NASDAQ: SHEN
SHENANDOAH TELECOMMUNICATIONS CO/VA/CIK 0000354963 · SIC 4813 · Telephone Communications
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SHEN: revenue $93.5M, net income -$7.7M. SHEN narrows Q2 operating loss 88.8% YoY but debt rises; new M&A insurance claim filed
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Shenandoah Telecom reports Q2 revenue up 5.5%, reaches 100,000 Glo Fiber customers
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Shenandoah Telecom CAO Tracy Willis resigns; CFO Volk to assume accounting officer role
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Shenandoah Telecom replaces board member DiMola with GCM Grosvenor's Rinklin
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revenue $92.2M, net income -$15.8M. Shenandoah Q1 loss widens 72.5% as debt restructuring doubles interest expense
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Shenandoah Telecom reports Q1 2026 earnings via press release and investor materials
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Shenandoah Telecom holds routine annual meeting, elects three directors through 2029
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Latest financial statements
From 10-Q filed Jul 29, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Service revenue and other | 93,462 | 88,568 | 185,615 | 176,466 |
| Operating expenses: | ||||
| Cost of services, exclusive of depreciation and amortization | 32,703 | 32,624 | 64,527 | 65,654 |
| Selling, general and administrative | 31,022 | 29,743 | 64,409 | 60,735 |
| Restructuring, integration and acquisition | 134 | 206 | 2,574 | 716 |
| Depreciation and amortization | 30,619 | 35,103 | 65,590 | 64,561 |
| Total operating expenses | 94,478 | 97,676 | 197,100 | 191,666 |
| Operating loss | (1,016) | (9,108) | (11,485) | (15,200) |
| Other (expense) income: | ||||
| Interest expense | (9,696) | (6,003) | (19,131) | (10,895) |
| Other income, net | 472 | 3,015 | 517 | 3,748 |
| Loss before income taxes | (10,240) | (12,096) | (30,099) | (22,347) |
| Income tax benefit | (2,541) | (3,048) | (6,649) | (4,167) |
| Net loss | (7,699) | (9,048) | (23,450) | (18,180) |
| Dividends on redeemable noncontrolling interest | 1,605 | 1,497 | 3,182 | 2,969 |
| Net loss attributable to common shareholders | (9,304) | (10,545) | (26,632) | (21,149) |
| Net loss per share attributable to common shareholders, basic and diluted: | ||||
| Net loss per share | (0.17) | (0.19) | (0.48) | (0.38) |
| Weighted average shares outstanding | 55,779 | 55,103 | 55,664 | 55,032 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 23,895 | 27,259 |
| Restricted cash and cash equivalents | 30,899 | 20,945 |
| Accounts receivable, net of allowance for credit losses of $1,314 and $829, respectively | 20,526 | 31,497 |
| Income taxes receivable | 3,444 | 2,544 |
| Prepaid expenses and other | 14,662 | 15,198 |
| Total current assets | 93,426 | 97,443 |
| Investments | 16,312 | 16,510 |
| Property, plant and equipment, net | 1,671,466 | 1,601,609 |
| Goodwill | 67,538 | 67,538 |
| Intangible assets, net | 88,566 | 89,353 |
| Operating lease right-of-use assets | 19,092 | 19,657 |
| Deferred charges and other assets | 18,548 | 18,652 |
| Total assets | 1,974,948 | 1,910,762 |
| LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 58,217 | 61,355 |
| Advanced billings and customer deposits | 18,046 | 16,909 |
| Accrued compensation | 12,750 | 13,334 |
| Current operating lease liabilities | 2,765 | 2,819 |
| Accrued liabilities and other | 17,890 | 14,079 |
| Total current liabilities | 109,668 | 108,496 |
| Long-term debt, net of unamortized loan fees | 715,027 | 628,237 |
| Other long-term liabilities: | ||
| Deferred income taxes | 150,969 | 157,618 |
| Benefit plan obligations | 4,428 | 4,150 |
| Non-current operating lease liabilities | 10,140 | 10,632 |
| Other liabilities | 33,090 | 32,340 |
| Total other long-term liabilities | 198,627 | 204,740 |
| Commitments and contingencies (Note 13) | ||
| Temporary equity: | ||
| Redeemable noncontrolling interest | 91,688 | 88,506 |
| Shareholders’ equity: | ||
| Common stock, no par value, authorized 96,000; 55,364 and 54,899 issued and outstanding at June 30, 2026 and December 31, 2025, respectively | — | — |
| Additional paid in capital | 163,003 | 157,216 |
| Retained earnings | 696,935 | 723,567 |
| Total shareholders’ equity | 859,938 | 880,783 |
| Total liabilities, temporary equity and shareholders’ equity | 1,974,948 | 1,910,762 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (23,450) | (18,180) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 64,769 | 63,613 |
| Amortization of intangible assets | 821 | 948 |
| Stock-based compensation expense, net of amount capitalized | 7,101 | 5,904 |
| Deferred income taxes | (6,649) | (4,167) |
| Provision for credit losses | 886 | 804 |
| Other, net | 2,025 | 165 |
| Changes in assets and liabilities: | ||
| Accounts receivable | 224 | 1,155 |
| Current income taxes | (900) | 217 |
| Operating lease assets and liabilities, net | (79) | (437) |
| Other assets | 52 | (2,345) |
| Accounts payable | 236 | 975 |
| Other deferrals and accruals | 3,770 | (4,931) |
| Net cash provided by operating activities continuing operations | 48,806 | 43,721 |
| Net cash used in operating activities discontinued operations | — | (2,251) |
| Net cash provided by operating activities | 48,806 | 41,470 |
| Cash flows from investing activities: | ||
| Capital expenditures | (146,195) | (169,432) |
| Government grants received | 20,618 | 17,281 |
| Proceeds from sale of assets and other | 750 | 243 |
| Net cash used in investing activities | (124,827) | (151,908) |
| Cash flows from financing activities: | ||
| Proceeds from credit facility borrowings | 113,000 | 100,000 |
| Principal payments on long-term debt | (27,000) | (4,893) |
| Payments for debt issuance and amendment costs | (429) | (430) |
| Taxes paid for equity award issuances | (1,804) | (1,035) |
| Payments for financing arrangements and other | (1,156) | (399) |
| Net cash provided by financing activities | 82,611 | 93,243 |
| Net increase (decrease) in cash and cash equivalents | 6,590 | (17,195) |
| Cash, cash equivalents, and restricted cash, beginning of period | 48,204 | 46,272 |
| Cash, cash equivalents, and restricted cash, end of period | 54,794 | 29,077 |
| Supplemental Disclosures of Cash Flow Information | ||
| Interest paid, net of amounts capitalized | (18,315) | (9,891) |
| Income taxes paid | (900) | (2,034) |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