http://www.atni.com/20241231#AlaskaCommunicationsSystemsGroupInc.Memberhttp://www.atni.com/20241231#LeaseLiabilityCurrent http://www.atni.com/20241231#LeaseLiabilityNoncurrent00008795852024FYfalsehttp://www.atni.com/20241231#LeaseLiabilityCurrent http://www.atni.com/20241231#LeaseLiabilityNoncurrent00http://fasb.org/us-gaap/2024#Revenueshttp://fasb.org/us-gaap/2024#Revenueshttp://fasb.org/us-gaap/2024#Revenueshttp://www.atni.com/20241231#AlaskaCommunicationsSystemsGroupInc.Member6000000060000000600000006000000060000000P12MP12MP12MP12MP12MP12Mhttp://www.atni.com/20241231#LeaseLiabilityCurrent http://www.atni.com/20241231#LeaseLiabilityNoncurrenthttp://www.atni.com/20241231#LeaseLiabilityCurrent http://www.atni.com/20241231#LeaseLiabilityNoncurrent0000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2024-01-012024-12-310000879585atni:AllowanceForCreditLossCurrentMember2024-01-012024-12-310000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2023-01-012023-12-310000879585atni:AllowanceForCreditLossCurrentMember2023-01-012023-12-310000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2022-01-012022-12-310000879585atni:AllowanceForCreditLossCurrentMember2022-01-012022-12-310000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2024-12-310000879585atni:AllowanceForCreditLossCurrentMember2024-12-310000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2023-12-310000879585atni:AllowanceForCreditLossCurrentMember2023-12-310000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2022-12-310000879585atni:AllowanceForCreditLossCurrentMember2022-12-310000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2021-12-310000879585atni:AllowanceForCreditLossCurrentMember2021-12-310000879585us-gaap:TreasuryStockCommonMember2024-01-012024-12-310000879585us-gaap:TreasuryStockCommonMember2023-01-012023-12-310000879585us-gaap:TreasuryStockCommonMember2022-01-012022-12-310000879585atni:RedeemableCommonUnitsMember2024-12-310000879585atni:RedeemableCommonUnitsMember2023-12-310000879585atni:RedeemablePreferredUnitsMember2022-12-310000879585atni:RedeemableCommonUnitsMember2022-12-310000879585atni:RedeemablePreferredUnitsMember2023-01-012023-12-310000879585atni:TwoThousandTwentyThreeRepurchasePlanMember2024-12-310000879585us-gaap:CommonStockMember2024-01-012024-12-310000879585us-gaap:CommonStockMember2022-01-012022-12-310000879585us-gaap:TreasuryStockCommonMember2024-12-310000879585us-gaap:RetainedEarningsMember2024-12-310000879585us-gaap:ParentMember2024-12-310000879585us-gaap:NoncontrollingInterestMember2024-12-310000879585us-gaap:CommonStockMember2024-12-310000879585us-gaap:AdditionalPaidInCapitalMember2024-12-310000879585us-gaap:TreasuryStockCommonMember2023-12-310000879585us-gaap:RetainedEarningsMember2023-12-310000879585us-gaap:ParentMember2023-12-310000879585us-gaap:NoncontrollingInterestMember2023-12-310000879585us-gaap:CommonStockMember2023-12-310000879585us-gaap:AdditionalPaidInCapitalMember2023-12-310000879585us-gaap:TreasuryStockCommonMember2022-12-310000879585us-gaap:RetainedEarningsMember2022-12-310000879585us-gaap:ParentMember2022-12-310000879585us-gaap:NoncontrollingInterestMember2022-12-310000879585us-gaap:CommonStockMember2022-12-310000879585us-gaap:AdditionalPaidInCapitalMember2022-12-310000879585us-gaap:TreasuryStockCommonMember2021-12-310000879585us-gaap:RetainedEarningsMember2021-12-310000879585us-gaap:ParentMember2021-12-310000879585us-gaap:NoncontrollingInterestMember2021-12-310000879585us-gaap:CommonStockMember2021-12-310000879585us-gaap:AdditionalPaidInCapitalMember2021-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000879585us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000879585us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000879585us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000879585us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000879585us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000879585atni:EquityIncentivePlan2008Member2023-06-0700008795852023-06-060000879585us-gaap:RestrictedStockMember2023-12-310000879585us-gaap:PerformanceSharesMember2023-12-310000879585us-gaap:RestrictedStockMember2022-12-310000879585us-gaap:PerformanceSharesMember2022-12-310000879585us-gaap:OperatingSegmentsMemberatni:Reorganization2024Memberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:Reorganization2024Memberatni:InternationalTelecomMember2024-01-012024-12-310000879585atni:CorporateAndReconcilingItemsMemberatni:Reorganization2024Member2024-01-012024-12-310000879585us-gaap:CustomerRelationshipsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityConsumerMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityConsumerMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityBusinessMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityBusinessMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedConsumerMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedConsumerMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedBusinessMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedBusinessMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585country:VI2024-01-012024-12-310000879585country:US2024-01-012024-12-310000879585country:GY2024-01-012024-12-310000879585country:BM2024-01-012024-12-310000879585atni:OtherRevenueMember2024-01-012024-12-310000879585atni:OtherCommunicationServicesMember2024-01-012024-12-310000879585atni:NonUsExcludingBermudaGuyanaMember2024-01-012024-12-310000879585atni:MobilityMember2024-01-012024-12-310000879585atni:MobilityConsumerMember2024-01-012024-12-310000879585atni:MobilityBusinessMember2024-01-012024-12-310000879585atni:ManagedServicesMember2024-01-012024-12-310000879585atni:FixedMember2024-01-012024-12-310000879585atni:FixedConsumerMember2024-01-012024-12-310000879585atni:FixedBusinessMember2024-01-012024-12-310000879585atni:CarrierServicesMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityConsumerMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityConsumerMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityBusinessMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityBusinessMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedConsumerMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedConsumerMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedBusinessMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedBusinessMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585country:VI2023-01-012023-12-310000879585country:US2023-01-012023-12-310000879585country:GY2023-01-012023-12-310000879585country:BM2023-01-012023-12-310000879585atni:OtherRevenueMember2023-01-012023-12-310000879585atni:OtherCommunicationServicesMember2023-01-012023-12-310000879585atni:NonUsExcludingBermudaGuyanaMember2023-01-012023-12-310000879585atni:MobilityMember2023-01-012023-12-310000879585atni:MobilityConsumerMember2023-01-012023-12-310000879585atni:MobilityBusinessMember2023-01-012023-12-310000879585atni:ManagedServicesMember2023-01-012023-12-310000879585atni:FixedMember2023-01-012023-12-310000879585atni:FixedConsumerMember2023-01-012023-12-310000879585atni:FixedBusinessMember2023-01-012023-12-310000879585atni:CarrierServicesMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityConsumerMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityConsumerMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityBusinessMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityBusinessMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedConsumerMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedConsumerMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedBusinessMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedBusinessMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585country:VI2022-01-012022-12-310000879585country:US2022-01-012022-12-310000879585country:GY2022-01-012022-12-310000879585country:BM2022-01-012022-12-310000879585atni:OtherRevenueMember2022-01-012022-12-310000879585atni:OtherCommunicationServicesMember2022-01-012022-12-310000879585atni:NonUsExcludingBermudaGuyanaMember2022-01-012022-12-310000879585atni:MobilityMember2022-01-012022-12-310000879585atni:MobilityConsumerMember2022-01-012022-12-310000879585atni:MobilityBusinessMember2022-01-012022-12-310000879585atni:ManagedServicesMember2022-01-012022-12-310000879585atni:FixedMember2022-01-012022-12-310000879585atni:FixedConsumerMember2022-01-012022-12-310000879585atni:FixedBusinessMember2022-01-012022-12-310000879585atni:CarrierServicesMember2022-01-012022-12-3100008795852031-01-012024-12-3100008795852030-01-012024-12-3100008795852029-01-012024-12-3100008795852028-01-012024-12-3100008795852027-01-012024-12-3100008795852026-01-012024-12-3100008795852025-01-012024-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585atni:RuralHealthCareMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:EmergencyConnectivityFundMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:ConnectAmericaFundPhaseIiProgramMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585atni:TelecomMemberus-gaap:TransferredOverTimeMember2024-01-012024-12-310000879585atni:TelecomMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-12-310000879585atni:RuralHealthCareMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585atni:InternationalTelecomMemberus-gaap:TransferredOverTimeMember2024-01-012024-12-310000879585atni:InternationalTelecomMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585atni:EmergencyConnectivityFundMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585atni:ConnectAmericaFundPhaseIiProgramMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585us-gaap:TransferredOverTimeMember2024-01-012024-12-310000879585us-gaap:TransferredAtPointInTimeMember2024-01-012024-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585atni:RuralHealthCareMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585atni:EmergencyConnectivityFundMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:ConnectAmericaFundPhaseIiProgramMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585atni:TelecomMemberus-gaap:TransferredOverTimeMember2023-01-012023-12-310000879585atni:TelecomMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-12-310000879585atni:RuralHealthCareMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585atni:InternationalTelecomMemberus-gaap:TransferredOverTimeMember2023-01-