SHEN

Image source: The Motley Fool. Friday, May 1, 2026 at 8:30 a.m. ET President and CEO — Edward McKay EVP and CFO — James Volk Edward McKay: Thanks, Lucas. Good morning, everyone, and thank you for joining us today. Starting on Slide 4, I'll share some of our first quarter highlights. During the quarter, we released 22,000 passings to sales, bringing our total Glo Fiber expansion markets passings to 449,000. We added approximately 6,000 Glo Fiber net customers in the first quarter, a 9% improvement over the prior year period, and we now serve a total of 94,000 customers. Our Commercial Fiber business also delivered a strong quarter with 196,000 in sales bookings and revenue growth of 4.7% year-over-year. Collectively, these results demonstrate the excellent momentum we continue to see in our fiber businesses. We were also pleased with our first quarter financial results. Consolidated revenues and adjusted EBITDA grew 4.8% and 15% year-over-year, respectively, and we remain on track to deliver positive free cash flow in 2027. Turning to Slide 5. We highlight our integrated broadband network that spans more than 19,000 fiber route miles across 8 states with over 700,000 total broadband passings. As shown on the map, all planned Glo Fiber markets have now been launched, and our primary focus is adding passings in our existing Virginia, Pennsylvania, Maryland and Ohio markets. We remain on track to complete our Glo Fiber expansion in 2026, reaching 510,000 passings. On Slide 6, our sales and marketing team continues to drive strong growth across our Glo Fiber expansion markets. And during the first quarter, we added approximately 6,000 new customers and nearly 7,000 total video, voice and data revenue-generating units. Our 5-year price guarantee rate card introduced in the second half of 2025 is gaining traction, supported by the expansion of our door-to-door sales channel. Over the past 12 months, we have added more than 23,000 new data customers, more than 26,000 total RGUs as well. Total Glo Fiber revenue-generating units surpassed 110,000 in the first quarter, up 31% compared to the prior year. Moving to Slide 7. First quarter construction was strong with over 22,000 passings added, bringing the total to more than 449,000. Coupled with the continued increase in homes passed, penetration rose to 20.9%, a 30 basis point increase over the fourth quarter and 150 b...

Glo Fiber momentum continues with a 9% year-over-year improvement in net customer additions, driven by the successful launch of all planned expansion markets. Management attributes strong Glo Fiber penetration growth to a new 5-year price guarantee rate card and the strategic expansion of door-to-door sales channels. Commercial Fiber growth of 4.7% was fueled by demand from wireless carriers and enterprise customers, with the Verizon acquisition integration now substantially complete. Incumbent market performance faced headwinds from video-to-streaming cord-cutting and targeted promotional competition from satellite providers in rural areas. Operational focus is shifting from heavy construction to maximizing penetration across the existing 19,000-mile fiber footprint. The company maintains a competitive edge in incumbent markets where it remains the sole fixed wireline provider for approximately two-thirds of passings. Management reiterated 2026 guidance, expecting to reach 510,000 Glo Fiber passings and complete the current expansion phase by year-end. The company projects achieving positive free cash flow in 2027, driven by double-digit EBITDA growth and significantly declining capital intensity. Future revenue growth in Commercial Fiber is expected to be in the mid-single digits, though management noted this segment can be lumpy due to large carrier deals. Strategic positioning for data center connectivity is a key long-term priority as facilities migrate toward rural areas with available land and power. Capital expenditures are expected to decline as the business exits its primary construction phase, with marketing expenses remaining stable to support subscriber acquisition. A slight uptick in incumbent market churn to 1.46% was specifically linked to Starlink's aggressive first-quarter promotions, including free equipment offers. Management responded to satellite competition by implementing significant speed increases for rural customers at no additional cost to enhance the value proposition. Adjusted EBITDA margins expanded by 300 basis points, aided by a favorable government grant true-up and a shift away from lower-margin video services. Liquidity remains stable at $195 million with no debt maturities until 2029, following a strategic debt refinancing in 2025. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how...

