Shenandoah Telecommunications Company (Shentel) has announced its first quarter 2025 financial and operating results. The company's total revenue increased by 26.9% compared to the same period in 2024, reaching $87.9 million. Excluding the former horizon markets, total revenue grew by 5% to $72.9 million. Glo Fiber expansion markets revenue grew by 52% to $18.4 million.
The number of data subscribers grew by 51% over the same period in 2024 to approximately 71,000. Glo Fiber expansion markets saw 5,400 new subscribers, 16,600 new passings, and a 52% revenue growth. Adjusted EBITDA grew by 43.3% to $27.6 million. Excluding the former horizon markets, adjusted EBITDA grew by $3.9 million, or 20.6%.
However, the net loss from continuing operations was $9.1 million in the first quarter of 2025, compared with a net loss from continuing operations of $4.1 million in the first quarter of 2024. This increase in the net loss was primarily due to higher depreciation and amortization from horizon and Glo Fiber network expansion.
The company also reported that its total broadband homes passed grew by 128,000 to approximately 604,000, including 363,000 Glo Fiber expansion market passings and 241,000 incumbent broadband market passings.
In terms of expenses, cost of services increased by $7.0 million, or 27.1%, due to $7.6 million of cost of services incurred in the acquired horizon markets. Selling, general, and administrative expense increased by $3.0 million, or 10.8%, also due to costs incurred in the acquired horizon markets.
Shentel's capital expenditures were $83.2 million for the three months ended March 31, 2025, compared with $70.1 million in the comparable 2024 period, representing a $13.2 million increase primarily driven by capital expenditures in the horizon markets and the expansion of networks in Glo Fiber expansion markets and government-subsidized markets.
As of March 31, 2025, the company's cash and cash equivalents totaled $87.5 million, the availability under the revolver was $143.0 million, and the remaining reimbursements available under government grants was $104.1 million, providing a total available liquidity of approximately $334.6 million.
As a result of these announcements, the company's shares have moved -19.1% on the market, and are now trading at a price of $10.53. If you want to know more, read the company's complete 8-K report here.
