based compensation		1,966		1,831		6,556		6,521
Transaction-related charges		444		3,791		2,072		3,809
Restructuring and reorganization expenses		1,990		2,345		8,727		3,535
Depreciation and amortization		32,938		37,299		101,327		107,196
Amortization of intangibles from acquisitions		1,212		1,991		3,664		5,916
(Gain) loss on disposition of assets, transfers and contingent consideration		1,556		1,504		4,991		(14,919)
Goodwill impairment		—		35,269		—		35,269
Total operating expenses		173,335		216,809		531,030		557,994
Income from operations		9,830		(38,358)		12,730		(9,467)
OTHER INCOME (EXPENSE)
Interest income		157		212		561		799
Interest expense		(11,628)		(12,695)		(36,388)		(36,552)
Other income (expense)		522		(645)		(2,637)		(1,052)
Other expense		(10,949)		(13,128)		(38,464)		(36,805)
INCOME (LOSS) BEFORE INCOME TAXES		(1,119)		(51,486)		(25,734)		(46,272)
Income tax benefit		(5,052)		(12,035)		(9,019)		(10,213)
NET INCOME (LOSS)		3,933		(39,451)		(16,715)		(36,059)
Net loss attributable to noncontrolling interests, net of tax (benefit) expense of $(0.6) million, ($0.9) million, $(1.0) million and $(1.0) million, respectively		410		6,760		5,104		6,059
NET INCOME (LOSS) ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS	$	4,343	$	(32,691)	$	(11,611)	$	(30,000)
NET INCOME (LOSS) PER WEIGHTED AVERAGE SHARE ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS:
Basic	$	0.18	$	(2.26)	$	(1.06)	$	(2.24)
Diluted	$	0.18	$	(2.26)	$	(1.06)	$	(2.24)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		15,257		15,114		15,204		15,268
Diluted		15,267		15,114		15,204		15,268
DIVIDENDS PER SHARE APPLICABLE TO COMMON STOCK	$	0.275	$	0.24	$	0.79	$	0.72

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

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ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(Unaudited)

(In Thousands)


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	3,933	$	(39,451)	$	(16,715)	$	(36,059)
Other comprehensive income (loss):
Unrealized gain (loss) on derivatives, net of tax expense of $0, $0.5 million, $0 and $(0.1) million, respectively		(258)		(1,412)		599		310
Other comprehensive income (loss), net of tax		(258)		(1,412)		599		310
Comprehensive income (loss)		3,675		(40,863)		(16,116)		(35,749)
Less: Comprehensive loss attributable to noncontrolling interests		410		6,760		5,104		6,059
Comprehensive income (loss) attributable to ATN International, Inc.	$	4,085	$	(34,103)	$	(11,012)	$	(29,690)

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(Unaudited)

(In Thousands, Except Per Share Data)


	Total Equity
				Treasury		Additional				Other		ATNI		Non-
		Common		Stock,		Paid In		Retained		Comprehensive		Stockholders’		Controlling		Total
		Stock		at cost		Capital		Earnings		Income/(Loss)		Equity		Interests		Equity
Balance, June 30, 2025	$	181	$	(103,183)	$	216,856	$	333,231	$	11,634	$	458,719	$	109,053	$	567,772
Stock-based compensation		—		—		1,797		—		—		1,797		169		1,966
Dividends declared on common stock ($0.275 per common share)		—		—		—		(4,193)		—		(4,193)		—		(4,193)
Repurchase of noncontrolling interests		—		—		—		—		—		—		(1)		(1)
Accrued dividend - redeemable preferred units		—		—		—		(1,558)		—		(1,558)		—		(1,558)
Deemed dividend - redeemable common units		—		—		—		(6,544)		—		(6,544)		2,489		(4,055)
Comprehensive income:
Net income (loss)		—		—		—		4,343		—		4,343		(410)		3,933
Other comprehensive loss		—		—		—		—		(258)		(258)		—		(258)
Total comprehensive income (loss)		—		—		—		4,343		(258)		4,085		(410)		3,675
Balance, September 30, 2025	$	181	$	(103,183)	$	218,653	$	325,279	$	11,376	$	452,306	$	111,300	$	563,606

Balance, June 30, 2024	$	173	$	(102,379)	$	209,944	$	409,043	$	9,990	$	526,771	$	101,994	$	628,765
Excise tax paid on shares repurchased		—		—		(115)		—		—		(115)		—		(115)
Stock-based compensation		—		—		1,572		—		—		1,572		259		1,831
Dividends declared on common stock ($0.24 per common share)		—		—		—		(3,628)		—		(3,628)		(110)		(3,738)
Accrued dividend - redeemable preferred units		—		—		—		(1,426)		—		(1,426)		—		(1,426)
Deemed dividend - redeemable common units		—		—		—		1,724		—		1,724		7,945		9,669
Comprehensive income:
Net income (loss)		—		—		—		(32,691)		—		(32,691)		(6,760)		(39,451)
Other comprehensive income		—		—		—		—		(1,412)		(1,412)		—		(1,412)
Total comprehensive income		—		—		—		(32,691)		(1,412)		(34,103)		(6,760)		(40,863)
Balance, September 30, 2024	$	173	$	(102,379)	$	211,401	$	373,022	$	8,578	$	490,795	$	103,328	$	594,123


	Total Equity
				Treasury		Additional				Other		ATNI		Non-
		Common		Stock,		Paid In		Retained		Comprehensive		Stockholders’		Controlling		Total
		Stock		at cost		Capital		Earnings		Income/(Loss)		Equity		Interests		Equity
Balance, December 31, 2024	$	179	$	(102,413)	$	212,759	$	368,191	$	10,777	$	489,493	$	105,958	$	595,451
Issuance of 181,489 shares of common stock		2		—		(2)		—		—		—		—		—
Repurchase of 38,314 shares of common stock		—		(770)		—		—		—		(770)		—		(770)
Stock-based compensation		—		—		5,903		—		—		5,903		653		6,556
Dividends declared on common stock ($0.79 per common share)		—		—		—		(12,041)		—		(12,041)		(1,404)		(13,445)
Repurchase of noncontrolling interests		—		—		(7)		—		—		(7)		(38)		(45)
Accrued dividend - redeemable preferred units		—		—		—		(4,523)		—		(4,523)		—		(4,523)
Deemed dividend - redeemable common units		—		—		—		(14,737)		—		(14,737)		11,235		(3,502)
Comprehensive income:
Net income (loss)		—		—		—		(11,611)		—		(11,611)		(5,104)		(16,715)
Other comprehensive income		—		—		—		—		599		599		—		599
Total comprehensive income (loss)		—		—		—		(11,611)		599		(11,012)		(5,104)		(16,116)
Balance, September 30, 2025	$	181	$	(103,183)	$	218,653	$	325,279	$	11,376	$	452,306	$	111,300	$	563,606

Balance, December 31, 2023	$	173	$	(90,447)	$	205,797	$	417,282	$	8,268	$	541,073	$	96,730	$	637,803
Repurchase of 483,899 shares of common stock		—		(11,932)		(115)		—		—		(12,047)		—		(12,047)
Stock-based compensation		—		—		5,719		—		—		5,719		802		6,521
Dividends declared on common stock ($0.72 per common share)		—		—		—		(10,973)		—		(10,973)		(2,266)		(13,239)
Accrued dividend - redeemable preferred units		—		—		—		(4,154)		—		(4,154)		—		(4,154)
Deemed dividend - redeemable common units		—		—		—		867		—		867		14,121		14,988
Comprehensive income:
Net income (loss)		—		—		—		(30,000)		—		(30,000)		(6,059)		(36,059)
Other comprehensive income		—		—		—		—		310		310		—		310
Total comprehensive income		—		—		—		(30,000)		310		(29,690)		(6,059)		(35,749)
Balance, September 30, 2024	$	173	$	(102,379)	$	211,401	$	373,022	$	8,578	$	490,795	$	103,328	$	594,123