This article first appeared on GuruFocus. Release Date: May 01, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Shenandoah Telecommunications Co (NASDAQ:SHEN) reported a 4.8% increase in consolidated revenues and a 15% rise in adjusted EBITDA year-over-year. The company added approximately 6,000 Glow Fiber net customers in the first quarter, marking a 9% improvement over the prior-year period. Commercial fiber business showed strong performance with $196,000 in sales bookings and a 4.7% revenue growth year-over-year. The company has successfully expanded its Glow Fiber markets, reaching 449,000 passings, with plans to complete 510,000 passings by the end of 2026. Shenandoah Telecommunications Co (NASDAQ:SHEN) maintains a low average monthly churn rate of 0.92%, which is among the best in the industry. Incumbent broadband markets revenue declined by $2.2 million, primarily due to a 14.6% decline in video RGUs as customers switched to streaming services. The company experienced a slight uptick in churn in its most rural markets due to promotional activity from satellite competition, specifically Starlink. Broadband data ARPU declined by 1.6% from a year ago to $82, driven by aggressive pricing in competitive markets. RLEC revenues decreased by $800,000, mainly due to a 28% decline in DSL RGUs and lower government grant support revenues. The company faces competitive pressure in its incumbent markets, leading to a slight decline in ARPU and increased churn. Warning! GuruFocus has detected 7 Warning Signs with SHEN. Is SHEN fairly valued? Test your thesis with our free DCF calculator. Q: Are you seeing any changes or challenges in adding subscribers given the competitive nature in your markets? A: Ed McKay, CEO: In our global fiber markets, we're not experiencing challenges. Our net additions were up 9% over the first quarter of 2025. However, in our incumbent markets, we did see some churn to Starlink due to their promotional offers, but overall, we're on plan as expected. Q: With the transition from construction to a subscriber growth phase, will marketing expenses increase, or should we expect CapEx to decline and contribute to cash flow? A: Ed McKay, CEO: Marketing expenses are expected to remain similar, with the primary impact being a decline in CapEx. Q: Do you think the trend of customers opting f...

Glo Fiber expansion is the growth engine: Shentel released 22,000 passings in Q1 (449,000 total), added ~6,000 net Glo Fiber customers to reach 94,000, and expects to complete a 510,000-passing buildout by the end of 2026 with RGUs >110,000 (+31% YoY). Q1 revenue rose 4.8% to $92.2 million and adjusted EBITDA increased 15% to $31.7 million; management reaffirmed full-year guidance and expects declining CapEx to help drive positive free cash flow in 2027 and beyond. Unit economics in Glo Fiber are strong—monthly churn was 0.92% and broadband ARPU remained >$77 with 82% of new customers choosing 1 Gbps+, while incumbent markets face modest churn and ARPU pressure from satellite competition and cord-cutting. Interested in Shenandoah Telecommunications Co? Here are five stocks we like better. Shenandoah Telecommunications (NASDAQ:SHEN) reported first-quarter 2026 results highlighted by continued growth in its Glo Fiber expansion markets, improving profitability, and steady progress toward completing its fiber buildout by the end of 2026. President and CEO Ed McKay said the company “released 22,000 passings to sales” during the quarter, bringing total Glo Fiber expansion market passings to 449,000. Shentel added approximately 6,000 Glo Fiber net customers in the first quarter, which McKay said was a 9% improvement over the prior-year period, bringing the total to 94,000 customers. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss McKay pointed to momentum in customer additions and product mix, noting that over the past 12 months the company added more than 23,000 new data customers and more than 26,000 total revenue-generating units (RGUs). Total Glo Fiber RGUs surpassed 110,000 in the first quarter, up 31% year-over-year. On network build progress, McKay said all planned Glo Fiber markets have now been launched, with the company’s focus shifting to adding passings within existing Virginia, Pennsylvania, Maryland, and Ohio markets. Management reiterated expectations to complete the Glo Fiber expansion in 2026 and reach 510,000 passings. → Meta Posted Its Best Sales Growth Since 2021—So Why Did Shares Fall? Penetration across the Glo Fiber footprint rose to 20.9% in the quarter, up 30 basis points from the fourth quarter and 150 basis points year-over-year. McKay said the company expects data penetration rates of about 37% five to seven years after launch...

