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ATN Reports Second Quarter 2025 Results; Reaffirms 2025 Outlook

1. Q2 2025 revenue decreased 1% to $181.3 million. 2. Net loss of $7 million per share, down from profit last year. 3. Adjusted EBITDA fell 6% to $45.8 million. 4. High-speed broadband homes passed increased by 8%. 5. Capital expenditures projected at $90-$100 million for 2025.

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Why Bearish?

ATNI reported a net loss and declining revenue amid subsidy program wind-down. Historical performance shows similar results led to negative stock reactions.

How important is it?

The article discusses ATNI's financial state, indicating immediate trader concern due to losses and declining performance.

Why Short Term?

The recent quarterly results will likely affect ATNI's stock in upcoming trading days as investors respond to financial declines.

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Second Quarter 2025 vs. Second Quarter 2024 Financial Highlights Expanded high-speed broadband homes passed by 8%Grew total high-speed subscribers by 1%Second-quarter revenues declined 1% to $181.3 millionSecond quarter operating income decreased to $0.2 millionSecond quarter net loss was $(7.0) million, or $(0.56) per shareSecond quarter Adjusted EBITDA1 decreased 6% to $45.8 millionNet cash provided by operating activities for the year-to-date period increased 2% to $59.8 millionCapital expenditures for the year-to-date period were $42.0 million (net of $45.9 million reimbursements)Net Debt Ratio3 was 2.58x on June 30, 2025 Reaffirmed Outlook for Full Year 2025 Revenue, excluding construction revenue, is expected to be in line with last year’s result of $725 millionAdjusted EBITDA2 is expected to be essentially flat with the prior year result of $184 millionCapital expenditures are expected to be in the range of $90 to $100 million (net of reimbursements)Net Debt Ratio3 is expected to remain flat, with a slight potential improvement exiting 2025 compared with 2.54x at the end of 2024 Earnings Conference CallFriday, August 8, 2025, at 9:00 a.m. ET; web participant link: https://edge.media-server.com/mmc/p/734nzkmk BEVERLY, Mass., Aug. 07, 2025 (GLOBE NEWSWIRE) -- ATN International, Inc. (“ATN” or the “Company”) (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today reported financial results for the second quarter ended June 30, 2025. Remarks by Brad Martin, ATN Chief Executive Officer “Our second quarter results were in line with our expectations and reflect the steps we’re taking to optimize our cost structure and execute on our long-term strategy. Internationally, our segment results reflect our efforts to enhance our mobile networks and service quality to support higher data usage, grow our post-paid subscriber base and gain incremental operational efficiency. 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 as our focus on delivering best-in-class carrier and enterprise solutions and expanding the deployment of fiber and fiber-fed fixed-wireless in markets where we have durable consumer footholds, is generating positive traction. “Across the business, our focus on simplification, operational stability, and disciplined capital allocation is driving stronger cash generation. These improvements provide a solid foundation as we move into the second half of the year.” Second Quarter 2025 Financial Results Consolidated revenues were $181.3 million in the second quarter, down 1% versus $183.3 million in the year-ago quarter. This decrease primarily reflects the wind-down of subsidy programs and the exit from legacy consumer solutions partially offset by an increase in construction revenue during the quarter. Operating income was $0.2 million in the second quarter versus $24.3 million in the year-ago quarter. The year-ago quarter benefited from a net gain of $15.9 million from the disposition of assets versus the current year quarter loss of $2.7 million. Cost containment efforts resulted in a reduction in selling, general and administrative costs, which partially offset restructuring and reorganization expenses totaling $4.9 million in the current quarter. Net loss attributable to ATN stockholders in the second quarter of 2025 was $(7.0) million, or $(0.56) loss per share versus a net income attributable to ATN stockholders of $9.0 million, or $0.50 income per diluted share, in the year-ago quarter. Adjusted EBITDA1 was $45.8 million in the second quarter of 2025, down 6% from $48.7 million in the year-ago quarter. 