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 million
Second quarter operating income decreased to $0.2 million
Second quarter net loss was $(7.0) million, or $(0.56) per share
Second quarter Adjusted EBITDA¹ decreased 6% to $45.8 million
Net cash provided by operating activities for the year-to-date period increased 2% to $59.8 million
Capital 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 million
Adjusted EBITDA² is expected to be essentially flat with the prior year result of $184 million
Capital 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 Call

Friday, 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

	2025		2024			2025		2024			2025			2024		2025		2024
	International		International		US			US		Corporate and			Corporate and			Total		Total
	Telecom		Telecom		Telecom			Telecom		Other*			Other*			ATN		ATN
Total Revenue:	$	94,894	$	95,357	$	86,406		$	87,924	$	-		$	-		$	181,300	$	183,281
Mobility		26,323		26,811		8			769		-			-			26,331		27,580
Fixed		61,749		62,215		51,359			52,491		-			-			113,108		114,706
Carrier Services		3,423		3,636		29,806			30,056		-			-			33,229		33,692
Construction		-		-		2,216			820		-			-			2,216		820
All 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	$	24,316
EBITDA (2)	$	31,626	$	48,934	$	13,292		$	21,811	$	(9,596	)	$	(8,926	)	$	35,322	$	61,819
Adjusted EBITDA (1)	$	33,274	$	33,285	$	18,262		$	21,919	$	(5,744	)	$	(6,534	)	$	45,792	$	48,670
Capital Expenditures**	$	9,466	$	12,035	$	11,718		$	13,540	$	-		$	238		$	21,184	$	25,813


For Six Months Ended June 30, 2025 and 2024

	2025		2024		2025			2024		2025			2024			2025		2024
	International		International		US			US		Corporate and			Corporate and			Total		Total
	Telecom		Telecom		Telecom			Telecom		Other*			Other*			ATN		ATN
Total Revenue:	$	189,390	$	188,416	$	171,204		$	181,660	$	-		$	-		$	360,594	$	370,076
Mobility		52,363		52,848		46			1,606		-			-			52,409		54,454
Fixed		123,115		123,536		103,019			110,376		-			-			226,134		233,912
Carrier Services		7,326		7,209		59,033			60,109		-			-			66,359		67,318
Construction		-		-		3,262			2,406		-			-			3,262		2,406
All 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	$	28,890
EBITDA (2)	$	62,004	$	76,993	$	30,135		$	42,275	$	(18,397	)	$	(16,557	)	$	73,742	$	102,711
Adjusted EBITDA (1)	$	65,665	$	62,558	$	35,774		$	42,622	$	(11,308	)	$	(12,992	)	$	90,131	$	92,188
Capital 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

	2025		2025		2024		2024		2024		Q2 2025
	Q2		Q1		Q4		Q3		Q2		vs. Q2 2024

*High-Speed Data Broadband Homes Passed**	427,500		427,300		426,100		399,500		396,100		8	%
*High-Speed Data Broadband Customers**	141,900		141,300		140,800		141,100		140,600		1	%

Broadband Homes Passed	803,400		801,500		800,900		798,400		798,300		1	%
Broadband Customers	200,300		199,800		203,200		205,900		211,400		-5	%

Fiber Route Miles	11,957		11,944		11,921		11,901		11,880		1	%

International Mobile Subscribers
Pre-Paid	332,300		332,300		329,300		336,400		339,000		-2	%
Post-Paid	60,200		59,600		59,500		58,700		57,900		4	%
Total	392,500		391,900		388,800		395,100		396,900		-1	%

Blended Churn	3.09	%	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 million
Adjusted EBITDA¹ is expected to be essentially flat with 2024's result of $184 million
Capital 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 million
Net 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, 2025

Call Time: 9:00 a.m. ET

Webcast Link: https://edge.media-server.com/mmc/p/734nzkmk

Live Call Participant Link: https://register-conf.media-server.com/register/BI2e5e4d582ca04d33aa94bba527f70909

Webcast Link Instructions

You 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

Contact
Michele Satrowsky	Adam Rogers
Corporate Treasurer	Investor Relations
ATN International, Inc.	Sharon Merrill Advisors, Inc.
IR@atni.com	ATNI@investorrelations.com
978-619-1300


Table 1
ATN International, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in Thousands)

	June 30,		December 31,
	2025		2024
Assets:
Cash and cash equivalents	$	98,965	$	73,393
Restricted cash		14,350		15,851
Customer receivable		8,184		7,986
Other current assets		206,253		211,931

Total current assets		327,752		309,161

Property, plant and equipment, net		1,010,631		1,040,193
Operating lease right-of-use assets		102,299		99,427
Customer receivable - long term		39,052		41,030
Goodwill and other intangible assets, net		120,045		130,144
Other 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	$	8,226
Current portion of customer receivable credit facility		8,221		8,031
Taxes payable		11,080		8,234
Current portion of lease liabilities		15,231		16,188
Other current liabilities		219,641		226,635

Total current liabilities		269,024		267,314

Long-term debt, net of current portion	$	568,548	$	549,130
Customer receivable credit facility, net of current portion		32,000		36,203
Lease liabilities		78,784		77,469
Other 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		489,493
Non-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 2
ATN 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 3
ATN 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 4
ATN International, Inc.
Selected Segment Financial Information
(In Thousands)

For the three months ended June 30, 2025 is as follows:

	International Telecom			US Telecom			Corporate 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 Telecom			US Telecom			Corporate and Other *			Total
Statement 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 Telecom			US Telecom			Corporate 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 Telecom			US Telecom			Corporate 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 5
ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)

For the three months ended June 30, 2025 is as follows:

	International Telecom			US Telecom			Corporate 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 Telecom			US Telecom			Corporate 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 Telecom			US Telecom			Corporate 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 Telecom			US Telecom			Corporate 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,
	2025		2024


Current portion of long-term debt *	$	14,851	$	8,226
Long-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.

ATN Reports Second Quarter 2025 Results; Reaffirms 2025 Outlook