EDINBURG, Va. (AP) — EDINBURG, Va. (AP) — Shenandoah Telecommunications Co. (SHEN) on Friday reported a loss of $15.8 million in its first quarter. The Edinburg, Virginia-based company said it had a loss of 31 cents per share. The telecommunications service provider in parts of Maryland, Pennsylvania, Virginia and West Virginia posted revenue of $92.2 million in the period. _____ This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SHEN at https://www.zacks.com/ap/SHEN

EDINBURG, Va., May 01, 2026 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (“Shentel” or the “Company”) (Nasdaq: SHEN) announced first quarter 2026 financial and operating results. First Quarter 2026 Highlights Glo Fiber Expansion Markets revenue grew 34.6% year over year to $24.8 million. Total revenue increased 4.8% year over year to $92.2 million. Net loss from operations was $15.8 million compared to $9.1 million in the first quarter of 2025. Adjusted EBITDA1 grew 15.0% year over year to $31.7 million. “We have excellent momentum in our fiber businesses, with approximately 6,000 Glo Fiber net additions and 4.7% commercial fiber revenue growth in the first quarter, driving strong Adjusted EBITDA growth of 15%,” said Ed McKay, President and CEO. “We remain on track to complete our Glo Fiber expansion in 2026 and achieve positive free cash flow in 2027.” Shentel’s first-quarter earnings conference call will be webcast at 8:30 a.m. ET on Friday, May 1, 2026. The webcast and related materials will be available on Shentel’s Investor Relations website at https://investor.shentel.com/. First Quarter 2026 Results Compared with First Quarter 2025 Residential & SMB - Glo Fiber Expansion Markets2 revenue (26.9% of total) increased $6.4 million, or 34.6%, primarily due to a 33.7% increase in data revenue generating units (“RGUs”). Residential & SMB - Incumbent Broadband Markets3 revenue (44.6% of total) decreased $2.2 million, or 5.1%, primarily due to a 14.6% decline in video RGUs and a 1.6% decline in data average revenue per user (“ARPU”). Commercial Fiber revenue (22.3% of total) increased $0.9 million, or 4.7%, primarily due to an increase in recurring revenue resulting from additional circuit services sold to existing customers. RLEC & Other revenue (6.2% of total) decreased $0.8 million, or 13.0%, primarily due to a 28.0% decrease in Digital Subscriber Line RGUs and $0.3 million decrease in government support revenue. Cost of services decreased by $1.2 million, or 3.7%, primarily due to government grant reimbursements of certain indirect operating costs and a decrease in video programming costs driven by declining video RGUs. Selling, general and administrative expense increased by $2.4 million, or 7.7%. The increase was primarily due to an increase in advertising costs and payroll costs driven by expansion of the Glo Fiber homes passed and higher s...

EDINBURG, Va., April 13, 2026 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (Shentel) (NASDAQ:SHEN) will release its first quarter 2026 financial results before the market opens on Friday, May 1, 2026, and will host a conference call and simultaneous webcast on the same day at 8:30 a.m. Eastern Time to discuss Shentel’s financial results and business highlights. Date: May 1, 2026 Time: 8:30 AM ET Listen via Internet: https://investor.shentel.com/ For Analysts, please register to dial-in at this link. A replay of the call will be available for a limited time on the Investor Relations page of the Company’s website. About Shenandoah Telecommunications Company Shenandoah Telecommunications Company provides broadband services through its high speed, state-of-the-art fiber optic and cable networks to residential and commercial customers in eight contiguous states in the eastern United States. The Company’s services include: broadband internet, video, voice, high-speed Ethernet, dedicated internet access, dark fiber leasing, and managed network services. The Company owns an extensive regional network with over 19,000 route miles of fiber. For more information, please visit www.shentel.com. CONTACT: Shenandoah Telecommunications Company Lucas Binder VP Corporate Finance 540-984-4800 [email protected]