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 June 30, 2025 and 2024          20252024 2025 2024 2025  2024 20252024 InternationalInternationalUSUSCorporate andCorporate andTotalTotal TelecomTelecomTelecomTelecomOther*Other*ATNATNTotal Revenue:$94,894$95,357$86,406 $87,924$- $- $181,300$183,281Mobility 26,323 26,811 8  769 -  -  26,331 27,580Fixed 61,749 62,215 51,359  52,491 -  -  113,108 114,706Carrier Services 3,423 3,636 29,806  30,056 -  -  33,229 33,692Construction - - 2,216  820 -  -  2,216 820All other 3,399 2,695 3,017  3,788 -  -  6,416 6,483         Operating Income (Loss)$16,221$32,405$(5,533)$884$(10,455)$(8,973)$233$24,316EBITDA (2)$31,626$48,934$13,292 $21,811$(9,596)$(8,926)$35,322$61,819Adjusted EBITDA (1)$33,274$33,285$18,262 $21,919$(5,744)$(6,534)$45,792$48,670Capital Expenditures**$9,466$12,035$11,718 $13,540$- $238 $21,184$25,813                  For Six Months Ended June 30, 2025 and 2024          20252024202520242025202420252024 InternationalInternationalUSUSCorporate andCorporate andTotalTotal TelecomTelecomTelecomTelecomOther*Other*ATNATNTotal Revenue:$189,390$188,416$171,204 $181,660$- $- $360,594$370,076Mobility 52,363 52,848 46  1,606 -  -  52,409 54,454Fixed 123,115 123,536 103,019  110,376 -  -  226,134 233,912Carrier Services 7,326 7,209 59,033  60,109 -  -  66,359 67,318Construction - - 3,262  2,406 -  -  3,262 2,406All other 6,586 4,823 5,844  7,163 -  -  12,430 11,986         Operating Income (Loss)$30,970$44,090$(7,948)$1,482$(20,122)$(16,682)$2,900$28,890EBITDA (2)$62,004$76,993$30,135 $42,275$(18,397)$(16,557)$73,742$102,711Adjusted EBITDA (1)$65,665$62,558$35,774 $42,622$(11,308)$(12,992)$90,131$92,188Capital Expenditures**$20,269$28,951$21,745 $31,300$2 $1,579 $42,016$61,830          * Corporate and Other refer to corporate overhead expenses and consolidating adjustments.**Excludes government capital program amounts disbursed and amounts received. Operating Metrics        Operating Metrics        20252025202420242024Q2 2025 Q2Q1Q4Q3Q2vs. Q2 2024       High-Speed Data* Broadband Homes Passed427,500 427,300 426,100 399,500 396,100 8%High-Speed Data* Broadband Customers141,900 141,300 140,800 141,100 140,600 1%       Broadband Homes Passed803,400 801,500 800,900 798,400 798,300 1%Broadband Customers200,300 199,800 203,200 205,900 211,400 -5%       Fiber Route Miles11,957 11,944 11,921 11,901 11,880 1%       International Mobile Subscribers      Pre-Paid332,300 332,300 329,300 336,400 339,000 -2%Post-Paid60,200 59,600 59,500 58,700 57,900 4%Total392,500 391,900 388,800 395,100 396,900 -1%       Blended Churn3.09%3.32%3.51%3.47%3.44%         *HSD 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 as of June 30, 2025, increased to $113.3 million and total debt was $583.4 million, versus $89.2 million of cash, cash equivalents and restricted cash and $557.4 million of total debt on December 31, 2024. The Company’s Net Debt3 ratio was 2.58x on June 30, 2025. Net cash provided by operating activities increased to $59.8 million for the six months ended June 30, 2025, compared with net cash provided by operating activities of $58.4 million in the prior year period primarily the result of working capital improvements.    