Executive Summary

Q2 2025 revenue was $181.3M, down 1% year over year; Adjusted EBITDA was $45.8M, down 6% YoY; diluted EPS was $(0.56) as restructuring charges and the absence of prior-year asset sale gains weighed on profitability .
Versus S&P Global consensus, revenue missed ($184.7M* est. vs $181.3M actual) and Primary EPS marginally missed (-$0.07* est. vs -$0.098* actual); GAAP diluted EPS was much lower at $(0.56), reflecting non-GAAP adjustments and one-time items [functions.GetEstimates]* .
Management reaffirmed FY 2025 guidance: revenue (ex-construction) “in line” with 2024’s $725M, Adjusted EBITDA “flat” vs $184M, net CapEx $90–$100M, and Net Debt Ratio flat/slightly improved from 2.54x; dividend was increased 15% to $0.275/share .
CEO emphasized stronger cash generation, simplification and cost discipline; US segment remains in transition amid subsidy wind-down, with sequential traction in carrier services and fiber deployments; international performance is stabilizing with postpaid growth and lower churn .

What Went Well and What Went Wrong

What Went Well

International segment showed improving subscriber quality: postpaid +4% YoY; blended churn improved for a second consecutive quarter, pointing to better network performance and retention .
Operational cash generation strengthened: net cash from operations for H1 rose to $59.8M (+2% YoY) with working capital improvements; cash increased to $113.3M and Net Debt Ratio was 2.58x .
Dividend increased 15% to $0.275/share, signaling confidence in cash flow and capital allocation discipline .
Quote: “Our focus on simplification, operational stability, and disciplined capital allocation is driving stronger cash generation” — Brad Martin, CEO .

What Went Wrong

Revenue miss vs consensus and YoY decline (-1% to $181.3M) driven by US subsidy wind-down and legacy consumer exits; Adjusted EBITDA fell 6% YoY to $45.8M .
Operating income plunged to $0.2M vs $24.3M last year, as the prior-year quarter contained a $15.9M asset sale gain and Q2 2025 incurred $4.9M restructuring/reorganization charges; US Telecom Adjusted EBITDA declined to $18.3M (-16.7% YoY) .
Consumer broadband customers decreased 5% YoY (200.3k vs 211.4k) amid transition away from legacy technologies; total international mobile subs were down 1% YoY .

Financial Results

Consolidated Performance vs Prior Periods

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$180.5	$179.3	$181.3
Operating Income ($USD Millions)	$8.7	$2.7	$0.2
Adjusted EBITDA ($USD Millions)	$46.2	$44.3	$45.8
Net Income Attributable to ATN ($USD Millions)	$3.6	$(8.9)	$(7.0)
Diluted EPS ($USD)	$0.14	$(0.69)	$(0.56)

Segment Breakdown (Q2 2025)

Metric ($USD Millions)	International Telecom	US Telecom	Total ATN
Total Revenue	$94.9	$86.4	$181.3
Mobility	$26.3	$0.1	$26.3
Fixed	$61.7	$51.4	$113.1
Carrier Services	$3.4	$29.8	$33.2
Construction	$0.0	$2.2	$2.2
Adjusted EBITDA	$33.3	$18.3	$45.8

KPIs

KPI	Q2 2024	Q1 2025	Q2 2025
HSD Broadband Homes Passed	396,100	427,300	427,500
HSD Broadband Customers	140,600	141,300	141,900
Broadband Customers (Total)	211,400	199,800	200,300
Fiber Route Miles	11,880	11,944	11,957
International Mobile Subscribers (Prepaid)	339,000	332,300	332,300
International Mobile Subscribers (Postpaid)	57,900	59,600	60,200
Blended Churn	3.44%	3.32%	3.09%

Results vs Wall Street Consensus (S&P Global)

Metric	Q1 2025	Q2 2025
Revenue Consensus Mean ($USD Millions)*	178.7*	184.7*
Revenue Actual ($USD Millions)	179.3	181.3
Primary EPS Consensus Mean ($USD)*	-0.10*	-0.07*
Primary EPS Actual ($USD)*	-0.329*	-0.098*
GAAP Diluted EPS ($USD)	-0.69	-0.56

Values retrieved from S&P Global.*

Highlights: Q2 revenue missed consensus by ~$3.4M; S&P Primary EPS slightly missed; GAAP EPS reflects larger loss due to restructuring and prior-year gains absent [functions.GetEstimates]*.