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(Unaudited)

(In Thousands)


	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities:
Net loss	$	(16,715)	$	(36,059)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation and amortization		101,327		107,196
Amortization of intangibles from acquisitions		3,664		5,916
Provision for doubtful accounts		6,495		4,209
Amortization of debt issuance costs		2,154		1,915
(Gain) loss on disposition of assets, transfers and contingent consideration		4,991		(14,919)
Stock-based compensation		6,556		6,521
Deferred income taxes		(12,767)		(14,409)
Loss on extinguishment of debt		—		760
Gain on investments		(246)		(484)
Goodwill impairment		—		35,269
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable and government grant receivables		(2,305)		8,958
Customer receivable		3,146		3,076
Prepaid income taxes		—		23
Accrued taxes		5,326		(3,187)
Materials and supplies, prepayments, and other current assets		4,889		(893)
Accounts payable and accrued liabilities and advance payments and deposits		2,880		(1,163)
Other assets		(1,935)		288
Other liabilities		(9,771)		(5,591)
Net cash provided by operating activities		97,689		97,426
Cash flows from investing activities:
Capital expenditures		(60,925)		(85,672)
Government capital programs
Amounts disbursed		(67,303)		(71,849)
Amounts received		61,145		72,531
Purchase of intangible assets		—		(573)
Proceeds from strategic investments		—		790
Purchase of investments - employee benefit plan		(44)		(55)
Proceeds from investments - employee benefit plan		730		560
Proceeds from sale of assets		261		17,910
Net cash used in investing activities		(66,136)		(66,358)
Cash flows from financing activities:
Dividends paid on common stock		(11,475)		(11,047)
Distributions to noncontrolling interests		(1,404)		(2,226)
Payment of debt issuance costs		(285)		(6,548)
Finance lease payments		(1,260)		(1,357)
Term loan - repayments		(5,795)		(239,430)
Term loan - borrowings		—		300,000
Revolving credit facility – borrowings		83,500		90,000
Revolving credit facility – repayments		(57,500)		(94,002)
Proceeds from customer receivable credit facility		—		5,740
Repayment of customer receivable credit facility		(6,123)		(5,669)
Purchases of common stock – stock- based compensation		(770)		(1,932)
Purchases of common stock – share repurchase plan		—		(10,000)
Repurchases of noncontrolling interests		(45)		—
Net cash (used in) provided by financing activities		(1,157)		23,529
Net change in cash, cash equivalents, and restricted cash		30,396		54,597
Total cash, cash equivalents, and restricted cash, beginning of period		89,244		62,167
Total cash, cash equivalents, and restricted cash, end of period	$	119,640	$	116,764
Supplemental cash flow information:
Interest paid	$	34,305	$	34,757
Taxes paid	$	3,026	$	5,739
Dividends declared, not paid	$	4,196	$	3,627
Noncash operating activity:
Assets held for sale	$	7,757	$	—
Noncash investing activity:
Purchases of property, plant and equipment included in accounts payable and accrued expenses
Amounts accrued for reimbursable capital expenditures from government capital programs	$	13,634	$	32,467
Amounts accrued for non-reimbursable capital expenditures	$	10,252	$	14,031

The accompanying condensed notes are an integral part of these condensed consolidated financial statements.

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.ORGANIZATION AND BUSINESS OPERATIONS

The Company is a leading provider of digital infrastructure and communications services with a focus on rural and remote markets in the United States and internationally, including Bermuda and the Caribbean region.

The Company has developed significant operational expertise and resources that it uses to augment its capabilities in its local markets. With this support, the Company’s operating subsidiaries can improve their quality of service with greater economies of scale and expertise than would typically be available in the size markets the Company operates in. The Company provides management, technical, financial, regulatory and marketing services to its operating subsidiaries and typically receives a management fee calculated as a percentage of their revenues, which is eliminated in consolidation. The Company also actively evaluates investment opportunities and other strategic transactions, both domestic and international, and generally looks for those that it believes fit its profile of telecommunications businesses while keeping a focus on generating excess operating cash flows over extended periods of time. The Company uses the cash generated from its operations to maintain an appropriate ratio of debt and cash on hand and to re-invest in organic growth, fund capital expenditures, return value to its stockholders through dividends or stock repurchases and make strategic investments or acquisitions.

For further information about the Company’s financial segments see Note 13 to the Consolidated Financial Statements included in this Report.

As of September 30, 2025, the Company offered the following types of services to its customers:

●

Fixed Telecommunications Services. The Company provides fixed data and voice telecommunications services to business and consumer customers. These services include high-speed consumer broadband and high-speed data solutions for businesses. For some markets, fixed services also include video services and revenue derived from support under certain government programs.

●

Carrier Telecommunication Services. The Company delivers services to other telecommunications providers including the leasing of critical network infrastructure such as tower and transport facilities, wholesale roaming and long-distance voice services, site maintenance and international long-distance services.

●

Mobile Telecommunications Services. The Company offers mobile communications services over its wireless networks and related equipment (such as handsets) to both business and consumer customers.

●

Managed Services. The Company provides information technology services such as network, application, infrastructure and hosting services to both its business and consumer customers to complement its fixed telecommunications services in its existing markets.

Through September 30, 2025, the Company identified two operating segments to manage and review its operations, as well as to support investor presentations of its results. These two operating segments are as follows:

●

US Telecom. In the United States, the Company offers fixed, carrier, and managed services to business and consumer customers in Alaska and the western United States. In 2024, the Company ceased providing mobility services to retail customers in the western United States.

●

International Telecom. In its international markets, the Company offers fixed, carrier, mobility and managed services to customers in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands.

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The following chart summarizes the operating activities of the Company’s principal subsidiaries, the segments in which it reports its revenue and the markets it served during the nine months ended September 30, 2025:


International Telecom			US Telecom
Services	Markets	Tradenames (1)	Services	Markets	Tradenames
Mobility Services	Bermuda, Guyana, US Virgin Islands	One Communications, Brava	Mobility Services	United States (rural markets)	Choice, Choice NTUA Wireless
Fixed Services	Bermuda, Cayman Islands, Guyana, US Virgin Islands	One Communications, Logic, Brava	Fixed Services	United States	Alaska Communications, Commnet, Choice, Choice NTUA Wireless, Sacred Wind Communications, Ethos Broadband, Deploycom
Carrier Services	Bermuda, Guyana, US Virgin Islands, Cayman Islands	One Communications, Essextel, Logic, Brava	Carrier Services	United States	Alaska Communications, Commnet, Sacred Wind Communications
Managed Services	Bermuda, Cayman Islands, US Virgin Islands, Guyana	One Communications, Logic, Brava	Managed Services	United States	Alaska Communications, Choice

(1)

In 2024, the Company completed a rebranding in Guyana, and GTT is now known as “One Communications.” The Company refers to its business in Guyana as “OneGY” throughout this Report. In April 2025, the Company completed a rebranding in the US Virgin Islands and Viya is now known as “One Communications.” The Company refers to its business in the U.S. Virgin Islands as “OneVI” throughout this Report.