Capital expenditures for the six months ending June 30, 2025 were $42.0 million net of $45.9 million of reimbursable capital expenditures compared to $61.8 million net of $46.2 million of reimbursable capital expenditures in the prior year period. Quarterly Dividends and Stock Repurchases Quarterly dividends increased 15% to $0.275 per share and were paid on July 7, 2025, on all common shares outstanding to stockholders of record as of June 30, 2025. Share repurchases, in the quarter ended June 30, 2025, the Company did not repurchase any shares. 2025 Business Outlook “As we enter the second half of the year, we remain focused on disciplined execution and delivering on our strategic priorities,” said Martin. “While revenue reflects the impact of the discontinued subsidy programs and the exit of services based on legacy technologies in our U.S. business, we’re seeing improved operational efficiency across the organization. Our teams are managing costs effectively, capital spending remains aligned with our expectations, and we believe we are well-positioned to meet our full-year objectives. With continued focus, we are reaffirming our 2025 guidance and remain confident in our ability to generate long-term value.” ATN reaffirmed its expectations for the Full Year 2025: Revenue, excluding construction revenue, is expected to be in line with 2024’s result of $725 millionAdjusted EBITDA1 is expected to be essentially flat with 2024’s result of $184 millionCapital expenditures are expected to be in the range of $90 to $100 million (net of reimbursements) compared with the full year 2024 total of $110.4 millionNet Debt Ratio3 is expected to remain flat, with a slight potential improvement exiting 2025 compared with 2024’s result of 2.54x For the Company’s full year 2025 outlook for Adjusted EBITDA and Net Debt Ratio, 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 full description of items excluded from the Company’s expected Adjusted EBITDA and Net Debt Ratio. Conference Call Information Call Date: Friday, August 8, 2025Call Time: 9:00 a.m. ETWebcast Link:  https://edge.media-server.com/mmc/p/734nzkmk Live Call Participant Link:  https://register-conf.media-server.com/register/BI2e5e4d582ca04d33aa94bba527f70909 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 pm 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 disposition of assets and transfers, 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. 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 reconciliation 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. 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, expectations regarding the transition of its US Telecom business, its future revenues, operating income, cash flows, network and operating costs, Adjusted EBITDA, Net Debt Ratio, and capital investments; demand for the Company’s services and industry trends; the Company’s liquidity; the expansion of the Company’s customer base; 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 ARPU; (2) government subsidy program availability and regulation of the Company’s businesses, which may impact the Company’s telecommunications licenses, the Company’s revenue and the Company’s operating costs; (3) the loss of, or an inability to recruit skilled personnel in the Company’s various jurisdictions, including key members of management; (4) 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; (5) the Company’s ability to satisfy the needs and demands of the Company’s major carrier customers; (6) the Company’s ability to realize expansion plans for its fiber markets; (7) the adequacy and expansion capabilities of the Company’s network capacity and customer service system to support the Company’s customer growth; (8) 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; (9) the Company’s continued access to capital and credit markets on terms it deems favorable; (10) the Company’s ability to successfully grow its US Telecom businesses through carrier mobility and broadband and consumer-based broadband services; (11) 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; (12) the Company’s ability to find investment or acquisition or disposition opportunities that fit the strategic goals of the Company; (13) 