Fiber-based business lines surpassed incumbent broadband revenue for the first time in Q4 2025, marking a fundamental shift in the company's revenue mix. Glo Fiber data RGU growth of 35% was driven by disciplined expansion into duopoly markets where 88% of passings face only one fixed competitor. Management reported that aggregate penetration in subsidized incumbent markets has reached 31% across more than 22,000 passings, which were constructed in previously unserved areas through government grants. High customer satisfaction, evidenced by a Net Promoter Score of 61, serves as the primary defense against cable competitors and maintains low churn levels near 1%. Strategic withdrawal from certain Ohio markets was necessitated by rising aerial make-ready costs that threatened the company's 15% internal rate of return hurdle. The 10% workforce reduction aligns staffing with the transition from a heavy construction phase to an operational and sales-focused growth phase. Management projects an inflection to positive free cash flow in 2027, driven by the completion of major Glo Fiber construction and declining capital intensity. 2026 guidance assumes a 21% decline in net CapEx as the company enters the 'home stretch' of its fiber expansion across four primary states. Data ARPU is expected to decline by approximately 1% over the next few quarters as new 5-year price guarantee promotional plans roll through the subscriber base. Adjusted EBITDA margins are projected to decline slightly in the first half of 2026 before expanding again in the second half of 2026. The company expects to achieve low double-digit EBITDA growth over the next five years as fiber assets mature and capital intensity drops toward the 25-30% range. A $3.1 million restructuring charge will be incurred for the workforce reduction, which is expected to yield $12.3 million in annual savings starting in 2027. The December 2025 ABS refinancing reduced cash interest expense by 172 basis points, saving approximately $11 million annually. Video RGU declines of 14.8% in incumbent markets reflect a structural shift as customers migrate to third-party streaming services. Rising utility 'make-ready' costs represent a significant headwind for fiber deployment, leading to the cancellation of specific planned expansion markets. Our analysts just identified a stock with the potential to be the next Nvidia. Tell...

"Fiber-first" execution: Shentel ended 2025 with about 427,000 homes and businesses passed in Glo Fiber expansion markets (up 81,000 year‑over‑year), with Glo Fiber revenue now surpassing incumbent broadband and roughly 23,000 customer additions for the year. Strong Q4 and outlook plus refinancing: Q4 revenue rose 7.2% to $91.6M and Adjusted EBITDA increased 31.3% to $33.5M; 2026 guidance calls for $370–$377M revenue and $131–$136M Adj. EBITDA, and a December refinancing cut the weighted interest rate to about 5.75% (from 7.47%), saving roughly $11 million annually in cash interest. Cost actions and cash‑flow goal: Management enacted a ~10% workforce reduction (about $3.1M restructuring) to align with construction completion and expects ~$12.3M in annual savings starting 2027 as it pushes to achieve positive free cash flow in 2027, while selectively pulling back investments in some Ohio markets where returns fall below its 15% hurdle rate. Interested in Shenandoah Telecommunications Co? Here are five stocks we like better. Shenandoah Telecommunications (NASDAQ:SHEN) executives used the company’s fourth-quarter 2025 earnings call to emphasize continued execution of a “fiber-first” strategy, highlighting growth in its Glo Fiber expansion markets, improving revenue mix, and a debt refinancing intended to lower interest costs and extend maturities. President and CEO Ed McKay said fiber-based lines of business surpassed incumbent broadband revenue in the fourth quarter, reflecting what he described as strong year-over-year growth in both Glo Fiber and commercial fiber. Management reiterated four strategic pillars: building on the company’s legacy operations, completing its fiber network expansion, accelerating growth, and positioning the business to “inflect to positive free cash flow in 2027.” → SoundHound’s New Sales Assist Agent Put Voice AI Back in the Spotlight McKay said the company ended 2025 with approximately 427,000 homes and businesses passed in Glo Fiber expansion markets, an annual increase of 81,000 passings. The company also reported that government-subsidized passings in incumbent broadband markets more than doubled year-over-year to 22,000, with penetration already at 31%. Management said it is on track to “substantially” complete construction for these capital-intensive expansion projects by the end of 2026. Shentel described its footprint as mo...