For further information about the Company’s financial segments and geographical information about its operating revenues and assets, see Note 13 to the Unaudited Condensed Consolidated Financial Statements included in this Report.

Assets held for sale

The Company reclassified $7.8 million of telecommunication licenses, net, included within its US Telecom segment, to assets held for sale in its September 30, 2025 balance sheet. As of that date, the Company has entered into a sale agreement and received regulatory approval to complete the transaction, and the Company expects to complete the transfer of the licenses in stages beginning in the fourth quarter of 2025 and continuing into the first half of 2026. The Company expects to recognize a pre-tax gain of approximately $6.0 million on the transaction.

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Restructuring and reorganization expense

The Company engages in restructuring and reorganization activities from time to time. These activities are primarily reduction in force costs incurred to increase operational efficiency and improve the Company’s operating margins. The Company’s 2024 reorganization plan began in July 2024 and was completed in December 2024. As of September 30, 2025, the 2024 reorganization plan was completed, and all amounts were expensed and paid. The Company’s 2025 reorganization plan began in January 2025. As of September 30, 2025, the Company recorded $8.7 million of costs under the 2025 reorganization plan and of that amount $2.1 million was accrued and payable. The Company expects the 2025 reorganization plan to end in the fourth quarter of 2025 and to incur approximately $1 million of additional costs under the plan. A summary of the restructuring and reorganization costs is below (in thousands).


	Three months ended September 30, 2025
			International		US		Corporate and
			Telecom		Telecom		Other (1)		Consolidated
Employee costs		$	577	$	344	$	229	$	1,150
Consulting costs			—		—		840		840
Total		$	577	$	344	$	1,069	$	1,990


	Nine months ended September 30, 2025
			International		US		Corporate and
			Telecom		Telecom		Other (1)		Consolidated
Employee costs		$	3,420	$	2,805	$	772	$	6,997
Consulting costs			—		—		1,582		1,582
Other			48		30		70		148
Total		$	3,468	$	2,835	$	2,424	$	8,727

2. BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the SEC. The financial information included herein is unaudited; however, the Company believes such information and the disclosures herein are adequate to make the information presented not misleading and reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial position and results of operations for the periods described therein. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Results of interim periods may not be indicative of results for the full year. These condensed consolidated financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 17, 2025.

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries in which the Company holds controlling interests and certain entities which are consolidated in accordance with the provisions of the Financial Accounting Standards Board’s (“FASB”) authoritative guidance on the consolidation of variable interest entities, since it is determined that the Company is the primary beneficiary of these entities.

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Recent Accounting Pronouncements

In December 2023, the FASB released Accounting Standard Update (“ASU”) 2023-09, titled “Enhancements to Income Tax Disclosures” (“ASU 2023-09”), with the aim of improving the clarity and usefulness of income tax disclosures. The update focuses primarily on enhancing disclosures related to rate reconciliation and income taxes paid. ASU 2023-09 becomes effective for annual reporting periods starting after December 15, 2024, with early adoption permitted. While the changes prescribed by ASU 2023-09 are implemented prospectively, retrospective application is also allowed. The Company has chosen not to early adopt this standard and is currently assessing its potential impact on its consolidated financial statements and accompanying disclosures.

In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statements Expenses (DISE)” (ASU 2024-03), which requires that a public entity provide additional disclosure of the nature of expenses included in the income statement. The update requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 will be effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with retrospective application. The standard allows early adoption of these requirements, and the Company is currently evaluating the disclosure impacts of adoption.

In September 2025, the FASB issued ASU No. 2025-06, “Intangibles - Goodwill and Other – Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (ASU 2025-06). ASU 2025-06 removes references to software development project stages and requires software cost capitalization when two criteria are met (i) management has authorized and committed to funding the project, and (ii) it is probable that the project will be completed and used as intended. ASU 2025-06 will be effective for annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impacts of our adoption.

In July 2025, the FASB issued ASU No. 2025-05, “Measurement of Credit Losses for Accounts Receivable and Contract Assets” (ASU 2025-05), which provides a practical expedient for all entities to assume current conditions as of the balance sheet date will remain through the reasonable and supportable forecast period for eligible assets. Entities will be required to adjust the historical data used in the estimation of credit losses to reflect current conditions. ASU 2025-05 is effective for annual and interim periods beginning after December 15, 2025 and should be applied prospectively. The Company is currently evaluating the impacts of our adoption.

3. REVENUE RECOGNITION AND RECEIVABLES

The Company records revenue in accordance with the FASB’s Accounting Standard Codification (“ASC”) Topic 606, “Revenue Recognition” (“ASC 606”), from contracts with customers and ASC Topic 842, “Leases” (“ASC 842”), from lease agreements, as well as government grants. Lease revenue recognized under ASC 842 is disclosed in Note 4 and government support revenue is disclosed in Note 8.

Timing of Revenue Recognition

Revenue recognized consisted of the following for the periods presented below (in thousands):


	Three months ended September 30, 2025						Three months ended September 30, 2024
	International		US				International		US
	Telecom		Telecom		Total		Telecom		Telecom		Total
Services transferred over time	$	89,842	$	70,785	$	160,627	$	89,139	$	69,856	$	158,995
Goods and services transferred at a point in time		3,735		2,565		6,300		3,591		2,016		5,607
Total revenue accounted for under ASC 606	$	93,577	$	73,350	$	166,927	$	92,730	$	71,872	$	164,602
Operating lease income		203		2,271		2,474		157		1,918		2,075
Government support revenue (1)		1,363		12,401		13,764		1,394		10,380		11,774
Total revenue	$	95,143	$	88,022	$	183,165	$	94,281	$	84,170	$	178,451

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	Nine months ended September 30, 2025						Nine months ended September 30, 2024
	International		US				International		US
	Telecom		Telecom		Total		Telecom		Telecom		Total
Services transferred over time	$	269,554	$	208,965	$	478,519	$	267,970	$	219,728	$	487,698
Goods and services transferred at a point in time		10,355		9,177		19,532		10,243		8,935		19,178
Total revenue accounted for under ASC 606	$	279,909	$	218,142	$	498,051	$	278,213	$	228,663	$	506,876
Operating lease income		579		5,926		6,505		304		5,989		6,293
Government support revenue (1)		4,045		35,159		39,204		4,180		31,178		35,358
Total revenue	$	284,533	$	259,227	$	543,760	$	282,697	$	265,830	$	548,527

(1)

Revenue recognized from CAF II, USF and RDOF programs (each as defined below). Refer to Note 8.

Contract Assets and Liabilities

In July 2019, the Company entered into a Network Build and Maintenance Agreement with AT&T Mobility, LLC (“AT&T”) that was subsequently amended through March 31, 2025 (the “FirstNet Agreement”). In connection with the FirstNet Agreement, the Company is building a portion of AT&T’s network for the First Responder Network Authority in or near the Company’s current operating areas in the western United States (the “FirstNet Transaction”). The FirstNet Transaction includes construction and service performance obligations. The current portion of receivables under the FirstNet Agreement is recorded in customer receivable, and the long-term portion is recorded in customer receivable long-term on the Company’s balance sheet.

