Quarterly and Full-Year Revenue Performance
Q4 total revenues grew 2% to $184.2 million (Q4 2024: $180.5M). Excluding construction and other revenues, communication service revenues increased ~3%. Full-year 2025 revenues were essentially flat at $728 million, in line with expectations.
Adjusted EBITDA and Margin Improvement
Q4 adjusted EBITDA rose 8% year-over-year to $50.0 million (Q4 2024: $46.2M). Full-year adjusted EBITDA increased 3% to $190.0 million (2024: $184.1M), reflecting cost management and margin expansion.
Operating Income Turnaround
Q4 operating income improved to $15.7 million from $8.7 million a year earlier. Full-year operating income increased to $28.4 million versus an operating loss of $0.8 million in 2024 (2024 included a $35.3M goodwill impairment).
Stronger Cash Generation and Balance Sheet Metrics
Net cash provided by operating activities increased 5% to $133.9 million. Cash, cash equivalents and restricted cash rose to $117.2 million (from $89.2M). Net debt ratio improved to 2.36x (from 2.54x) at year-end.
International Segment Growth
International Q4 revenues increased nearly 3% to $97.3 million (from $94.8M). Full-year International revenue rose ~1% to $381.9 million, with International adjusted EBITDA increasing ~4% for the year to $131.6 million.
Domestic Operational Progress and Broadband Expansion
Domestic Q4 adjusted EBITDA grew 11% to $21.6 million. The number of homes passed by high-speed broadband increased 25% year-over-year (driven largely by Alaska), and the company reported an 11%+ year-over-year improvement in high-speed data subscribers in the back half of the year.
Strategic Monetizations and Funding Wins
Announced pending sale of Southwest U.S. tower portfolio for up to $297 million (expected initial gross proceeds ~$250–$270M). Received provisional BEAD awards/preliminary commitments totaling >$150 million in key U.S. markets. Also completed sale of certain U.S. spectrum assets.
Capital Discipline and Shareholder Actions
Full-year capital expenditures were $90.0 million (net of $84.6M reimbursable) down from $110.4M in 2024. Maintained quarterly dividend of $0.275 per share. 2026 CapEx guidance disciplined at $105–$115M (net of reimbursements).