012023-12-310000879585atni:InternationalTelecomMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585atni:EmergencyConnectivityFundMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585atni:ConnectAmericaFundPhaseIiProgramMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585us-gaap:TransferredOverTimeMember2023-01-012023-12-310000879585us-gaap:TransferredAtPointInTimeMember2023-01-012023-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585atni:RuralHealthCareMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585atni:ConnectAmericaFundPhaseIiProgramMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMember2022-01-012022-12-310000879585atni:TelecomMemberus-gaap:TransferredOverTimeMember2022-01-012022-12-310000879585atni:TelecomMemberus-gaap:TransferredAtPointInTimeMember2022-01-012022-12-310000879585atni:RuralHealthCareMemberatni:CommunicationServicesMember2022-01-012022-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMemberatni:CommunicationServicesMember2022-01-012022-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMember2022-01-012022-12-310000879585atni:InternationalTelecomMemberus-gaap:TransferredOverTimeMember2022-01-012022-12-310000879585atni:InternationalTelecomMemberus-gaap:TransferredAtPointInTimeMember2022-01-012022-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMember2022-01-012022-12-310000879585atni:ConnectAmericaFundPhaseIiProgramMemberatni:CommunicationServicesMember2022-01-012022-12-310000879585us-gaap:TransferredOverTimeMember2022-01-012022-12-310000879585us-gaap:TransferredAtPointInTimeMember2022-01-012022-12-310000879585atni:Restructuring2023Member2024-12-310000879585atni:Reorganization2024Member2024-12-310000879585atni:Restructuring2023Member2023-01-012023-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2023-07-132023-07-130000879585srt:MinimumMemberus-gaap:VehiclesMember2024-12-310000879585srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2024-12-310000879585srt:MinimumMemberus-gaap:EquipmentMember2024-12-310000879585srt:MinimumMemberus-gaap:BuildingMember2024-12-310000879585srt:MinimumMemberatni:OfficeAndComputerEquipmentMember2024-12-310000879585srt:MaximumMemberus-gaap:VehiclesMember2024-12-310000879585srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2024-12-310000879585srt:MaximumMemberus-gaap:EquipmentMember2024-12-310000879585srt:MaximumMemberus-gaap:BuildingMember2024-12-310000879585srt:MaximumMemberatni:OfficeAndComputerEquipmentMember2024-12-310000879585srt:MinimumMember2024-12-310000879585srt:MaximumMember2024-12-310000879585srt:MinimumMemberatni:SacredWindEnterprisesMemberatni:TelecommunicationEquipmentMember2022-11-070000879585srt:MaximumMemberatni:SacredWindEnterprisesMemberatni:TelecommunicationEquipmentMember2022-11-070000879585us-gaap:ConstructionInProgressMember2024-12-310000879585us-gaap:ConstructionInProgressMember2023-12-310000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:NonCorePropertyPlantAndEquipmentAssetMemberatni:InternationalTelecomMember2024-12-310000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:NonCorePropertyPlantAndEquipmentAssetMember2024-12-310000879585atni:Reorganization2024Member2024-01-012024-12-310000879585us-gaap:TradeNamesMember2024-12-310000879585us-gaap:TradeNamesMember2023-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-12-310000879585us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-12-310000879585us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-12-310000879585us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-12-310000879585us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-12-310000879585us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-12-310000879585us-gaap:StateAndLocalJurisdictionMember2024-12-310000879585us-gaap:InternalRevenueServiceIRSMember2024-12-310000879585us-gaap:ForeignCountryMember2024-12-310000879585atni:TelecomMember2024-01-012024-12-310000879585atni:InternationalTelecomMember2024-01-012024-12-310000879585atni:TelecomMember2023-01-012023-12-310000879585atni:InternationalTelecomMember2023-01-012023-12-310000879585atni:TelecomMember2022-01-012022-12-310000879585atni:InternationalTelecomMember2022-01-012022-12-310000879585atni:NetworkAssetMember2024-01-012024-12-310000879585atni:NetworkAssetMember2023-01-012023-12-310000879585atni:NetworkAssetMember2022-01-012022-12-310000879585country:VI2024-12-310000879585country:US2024-12-310000879585country:GY2024-12-310000879585country:BM2024-12-310000879585atni:NonUsExcludingBermudaGuyanaMember2024-12-310000879585country:VI2023-12-310000879585country:US2023-12-310000879585country:GY2023-12-310000879585country:BM2023-12-310000879585atni:NonUsExcludingBermudaGuyanaMember2023-12-310000879585country:VI2022-12-310000879585country:US2022-12-310000879585country:GY2022-12-310000879585country:BM2022-12-310000879585atni:NonUsExcludingBermudaGuyanaMember2022-12-310000879585atni:LitigationProceedingsAndDisputesInGuyanaMember2024-12-310000879585us-gaap:PendingLitigationMember2024-12-310000879585atni:SacredWindTermDebtMemberatni:SeniorSecuredDelayedDrawTermLoanMember2024-12-310000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberatni:TermLoanMember2022-12-230000879585us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000879585us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000879585us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000879585srt:MinimumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMember2023-07-132023-07-130000879585srt:MaximumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMember2023-07-132023-07-130000879585srt:MinimumMemberatni:TwoThousandNineteenCobankCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-04-102019-04-100000879585srt:MaximumMemberatni:TwoThousandNineteenCobankCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-04-102019-04-100000879585atni:AlaskaCommunicationsSystemsGroupInc.Membersrt:MinimumMemberatni:AlaskaCreditFacility2024Memberatni:AlaskaIncrementalTermLoanFacilityMember2024-12-310000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacility2024Memberus-gaap:RevolvingCreditFacilityMember2024-08-290000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacility2024Memberatni:TermLoanMember2024-08-290000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:LetterOfCreditMember2023-07-130000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMember2023-07-130000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:SwinglineSubFacilityMember2023-07-130000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2022-12-230000879585atni:GtTTermLoanFacilityMember2022-10-120000879585atni:GtTOverdraftFacilityMember2022-10-120000879585atni:TwoThousandNineteenCobankCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2019-04-100000879585atni:TwoThousandNineteenCobankCreditFacilityMemberus-gaap:LetterOfCreditMember2019-04-100000879585atni:TwoThousandNineteenCobankCreditFacilityMemberatni:SwinglineSubFacilityMember2019-04-100000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberatni:SecuredDelayedDrawTermLoanMember2022-06-150000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacility2024Memberatni:TermLoanMember2024-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2024-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMember2024-12-310000879585atni:AlaskaCreditFacility2024Memberus-gaap:RevolvingCreditFacilityMember2024-12-310000879585atni:AlaskaCreditFacility2024Memberus-gaap:LetterOfCreditMember2024-12-310000879585us-gaap:LetterOfCreditMember2024-12-310000879585atni:GtTCreditFacilityMember2024-11-290000879585us-gaap:WarrantMember2024-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2024-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberatni:EmployeeBenefitInvestmentsMember2024-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2024-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberatni:EmployeeBenefitInvestmentsMember2024-12-310000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2023-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2023-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2023-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberatni:EmployeeBenefitInvestmentsMember2023-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2023-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherInvestmentsMember2023-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2023-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberatni:EmployeeBenefitInvestmentsMember2023-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2024-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2023-12-310000879585atni:FairValueInvestmentsMember2023-12-310000879585us-gaap:EquityMethodInvestmentsMember2022-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2022-12-310000879585atni:FairValueInvestmentsMember2022-12-310000879585us-gaap:EquityMethodInvestmentsMember2021-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2021-12-310000879585atni:FairValueInvestmentsMember2021-12-310000879585us-gaap:LicensingAgreementsMemberatni:InternationalTelecomMember2024-12-310000879585us-gaap:LicensingAgreementsMember2024-12-310000879585us-gaap:LicensingAgreementsMemberatni:UsTelecommunicationsMember2023-12-310000879585us-gaap:LicensingAgreementsMemberatni:InternationalTelecomMember2023-12-310000879585us-gaap:LicensingAgreementsMember2023-12-310000879585us-gaap:LicensingAgreementsMemberatni:UsTelecommunicationsMember2022-12-310000879585us-gaap:LicensingAgreementsMemberatni:InternationalTelecomMember2022-12-310000879585us-gaap:LicensingAgreementsMember2022-12-310000879585us-gaap:LicensingAgreementsMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:EnhancedAlternativeConnectAmericaCostModelProgramEAcamMemberatni:GrantReceivableInYear2038Member2024-12-310000879585atni:EnhancedAlternativeConnectAmericaCostModelProgramEAcamMemberatni:GrantReceivableInInitial6YearsMember2024-12-310000879585atni:EnhancedAlternativeConnectAmericaCostModelProgramEAcamMember2024-12-310000879585atni:InternationalTelecomMember2024-01-012024-12-310000879585atni:UsTelecommunicationsMember2024-12-310000879585atni:InternationalTelecomMember2024-12-310000879585atni:UsTelecommunicationsMember2024-09-300000879585atni:UsTelecommunicationsMember2023-12-310000879585atni:InternationalTelecomMember2023-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2022-01-012022-12-310000879585