Contract assets and liabilities consisted of the following (amounts in thousands):


	September 30, 2025		December 31, 2024			$ Change	% Change
Contract asset – current	$	3,456	$	3,920	$	(464)		(11.8)	%
Contract asset – noncurrent		4,933		5,368		(435)		(8.1)	%
Contract liability – current		(28,226)		(28,932)		706		(2.4)	%
Contract liability – noncurrent		(49,483)		(55,116)		5,633		(10.2)	%
Net contract liability	$	(69,320)	$	(74,760)	$	5,440		(7.3)	%

The decrease in the Company’s net contract liability was due to the timing of customer prepayments, contract billings, and recognition of deferred revenue. During the nine months ended September 30, 2025, the Company recognized revenue of $26.0 million related to its December 31, 2024 contract liability and amortized $3.1 million of the December 31, 2024 contract asset to revenue. During the nine months ended September 30, 2024, the Company recognized revenue of $26.2 million related to its December 31, 2023 contract liability and amortized $3.7 million of the December 31, 2023 contract asset to revenue.

Contract Acquisition Costs

The September 30, 2025 and December 31, 2024 balance sheets include contract acquisition costs of $11.4 million and $10.7 million, respectively, in other assets. During the three and nine months ended September 30, 2025, the Company amortized $1.8 million and $5.2 million, respectively, of contract acquisition costs. During the three and nine months ended September 30, 2024, the Company amortized $1.7 million and $4.9 million, respectively, of contract acquisition costs.

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Remaining Performance Obligations

Remaining performance obligations represent the transaction price allocated to unsatisfied performance obligations of certain multiyear Mobility and Fixed communication services contracts, Managed Services contracts, and the Company’s Carrier Services construction and service contracts. The transaction price allocated to unsatisfied performance obligations was $586 million at September 30, 2025. The Company expects to satisfy approximately 45% of the remaining performance obligations and recognize the transaction price within 24 months and approximately $60 million annually from 2027 through 2032. The Company omits performance obligations associated with a contract with a duration of one year or less and variable consideration under the right to invoice or wholly unsatisfied performance obligation practical expedients from this disclosure.

Disaggregation

The Company's revenue is presented on a disaggregated basis in Note 13 based on an evaluation of disclosures outside the financial statements, information regularly reviewed by the chief operating decision makers for evaluating the financial performance of operating segments and other information that is used for performance evaluation and resource allocations. This includes revenue from Communication Services, Construction, and Other revenue. Communication Services revenue is further disaggregated into business and consumer Mobility, business and consumer Fixed, Carrier Services, and Other services. Other revenue is further disaggregated into Managed Services revenue.

Receivables

The Company records an estimate of future credit losses in conjunction with revenue transactions based on the information available including historical experience and management’s expectations of future conditions. Those estimates are updated as additional information becomes available. The Company’s allowance for uncollectible accounts receivable is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics.

The Company had gross accounts receivables of $96.6 million and $98.8 million as of September 30, 2025 and December 31, 2024, respectively. The Company also recorded allowances for credit losses against these receivables of $15.3 million and $15.1 million as of September 30, 2025 and December 31, 2024, respectively.

In addition, the Company also recorded a receivable under the FirstNet Agreement totaling $45.9 million as of September 30, 2025, of which $9.1 million was current and $36.8 million was long-term, and had a receivable under that same agreement of $49.0 million as of December 31, 2024, of which $8.0 million was current and $41.0 million was long-term. As of September 30, 2025, the Company had recorded $36.7 million of receivables under certain government support agreements, which included $25.3 million under the Replace and Remove Program and $11.4 million related to the Company’s participation in other government support programs. As of December 31, 2024, the Company had recorded $50.5 million of receivables under certain government support agreements, which included $37.7 million under the Replace and Remove Program and $12.8 million under the Company’s participation in other government support programs (refer to Note 8).

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The Company monitors receivables through the use of historical operating data adjusted for the expectation of future performance as appropriate. Activity in the allowance for credit losses is below (in thousands):


	Nine months ended
	September 30, 2025		September 30, 2024

Balance at beginning of period	$	15,132	$	16,362
Current period provision for expected losses		6,495		4,209
Write-offs charged against the allowance		(7,286)		(5,511)
Recoveries collected		940		255
Balance at end of period	$	15,281	$	15,315

4. LEASES

Lessee Disclosure

The Company has operating and financing leases for towers, land, corporate offices, retail facilities, and data transport capacity. The lease terms are generally between three and 10 years, some of which include additional renewal options.

Supplemental lease information

The components of lease expense were as follows (in thousands):


	Three months ended				Nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Operating lease cost:
Operating lease cost	$	6,371	$	5,884	$	18,351	$	16,989
Short-term lease cost		1,629		657		4,262		2,105
Variable lease cost		1,865		1,415		5,639		4,539
Total operating lease cost	$	9,865	$	7,956	$	28,252	$	23,633

Finance lease cost:
Amortization of right-of-use asset	$	1,369	$	1,647	$	5,149	$	3,235
Variable costs		108		170		530		538
Interest costs		88		87		262		287
Total finance lease cost	$	1,565	$	1,904	$	5,941	$	4,060

During the nine months ended September 30, 2025 and 2024, the Company paid $18.7 million and $14.8 million, respectively, for operating lease liabilities. During the nine months ended September 30, 2025 and 2024, the Company recorded $16.9 million and $11.5 million, respectively, of operating lease liabilities arising from right of use assets.

At September 30, 2025, finance leases with a net book value of $24.8 million were included in fixed assets, net. During the nine months ended September 30, 2025, the Company paid $1.3 million of financing cash flows and $0.3 million of operating cash flows for finance lease liabilities. During the nine months ended September 30, 2024, the Company paid $1.4 million of financing cash flows and $0.3 million of operating cash flows for finance lease liabilities. At September 30, 2025, finance leases had a lease liability of $4.1 million, of which $0.8 million was current.

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At December 31, 2024, finance leases with a net book value of $29.6 million were included in fixed assets, net.

The weighted average remaining lease terms and discount rates as of September 30, 2025 and December 31, 2024 are set forth in the table below:


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term
Operating leases		11.8 years		12.6 years
Financing leases		5.7 years		11.5 years

Weighted-average discount rate
Operating leases		7.8%		6.8%
Financing leases		8.6%		7.4%

Maturities of lease liabilities as of September 30, 2025 were as follows (in thousands):


	Operating Leases		Financing Leases
2025 (excluding the nine months ended September 30, 2025)	$	5,864	$	311
2026		19,325		1,043
2027		16,756		1,006
2028		12,827		737
2029		9,181		537
Thereafter		81,082		1,658
Total lease payments		145,035		5,292
Less imputed interest		(55,121)		(1,219)
Total	$	89,914	$	4,073

Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):


	Operating Leases		Financing Leases
2025	$	20,764	$	1,649
2026		15,881		847
2027		12,949		825
2028		9,901		632
2029		7,134		516
Thereafter		79,843		1,630
Total lease payments		146,472		6,099
Less imputed interest		(57,512)		(1,402)
Total	$	88,960	$	4,697

As of September 30, 2025, the Company did not have any material operating or finance leases that had not yet commenced.

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Lessor Disclosure

The Company is the lessor in agreements to lease the use of its network assets including its wireless cell sites and buildings. For the nine months ended September 30, 2025 and 2024, the Company recorded $6.5 million and $6.3 million, respectively, of lease income from agreements for which the Company is the lessor. Lease income is classified as Carrier Services revenue in the statement of operations.

The following table presents the maturities of future undiscounted lease payments for the periods indicated (in thousands):


2025 (excluding the nine months ended September 30, 2025)	$	2,065
2026		7,984
2027		6,648
2028		5,939
2029		5,260
Thereafter		5,227
Total future lease payments	$	33,123

5. USE OF ESTIMATES

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The most significant estimates relate to revenue recognition, goodwill and long-lived intangible assets, income taxes, and contingencies. Actual results could differ significantly from those estimates.

