Fourth quarter high-speed broadband homes passed expanded by 27%
Fourth quarter total high-speed broadband subscribers grew by 3%
Fourth quarter total international mobile subscribers increased by 3%
Fourth quarter revenues increased 2% to $184.2 million; full-year revenues were flat at $728.0 million
Fourth quarter operating income increased to $15.7 million; full-year operating income increased to $28.4 million
Fourth quarter net loss was $(3.3) million, or $(0.32) per share; full-year net loss was $(14.9) million, or $(1.38) per share
Fourth quarter Adjusted EBITDA1 increased 8% to $50.0 million; full-year Adjusted EBITDA1 increased 3% to $190.0 million
Full year net cash provided by operating activities increased 5% to $133.9 million
Capital expenditures for the full year were $90.0 million (net of $84.6 million reimbursable expenditures)
Net Debt Ratio3 was 2.36x on December 31, 2025
2026 Outlook
Adjusted EBITDA2 is expected to be in the range of $190 million to $200 million, excluding the impacts from the pending US tower portfolio sale4 that was recently announced
ATN continues to expect the initial closing of the US tower portfolio sale4 to occur in the second quarter 2026 which could reduce the Company's 2026 Adjusted EBITDA2 outlook by $6 million to $8 million
Capital expenditures are expected to be in the range of $105 million to $115 million (net of reimbursable expenditures)
1 EBITDA and Adjusted EBITDA are non-GAAP financial measures. Please see "Use of Non-GAAP Financial Measures" below for full definitions of EBITDA and Adjusted EBITDA and see Table 5 for reconciliations of Operating Income to EBITDA and Operating Income to Adjusted EBITDA, non-GAAP measures.2 For the Company's 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 expected Adjusted EBITDA.3 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 5 for reconciliations of Operating Income to Adjusted EBITDA and Table 6 for the reconciliations of Total Debt to Net Debt.4 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 "US tower portfolio sale").
Earnings Conference Call Thursday, March 5, 2026, at 10:00 a.m. ET; web participant link: https://edge.media-server.com/mmc/p/2kqggmh2
BEVERLY, Mass., March 04, 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 fourth quarter and full year ended December 31, 2025.
Remarks by Brad Martin, ATN Chief Executive Officer"Our fourth quarter performance capped a year of steady operational progress and strengthening financial performance at ATN," said Brad Martin, ATN's Chief Executive Officer. "During the quarter, we delivered growth in both revenue and Adjusted EBITDA, expanded our high-speed subscriber base, and significantly increased high-speed broadband homes passed through a major fixed wireless deployment in Alaska, creating a meaningful runway for future subscriber growth. At the same time, we tightened our cost structure, reinforcing our focus on operating efficiency and sustainable profitability. For the full year, that execution translated into higher operating profitability, stronger cash generation, and a business that is better aligned with our strategic focus on mobile, high-speed data and differentiated carrier solutions.
"Throughout 2025, we remained focused on strengthening our competitive position in our international markets by growing our mobility and high-speed subscriber bases, while leveraging government-funded and, to a lesser extent, internally allocated capital, to expand our US infrastructure. At the same time, we optimized our operations to drive future margin improvement," Martin continued. "As capital intensity has moderated following our peak organic investment cycle, we have generated increased cash flow from operations and strengthened our balance sheet. We are entering 2026 from a position of greater resilience and flexibility, supported by operational improvements and the pending sale of our US tower portfolio, with a clear focus on our strategic objectives."
Fourth Quarter and Full Year 2025 Financial Results
Consolidated revenues were $184.2 million in the fourth quarter, up 2% versus $180.5 million in the year-ago quarter. Excluding construction and other revenues, communication service revenues increased 3% year-over year reflecting growth in mobility, fixed, carrier services revenues. Full-year consolidated revenues for 2025 were essentially flat year-over-year at $728.0 million. Excluding construction and other revenues, communication service revenues declined 1% as growth in carrier services was more than offset by declines in mobility and fixed revenues.
Operating income was $15.7 million in the fourth quarter, increasing $7.0 million from the year-ago quarter. The improvement reflects a gain on spectrum asset dispositions as well as structural cost containment efforts which contributed to reductions in selling, general and administrative costs. Full-year operating income for 2025 was $28.4 million versus a full-year operating loss of $(0.8) million in the prior year, which included the 2024 goodwill impairment charge of $35.3 million.
Net Loss attributable to ATN stockholders in the fourth quarter of 2025 was $(3.3) million, or $(0.32) per share, versus net income of $3.6 million, or $0.14 per diluted share, in the year-ago quarter, which reflected an $8.9 million tax benefit. The fourth quarter of 2025 includes a $5.3 million expense for the write down of an equity investment. Full year 2025 net loss was $(14.9) million, or $(1.38) per share, compared with a net loss of $(26.4) million, or $(2.10) per share last year, which included the above referenced 2024 goodwill impairment charge and tax benefit.