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 (14) 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 SEC on March 17, 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 law. Contact ContactMichele SatrowskyAdam RogersCorporate TreasurerInvestor RelationsATN International, Inc.Sharon Merrill Advisors, Inc.IR@atni.comATNI@investorrelations.com978-619-1300     Table 1ATN International, Inc.Unaudited Condensed Consolidated Balance Sheets(in Thousands)     June 30, December 31,20252024Assets:   Cash and cash equivalents$98,965 $73,393Restricted cash 14,350  15,851Customer receivable 8,184  7,986Other current assets 206,253  211,931    Total current assets 327,752  309,161    Property, plant and equipment, net 1,010,631  1,040,193Operating lease right-of-use assets 102,299  99,427Customer receivable - long term 39,052  41,030Goodwill and other intangible assets, net 120,045  130,144Other assets 107,227  107,148    Total assets$1,707,006 $1,727,103    Liabilities, redeemable non-controlling interests and stockholders’ equity:   Current portion of long-term debt$14,851 $8,226Current portion of customer receivable credit facility 8,221  8,031Taxes payable 11,080  8,234Current portion of lease liabilities 15,231  16,188Other current liabilities 219,641  226,635    Total current liabilities 269,024  267,314    Long-term debt, net of current portion$568,548 $549,130Customer receivable credit facility, net of current portion 32,000  36,203Lease liabilities 78,784  77,469Other long-term liabilities 112,163  125,233    Total liabilities 1,060,519  1,055,349    Redeemable non-controlling interests 78,715  76,303    Stockholders' equity:   Total ATN International, Inc.’s stockholders’ equity 458,719  489,493Non-controlling interests 109,053  105,958    Total stockholders' equity 567,772  595,451    Total liabilities, redeemable non-controlling interests and stockholders’ equity$1,707,006 $1,727,103                    Table 2ATN International, Inc.Unaudited Condensed Consolidated Statements of Operations(in Thousands, Except per Share Data)         Three Months Ended, Six Months Ended,June 30, June 30,  2025   2024   2025   2024 Revenues:       Communications services$174,874  $177,365  $348,905  $358,633 Construction 2,216   820   3,262   2,406 Other 4,210   5,096   8,427   9,037 Total revenue 181,300   183,281   360,594   370,076         Operating expenses (excluding depreciation and amortization unless otherwise indicated):       Cost of services and other 77,165   76,137   155,389   156,527 Cost of construction revenue 2,183   813   3,684   2,382 Selling, general and administrative 56,160   57,661   111,390   118,979 Stock-based compensation 2,685   2,781   4,590   4,690 Transaction-related charges 193   -   1,628   19 Restructuring and reorganization expenses 4,907   -   6,737   1,190 Depreciation 33,863   35,558   68,390   69,897 Amortization of intangibles from acquisitions 1,226   1,945   2,452   3,924 (Gain) loss on disposition of assets and transfers 2,685   (15,930)  3,434   (16,422)Total operating expenses 181,067   158,965   357,694   341,186         Operating income (loss) 233   24,316   2,900   28,890         Other income (expense):       Interest expense, net (12,678)  (12,196)  (24,356)  (23,271)Other income (expense) (591)  (579)  (3,158)  (406)Other income (expense), net (13,269)  (12,775)  (27,514)  (23,677)        Loss before income taxes (13,036)  11,541   (24,614)  5,213 Income tax expense (benefit) (3,776)  204   (3,967)  1,822         Net income (loss) (9,260)  11,337   (20,647)  3,391         Net (income) loss attributable to non-controlling interests, net 2,234   (2,334)  4,693   (701)        Net income (loss) attributable to ATN International, Inc. stockholders$(7,026) $9,003  $(15,954) $2,690         Net income (loss) per weighted average share attributable to ATN International, Inc. stockholders:               Basic$(0.56) $0.50  $(1.25) $(0.00)        Diluted$(0.56) $0.50  $(1.25) $(0.00)        Weighted average common shares