6. FAIR VALUE MEASUREMENTS AND INVESTMENTS

In accordance with the provisions of fair value accounting, a fair value measurement assumes that a transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability, and defines fair value based upon an exit price model.

The fair value measurement guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value:

Level 1

Quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset and liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 assets and liabilities include money market funds, debt and equity securities and derivative contracts that are traded in an active exchange market.

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Level 2

Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes corporate obligations and non-exchange traded derivative contracts.

Level 3

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments and intangible assets that have been impaired whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Assets and liabilities of the Company measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 are summarized as follows (in thousands):


	September 30, 2025
	Significant Other
	Quoted Prices in		Observable		Unobservable
	Active Markets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Short term investments	$	395	$	—	$	—	$	395
Employee benefit plan investments		2,327		—		—		2,327
Interest rate swap		—		(356)		—		(356)
Alloy redeemable common units (1)		—		—		(14,101)		(14,101)
Warrants on Alaska Communications redeemable common units		—		—		—		—
Total assets and liabilities measured at fair value	$	2,722	$	(356)	$	(14,101)	$	(11,735)


	December 31, 2024
	Significant Other
	Quoted Prices in		Observable		Unobservable
	Active Markets		Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Short term investments	$	300	$	—	$	—	$	300
Employee benefit plan investments		2,768		—		—		2,768
Interest rate swap		—		(723)		—		(723)
Warrants on Alaska Communications redeemable common units		—		—		(249)		(249)
Total assets and liabilities measured at fair value	$	3,068	$	(723)	$	(249)	$	2,096

(1)

Represents redeemable common units in Alloy, Inc. (“Alloy”), the parent company of the Company’s operations in the western United States. The units were carried at fair value at September 30, 2025 and historical cost at December 31, 2024.

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Other Investments

The Company holds investments in equity securities consisting of noncontrolling investments in privately held companies. Historically, the investments are accounted for using the measurement alternative for investments without a readily determinable fair value, or fair value. The fair value investments are valued using Level 3 inputs, and the Company used the income approach to fair value the investment. The inputs consisted of a discount rate and future cash flows calculated based on the investment attributes. As of September 30, 2025, the Company’s investments were all accounted for under the measurement alternative for investments without a readily determinable value. A roll forward of the investments is set forth below (in thousands):


	Investments without a readily determinable fair value		Fair value investments		Total
Balance, December 31, 2024 and September 30, 2025	$	41,956	$	—	$	41,956

Balance, December 31, 2023	$	41,710	$	1,197	$	42,907
Income recognized		47		195		242
Distributions		—		(602)		(602)
Sale of investment		—		(790)		(790)
Balance, September 30, 2024	$	41,757	$	—	$	41,757

These investments are included with other assets on the consolidated balance sheets.

Redeemable Common Units and Warrants

The Company has issued redeemable common units, and warrants to purchase additional common units, in consolidated subsidiaries of the Company. The instruments are redeemable at the option of the holder. The common units are recorded at the higher or historical cost or fair value and the warrants to purchase common units are recorded at fair value in the Company’s financial statements. The common units are recorded in redeemable noncontrolling interest, and the warrants are recorded in other liabilities on the Company’s balance sheets. The put options for the Alloy redeemable common units begin in November 2026. The put options for the Alaska Communications redeemable common units begin the earlier of a public offering or July 2028. The fair value of the Alaska Commun Units was zero at both September 30, 2025 and December 31, 2024. The fair value of the warrants to purchase Alaska common units was zero and $(0.2) million at September 30, 2025 and December 31, 2024, respectively. The Alloy common units were carried at a fair value of $14.1 million and historical cost of $10.6 million, which exceeded fair value, at September 30, 2025 and December 31, 2024, respectively. The Company calculates the fair value of the instruments using a combination of market and discounted cash flows approaches with Level 3 inputs.

Other Fair Value Disclosures

The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses approximate their fair values because of the relatively short-term maturities of these financial instruments.

The fair value of long-term debt is estimated using Level 2 inputs. At September 30, 2025, the fair value of long-term debt, including the current portion, was $585.9 million and its book value was $579.6 million. At December 31, 2024, the fair value of long-term debt, including the current portion, was $564.4 million and its book value was $557.4 million.

The fair value of the customer receivable credit facility is estimated using Level 2 inputs. At September 30, 2025, the fair value of the customer receivable credit facility, including the current portion, was $37.8 million and its

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book value was $38.2 million. At December 31, 2024, the fair value of the customer receivable credit facility, including the current portion, was $42.7 million and its book value was $44.2 million.

7. LONG-TERM DEBT

2023 CoBank Credit Facility

On July 13, 2023, the Company, along with certain of its subsidiaries as guarantors, entered into a Credit Agreement (as may be amended from time to time, the “2023 CoBank Credit Agreement”) with CoBank, ACB (“CoBank”) and a syndicate of other lenders (the “2023 CoBank Credit Facility”). On July 10, 2024, the Company amended the 2023 CoBank Credit Agreement to add certain subsidiaries as guarantors and to provide further flexibility in order to accept certain grant and government program obligations.

The 2023 CoBank Credit Facility provides for a five-year $170 million revolving credit facility (the “2023 CoBank Revolving Loan”) and a six-year $130 million term loan facility (the “2023 CoBank Term Loan”). The Company may use (i) up to $25 million under the 2023 CoBank Revolving Loan for letters of credit, and (ii) up to $20 million under a swingline sub-facility.

The 2023 CoBank Term Loan has scheduled quarterly principal payments in the amounts set forth below, with the outstanding principal balance maturing on July 13, 2029. The 2023 CoBank Revolving Loan may be repaid at any time on or prior to its maturity on July 13, 2028. All amounts outstanding under the 2023 CoBank Credit Facility will be due and payable upon the earlier of the maturity date or the acceleration of the loans and commitments upon an event of default.


2023 CoBank Term Loan Quarterly Payment Dates	2023 CoBank Term Loan Quarterly Repayments
December 31, 2023 – June 30, 2025	$812,500 (2.5% per annum)
September 30, 2025 – June 30, 2026	$1,625,000 (5% per annum)
September 30, 2026 – June 30, 2029	$2,437,500 (7.5% per annum)

Amounts borrowed under the 2023 CoBank Credit Facility bear interest at a rate equal to, at the Company’s option, either (i) the secured overnight financing rate as administered by the Federal Reserve Bank of New York (“SOFR”) plus an applicable margin ranging between 2.00% to 3.75% for the 2023 CoBank Term Loan and 1.75% to 3.50% for Revolving Loans or (ii) a base rate plus an applicable margin ranging from 1.00% to 2.75% for the 2023 CoBank Term Loan and 0.75% to 2.50% for the 2023 CoBank Revolving Loans. Swingline loans bear interest at the base rate plus the applicable margin for base rate loans. The base rate is equal to the higher of (i) 1.00% plus the one-month SOFR rate (ii) the federal funds effective rate (as defined in the 2023 CoBank Credit Agreement) plus 0.50% per annum; or (iii) the prime rate (as defined in the 2023 CoBank Credit Agreement). The applicable margin is determined based on the ratio (as further defined in the 2023 CoBank Credit Agreement) of the Company’s maximum Total Net Leverage Ratio. Under the terms of the 2023 CoBank Credit Agreement, the Company must also pay a fee ranging from 0.25% to 0.50% on the average daily unused portion of the 2023 CoBank Credit Facility over each calendar quarter.