us-gaap:LicensingAgreementsMember2023-01-012023-12-310000879585us-gaap:TradeNamesMemberatni:InternationalTelecomMember2024-12-310000879585us-gaap:CustomerRelationshipsMemberatni:UsTelecommunicationsMember2024-12-310000879585us-gaap:CustomerRelationshipsMemberatni:InternationalTelecomMember2024-12-310000879585us-gaap:TradeNamesMemberatni:UsTelecommunicationsMember2024-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:InterestRateSwapMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMember2024-12-310000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000879585atni:AlaskaCreditFacilityMemberus-gaap:InterestRateSwapMember2024-12-310000879585us-gaap:FairValueMeasurementsRecurringMember2024-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:InterestRateSwapMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMember2023-12-310000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000879585atni:AlaskaCreditFacilityMemberus-gaap:InterestRateSwapMember2023-12-310000879585us-gaap:FairValueMeasurementsRecurringMember2023-12-310000879585us-gaap:RestrictedStockMember2024-12-310000879585us-gaap:PerformanceSharesMember2024-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:InterestRateSwapMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMember2023-10-012023-10-310000879585atni:AlaskaCreditFacilityMemberus-gaap:InterestRateSwapMember2023-11-300000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:InterestRateSwapMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMember2023-10-310000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2024-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2024-12-310000879585atni:AlloyIncMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberatni:RedeemableCommonEquityMember2023-12-310000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2023-12-310000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberatni:RedeemableCommonEquityMember2023-12-310000879585atni:AlloyIncMemberus-gaap:FairValueMeasurementsRecurringMemberatni:RedeemableCommonEquityMember2023-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2023-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberatni:RedeemableCommonEquityMember2023-12-310000879585atni:AlaskaCreditFacilityMemberatni:InterestRateSwapTwoMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-11-300000879585atni:AlaskaCreditFacilityMemberatni:InterestRateSwapOneMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-11-300000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:InterestRateSwapMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-10-310000879585atni:MedicalBenefitPlansDefinedBenefitMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000879585atni:DentalBenefitPlansDefinedBenefitMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000879585us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:OtherPlanAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:CashAndCashEquivalentsMoneyMarketsAndOtherMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:FixedIncomeSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:EquityFundsMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:CommonStockMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:OtherPlanAssetsMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:CashAndCashEquivalentsMoneyMarketsAndOtherMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585atni:OtherPlanAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585atni:CashAndCashEquivalentsMoneyMarketsAndOtherMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585us-gaap:FixedIncomeSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585us-gaap:EquityFundsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585us-gaap:CommonStockMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585atni:OtherPlanAssetsMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585atni:CashAndCashEquivalentsMoneyMarketsAndOtherMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585atni:ForeignPensionPlanInnovativeMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:ForeignPensionPlanInnovativeMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000879585atni:ForeignPensionPlanAlaskaMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:ForeignPensionPlanAlaskaMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000879585atni:ForeignPensionPlanInnovativeMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585atni:ForeignPensionPlanInnovativeMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000879585atni:ForeignPensionPlanAlaskaMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585atni:ForeignPensionPlanAlaskaMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000879585us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-12-310000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-12-310000879585us-gaap:PensionPlansDefinedBenefitMember2022-12-310000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMember2024-12-310000879585atni:AlaskaCreditFacility2024Member2024-12-310000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMember2024-08-290000879585atni:AlaskaCreditFacility2024Member2024-08-290000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMember2023-07-130000879585atni:ReceivableCreditFacilityMemberatni:SeniorSecuredDelayedDrawTermLoanMember2020-03-260000879585atni:AlaskaCreditFacility2024Memberus-gaap:OtherNonoperatingIncomeExpenseMember2024-01-012024-12-310000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacility2024Memberatni:TermLoanMember2024-08-292024-08-290000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-132023-07-130000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMember2023-07-132023-07-130000879585atni:DebtInstrumentFromFourthQuarterOf2027ToSecondQuarter2029Memberatni:AlaskaCreditFacility2024Member2024-01-012024-12-310000879585atni:DebtInstrumentFromFourthQuarterOf2026ToThirdQuarter2027Memberatni:AlaskaCreditFacility2024Member2024-01-012024-12-310000879585atni:DebtQuarterlyPaymentSeptember302026June302029Memberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-132023-07-130000879585atni:DebtQuarterlyPaymentSeptember302025June302026Memberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-132023-07-130000879585atni:DebtQuarterlyPaymentDecember312023June302025Memberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-132023-07-130000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:DebtInstrumentFromFourthQuarterOf2023ToThirdQuarter2024Memberatni:AlaskaCreditFacilityMember2022-12-232022-12-230000879585srt:MinimumMemberatni:SacredWindTermDebtMemberatni:SeniorSecuredDelayedDrawTermLoanMember2024-12-310000879585srt:MaximumMemberatni:SacredWindTermDebtMemberatni:SeniorSecuredDelayedDrawTermLoanMember2024-12-310000879585atni:DebtQuarterlyPaymentSeptember302026June302029Memberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-130000879585atni:DebtQuarterlyPaymentSeptember302025June302026Memberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-130000879585atni:DebtQuarterlyPaymentDecember312023June302025Memberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-130000879585atni:GtTCreditFacilityMember2022-10-120000879585atni:ViyaDebtMember2016-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-130000879585us-gaap:OperatingSegmentsMemberatni:DebtExcludingCustomerReceivableCreditFacilityMemberatni:UsTelecommunicationsMember2024-12-310000879585us-gaap:OperatingSegmentsMemberatni:DebtExcludingCustomerReceivableCreditFacilityMemberatni:InternationalTelecomMember2024-12-310000879585atni:ViyaDebtMember2024-12-310000879585atni:DebtExcludingCustomerReceivableCreditFacilityMember2024-12-310000879585atni:CustomerReceivableCreditFacilityMember2024-12-310000879585srt:MinimumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-07-132023-07-130000879585srt:MinimumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMemberus-gaap:BaseRateMember2023-07-132023-07-130000879585srt:MinimumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-07-132023-07-130000879585srt:MinimumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMemberus-gaap:BaseRateMember2023-07-132023-07-130000879585srt:MaximumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-07-132023-07-130000879585srt:MaximumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMemberus-gaap:BaseRateMember2023-07-132023-07-130000879585srt:MaximumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-07-132023-07-130000879585srt:MaximumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMemberus-gaap:BaseRateMember2023-07-132023-07-130000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:SwinglineSubFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2023-07-132023-07-130000879585atni:AlaskaCommunicationsSystemsGroupInc.Membersrt:MinimumMemberatni:AlaskaCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2022-12-232022-12-230000879585atni:AlaskaCommunicationsSystemsGroupInc.Membersrt:MaximumMemberatni:AlaskaCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2022-12-232022-12-230000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberus-gaap:BaseRateMember2022-12-232022-12-230000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberus-gaap:SecuredOvernightFinancingRateSofrMember2022-12-232022-12-230000879585srt:MinimumMemberatni:TwoThousandNineteenCobankCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2019-04-102019-04-100000879585srt:MinimumMemberatni:TwoThousandNineteenCobankCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberatni:LondonInterbankOfferedRateMember2019-04-102019-04-100000879585srt:MaximumMemberatni:TwoThousandNineteenCobankCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2019-04-102019-04-100000879585srt:MaximumMemberatni:TwoThousandNineteenCobankCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberatni:LondonInterbankOfferedRateMember2019-04-102019-04-100000879585atni:TwoThousandNineteenCobankCreditFacilityMemberatni:SwinglineSubFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2019-04-102019-04-100000879585us-gaap:OperatingSegmentsMemberatni:ConstructionServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585atni:CorporateAndReconcilingItemsMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585us-gaap:ConstructionMember2024-01-012024-12-310000879585atni:ConstructionServicesMember2024-01-012024-12-310000879585atni:CommunicationServicesMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:ConstructionServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585atni:CorporateAndReconcilingItemsMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585us-gaap:ConstructionMember2023-01-012023-12-310000879585atni:ConstructionServicesMember2023-01-012023-12-310000879585atni:CommunicationServicesMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:ConstructionServicesMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585atni:CorporateAndReconcilingItemsMemberatni:CommunicationServicesMember2022-01-012022-12-310000879585us-gaap:ConstructionMember2022-01-012022-12-310000879585atni:ConstructionServicesMember2022-01-012022-12-310000879585atni:CommunicationServicesMember2022-01-012022-12-310000879585currency:GYD2024-12-310000879585currency:GYD2023-12-310000879585us-gaap:OtherNoncurrentAssetsMember2024-12-310000879585us-gaap:OtherNoncurrentAssetsMember2023-12-310000879585atni:Restructuring2023Memberatni:UsTelecommunicationsMember2023-01-012024-03-310000879585atni:Restructuring2023Memberatni:InternationalTelecomMember2023-01-012024-03-310000879585atni:Restructuring2023Member2023-01-012024-03-310000879585atni:SacredWindEnterprisesMember2024-12-310000879585atni:SacredWindEnterprisesMember2023-01-012023-12-310000879585atni:SacredWindEnterprisesMember2022-11-072022-11-070000879585atni:CorporateAndReconcilingItemsMember2024-01-012024-12-310000879585atni:CorporateAndReconcilingItemsMember2023-01-012023-12-310000879585atni:SacredWindEnterprisesMember2022-01-012022-12-310000879585atni:CorporateAndReconcilingItemsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2024-12-310000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2024-12-310000879585atni:CorporateAndReconcilingItemsMember2024-12-310000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2023-12-310000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2023-12-310000879585atni:CorporateAndReconcilingItemsMember2023-12-310000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:CustomerRelationshipsMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:TradeNamesMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:CustomerRelationshipsMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2022-01-012022-12-310000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585us-gaap:CustomerRelationshipsMemberatni:InternationalTelecomMember2022-01-012022-12-310000879585srt:ManagementMemberus-gaap:RestrictedStockMember2024-01-012024-12-310000879585us-gaap:RestrictedStockMember2024-01-012024-12-310000879585us-gaap:PerformanceSharesMember2024-01-012024-12-310000879585srt:ManagementMemberus-gaap:RestrictedStockMember2023-01-012023-12-310000879585us-gaap:RestrictedStockMember2023-01-012023-12-310000879585us-gaap:PerformanceSharesMember2023-01-012023-12-310000879585srt:ManagementMemberus-gaap:RestrictedStockMember2022-01-012022-12-310000879585us-gaap:RestrictedStockMember2022-01-012022-12-310000879585us-gaap:PerformanceSharesMember2022-01-012022-12-310000879585us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310000879585us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310000879585us-gaap:AdditionalPaidInCapitalMember2022-01-012022-12-310000879585srt:MinimumMemberus-gaap:TradeNamesMember2024-01-012024-12-310000879585srt:MinimumMemberus-gaap:CustomerRelationshipsMember2024-01-012024-12-310000879585srt:MaximumMemberus-gaap:TradeNamesMember2024-01-012024-12-310000879585srt:MaximumMemberus-gaap:CustomerRelationshipsMember2024-01-012024-12-310000879585atni:SacredWindEnterprisesMemberus-gaap:TradeNamesMember2022-11-072022-11-070000879585us-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000879585atni:TwoThousandTwentyThreeRepurchasePlanMember2023-12-1400008795852024-06-3000008795852025-03-170000879585atni:UsTelecommunicationsMember2024-01-012024-12-3100008795852021-12-310000879585atni:TwoThousandTwentyThreeAndTwoThousandSixteenRepurchasePlanMember2024-01-012024-12-310000879585atni:TwoThousandTwentyThreeAndTwoThousandSixteenRepurchasePlanMember2023-01-012023-12-310000879585atni:TwoThousandTwentyThreeAndTwoThousandSixteenRepurchasePlanMember2022-01-012022-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMember2024-12-310000879585atni:Restructuring2023Member2024-01-012024-12-310000879585atni:RemoveAndReplaceProgramMember2024-01-012024-12-310000879585srt:MinimumMemberatni:RenewableEnergyMember2024-01-012024-12-310000879585srt:MaximumMemberatni:RenewableEnergyMember2024-01-012024-12-310000879585atni:RemoveAndReplaceProgramMember2024-12-310000879585atni:RemoveAndReplaceProgramMember2023-12-310000879585atni:RemoveAndReplaceProgramMembersrt:MaximumMember2022-07-310000879585atni:RedeemablePreferredUnitsMember2024-01-012024-12-310000879585atni:RedeemablePreferredUnitsMember2024-12-310000879585atni:RedeemablePreferredUnitsMember2023-12-310000879585atni:SacredWindEnterprisesMemberatni:RedeemableCommonUnitsMember2024-12-310000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:RedeemableCommonUnitsMember2024-12-310000879585atni:SacredWindEnterprisesMemberatni:RedeemableCommonUnitsMember2023-12-310000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:RedeemableCommonUnitsMember2023-12-310000879585us-gaap:VehiclesMember2024-12-310000879585us-gaap:LeaseholdImprovementsMember2024-12-310000879585us-gaap:LandMember2024-12-310000879585us-gaap:FurnitureAndFixturesMember2024-12-310000879585us-gaap:BuildingMember2024-12-310000879585atni:OfficeAndComputerEquipmentMember2024-12-310000879585us-gaap:VehiclesMember2023-12-310000879585us-gaap:LeaseholdImprovementsMember2023-12-310000879585us-gaap:LandMember2023-12-310000879585us-gaap:FurnitureAndFixturesMember2023-12-310000879585us-gaap:BuildingMember2023-12-310000879585atni:OfficeAndComputerEquipmentMember2023-12-310000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:NonCorePropertyPlantAndEquipmentAssetMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:NonCorePropertyPlantAndEquipmentAssetMember2024-01-012024-12-310000879585atni:ConnectAmericaFundPhaseIiProgramMember2024-12-310000879585atni:UniversalServiceFundProgramMember2024-01-012024-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2024-01-012024-12-3100008795852025-01-012024-01-012024-12-3100008795852024-10-012024-12-310000879585atni:UniversalServiceAdministrativeCompanyMemberatni:ConsentDecreeWithFccEnforcementBureauMember2024-05-082024-05-080000879585atni:ConsentDecreeWithFccEnforcementBureauMember2024-05-082024-05-080000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2024-01-012024-12-310000879585atni:FairValueInvestmentsMember2024-01-012024-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2023-01-012023-12-310000879585atni:FairValueInvestmentsMember2023-01-012023-12-310000879585atni:FairValueInvestmentsMember2022-01-012022-12-310000879585us-gaap:EquityMethodInvestmentsMember2023-01-012023-12-310000879585us-gaap:EquityMethodInvestmentsMember2022-01-012022-12-310000879585us-gaap:LicensingAgreementsMemberatni:UsTelecommunicationsMember2024-12-310000879585atni:RedeemableCommonUnitsMember2024-01-012024-12-310000879585atni:RedeemableCommonUnitsMember2023-01-012023-12-310000879585atni:AlaskaConnectFundMemberatni:GrantReceivableFromJanuary2025ThroughDecember2028Member2024-12-310000879585atni:ConnectAmericaFundPhaseIiProgramMember2024-01-012024-12-310000879585atni:EnhancedAlternativeConnectAmericaCostModelProgramEAcamMember2024-01-012024-12-310000879585atni:TribalBroadbandConnectivityProgramAndRuralDevelopmentBroadbandReconnectProgramMember2024-12-310000879585atni:NetworkConnectivityForEligibleCommunitiesMember2024-12-310000879585atni:NetworkConnectivityForEligibleCommunitiesMember2023-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMember2024-01-012024-12-310000879585atni:TribalBroadbandConnectivityProgramMember2024-01-012024-12-310000879585atni:OperatingAmountMember2024-12-310000879585atni:CapitalAmountMember2024-12-310000879585atni:OperatingAmountMember2023-12-310000879585atni:CapitalAmountMember2023-12-310000879585atni:OperatingAmountMember2022-12-310000879585atni:CapitalAmountMember2022-12-310000879585atni:OperatingAmountMember2024-01-012024-12-310000879585atni:CapitalAmountMember2024-01-012024-12-310000879585atni:OperatingAmountMember2023-01-012023-12-310000879585atni:CapitalAmountMember2023-01-012023-12-310000879585us-gaap:EquipmentMember2024-12-310000879585us-gaap:EquipmentMember2023-12-310000879585srt:MinimumMemberatni:SacredWindEnterprisesMemberatni:TelecommunicationEquipmentMember2022-11-072022-11-070000879585srt:MaximumMemberatni:SacredWindEnterprisesMemberatni:TelecommunicationEquipmentMember2022-11-072022-11-070000879585us-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000879585us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000879585us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacility2024Member2024-01-012024-12-310000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMemberatni:SecuredDelayedDrawTermLoanMember2022-06-152022-06-150000879585atni:DebtInstrumentFromThirdQuarterOf2028Memberatni:AlaskaCreditFacility2024Member2024-01-012024-12-310000879585atni:DebtInstrumentFromSecondQuarterOf2027Memberatni:AlaskaCreditFacility2024Member2024-01-012024-12-310000879585atni:AlaskaCreditFacility2024Member2024-01-012024-12-310000879585atni:DebtInstrumentFromSecondQuarterOf2024Memberatni:AlaskaCreditFacilityMember2022-12-232022-12-230000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:AlaskaCreditFacilityMember2022-12-232022-12-230000879585srt:MaximumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMember2023-07-130000879585atni:ViyaDebtMember2022-05-050000879585atni:ViyaDebtMember2016-07-010000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:SwinglineSubFacilityMember2023-07-132023-07-130000879585atni:TwoThousandNineteenCobankCreditFacilityMemberatni:SwinglineSubFacilityMember2019-04-102019-04-100000879585atni:TotalNetLeverageRatioLessThanOrEqualTo4ButGreaterThan3.25Memberatni:AlaskaCreditFacility2024Member2024-08-292024-08-290000879585atni:TotalNetLeverageRatioLessThanOrEqualTo3.25ButGreaterThan2.50Memberatni:AlaskaCreditFacility2024Member2024-08-292024-08-290000879585atni:TotalNetLeverageRatioLessThanOrEqualTo2.50Memberatni:AlaskaCreditFacility2024Member2024-08-292024-08-290000879585atni:TotalNetLeverageRatioGreaterThan4Memberatni:AlaskaCreditFacility2024Member2024-08-292024-08-290000879