Adjusted EBITDA1 was $50.0 million in the fourth quarter of 2025, up 8% from $46.2 million in the year-ago quarter. Full-year 2025 Adjusted EBITDA1 increased 3% to $190.0 million, from the prior-year result of $184.1 million.
Segment Operating Results (in Thousands)
The Company recorded financial results in three categories: (i) International Telecom; (ii) US Telecom; and (iii) Corporate and Other.
For Three Months Ended December 31, 2025 and 2024
2025
2024
2025
2024
2025
2024
2025
2024
International
International
US
US
Corporate and
Corporate and
Total
Total
Telecom
Telecom
Telecom
Telecom
Other*
Other*
ATN
ATN
Total Revenue:
$
97,349
$
94,766
$
86,867
$
85,782
$
-
$
-
$
184,216
$
180,548
Mobility
28,548
27,544
(9
)
459
-
-
28,539
28,003
Fixed
61,328
60,870
51,947
50,808
-
-
113,275
111,678
Carrier Services
3,005
3,244
31,377
30,022
-
-
34,382
33,266
Construction
-
-
449
1,291
-
-
449
1,291
All other
4,468
3,108
3,103
3,202
-
-
7,571
6,310
Operating Income (Loss)
$
17,912
$
18,830
$
5,851
$
(1,591
)
$
(8,060
)
$
(8,565
)
$
15,703
$
8,674
EBITDA(1)
$
31,472
$
31,975
$
24,381
$
18,091
$
(7,258
)
$
(8,262
)
$
48,595
$
41,804
Adjusted EBITDA(1)
$
32,710
$
32,343
$
21,607
$
19,515
$
(4,341
)
$
(5,632
)
$
49,976
$
46,226
Capital Expenditures**
$
16,341
$
15,418
$
12,755
$
9,281
$
-
$
4
$
29,096
$
24,703
For the Year Ended December 31, 2025 and 2024
2025
2024
2025
2024
2025
2024
2025
2024
International
International
US
US
Corporate and
Corporate and
Total
Total
Telecom
Telecom
Telecom
Telecom
Other*
Other*
ATN
ATN
Total Revenue:
$
381,881
$
377,463
$
346,094
$
351,612
$
-
$
-
$
727,975
$
729,075
Mobility
107,608
107,201
28
2,771
-
-
107,636
109,972
Fixed
245,819
246,165
208,085
212,199
-
-
453,904
458,364
Carrier Services
13,665
13,724
121,149
119,561
-
-
134,814
133,285
Construction
-
-
4,825
3,900
-
-
4,825
3,900
All other
14,789
10,373
12,007
13,181
-
-
26,796
23,554
Operating Income (Loss)
$
66,973
$
75,773
$
(1,715
)
$
(44,443
)
$
(36,824
)
$
(32,125
)
$
28,434
$
(795
)
EBITDA(1)
$
126,003
$
140,487
$
73,758
$
36,453
$
(33,443
)
$
(31,492
)
$
166,318
$
145,448
Adjusted EBITDA(1)
$
131,636
$
127,151
$
78,536
$
79,828
$
(20,128
)
$
(22,895
)
$
190,044
$
184,084
Capital Expenditures**
$
46,581
$
56,693
$
43,439
$
53,652
$
2
$
29
$
90,022
$
110,374
* Corporate and Other refer to corporate overhead expenses and consolidating adjustments.**Excludes reimbursable government capital program amounts.
Operating Metrics
Operating Metrics
2025
2025
2025
2025
2024
Q4 2025
Q4
Q3
Q2
Q1
Q4
vs. Q4 2024
High-Speed Data* Broadband Homes Passed
523,500
512,900
432,900
424,300
412,600
27
%
High-Speed Data* Broadband Customers
145,000
141,400
140,900
140,200
140,800
3
%
Broadband Homes Passed
813,900
813,500
803,400
801,500
800,900
2
%
Broadband Customers
194,900
196,000
199,200
198,800
203,200
-4
%
Fiber Route Miles
12,210
12,062
11,957
11,944
11,921
2
%
International Mobile Subscribers
Pre-Paid
337,500
332,200
332,300
332,300
329,300
2
%
Post-Paid
61,700
61,200
60,200
59,600
59,500
4
%
Total
399,200
393,400
392,500
391,900
388,800
3
%
Blended Churn
2.97
%
3.19
%
3.09
%
3.32
%
3.51
%
*High-Speed Data is defined as download speeds 100 Mbps or greater and HSD 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
Total cash, cash equivalents, and restricted cash was $117.2 million versus $89.2 million as of December 31, 2024. Total debt was $565.2 million, at the end of 2025 compared to $557.4 million at the end of 2024. The Company's Net Debt Ratio3 was 2.36x on December 31, 2025.
Net cash provided by operating activities increased 5% to $133.9 million for the year ended December 31, 2025, compared with net cash provided by operating activities of $127.9 million in the prior-year period.
Capital expenditures were $90.0 million net of $84.6 million of reimbursable capital expenditures for the year ended December 31, 2025, as compared to $110.4 million net of $108.5 million of reimbursable capital expenditures in the prior-year period.
Quarterly Dividends and Share Repurchases
Quarterly dividends of $0.275 per share were paid on January 9, 2026, on all shares of common stock outstanding to stockholders of record as of December 31, 2025.
Share repurchases. The Company did not repurchase any shares in the quarter ended December 31, 2025.
2026 Business Outlook
"As we look to 2026, our priority is to convert the investments we have made over the past several years into sustained cash generation and margin expansion," said Martin. "We are entering the year with positive business momentum, a more efficient operating model, and disciplined capital allocation, leveraging government funding to support network growth and enhance returns. Together, these elements give us confidence in our ability to deliver further progress in 2026."
Martin continued, "The pending sale of our US tower portfolio and the completion of the spectrum asset sales in the fourth quarter represent strategic actions to unlock asset value and further strengthen our balance sheet through debt reduction. With a renewed focus on our mobility, core broadband and carrier businesses, and continued discipline in new investments, we expect to further increase our financial flexibility and enhance our capacity to pursue attractive growth opportunities. Combined with encouraging trends in both our international markets and our US carrier and enterprise solutions in the second half of 2025, these actions position ATN well as we move into 2026 and beyond."
For Full Year 2026:
ATN expects Adjusted EBITDA2 to be in the range of $190 to $200 million, excluding the impact of the pending US tower portfolio sale4
The Company continues to expect the initial closing of the US tower portfolio sale4 to occur in the second quarter of 2026, which could reduce ATN's 2026 Adjusted EBITDA2 outlook by $6 million to $8 million
Capital expenditures are expected to be in the range of $105 to $115 million (net of reimbursable expenditures)
The Company plans to reassess and update its 2026 outlook after the initial closing of the US tower portfolio sale4.
Conference Call InformationCall Date: Thursday, March 5, 2026Call Time: 10:00 a.m. ETWebcast Link: https://edge.media-server.com/mmc/p/2kqggmh2
Webcast Link InstructionsYou can listen to a live audio webcast of the conference call by 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 replay of the conference call will be available at the same locations beginning at approximately 1:00 p.m. ET on the 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.
About ATN
ATN International, Inc. (NASDAQ:ATNI), headquartered in Beverly, Massachusetts, is a leading provider of digital infrastructure and communications services for all. The Company operates in the United States and internationally, including the Caribbean region, with a focus on rural and remote markets with a growing demand for infrastructure investments. The Company's operating subsidiaries today 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, such as terrestrial and submarine fiber optic transport, and communications tower facilities. 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, 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, one-time impairment or special charges, the gain (loss) on dispositions, transfers and contingent consideration, and non-cash stock-based compensation.
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 for the full year 2026 excludes potential charges or gains that may be recorded during the fiscal year, including among other things such as 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
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; the closing of the pending US tower portfolio transaction and the timing there of; the Company's liquidity; receipt of certain government grants; 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, and the retention of and future growth of the Company's subscriber base and average revenue per user; (2) the ability to receive the requisite regulatory consents and approvals and satisfy other conditions to consummate the proposed US tower portfolio sale; (3) 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; (4) the timeliness and availability of government program funding, permitting, and approvals; (5) the impact (if any) of geopolitical instability and U.S. military presence in the Caribbean; (6) 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 facing the Company's operations, including those resulting from the continued inflation and other macroeconomic headwinds including increased costs and supply chain disruptions; (15) with respect to the use of proceeds resulting from the US tower portfolio sale, the timing, manner and extent to which such proceeds 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 meeting; (16) 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 (17) 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, 2024, filed with the Securities and Exchange Commission ("SEC") on March 17, 2025 as updated on the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 10, 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 applicable law.
Contact
Michele SatrowskyCorporate TreasurerATN International, Inc.[email protected]978-619-1300
Table 1
ATN International, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in Thousands)
December 31,
December 31,
2025
2024
Assets:
Cash and cash equivalents
$
102,491
$
73,393
Restricted cash
14,663
15,851
Customer receivable
8,783
7,986
Assets held-for-sale
11,200