The 2023 CoBank Credit Agreement contains a financial covenant (as further defined in the 2023 CoBank Credit Agreement) that imposes a maximum Total Net Leverage Ratio, as well as customary representations, warranties and covenants, including covenants limiting additional indebtedness, liens, guaranties, mergers and consolidations, substantial asset sales, investments and loans, sale and leasebacks, transactions with affiliates and fundamental changes. The maximum Total Net Leverage Ratio is measured each fiscal quarter and is required to be less than or equal to 3.25 to 1.0. The 2023 CoBank Credit Agreement provides for events of default customary for credit facilities of this type, including but not limited to non-payment, defaults on other debt, misrepresentation, breach of covenants, representations and warranties, insolvency and bankruptcy.

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The Company capitalized $4.5 million of fees associated with the 2023 CoBank Credit Facility, which are being amortized over the life of the debt and $2.7 million were unamortized as of September 30, 2025.

As of September 30, 2025, the Company had $122.7 million outstanding under the 2023 CoBank Term Loan, $75.1 million under the 2023 CoBank Revolving Loan, and had $94.9 million of availability. The Company was in compliance with all financial covenants as of September 30, 2025.

In October 2023, the Company entered into a two-year, forward starting one-month floating to fixed SOFR interest rate swap agreement. The swap was effective November 13, 2023 in a non-amortizing notional amount of $50.0 million, has a fixed SOFR rate of 4.896% and matures on November 13, 2025. The swap agreement had a fair value of $(0.1) million and $(0.3) million as of September 30, 2025 and December 31, 2024, respectively.

Letter of Credit Facility

On November 14, 2022, the Company entered into a General Agreement of Indemnity to issue performance Standby Letters of Credit on behalf of the Company and its subsidiaries. As of September 30, 2025, $35.3 million of Standby Letters of Credit had been issued under this agreement.

2024 Alaska Credit Facility

On August 29, 2024, Alaska Communications (the “Borrower”) entered into a Credit Agreement (the “2024 Alaska Credit Agreement”) with Bank of America, N.A., as administrative agent, and a syndicate of lenders (the “2024 Alaska Credit Facility”), to provide debt financing in the form of a $300 million, five-year secured term loan facility (the “2024 Alaska Term Facility”) and a $90 million revolving facility (the “2024 Alaska Revolving Facility”).

The 2024 Alaska Term Facility proceeds were used (a) to refinance Alaska Communications’ outstanding indebtedness under the 2022 Alaska Credit Facility (as defined below) in the amount of approximately $279 million plus accrued and unpaid interest, (b) to pay fees and expenses associated with the completion of this transaction, and (c) for general corporate purposes. As of September 30, 2025, $300.0 million was outstanding under the 2024 Alaska Term Facility.

Proceeds from the 2024 Alaska Revolving Facility are to be used, subject to certain limitations, (a) to issue letters of credit to replace or backstop existing letters of credit of Alaska Communications and its direct and indirect subsidiaries, and (b) for working capital purposes, capital expenditures and other general corporate purposes. As of September 30, 2025, $9.5 million was outstanding under the 2024 Alaska Revolving Facility and $0.6 million of letters of credit were issued. As a result, $79.9 million was available under the 2024 Alaska Revolving Facility as of September 30, 2025.

The 2024 Alaska Credit Facility also provides for incremental term loans (“Incremental Term Loans”) up to an aggregate principal amount of the greater of $91 million and Alaska Communications’ trailing consolidated twelve-month EBITDA (as defined in the 2024 Alaska Credit Agreement), subject to the Borrower meeting certain conditions.

In connection with the 2024 Alaska Credit Facility, the Company incurred $6.9 million of fees and rolled over $2.1 million of fees for the 2022 Alaska Credit Facility to be amortized over the life of the debt. As of September 30, 2025, the Company had $7.1 million of unamortized fees, which are being amortized over the life of the debt, associated with the 2024 Alaska Credit Facility.

The maturity date for the 2024 Alaska Credit Facility is August 29, 2029.

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Amounts outstanding under the 2024 Alaska Credit Facility bear an interest rate of the following:


Tier / Level	Alaska Communications Total Net Leverage Ratio	Applicable Margin for Term SOFR Loans and L/C Participation Fees	Applicable Margin for Base Rate Loans and Reimbursement Obligations	Applicable Margin for Commitment Fees
I	Greater than 4.00:1.00	4.50%	3.50%	0.40%
II	Less than or equal to 4.00:1.00 but greater than 3.25:1.00	4.00%	3.00%	0.35%
III	Less than or equal to 3.25:1.00 but greater than 2.50:1.00	3.50%	2.50%	0.30%
IV	Less than or equal to 2.50:1.00	3.00%	2.00%	0.25%

Principal payments on the 2024 Alaska Term Facility are due quarterly commencing in the fourth quarter of 2026 in quarterly amounts as follows: from the fourth quarter of 2026 through the third quarter of 2027, $1,875,000; and from the fourth quarter of 2027 through the second quarter of 2029, $3,750,000. The remaining unpaid balance is due on the final maturity date. Payments on any principal amount outstanding under the Incremental Term Loans will be made in installments, on the dates and in the amounts set forth in the applicable amendment for such Incremental Term Loans. The Borrower may prepay all revolving loans under the 2024 Alaska Revolving Facility at any time without premium or penalty (other than any customary SOFR breakage costs), subject to certain notice requirements and balance restrictions.

The Borrower is required to maintain financial ratios, based on a calculation of EBITDA defined in the 2024 Alaska Credit Agreement, including (a) a maximum Consolidated Net Total Leverage Ratio of 4.75:1.00, stepping down to 4.50:1.00 beginning with the third quarter of 2027, and stepping down to 4.25:1.00 beginning with the third quarter of 2028; and (b) a minimum Consolidated Fixed Charge Coverage Ratio of not less than 1.25:1.00. Customary covenants restricting the incurrence or assumption of debt, granting or assuming liens, declaring dividends and making other restricted payments, making investments, dispositions, engaging in transactions with affiliates, changes to the nature of business, modifying organizational documents and material agreements, entering into sale and leaseback transactions, amending or making prepayments on certain subordinated debt, and entering into mergers and acquisitions.

The 2024 Alaska Credit Facility is secured by substantially all of the personal property and certain material real property owned by Alaska Communications Systems Holdings, the parent company of Alaska Communications (“Holdings”), the Borrower, and its wholly owned subsidiaries, excluding, among other things, certain federal and state licenses where a pledge is prohibited by applicable law or is permitted only with the consent of a governmental authority that has not been obtained.

The 2024 Alaska Credit Agreement contains usual and customary affirmative and negative covenants of the parties for credit facilities of this type or as otherwise deemed appropriate by the administrative agent, subject to customary exceptions and materiality standards.

The Company is not a guarantor under the 2024 Alaska Credit Agreement, and the lenders have no recourse against the Company in the event of an occurrence of an “Event of Default” as defined therein.

2022 Alaska Credit Facility

On December 23, 2022, Alaska Communications entered into a Credit Agreement (the “2022 Alaska Credit Agreement”) with Fifth Third Bank, National Association, as administrative agent, and a syndicate of lenders (the “2022 Alaska Credit Facility”) to provide a Revolving Credit Commitment of $75.0 million (the “2022 Alaska Revolving Facility”) and Term Loan Commitment of $230.0 million (the “2022 Alaska Term Loan”).