Guidance Changes

Metric	Period	Previous Guidance (Q4 2024)	Current Guidance (Q2 2025)	Change
Revenue (ex-construction)	FY 2025	In line with 2024 ($725M)	In line with 2024 ($725M)	Maintained
Adjusted EBITDA	FY 2025	Essentially flat vs $184M (FY24)	Essentially flat vs $184M (FY24)	Maintained
Net CapEx (net of reimbursements)	FY 2025	$90–$100M	$90–$100M	Maintained
Net Debt Ratio	FY 2025	Flat/slight improvement vs 2.54x YE 2024	Flat/slight improvement vs 2.54x YE 2024	Maintained
Dividend	Q2 2025	$0.24 prior (Q1 paid)	$0.275 (+15%)	Raised

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
Subsidy wind-down impact (US)	Revenue pressure from ECF/ACP exit; transition to carrier/business and fiber	Continued YoY revenue headwind; sequential traction in carrier services and construction	Stabilizing with mix shift
International mobile/postpaid & churn	Postpaid growth; ARPU uplift; efficient operations	Postpaid +4% YoY; churn improved for second straight quarter; better retention	Improving
Grant-funded builds (US)	~$370M pipeline; 50% targeted for completion in 2025; monetization mostly 2026–2027	“$300M+” broadband initiatives proceeding; over half slated for 2025 completion; near-term revenue modest	Execution progressing; monetization later
Tariffs/macro	Monitoring tariffs; supply chain largely insulated; FX exposure limited	Not expecting short-term impact; labor/materials access adequate; permitting may improve	Manageable
Restructuring/cost actions	Expected further reorg costs in Q2	Q2 restructuring charges ($4.9M); residual lower in Q3	Front-loaded; declining ahead
Capital allocation	Lower CapEx, focus on cash flow and deleveraging	Dividend raised; cash up to $113.3M; Net Debt Ratio 2.58x	Strengthening liquidity

Management Commentary

“Our second quarter results were in line with our expectations… In the U.S., the wind-down of subsidy programs and our transition away from legacy consumer service technologies continues to impact year-over-year revenue performance. However, we are beginning to see sequential improvements…” — Brad Martin, CEO .
“We are executing against a clear set of priorities—managing costs, strengthening cash flow, and positioning our network and services for sustainable growth.” — Carlos Doglioli, CFO .
“We are moving forward with more than $300,000,000 in broadband infrastructure initiatives backed by government funding, with more than half of these projects slated for completion in 2025.” — Management prepared remarks .
Q2 cost actions: “Cost containment efforts resulted in a reduction in SG&A… partially offset by restructuring and reorganization expenses totaling $4.9M” .

Q&A Highlights

Fiber build environment: management not seeing labor/materials constraints yet; expects permitting policy changes to help pace; confident capacity meets needs .
Structural options: queried about fiber assets REIT-like structure; management has not pursued, but monitors asset-backed securitization opportunities .
US inflection timing: pipeline building in carrier managed services and rural healthcare; expecting improvements in H2 as federal/state cycles and Q4 consumer strength play through .
Policy/tax bill effects: current read is minimal short-term impact to cash taxes; some elements (bonus depreciation) favorable if enacted .
Restructuring cadence: Q2 charges higher than expected as actions pulled forward; residual to occur in Q3 at lower levels .

Estimates Context

Coverage is thin (Q2: 2 revenue estimates, 1 EPS estimate), increasing the volatility of consensus comparisons [functions.GetEstimates]*.
Q2 revenue missed: $181.3M actual vs $184.7M consensus mean — driven by US subsidy wind-down and legacy exit, partly offset by construction revenue [functions.GetEstimates]*.
S&P Primary EPS slightly missed (-$0.098* actual vs -$0.07* consensus), while GAAP diluted EPS was $(0.56) reflecting restructuring, non-cash stock comp, and absence of prior-year asset gains [functions.GetEstimates]*.
Expect estimate revisions to reflect maintained FY guidance, lower Q3 restructuring, and H2 skew from carrier services traction and international stability .