outstanding:       Basic 15,223   15,254   15,177   15,346 Diluted 15,223   15,255   15,177   15,346           Table 3ATN International, Inc.Unaudited Condensed Consolidated Cash Flow Statements(in Thousands)   Six Months Ended June 30,  2025   2024     Net loss$(20,647) $3,391 Depreciation 68,390   69,897 Amortization of intangibles from acquisitions 2,452   3,924 Provision for doubtful accounts 4,135   2,855 Amortization of debt discount and debt issuance costs 1,435   1,249 (Gain) loss on disposition of assets and transfers 3,434   (16,422)Stock-based compensation 4,590   4,690 Deferred income taxes (5,432)  (2,550)(Gain) loss on equity investments (133)  (218)Decrease in customer receivable 1,780   1,418 Change in prepaid and accrued income taxes 1,666   273 Change in other operating assets and liabilities (1,827)  (10,097)    Net cash provided by operating activities 59,843   58,410     Capital expenditures (42,016)  (61,830)Government capital programs:   Amounts disbursed (45,906)  (46,198)Amounts received 41,364   43,686 Net proceeds from sale of assets 221   17,910 Purchases and sales of employee benefit plan investments 701   162 Purchases of spectrum licenses and other intangible assets -   (573)    Net cash used in investing activities (45,636)  (46,843)    Dividends paid on common stock (7,279)  (7,421)Distributions to non-controlling interests (1,404)  (2,116)Finance lease payments (974)  (915)Term loan - repayments (3,314)  (12,112)Payment of debt issuance costs (280)  (974)Revolving credit facilities – borrowings 41,000   75,000 Revolving credit facilities – repayments (13,000)  (40,002)Proceeds from customer receivable credit facility -   3,700 Repayment of customer receivable credit facility (4,071)  (3,709)Purchases of common stock - stock-based compensation (770)  (1,932)Purchases of common stock - share repurchase plan -   (10,000)Purchases of noncontrolling interests (44)  -     Net cash (used) provided by financing activities 9,864   (481)    Net change in total cash, cash equivalents and restricted cash 24,071   11,086     Total cash, cash equivalents and restricted cash, beginning of period 89,244   62,167     Total cash, cash equivalents and restricted cash, end of period$113,315  $73,253               Table 4ATN International, Inc.Selected Segment Financial Information(In Thousands)     For the three months ended June 30, 2025 is as follows:      International TelecomUS TelecomCorporate and Other *Total     Statement of Operations Data:    Revenue    Mobility    Business$4,857 $8 $- $4,865 Consumer 21,466  -  -  21,466 Total$26,323 $8 $- $26,331      Fixed    Business$18,416 $28,854 $- $47,270 Consumer 43,333  22,505  -  65,838 Total$61,749 $51,359 $- $113,108      Carrier Services$3,423 $29,806 $- $33,229 Other 2,088  118  -  2,206      Total Communications Services$93,583 $81,291 $- $174,874      Construction$- $2,216 $- $2,216      Managed services$1,311 $2,899 $- $4,210 Total Other$1,311 $2,899 $- $4,210      Total Revenue$94,894 $86,406 $- $181,300      Depreciation$15,154 $17,850 $859 $33,863 Amortization of intangibles from acquisitions$251 $975 $- $1,226 Total operating expenses$78,673 $91,939 $10,455 $181,067 Operating income (loss)$16,221 $(5,533)$(10,455)$233 Net (income) loss attributable to non-controlling interests$(2,307)$4,541 $- $2,234      Non GAAP measures:    EBITDA (2)$31,626 $13,292 $(9,596)$35,322 Adjusted EBITDA (1)$33,274 $18,262 $(5,744)$45,792      Balance Sheet Data (at June 30, 2025):    Cash, cash equivalents and restricted cash$66,726 $44,865 $1,724 $113,315 Total current assets 164,452  153,829  9,471  327,752 Fixed assets, net 455,402  548,040  7,189  1,010,631 Total assets 701,302  914,121  91,583  1,707,006 Total current liabilities 100,323  132,017  36,684  269,024 Total debt, including current portion 64,900  320,474  198,025  583,399      * Corporate and Other refer to corporate overhead expenses and consolidating adjustments                Table 4 (continued)     ATN