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The key terms and conditions of the 2022 Alaska Credit Facility included the following:

●

Amounts outstanding bore an interest rate of the forward-looking SOFR rate with a one-month interest period, plus the SOFR Spread Adjustment of 10 basis points, plus a margin ranging from 3.00% to 4.00% based on Alaska Communications’ Consolidated Total Net Leverage Ratio (as defined in the 2022 Alaska Credit Agreement) or at an alternate base rate at a margin that is 1% lower than the counterpart SOFR margin;

●

Principal repayments of $1.4 million were made quarterly commencing with the fourth quarter of 2023;

●

Alaska Communications was required to maintain financial ratios as defined in the 2022 Alaska Credit Facility, including (a) a maximum Consolidated Net Total Leverage Ratio of 4.00 to 1, stepping down to 3.75 to 1 beginning with the second quarter of 2024; and (b) a minimum Consolidated Fixed Charge Coverage Ratio of not less than 1.25 to 1. In addition to these financial ratios, Alaska Communications was subject to customary representations, warranties and covenants, including limitations on additional indebtedness, liens, consolidations, mergers, assets sales, advances, investments and loans, transactions with affiliates, sale and leaseback transactions, subordinated indebtedness, and changes in the nature of its business; and

●

The 2022 Alaska Credit Facility was non-recourse to the Company and was secured by substantially all of the personal property and certain material real property owned by Alaska Communications.

On August 29, 2024, all outstanding amounts under the 2022 Alaska Credit Facility were repaid in full using the proceeds received upon the completion of the 2024 Alaska Credit Facility.

Alaska Term Facility

On June 15, 2022, Holdings entered into a secured lending arrangement with Bristol Bay Industrial, LLC (the “Alaska Term Facility”).

The Alaska Term Facility provided for a secured delayed draw term loan in an aggregate principal amount of up to $7.5 million and the proceeds were used to pay certain invoices from a contractor for work performed in connection with a fiber build. Interest on the Alaska Term Facility accrued at a fixed rate of 4.0% and scheduled quarterly payments of principal commenced on March 31, 2023. The Alaska Term Facility was repaid in full during the six months ended June 30, 2024.

Alaska Interest Rate Swap Agreements

In November 2023, Alaska Communications entered into two forward starting one-month floating to fixed SOFR interest rate swap agreements. The total non-amortizing notional amount of the agreements is $200.0 million, with fixed SOFR rates of 4.8695% and 4.8980% and both agreements matured on June 30, 2025. The swap agreement had a fair value of $(0.5) million as of December 31, 2024, and matured on June 30, 2025.

On September 26, 2025, Alaska Communications entered into four forward starting one-month floating to fixed SOFR interest rate swap agreements. The total non-amortizing notional amount of the four agreements was $200

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million, with fixed SOFR rates ranging from 3.4290% to 3.4485%. The swap agreements had a fair value of $(0.3) million as of September 30, 2025.

FirstNet Receivables Credit Facility

On March 26, 2020, Commnet Finance, a wholly owned subsidiary of Commnet Wireless, entered into a receivables credit facility with Commnet Wireless and CoBank (the “Receivables Credit Facility”).

The Receivables Credit Facility provides for a senior secured delayed draw term loan in an aggregate principal amount of up to $75.0 million and the proceeds may be used to acquire certain receivables from Commnet Wireless. The receivables to be financed and sold under the Receivables Credit Facility, which provides the loan security, relate to the obligations of AT&T under the FirstNet Agreement.

On December 27, 2024, CoBank amended the Receivables Credit Facility and extended the delayed draw period to December 31, 2025.

The maturity date for each loan will be set by CoBank and will match the weighted average maturity of the certain receivables financed.

Interest on the loans accrue at a fixed annual interest rate to be quoted by CoBank.

The Receivables Credit Facility contains customary events of termination, representations and warranties, affirmative and negative covenants and events of default customary for facilities of this type.

As of September 30, 2025, Commnet Wireless had $38.5 million outstanding, of which $8.3 million was classified as being current and $30.2 million as long-term on the Company’s balance sheet, and $9.2 million of availability under the Receivables Credit Facility. Commnet Wireless capitalized $0.8 million in fees associated with the Receivables Credit Facility, which are being amortized over the life of the debt and $0.3 million were unamortized as of September 30, 2025.

Guyana Credit Facilities

On October 12, 2022, OneGY entered into a $2.9 million term facility and a $5.7 million overdraft facility (the “Guyana Credit Facilities”) with Republic Bank (Guyana) Limited. The Guyana Credit Facilities were secured by real estate assets and carried a fixed interest rate of 7.5%. On November 29, 2024, the overdraft facility and term facility were canceled at the request of OneGY.

IDB Credit Facilities

On May 8, 2025, OneGY entered into a Credit Agreement (the “2025 IDB Credit Agreement”) with Inter-American Investment Corporation (“IDB Invest”) to provide (the “2025 IDB Credit Facilities”) a Revolving Credit Commitment of $10.0 million (the “2025 IDB Revolving Facility”) and Term Loan Commitment of up to $30.0 million (the “2025 IDB Term Loan”). The debt is secured by certain assets of OneGY and is not guaranteed by the Company.

Each disbursement under the 2025 IDB Revolving Facility requires an established repayment date. Amounts may be prepaid with prior notice to IDB Invest.

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Beginning in the second quarter of 2027, amounts drawn on the 2025 IDB Term Loan must be repaid in quarterly principal payments in the amounts set forth below, with the outstanding principal balance maturing on the tenth anniversary of the effective date. The 2025 IDB Revolving Loan may be repaid at any time on or prior to its maturity of 360 days after the first disbursement date.


2025 IDB Term Loan Quarterly Payment Dates	2025 IDB Term Loan Quarterly Repayments
June 22, 2027 – December 22, 2030	5.0% bi-annually
June 22, 2031 – December 22, 2034	7.5% bi-annually

Amounts borrowed under the 2025 IDB Credit Facilities bear interest at a rate equal to SOFR plus an applicable margin of 2.4% for the 2025 IDB Revolving Facility and 3.0% for the 2025 IDB Term Loan. In the case of the 2025 IDB Term Loan, there is a prepayment fee equal to 1.0% until the first anniversary from the effective date, 0.5% until the second anniversary from the effective date, and 0.0% thereafter.

The 2025 IDB Credit Agreement contains a financial covenant that imposes on OneGY a maximum Net Financial Debt to EBITDA Ratio and a maximum Debt to Equity ratio and a minimum EBITDA to Net Financial Expense Ratio, as well as customary representations, warranties and covenants. The 2025 IDB Credit Agreement provides for events of default customary for credit facilities of this type, including but not limited to non-payment, defaults on other debt, misrepresentation, breach of covenants, representations and warranties, insolvency and bankruptcy.

As of September 30, 2025, there were no outstanding borrowings under the 2025 IDB Revolving Facility or the 2025 IDB Term loan.

Sacred Wind Term Debt

The Company’s subsidiary, Sacred Wind, has a term debt facility (the “Sacred Wind Term Debt”) with the United States of America, acting through the Administrator of the Rural Utilities Service (“RUS”), which provides financial assistance in the form of loans under the Rural Electrification Act of 1936 to furnish or improve telecommunications and/or broadband services in rural areas, is secured by substantially all of the assets of Sacred Wind and is an underlying mortgage to the United States of America. These mortgage notes are to be repaid in equal monthly installments covering principal and interest beginning after date of issue and expiring by 2035.