This article first appeared on GuruFocus. Revenue: $91.6 million in Q4 2025, a 7.2% increase year over year. Glow Fiber Revenue Growth: $6.5 million increase, up 39% year over year. Commercial Fiber Revenue Growth: $2 million increase, up 10.8% year over year. Adjusted EBITDA: $33.5 million, a 31.3% increase year over year. Adjusted EBITDA Margin: 36.5%, up 670 basis points year over year. Broadband Data Average Revenue Per User (ARPU): Over $77 in Q4 2025, a 2.3% increase year over year. Net Promoter Score: 61, indicating high customer satisfaction. Debt Refinancing Savings: 172 basis points reduction in cash interest, saving $11 million annually. Capital Expenditures: $359 million in 2025, with $63 million collected in government grants. 2026 Revenue Guidance: $370 million to $377 million, representing 4.4% growth at the midpoint. 2026 Adjusted EBITDA Guidance: $131 million to $136 million, representing 12.1% growth at the midpoint. 2026 CapEx Guidance: $220 million to $250 million, a 21% decline at the midpoint. Warning! GuruFocus has detected 6 Warning Signs with SHEN. Is SHEN fairly valued? Test your thesis with our free DCF calculator. Release Date: February 26, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Shenandoah Telecommunications Co (NASDAQ:SHEN) reported a 7.2% revenue growth in Q4 2025, driven by strong performance in glow fiber expansion markets. The company successfully refinanced its debt, reducing cash interest expenses by 172 basis points and extending maturities to 2030. Glow fiber data RGUs grew by 35% in 2025, with a significant increase in customer adoption of higher speed tiers. The company achieved a Net Promoter Score of 61, indicating high customer satisfaction compared to competitors. Shenandoah Telecommunications Co (NASDAQ:SHEN) expects to achieve positive free cash flow by 2027, supported by low double-digit EBITDA growth and declining capital intensity. The company decided to pass on investments in certain Ohio markets due to increased costs, impacting potential expansion. Incumbent broadband market revenue declined due to a 14.8% drop in video RGUs as customers switched to streaming services. The company announced a workforce reduction of approximately 10% to align staffing with the completion of the glow fiber construction phase. Broadband data ARPU is expected to...

Image source: The Motley Fool. Thursday, February 26, 2026 at 8:30 a.m. ET President and Chief Executive Officer — Edward McKay Senior Vice President and Chief Financial Officer — James Volk Ed McKay, President and Chief Executive Officer; and Jim Volk, Senior Vice President and Chief Financial Officer. After the prepared remarks, we will conduct a question-and-answer session. I refer you to Slide 2 of the presentation, which contains our safe harbor disclaimer and remind you that this conference may include forward-looking statements subject to certain risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements. Additionally, we have provided a detailed discussion of various risk factors in our SEC filings, which you are encouraged to review. You are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements. With that, I will now turn the call over to Ed. Go ahead, Ed. Edward McKay: Thanks, Lucas, and good morning, everyone. Thank you for joining us today. This past year marked another important step forward for Shentel as we continue to execute on our fiber-first strategy. Strong year-over-year growth in both Glo Fiber and Commercial Fiber drove a notable shift in our revenue mix with our fiber-based lines of business surpassing our incumbent broadband revenue in the fourth quarter. Throughout 2025, we remain disciplined and focused on our 4 strategic pillars that continue to guide our operational and financial priorities, building on our long history of success, completing our fiber network expansion, accelerating growth and positioning the business to inflect to positive free cash flow in 2027. I'm pleased with the way our team delivered on each of these priorities, strengthening our position and keeping our strategy firmly on track. Starting on Slide 4, we share some of our full year highlights. At year-end 2025, we passed approximately 427,000 homes and businesses in our Glo Fiber expansion markets, an annual increase of 81,000 passings. Our government subsidized passings in incumbent broadband markets more than doubled year-over-year to 22,000 and penetration in these areas has already reached 31%. We are well on our way to substantially completing construction for t...