International, Inc.Selected Segment Financial Information(In Thousands)     For the three months ended June 30, 2024 is as follows:      International TelecomUS TelecomCorporate and Other *TotalStatement of Operations Data:    Revenue    Mobility    Business$4,932 $68 $- $5,000 Consumer 21,879  701  -  22,580 Total$26,811 $769 $- $27,580      Fixed    Business$18,715 $30,817 $- $49,532 Consumer 43,500  21,674  -  65,174 Total$62,215 $52,491 $- $114,706      Carrier Services$3,636 $30,056 $- $33,692 Other 1,045  342  -  1,387      Total Communications Services$93,707 $83,658 $- $177,365      Construction$- $820 $- $820      Managed services$1,650 $3,446 $- $5,096 Total Other$1,650 $3,446 $- $5,096      Total Revenue$95,357 $87,924 $- $183,281      Depreciation$16,277 $19,234 $47 $35,558 Amortization of intangibles from acquisitions$252 $1,693 $- $1,945 Total operating expenses$62,952 $87,040 $8,973 $158,965 Operating income (loss)$32,405 $884 $(8,973)$24,316 Net (income) loss attributable to non-controlling interests$(5,137)$2,803 $- $(2,334)     Non GAAP measures:    EBITDA (2)$48,934 $21,811 $(8,926)$61,819 Adjusted EBITDA (1)$33,285 $21,919 $(6,534)$48,670           Balance Sheet Data (at December 31, 2024):    Cash, cash equivalents and restricted cash$35,231 $51,604 $2,408 $89,243 Total current assets 129,866  168,754  10,541  309,161 Fixed assets, net 466,861  565,625  7,707  1,040,193 Total assets 675,642  957,914  93,547  1,727,103 Total current liabilities 85,588  147,490  34,236  267,314 Total debt, including current portion 59,850  316,242  181,264  557,356           (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA  (2) See Table 5 for reconciliation of Operating Income to EBITDA   * Corporate and Other refer to corporate overhead expenses and consolidating adjustments                      ATN International, Inc.Selected Segment Financial Information(In Thousands)     For the six months ended June 30, 2025 is as follows:      International TelecomUS TelecomCorporate and Other *Total     Statement of Operations Data:    Revenue    Mobility    Business$9,706 $46 $- $9,752 Consumer 42,657  -  -  42,657 Total$52,363 $46 $- $52,409      Fixed    Business$36,909 $58,099 $- $95,008 Consumer 86,206  44,920  -  131,126 Total$123,115 $103,019 $- $226,134      Carrier Services$7,326 $59,033 $- $66,359 Other 3,829  174  -  4,003      Total Communications Services$186,633 $162,272 $- $348,905      Construction$- $3,262 $- $3,262      Managed services$2,757 $5,670 $- $8,427 Total Other$2,757 $5,670 $- $8,427      Total Revenue$189,390 $171,204 $- $360,594      Depreciation$30,531 $36,134 $1,725 $68,390 Amortization of intangibles from acquisitions$503 $1,949 $- $2,452 Total operating expenses$158,420 $179,152 $20,122 $357,694 Operating income (loss)$30,970 $(7,948)$(20,122)$2,900 Net (income) loss attributable to non-controlling interests$(3,781)$8,475 $- $4,694      Non GAAP measures:    EBITDA (2)$62,004 $30,135 $(18,397)$73,742 Adjusted EBITDA (1)$65,665 $35,774 $(11,308)$90,131      * Corporate and Other refer to corporate overhead expenses and consolidating adjustments                Table 4 (continued)     ATN International, Inc.Selected Segment Financial Information(In Thousands)     For the six months ended June 30, 2024 is as follows:      International TelecomUS TelecomCorporate and Other *Total     Statement of Operations Data:    Revenue    Mobility    Business$9,740 $141 $- $9,881 Consumer 43,108  1,465  -  44,573 Total$52,848 $1,606 $- $54,454      Fixed    Business$37,247 $65,783 $- $103,030 Consumer 86,289  44,593  -  130,882 Total$123,536 $110,376 $- $233,912      Carrier Services$7,209 $60,109 $- $67,318 Other 1,863  1,086  -  2,949      Total Communications Services$185,456 $173,177 $- $358,633      Construction$- $2,406 $- $2,406      Managed services$2,960 $6,077 $- $9,037 Total Other$2,960 $6,077 $- $9,037      Total Revenue$188,416 $181,660 $- $370,076      Depreciation$32,400 $37,372 $125 $69,897 Amortization of intangibles from