The Sacred Wind Term Debt contains certain restrictions on the declaration or payment of dividends, redemption of capital stock or investment in affiliated companies without the consent of the RUS noteholders. The agreements also contain a financial covenant that Sacred Wind was not in compliance with as of December 31, 2024. Sacred Wind submitted a corrective action plan to comply with the financial covenant by December 31, 2028. The corrective action plan was accepted by the RUS and, as of September 30, 2025, Sacred Wind was in compliance with that corrective action plan.

As of September 30, 2025, $22.3 million was outstanding under the Sacred Wind Term Debt. Of that amount, $3.4 million was current and $18.9 million was long term.

The mortgage notes carry fixed interest rates ranging from 0.88% to 5.0%.

OneVI Debt

The Company, and certain of its subsidiaries, have entered into a loan agreement (the “OneVI Debt Agreement”) for a $60.0 million loan (the “OneVI Debt”) with National Cooperative Services Corporation (“NCSC”). The OneVI Debt Agreement contains customary representations, warranties, and affirmative and negative covenants

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(including limitations on additional debt, guaranties, sale of assets and liens) and a financial covenant that limits the maximum ratio of indebtedness to annual operating cash flow of 3.5 to 1.0 (the “OneVI Net Leverage Ratio”). This covenant is tested on an annual basis at the end of each fiscal year. Interest is paid quarterly at a fixed rate of 4.0% per annum and principal repayment is not required until maturity on July 1, 2026. Prepayment of amounts under the OneVI Debt Agreement may be subject to a fee under certain circumstances. The debt is secured by certain assets of the OneVI subsidiaries and is guaranteed by the Company.

The Company paid a fee of $0.9 million in 2016 to lock the interest rate at 4% per annum over the term of the OneVI Debt Agreement. The fee was recorded as a reduction to the OneVI Debt carrying amount and is being amortized over the life of the loan.

As of September 30, 2025, $60.0 million of the OneVI Debt remained outstanding.

On May 5, 2022, the OneVI Net Leverage Ratio was amended to 7.0 to 1.0 through the maturity date of July 1, 2026. The OneVI Net Leverage Ratio is tested annually, and the Company was in compliance with the OneVI Net Leverage Ratio as of December 31, 2024.

On November 5, 2025, the Company and NCSC amended and extended the maturity date of the OneVI Debt Agreement to July 1, 2035. The interest rate will be reset on the original loan maturity date of July 1, 2026. Beginning in July 2026, the loan will be subject to a quarterly repayment schedule. The covenants tested on annual basis will change as of December 31, 2026. See Note 15 to the Unaudited Condensed Consolidated Financial Statements included in this Report for additional information.


Payment Dates	Annual Principal Repayment
Years 1-3	8%
Years 4-6	10%
Years 7-8	15%
Year 9	18%

Debt Maturity

The table below summarizes the annual maturities of the Company’s debt instruments (amounts in thousands).


									Customer
	US		International		Corporate and		Total		Receivable
Amounts Maturing During	Telecom		Telecom (1)		Other		Debt		Credit Facility
October 1, 2025 through December 31, 2025	$	923	$	—	$	1,625	$	2,548	$	1,908
Year ending December 31, 2026		5,469		2,250		8,125		15,844		8,409
Year ending December 31, 2027		13,098		4,500		9,750		27,348		8,807
Year ending December 31, 2028		18,858		4,500		84,870		108,228		9,229
Year ending December 31, 2029		287,249		5,250		93,438		385,937		6,041
Thereafter		6,239		43,500		—		49,739		4,085
Total		331,836		60,000		197,808		589,644		38,479
Debt Discounts		(7,258)		(74)		(2,706)		(10,038)		(281)
Book Value as of September 30, 2025	$	324,578	$	59,926	$	195,102	$	579,606	$	38,198

(1)

Maturity schedule reflects principal repayment schedule in the amendment to the OneVi Debt Agreement signed November 5, 2025.

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8. GOVERNMENT SUPPORT AND SPECTRUM MATTERS

Universal Service Fund and Other Domestic Funding Programs

The Company recognizes revenue from several government funded programs including but not limited to, as follows:

●

The Company receives federal Universal Service Fund (“USF”) support under the Alaska Connect Fund (“ACF”). Beginning January 1, 2025, the Company began receiving $25.6 million per year and expects such annual funding to continue until December 31, 2028. Beginning in 2029 and continuing through 2034, the amount of ACF support will be determined by the Federal Communications Commission (“FCC”) staff taking into consideration broadband deployment funded through the Broadband Equity Access and Deployment Program. The ACF replaced the $19.7 million per year that the Company had previously received in Connect America Fund II (“CAF II”) support in Alaska;

●

As part of the Enhanced Alternative Connect America Model (“E-ACAM”) funding available to the Company’s operations in the southwest, the Company is estimated to receive $102.6 million over the next 14 years, through 2038, with approximately $9 million annually through 2030 before a gradual step down to $6 million annually in 2038;

●

The Company receives $8.0 million per year in CAF II support in the rural southwest until July 2028;

●

The Company receives $5.5 million annually in the US Virgin Islands through December 31, 2025, subject to the requirement to enhance network resiliency and operations in those markets;

●

The Company was awarded $2.3 million annually in the western United States through December 31, 2031, as part of the Rural Digital Opportunity Fund Phase I (“RDOF”) auction. In exchange for this support, the Company committed to deploy voice and broadband service to covered areas within six years and to provide service in those areas for ten years. As of September 2025, the Company transferred $1.3 million of the annual awards to other providers and returned $0.7 million of the annual awards to the FCC; and

●

The Company receives state USF support in Alaska of approximately $2.5 million annually.

As of September 30, 2025, the Company was in compliance in all material respects with its requirements associated with such funding.

Additionally, in 2024, the Company recognized revenue from the FCC’s Affordable Connectivity Program (“ACP”) and the Emergency Connectivity Fund (“ECF”) that expired in the second quarter of 2024. During the nine months ended September 30, 2025, the Company recorded a loss of $1.9 million related to the transfer of RDOF awards. This loss is recorded in Loss on disposition of assets, transfers and contingent consideration in the Company’s income statement. The Company had a liability of $2.7 million accrued related to transferring its RDOF awards as of September 30, 2025, which will be paid in the first quarter of 2026.

The company participates in the FCC’s Rural Health Care Program (“RHC”). During the nine months ended September 30, 2025, the Company received $12.5 million related to RHC funding.

Revenue recognized from the USF High Cost Program, including the CAF II, ACF, E-ACAM, and RDOF programs, is recognized as revenue from government grants. Revenue from other programs is recognized in accordance with ASC 606.

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The Company recorded the amounts below as communication services revenue for the reported periods (in thousands):


	Three months ended						Three months ended
	September 30, 2025						September 30, 2024

	US Telecom		International Telecom		Total		US Telecom		International Telecom		Total

High cost support	$	4,073	$	1,363	$	5,436	$	3,473	$	1,394	$	4,867
CAF II (including ACF)		8,254		—		8,254		6,731		—		6,731
RDOF		75		—		75		175		—		175
ECF		—		—		—		—		—		—
RHC		3,790		—		3,790		4,420		—		4,420
Other		1,332		3		1,335		1,908		3		1,911
Total	$	17,524	$	1,366	$	18,890	$	16,707	$	1,397	$	18,104


	Nine months ended						Nine months ended
	September 30, 2025						September 30, 2024

	US Telecom		International Telecom		Total		US Telecom		International Telecom		Total

High cost support	$	10,289	$	4,046	$	14,335	$	10,411	$	4,180	$	14,591
CAF II (including ACF)		24,650		—		24,650		20,303		—		20,303
RDOF		219		—		219		465		—		465
ECF

ATN International, Inc. 10-Q