acquisitions$503 $3,421 $- $3,924 Total operating expenses$144,326 $180,178 $16,682 $341,186 Operating income (loss)$44,090 $1,482 $(16,682)$28,890 Net (income) loss attributable to non-controlling interests$(6,574)$5,872 $- $(702)     Non GAAP measures:    EBITDA (2)$76,993 $42,275 $(16,557)$102,711 Adjusted EBITDA (1)$62,558 $42,622 $(12,992)$92,188           (1) See Table 5 for reconciliation of Operating Income to Adjusted EBITDA  (2) See Table 5 for reconciliation of Operating Income to EBITDA   * Corporate and Other refer to corporate overhead expenses and consolidating adjustments               Table 5ATN International, Inc.Reconciliation of Non-GAAP Measures(In Thousands)     For the three months ended June 30, 2025 is as follows:      International TelecomUS TelecomCorporate and Other *Total          Operating income (loss)$16,221 $(5,533)$(10,455)$233 Depreciation expense 15,154  17,850  859  33,863 Amortization of intangibles from acquisitions 251  975  -  1,226 EBITDA$31,626 $13,292 $(9,596)$35,322      Stock-based compensation 141  50  2,494  2,685 Transaction-related charges -  -  193  193 Restructuring and reorganization expenses 1,385  2,357  1,165  4,907 (Gain) Loss on disposition of assets and transfers 122  2,563  -  2,685 ADJUSTED EBITDA$33,274 $18,262 $(5,744)$45,792                For the three months ended June 30, 2024 is as follows:      International TelecomUS TelecomCorporate and Other *Total          Operating income (loss)$32,405 $884 $(8,973)$24,316 Depreciation expense 16,277  19,234  47  35,558 Amortization of intangibles from acquisitions 252  1,693  -  1,945 EBITDA$48,934 $21,811 $(8,926)$61,819      Stock-based compensation 193  196  2,392  2,781 (Gain) Loss on disposition of assets and transfers (15,842) (88) -  (15,930)ADJUSTED EBITDA$33,285 $21,919 $(6,534)$48,670           For the six months ended June 30, 2025 is as follows:      International TelecomUS TelecomCorporate and Other *Total          Operating income (loss)$30,970 $(7,948)$(20,122)$2,900 Depreciation expense 30,531  36,134  1,725  68,390 Amortization of intangibles from acquisitions 503  1,949  -  2,452 EBITDA$62,004 $30,135 $(18,397)$73,742      Stock-based compensation 357  127  4,106  4,590 Transaction-related charges -  -  1,628  1,628 Restructuring and reorganization expenses 2,891  2,491  1,355  6,737 (Gain) Loss on disposition of assets and transfers 413  3,021  -  3,434 ADJUSTED EBITDA$65,665 $35,774 $(11,308)$90,131                For the six months ended June 30, 2024 is as follows:      International TelecomUS TelecomCorporate and Other *Total          Operating income (loss)$44,090 $1,482 $(16,682) 28,890 Depreciation expense 32,400  37,372  125  69,897 Amortization of intangibles from acquisitions 503  3,421  -  3,924 EBITDA$76,993 $42,275 $(16,557)$102,711      Stock-based compensation 217  327  4,146  4,690 Restructuring and reorganization expenses 1,190  -  -  1,190 Transaction-related charges -  -  19  19 (Gain) Loss on disposition of assets and transfers (15,842) 20  (600) (16,422)ADJUSTED EBITDA$62,558 $42,622 $(12,992)$92,188          Table 6    ATN International, Inc.Non GAAP Measure - Net Debt Ratio(in Thousands)         June 30, December 31, 20252024        Current portion of long-term debt *$14,851 $8,226Long-term debt, net of current portion * 568,548  549,130    Total debt$583,399 $557,356    Less: Cash, cash equivalents and restricted cash 113,315  89,244    Net Debt$470,084 $468,112        Adjusted EBITDA - for the four quarters ended$182,027 $184,084        Net Debt Ratio 2.58  2.54        * Excludes Customer receivable credit facility        1 See Table 5 for reconciliation of Operating Income to Adjusted EBITDA, a non-GAAP measure. 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 full description of items excluded from the Company’s expected Adjusted EBITDA 3 Please see “Use of Non-GAAP Financial Measures” below for a full definition of Net Debt Ratio.

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