585atni:ReceivableCreditFacilityMemberatni:SeniorSecuredDelayedDrawTermLoanMember2024-12-310000879585atni:FirstnetAgreementMember2024-12-310000879585atni:FirstnetAgreementMember2023-12-310000879585atni:RemoveAndReplaceProgramMember2024-12-012024-12-310000879585atni:NetworkConnectivityForEligibleCommunitiesMember2024-01-012024-12-310000879585us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-12-310000879585us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-12-310000879585us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-12-310000879585us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-12-310000879585us-gaap:RetainedEarningsMember2024-01-012024-12-310000879585us-gaap:ParentMember2024-01-012024-12-310000879585us-gaap:NoncontrollingInterestMember2024-01-012024-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310000879585us-gaap:RetainedEarningsMember2023-01-012023-12-310000879585us-gaap:ParentMember2023-01-012023-12-310000879585us-gaap:NoncontrollingInterestMember2023-01-012023-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000879585us-gaap:RetainedEarningsMember2022-01-012022-12-310000879585us-gaap:ParentMember2022-01-012022-12-310000879585us-gaap:NoncontrollingInterestMember2022-01-012022-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310000879585atni:SacredWindEnterprisesMember2023-12-3100008795852022-12-310000879585atni:SacredWindEnterprisesMember2022-11-070000879585atni:AlaskaCommunicationsSystemsGroupInc.Member2024-01-012024-12-3100008795852022-01-012022-12-3100008795852023-01-012023-12-3100008795852024-12-3100008795852023-12-3100008795852024-01-012024-12-31iso4217:USDxbrli:pureatni:customeriso4217:USDxbrli:sharesxbrli:sharesatni:derivativeatni:claimatni:employeeatni:segment

http://www.atni.com/20251231#LeaseLiabilityCurrent http://www.atni.com/20251231#LeaseLiabilityNoncurrent00008795852025FYfalsehttp://www.atni.com/20251231#LeaseLiabilityCurrent http://www.atni.com/20251231#LeaseLiabilityNoncurrent00http://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#Revenueshttp://fasb.org/us-gaap/2025#RevenuesP2Yhttp://www.atni.com/20251231#AlaskaCommunicationsSystemsGroupInc.Member6000000060000000600000006000000060000000P12MP12MP12MP12MP12MP12MP12Mhttp://www.atni.com/20251231#LeaseLiabilityCurrent http://www.atni.com/20251231#LeaseLiabilityNoncurrenthttp://www.atni.com/20251231#LeaseLiabilityCurrent http://www.atni.com/20251231#LeaseLiabilityNoncurrenthttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberP1Yhttp://xbrl.sec.gov/country/2025#UShttp://xbrl.sec.gov/stpr/2025#AKhttp://xbrl.sec.gov/country/2025#GY0000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2025-01-012025-12-310000879585atni:AllowanceForCreditLossCurrentMember2025-01-012025-12-310000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2024-01-012024-12-310000879585atni:AllowanceForCreditLossCurrentMember2024-01-012024-12-310000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2023-01-012023-12-310000879585atni:AllowanceForCreditLossCurrentMember2023-01-012023-12-310000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2025-12-310000879585atni:AllowanceForCreditLossCurrentMember2025-12-310000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2024-12-310000879585atni:AllowanceForCreditLossCurrentMember2024-12-310000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2023-12-310000879585atni:AllowanceForCreditLossCurrentMember2023-12-310000879585atni:ValuationAllowanceOnNetOperatingLossesAndOtherDeferredTaxesMember2022-12-310000879585atni:AllowanceForCreditLossCurrentMember2022-12-310000879585us-gaap:TreasuryStockCommonMember2025-01-012025-12-310000879585atni:TwoThousandTwentyThreeRepurchasePlanMember2025-01-012025-12-310000879585us-gaap:TreasuryStockCommonMember2024-01-012024-12-310000879585atni:TwoThousandTwentyThreeRepurchasePlanMember2024-01-012024-12-310000879585us-gaap:TreasuryStockCommonMember2023-01-012023-12-310000879585atni:RedeemableCommonUnitsMember2025-12-310000879585atni:RedeemableCommonUnitsMember2024-12-310000879585atni:RedeemablePreferredUnitsMember2023-12-310000879585atni:RedeemableCommonUnitsMember2023-12-310000879585atni:RedeemablePreferredUnitsMember2024-01-012024-12-310000879585atni:TwoThousandTwentyThreeRepurchasePlanMember2025-12-310000879585us-gaap:CommonStockMember2025-01-012025-12-310000879585us-gaap:CommonStockMember2024-01-012024-12-310000879585us-gaap:TreasuryStockCommonMember2025-12-310000879585us-gaap:RetainedEarningsMember2025-12-310000879585us-gaap:ParentMember2025-12-310000879585us-gaap:NoncontrollingInterestMember2025-12-310000879585us-gaap:CommonStockMember2025-12-310000879585us-gaap:AdditionalPaidInCapitalMember2025-12-310000879585us-gaap:TreasuryStockCommonMember2024-12-310000879585us-gaap:RetainedEarningsMember2024-12-310000879585us-gaap:ParentMember2024-12-310000879585us-gaap:NoncontrollingInterestMember2024-12-310000879585us-gaap:CommonStockMember2024-12-310000879585us-gaap:AdditionalPaidInCapitalMember2024-12-310000879585us-gaap:TreasuryStockCommonMember2023-12-310000879585us-gaap:RetainedEarningsMember2023-12-310000879585us-gaap:ParentMember2023-12-310000879585us-gaap:NoncontrollingInterestMember2023-12-310000879585us-gaap:CommonStockMember2023-12-310000879585us-gaap:AdditionalPaidInCapitalMember2023-12-310000879585us-gaap:TreasuryStockCommonMember2022-12-310000879585us-gaap:RetainedEarningsMember2022-12-310000879585us-gaap:ParentMember2022-12-310000879585us-gaap:NoncontrollingInterestMember2022-12-310000879585us-gaap:CommonStockMember2022-12-310000879585us-gaap:AdditionalPaidInCapitalMember2022-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000879585us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000879585us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000879585us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000879585us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000879585atni:EquityIncentivePlan2008Member2023-06-0600008795852023-06-060000879585us-gaap:RestrictedStockMember2024-12-310000879585us-gaap:PerformanceSharesMember2024-12-310000879585us-gaap:RestrictedStockMember2023-12-310000879585us-gaap:PerformanceSharesMember2023-12-310000879585us-gaap:CustomerRelationshipsMember2025-01-012025-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMember2025-01-012025-12-310000879585atni:IdbCreditFacility2025Member2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityConsumerMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityConsumerMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityBusinessMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityBusinessMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedConsumerMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedConsumerMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedBusinessMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedBusinessMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585country:VI2025-01-012025-12-310000879585country:US2025-01-012025-12-310000879585country:GY2025-01-012025-12-310000879585country:BM2025-01-012025-12-310000879585atni:OtherRevenueMember2025-01-012025-12-310000879585atni:OtherCommunicationServicesMember2025-01-012025-12-310000879585atni:NonUsExcludingBermudaGuyanaMember2025-01-012025-12-310000879585atni:MobilityMember2025-01-012025-12-310000879585atni:MobilityConsumerMember2025-01-012025-12-310000879585atni:MobilityBusinessMember2025-01-012025-12-310000879585atni:ManagedServicesMember2025-01-012025-12-310000879585atni:FixedMember2025-01-012025-12-310000879585atni:FixedConsumerMember2025-01-012025-12-310000879585atni:FixedBusinessMember2025-01-012025-12-310000879585atni:CarrierServicesMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityConsumerMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityConsumerMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityBusinessMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityBusinessMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedConsumerMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedConsumerMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedBusinessMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedBusinessMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585country:VI2024-01-012024-12-310000879585country:US2024-01-012024-12-310000879585country:GY2024-01-012024-12-310000879585country:BM2024-01-012024-12-310000879585atni:OtherRevenueMember2024-01-012024-12-310000879585atni:OtherCommunicationServicesMember2024-01-012024-12-310000879585atni:NonUsExcludingBermudaGuyanaMember2024-01-012024-12-310000879585atni:MobilityMember2024-01-012024-12-310000879585atni:MobilityConsumerMember2024-01-012024-12-310000879585atni:MobilityBusinessMember2024-01-012024-12-310000879585atni:ManagedServicesMember2024-01-012024-12-310000879585atni:FixedMember2024-01-012024-12-310000879585atni:FixedConsumerMember2024-01-012024-12-310000879585atni:FixedBusinessMember2024-01-012024-12-310000879585atni:CarrierServicesMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherRevenueMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:OtherCommunicationServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityConsumerMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityConsumerMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityBusinessMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:MobilityBusinessMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:ManagedServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedConsumerMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedConsumerMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedBusinessMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:FixedBusinessMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:CarrierServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585country:VI2023-01-012023-12-310000879585country:US2023-01-012023-12-310000879585country:GY2023-01-012023-12-310000879585country:BM2023-01-012023-12-310000879585atni:OtherRevenueMember2023-01-012023-12-310000879585atni:OtherCommunicationServicesMember2023-01-012023-12-310000879585atni:NonUsExcludingBermudaGuyanaMember2023-01-012023-12-310000879585atni:MobilityMember2023-01-012023-12-310000879585atni:MobilityConsumerMember2023-01-012023-12-310000879585atni:MobilityBusinessMember2023-01-012023-12-310000879585atni:ManagedServicesMember2023-01-012023-12-310000879585atni:FixedMember2023-01-012023-12-310000879585atni:FixedConsumerMember2023-01-012023-12-310000879585atni:FixedBusinessMember2023-01-012023-12-310000879585atni:CarrierServicesMember2023-01-012023-12-3100008795852032-01-012025-12-3100008795852031-01-012025-12-3100008795852030-01-012025-12-3100008795852029-01-012025-12-3100008795852028-01-012025-12-3100008795852027-01-012025-12-3100008795852026-01-012025-12-3100008795852025-01-012024-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585atni:RuralHealthCareMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585atni:ConnectAmericaFundPhaseIiProgramAndAlaskaConnectFundMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMember2025-01-012025-12-310000879585atni:TelecomMemberus-gaap:TransferredOverTimeMember2025-01-012025-12-310000879585atni:TelecomMemberus-gaap:TransferredAtPointInTimeMember2025-01-012025-12-310000879585atni:RuralHealthCareMemberatni:CommunicationServicesMember2025-01-012025-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMemberatni:CommunicationServicesMember2025-01-012025-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMember2025-01-012025-12-310000879585atni:InternationalTelecomMemberus-gaap:TransferredOverTimeMember2025-01-012025-12-310000879585atni:InternationalTelecomMemberus-gaap:TransferredAtPointInTimeMember2025-01-012025-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMember2025-01-012025-12-310000879585atni:ConnectAmericaFundPhaseIiProgramAndAlaskaConnectFundMemberatni:CommunicationServicesMember2025-01-012025-12-310000879585us-gaap:TransferredOverTimeMember2025-01-012025-12-310000879585us-gaap:TransferredAtPointInTimeMember2025-01-012025-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585atni:RuralHealthCareMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585atni:EmergencyConnectivityFundMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:ConnectAmericaFundPhaseIiProgramAndAlaskaConnectFundMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585atni:TelecomMemberus-gaap:TransferredOverTimeMember2024-01-012024-12-310000879585atni:TelecomMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-12-310000879585atni:RuralHealthCareMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585atni:InternationalTelecomMemberus-gaap:TransferredOverTimeMember2024-01-012024-12-310000879585atni:InternationalTelecomMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585atni:EmergencyConnectivityFundMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585atni:ConnectAmericaFundPhaseIiProgramAndAlaskaConnectFundMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585us-gaap:TransferredOverTimeMember2024-01-012024-12-310000879585us-gaap:TransferredAtPointInTimeMember2024-01-012024-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585atni:RuralHealthCareMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585atni:EmergencyConnectivityFundMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:ConnectAmericaFundPhaseIiAuctionMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585atni:UniversalServiceFundAndConnectAmericaFundPhaseTwoRuralDigitalOpportunitiesFundAndOtherMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585atni:TelecomMemberus-gaap:TransferredOverTimeMember2023-01-012023-12-310000879585atni:TelecomMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-12-310000879585atni:RuralHealthCareMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585atni:OtherProgramsMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585atni:InternationalTelecomMemberus-gaap:TransferredOverTimeMember2023-01-012023-12-310000879585atni:InternationalTelecomMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585atni:EmergencyConnectivityFundMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585atni:ConnectAmericaFundPhaseIiAuctionMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585us-gaap:TransferredOverTimeMember2023-01-012023-12-310000879585us-gaap:TransferredAtPointInTimeMember2023-01-012023-12-310000879585atni:Reorganization2025Member2025-12-310000879585atni:Reorganization2024Member2024-12-310000879585srt:MinimumMemberatni:Reorganization2026Member2026-01-012026-06-300000879585srt:MaximumMemberatni:Reorganization2026Member2026-01-012026-06-300000879585atni:Reorganization2025Member2025-01-012025-12-310000879585atni:Reorganization2024Member2024-01-012024-12-310000879585srt:MinimumMemberus-gaap:VehiclesMember2025-12-310000879585srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2025-12-310000879585srt:MinimumMemberus-gaap:EquipmentMember2025-12-310000879585srt:MinimumMemberus-gaap:BuildingMember2025-12-310000879585srt:MinimumMemberatni:OfficeAndComputerEquipmentMember2025-12-310000879585srt:MaximumMemberus-gaap:VehiclesMember2025-12-310000879585srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2025-12-310000879585srt:MaximumMemberus-gaap:EquipmentMember2025-12-310000879585srt:MaximumMemberus-gaap:BuildingMember2025-12-310000879585srt:MaximumMemberatni:OfficeAndComputerEquipmentMember2025-12-310000879585srt:MinimumMember2025-12-310000879585srt:MaximumMember2025-12-310000879585us-gaap:ConstructionInProgressMember2025-12-310000879585us-gaap:ConstructionInProgressMember2024-12-310000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:NonCorePropertyPlantAndEquipmentAssetMemberatni:InternationalTelecomMember2024-12-310000879585us-gaap:TradeNamesMember2025-12-310000879585us-gaap:TradeNamesMember2024-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-12-310000879585us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-12-310000879585us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-12-310000879585us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-12-310000879585us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-12-310000879585us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-12-310000879585us-gaap:StateAndLocalJurisdictionMember2025-12-310000879585us-gaap:ForeignCountryMember2025-12-310000879585country:US2025-12-310000879585atni:TelecomMember2025-01-012025-12-310000879585atni:InternationalTelecomMember2025-01-012025-12-310000879585atni:TelecomMember2024-01-012024-12-310000879585atni:InternationalTelecomMember2024-01-012024-12-310000879585atni:TelecomMember2023-01-012023-12-310000879585atni:InternationalTelecomMember2023-01-012023-12-310000879585atni:NetworkAssetMember2025-01-012025-12-310000879585atni:NetworkAssetMember2024-01-012024-12-310000879585atni:NetworkAssetMember2023-01-012023-12-310000879585country:VI2025-12-310000879585country:US2025-12-310000879585country:GY2025-12-310000879585country:BM2025-12-310000879585atni:NonUsExcludingBermudaGuyanaMember2025-12-310000879585country:VI2024-12-310000879585country:US2024-12-310000879585country:GY2024-12-310000879585country:BM2024-12-310000879585atni:NonUsExcludingBermudaGuyanaMember2024-12-310000879585country:VI2023-12-310000879585country:US2023-12-310000879585country:GY2023-12-310000879585country:BM2023-12-310000879585atni:NonUsExcludingBermudaGuyanaMember2023-12-310000879585atni:LitigationProceedingsAndDisputesInGuyanaMember2025-12-310000879585us-gaap:PendingLitigationMember2025-12-310000879585atni:SacredWindTermDebtMemberatni:SeniorSecuredDelayedDrawTermLoanMember2025-12-310000879585atni:ConsentDecreeWithFccEnforcementBureauMember2024-05-082024-05-080000879585us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310000879585us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000879585us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000879585srt:MinimumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMember2023-07-132023-07-130000879585srt:MaximumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMember2023-07-132023-07-130000879585srt:MinimumMemberatni:AlaskaCreditFacility2024Memberatni:AlaskaIncrementalTermLoanFacilityMember2025-12-310000879585atni:IdbCreditFacility2025Memberus-gaap:RevolvingCreditFacilityMember2025-05-080000879585atni:AlaskaCreditFacility2024Memberus-gaap:RevolvingCreditFacilityMember2024-08-290000879585atni:AlaskaCreditFacility2024Memberatni:TermLoanMember2024-08-290000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:LetterOfCreditMember2023-07-130000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMember2023-07-130000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:SwinglineSubFacilityMember2023-07-130000879585atni:AlaskaCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2022-12-230000879585atni:AlaskaCreditFacilityMemberatni:TermLoanMember2022-12-230000879585atni:GtTTermLoanFacilityMember2022-10-120000879585atni:GtTOverdraftFacilityMember2022-10-120000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2025-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMember2025-12-310000879585atni:AlaskaCreditFacility2024Memberus-gaap:RevolvingCreditFacilityMember2025-12-310000879585atni:AlaskaCreditFacility2024Memberus-gaap:LetterOfCreditMember2025-12-310000879585atni:AlaskaCreditFacility2024Memberatni:TermLoanMember2025-12-310000879585us-gaap:LetterOfCreditMember2025-12-310000879585atni:IdbCreditFacility2025Member2025-12-310000879585us-gaap:WarrantMember2024-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2025-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberatni:EmployeeBenefitInvestmentsMember2025-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2025-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberatni:EmployeeBenefitInvestmentsMember2025-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2024-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberatni:EmployeeBenefitInvestmentsMember2024-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ShortTermInvestmentsMember2024-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberatni:EmployeeBenefitInvestmentsMember2024-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2025-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2024-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2023-12-310000879585atni:FairValueInvestmentsMember2023-12-310000879585us-gaap:EquityMethodInvestmentsMember2022-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2022-12-310000879585atni:FairValueInvestmentsMember2022-12-310000879585us-gaap:LicensingAgreementsMemberatni:InternationalTelecomMember2025-12-310000879585us-gaap:LicensingAgreementsMember2025-12-310000879585us-gaap:LicensingAgreementsMemberatni:UsTelecommunicationsMember2024-12-310000879585us-gaap:LicensingAgreementsMemberatni:InternationalTelecomMember2024-12-310000879585us-gaap:LicensingAgreementsMember2024-12-310000879585us-gaap:LicensingAgreementsMemberatni:UsTelecommunicationsMember2023-12-310000879585us-gaap:LicensingAgreementsMemberatni:InternationalTelecomMember2023-12-310000879585us-gaap:LicensingAgreementsMember2023-12-310000879585us-gaap:LicensingAgreementsMember2025-01-012025-12-310000879585us-gaap:LicensingAgreementsMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:LicensingAgreementsMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:LicensingAgreementsMember2024-01-012024-12-310000879585atni:RemoveAndReplaceProgramMemberatni:GovernmentSupportAgreementsMember2025-12-310000879585atni:OtherGovernmentSupportProgramsMemberatni:GovernmentSupportAgreementsMember2025-12-310000879585atni:EnhancedAlternativeConnectAmericaCostModelProgramEAcamMemberatni:GrantReceivableThrough2029Member2025-12-310000879585atni:EnhancedAlternativeConnectAmericaCostModelProgramEAcamMemberatni:GrantReceivableInYear2038Member2025-12-310000879585atni:RemoveAndReplaceProgramMember2025-12-310000879585atni:OtherFederallyFundedGrantProgramsMember2025-12-310000879585atni:GovernmentSupportAgreementsMember2025-12-310000879585atni:EnhancedAlternativeConnectAmericaCostModelProgramEAcamMember2025-12-310000879585atni:RemoveAndReplaceProgramMemberatni:GovernmentSupportAgreementsMember2024-12-310000879585atni:OtherGovernmentSupportProgramsMemberatni:GovernmentSupportAgreementsMember2024-12-310000879585atni:RemoveAndReplaceProgramMember2024-12-310000879585atni:OtherFederallyFundedGrantProgramsMember2024-12-310000879585atni:GovernmentSupportAgreementsMember2024-12-310000879585atni:InternationalTelecomMember2024-01-012024-12-310000879585atni:UsTelecommunicationsMember2025-12-310000879585atni:UsTelecommunicationsMember2024-12-310000879585atni:InternationalTelecomMember2025-12-310000879585atni:InternationalTelecomMember2024-12-310000879585atni:UsTelecommunicationsMember2023-12-310000879585atni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:LicensingAgreementsMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:TradeNamesMemberatni:InternationalTelecomMember2025-12-310000879585us-gaap:CustomerRelationshipsMemberatni:InternationalTelecomMember2025-12-310000879585us-gaap:TradeNamesMemberatni:UsTelecommunicationsMember2025-12-310000879585atni:AlloyIncMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberatni:RedeemableCommonEquityMember2025-12-310000879585atni:AlloyIncMemberus-gaap:FairValueMeasurementsRecurringMemberatni:RedeemableCommonEquityMember2025-12-310000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2024-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:WarrantMember2024-12-310000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000879585atni:AlaskaCreditFacilityMemberus-gaap:InterestRateSwapMember2025-12-310000879585us-gaap:FairValueMeasurementsRecurringMember2025-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:InterestRateSwapMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMember2024-12-310000879585us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000879585atni:AlaskaCreditFacilityMemberus-gaap:InterestRateSwapMember2024-12-310000879585us-gaap:FairValueMeasurementsRecurringMember2024-12-310000879585us-gaap:RestrictedStockMember2025-12-310000879585us-gaap:PerformanceSharesMember2025-12-310000879585us-gaap:ForeignTaxJurisdictionOtherMember2025-01-012025-12-310000879585country:VG2025-01-012025-12-310000879585country:SG2025-01-012025-12-310000879585country:KY2025-01-012025-12-310000879585country:BM2025-01-012025-12-310000879585country:VI2025-01-012025-12-310000879585country:US2025-01-012025-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:InterestRateSwapMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMember2023-10-012023-10-310000879585atni:AlaskaCreditFacilityMemberus-gaap:InterestRateSwapMember2025-09-260000879585atni:AlaskaCreditFacilityMemberus-gaap:InterestRateSwapMember2023-11-300000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:InterestRateSwapMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMember2023-10-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2025-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2025-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310000879585us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-12-310000879585srt:MinimumMemberatni:AlaskaCreditFacilityMemberus-gaap:InterestRateSwapMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-09-260000879585srt:MaximumMemberatni:AlaskaCreditFacilityMemberus-gaap:InterestRateSwapMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-09-260000879585atni:AlaskaCreditFacilityMemberatni:InterestRateSwapTwoMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-11-300000879585atni:AlaskaCreditFacilityMemberatni:InterestRateSwapOneMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-11-300000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:InterestRateSwapMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-10-310000879585atni:MedicalBenefitPlansDefinedBenefitMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310000879585atni:DentalBenefitPlansDefinedBenefitMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310000879585us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585atni:ExchangeTradedFundsFixedIncomeMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585atni:ExchangeTradedFundsEquitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585atni:CashAndCashEquivalentsMoneyMarketsAndOtherMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585us-gaap:FixedIncomeSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585us-gaap:EquityFundsMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585us-gaap:CommonStockMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585atni:ExchangeTradedFundsFixedIncomeMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585atni:ExchangeTradedFundsEquitiesMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585atni:CashAndCashEquivalentsMoneyMarketsAndOtherMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585us-gaap:FixedIncomeSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:EquityFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:ExchangeTradedFundsEquitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:CashAndCashEquivalentsMoneyMarketsAndOtherMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:FixedIncomeSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:EquityFundsMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:CommonStockMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:ExchangeTradedFundsEquitiesMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:CashAndCashEquivalentsMoneyMarketsAndOtherMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:ForeignPensionPlanInnovativeMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585atni:ForeignPensionPlanInnovativeMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310000879585atni:ForeignPensionPlanAlaskaMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585atni:ForeignPensionPlanAlaskaMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310000879585atni:ForeignPensionPlanInnovativeMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:ForeignPensionPlanInnovativeMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000879585atni:ForeignPensionPlanAlaskaMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585atni:ForeignPensionPlanAlaskaMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000879585us-gaap:PensionPlansDefinedBenefitMember2023-12-310000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000879585us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMember2025-12-310000879585atni:OneviDebtMember2025-12-310000879585atni:AlaskaCreditFacility2024Member2025-12-310000879585atni:AlaskaCreditFacilityMember2024-08-290000879585atni:AlaskaCreditFacility2024Member2024-08-290000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMember2023-07-130000879585atni:ReceivableCreditFacilityMemberatni:SeniorSecuredDelayedDrawTermLoanMember2020-03-260000879585atni:IdbCreditFacility2025Memberatni:TermLoanMember2025-05-082025-05-080000879585atni:AlaskaCreditFacility2024Memberatni:TermLoanMember2024-08-292024-08-290000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-132023-07-130000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMember2023-07-132023-07-130000879585atni:DebtInstrumentFromFourthQuarterOf2027ToSecondQuarter2029Memberatni:AlaskaCreditFacility2024Member2025-01-012025-12-310000879585atni:DebtInstrumentFromFourthQuarterOf2026ToThirdQuarter2027Memberatni:AlaskaCreditFacility2024Member2025-01-012025-12-310000879585atni:DebtQuarterlyPaymentSeptember302026June302029Memberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-132023-07-130000879585atni:DebtQuarterlyPaymentSeptember302025June302026Memberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-132023-07-130000879585atni:DebtQuarterlyPaymentDecember312023June302025Memberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-132023-07-130000879585atni:DebtInstrumentFromFourthQuarterOf2023ToThirdQuarter2024Memberatni:AlaskaCreditFacilityMember2022-12-232022-12-230000879585srt:MinimumMemberatni:SacredWindTermDebtMemberatni:SeniorSecuredDelayedDrawTermLoanMember2025-12-310000879585srt:MaximumMemberatni:SacredWindTermDebtMemberatni:SeniorSecuredDelayedDrawTermLoanMember2025-12-310000879585atni:OneviDebtMember2025-11-050000879585atni:DebtQuarterlyPaymentJune222031ToDecember222034Memberatni:IdbCreditFacility2025Memberatni:TermLoanMember2025-05-080000879585atni:DebtQuarterlyPaymentJune222027ToDecember222030Memberatni:IdbCreditFacility2025Memberatni:TermLoanMember2025-05-080000879585atni:IdbCreditFacility2025Memberatni:TermLoanMember2025-05-080000879585atni:DebtQuarterlyPaymentSeptember302026June302029Memberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-130000879585atni:DebtQuarterlyPaymentSeptember302025June302026Memberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-130000879585atni:DebtQuarterlyPaymentDecember312023June302025Memberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-130000879585atni:GtTCreditFacilityMember2022-10-120000879585atni:AlaskaTermFacilityMemberatni:SecuredDelayedDrawTermLoanMember2022-06-150000879585atni:OneviDebtMember2016-12-310000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMember2023-07-130000879585us-gaap:OperatingSegmentsMemberatni:DebtExcludingCustomerReceivableCreditFacilityMemberatni:UsTelecommunicationsMember2025-12-310000879585us-gaap:OperatingSegmentsMemberatni:DebtExcludingCustomerReceivableCreditFacilityMemberatni:InternationalTelecomMember2025-12-310000879585atni:DebtExcludingCustomerReceivableCreditFacilityMember2025-12-310000879585atni:CustomerReceivableCreditFacilityMember2025-12-310000879585atni:IdbCreditFacility2025Memberus-gaap:RevolvingCreditFacilityMember2025-05-082025-05-080000879585srt:MinimumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-07-132023-07-130000879585srt:MinimumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMemberus-gaap:BaseRateMember2023-07-132023-07-130000879585srt:MinimumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-07-132023-07-130000879585srt:MinimumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMemberus-gaap:BaseRateMember2023-07-132023-07-130000879585srt:MaximumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-07-132023-07-130000879585srt:MaximumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankTermLoanMemberus-gaap:BaseRateMember2023-07-132023-07-130000879585srt:MaximumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-07-132023-07-130000879585srt:MaximumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMemberus-gaap:BaseRateMember2023-07-132023-07-130000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:SwinglineSubFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2023-07-132023-07-130000879585srt:MinimumMemberatni:AlaskaCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2022-12-232022-12-230000879585srt:MaximumMemberatni:AlaskaCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2022-12-232022-12-230000879585atni:AlaskaCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2022-12-232022-12-230000879585atni:AlaskaCreditFacilityMemberus-gaap:BaseRateMember2022-12-232022-12-230000879585us-gaap:OperatingSegmentsMemberatni:ConstructionServicesMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585us-gaap:ConstructionMember2025-01-012025-12-310000879585atni:ConstructionServicesMember2025-01-012025-12-310000879585atni:CommunicationServicesMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:ConstructionServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585atni:CorporateAndReconcilingItemsMemberatni:CommunicationServicesMember2024-01-012024-12-310000879585us-gaap:ConstructionMember2024-01-012024-12-310000879585atni:ConstructionServicesMember2024-01-012024-12-310000879585atni:CommunicationServicesMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:ConstructionServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585atni:CorporateAndReconcilingItemsMemberatni:CommunicationServicesMember2023-01-012023-12-310000879585us-gaap:ConstructionMember2023-01-012023-12-310000879585atni:ConstructionServicesMember2023-01-012023-12-310000879585atni:CommunicationServicesMember2023-01-012023-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310000879585us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000879585currency:GYD2025-12-310000879585currency:GYD2024-12-310000879585us-gaap:OtherNoncurrentAssetsMember2025-12-310000879585us-gaap:OtherNoncurrentAssetsMember2024-12-310000879585atni:CorporateAndReconcilingItemsMember2024-01-012024-12-310000879585atni:CorporateAndReconcilingItemsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2025-12-310000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2025-12-310000879585atni:CorporateAndReconcilingItemsMember2025-12-310000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2024-12-310000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2024-12-310000879585atni:CorporateAndReconcilingItemsMember2024-12-310000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585us-gaap:CustomerRelationshipsMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585us-gaap:TradeNamesMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:CustomerRelationshipsMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585us-gaap:TradeNamesMember2024-01-012024-12-310000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2023-01-012023-12-310000879585us-gaap:OperatingSegmentsMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:CustomerRelationshipsMemberatni:InternationalTelecomMember2023-01-012023-12-310000879585us-gaap:TradeNamesMember2023-01-012023-12-310000879585srt:ManagementMemberus-gaap:RestrictedStockMember2025-01-012025-12-310000879585us-gaap:RestrictedStockMember2025-01-012025-12-310000879585us-gaap:PerformanceSharesMember2025-01-012025-12-310000879585srt:ManagementMemberus-gaap:RestrictedStockMember2024-01-012024-12-310000879585us-gaap:RestrictedStockMember2024-01-012024-12-310000879585us-gaap:PerformanceSharesMember2024-01-012024-12-310000879585srt:ManagementMemberus-gaap:RestrictedStockMember2023-01-012023-12-310000879585us-gaap:RestrictedStockMember2023-01-012023-12-310000879585us-gaap:PerformanceSharesMember2023-01-012023-12-310000879585us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310000879585us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310000879585srt:MinimumMemberus-gaap:TradeNamesMember2025-01-012025-12-310000879585srt:MinimumMemberus-gaap:CustomerRelationshipsMember2025-01-012025-12-310000879585srt:MaximumMemberus-gaap:TradeNamesMember2025-01-012025-12-310000879585srt:MaximumMemberus-gaap:CustomerRelationshipsMember2025-01-012025-12-310000879585us-gaap:PensionPlansDefinedBenefitMember2024-12-310000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000879585atni:TwoThousandTwentyThreeRepurchasePlanMember2023-12-140000879585atni:TwoThousandSixteenRepurchasePlanMember2016-09-1900008795852025-06-3000008795852026-03-1600008795852022-12-310000879585atni:TwoThousandTwentyThreeAndTwoThousandSixteenRepurchasePlanMember2025-01-012025-12-310000879585atni:TwoThousandTwentyThreeAndTwoThousandSixteenRepurchasePlanMember2024-01-012024-12-310000879585atni:TwoThousandTwentyThreeAndTwoThousandSixteenRepurchasePlanMember2023-01-012023-12-310000879585atni:BroadbandEquityAccessAndDeploymentProgramMember2025-01-012025-12-310000879585atni:RemoveAndReplaceProgramMember2025-01-012025-12-310000879585srt:MinimumMemberatni:RenewableEnergyMember2025-01-012025-12-310000879585srt:MaximumMemberatni:RenewableEnergyMember2025-01-012025-12-310000879585us-gaap:OperatingSegmentsMemberatni:UsTelecommunicationsMember2025-01-012025-12-310000879585atni:CorporateAndReconcilingItemsMember2025-01-012025-12-310000879585atni:RemoveAndReplaceProgramMembersrt:MaximumMember2022-07-310000879585atni:RedeemablePreferredUnitsMember2025-01-012025-12-310000879585atni:RedeemablePreferredUnitsMember2025-12-310000879585atni:RedeemablePreferredUnitsMember2024-12-310000879585atni:SacredWindEnterprisesMemberatni:RedeemableCommonUnitsMember2025-12-310000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:RedeemableCommonUnitsMember2025-12-310000879585atni:SacredWindEnterprisesMemberatni:RedeemableCommonUnitsMember2024-12-310000879585atni:AlaskaCommunicationsSystemsGroupInc.Memberatni:RedeemableCommonUnitsMember2024-12-310000879585us-gaap:VehiclesMember2025-12-310000879585us-gaap:LeaseholdImprovementsMember2025-12-310000879585us-gaap:LandMember2025-12-310000879585us-gaap:FurnitureAndFixturesMember2025-12-310000879585us-gaap:EquipmentMember2025-12-310000879585us-gaap:BuildingMember2025-12-310000879585atni:OfficeAndComputerEquipmentMember2025-12-310000879585us-gaap:VehiclesMember2024-12-310000879585us-gaap:LeaseholdImprovementsMember2024-12-310000879585us-gaap:LandMember2024-12-310000879585us-gaap:FurnitureAndFixturesMember2024-12-310000879585us-gaap:EquipmentMember2024-12-310000879585us-gaap:BuildingMember2024-12-310000879585atni:OfficeAndComputerEquipmentMember2024-12-310000879585us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberatni:NonCorePropertyPlantAndEquipmentAssetMemberatni:InternationalTelecomMember2024-01-012024-12-310000879585atni:HighCostSupportProgramMemberatni:CommunicationServicesMemberatni:InternationalTelecomMember2025-01-012025-12-310000879585atni:ScenarioPeriodUptoSecondAnniversaryMemberatni:IdbCreditFacility2025Member2025-05-082025-05-080000879585atni:ScenarioPeriodUptoFirstAnniversaryMemberatni:IdbCreditFacility2025Member2025-05-082025-05-080000879585atni:ScenarioPeriodAfterSecondAnniversaryMemberatni:IdbCreditFacility2025Member2025-05-082025-05-0800008795852026-01-012025-01-012025-12-3100008795852025-10-012025-12-310000879585us-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-310000879585atni:UniversalServiceAdministrativeCompanyMemberatni:ConsentDecreeWithFccEnforcementBureauMember2024-05-082024-05-080000879585atni:ConsentDecreeWithFccEnforcementBureauMember2025-01-012025-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2024-01-012024-12-310000879585atni:FairValueInvestmentsMember2024-01-012024-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2023-01-012023-12-310000879585atni:FairValueInvestmentsMember2023-01-012023-12-310000879585atni:InvestmentWithoutReadilyDeterminableFairValueMember2025-01-012025-12-310000879585us-gaap:EquityMethodInvestmentsMember2023-01-012023-12-310000879585us-gaap:LicensingAgreementsMemberatni:UsTelecommunicationsMember2025-12-310000879585atni:RedeemableCommonUnitsMember2025-01-012025-12-310000879585atni:RedeemableCommonUnitsMember2024-01-012024-12-310000879585country:GY2025-01-012025-12-310000879585atni:AlaskaConnectFundMemberatni:GrantReceivableFromJanuary2025ThroughDecember2028Member2025-12-310000879585atni:EnhancedAlternativeConnectAmericaCostModelProgramEAcamMember2025-01-012025-12-310000879585atni:NetworkConnectivityForEligibleCommunitiesMember2025-12-310000879585atni:NetworkConnectivityForEligibleCommunitiesMember2024-12-310000879585atni:UniversalServiceFundProgramMember2025-01-012025-12-310000879585atni:ConnectAmericaFundPhaseIiProgramMember2025-01-012025-12-310000879585atni:ConnectAmericaFundPhaseIiProgramAlaskaMember2024-01-012024-12-310000879585atni:TribalBroadbandConnectivityProgramAndRuralDevelopmentBroadbandReconnectProgramMember2025-01-012025-12-310000879585atni:OperatingAmountMember2025-12-310000879585atni:CapitalAmountMember2025-12-310000879585atni:OperatingAmountMember2024-12-310000879585atni:CapitalAmountMember2024-12-310000879585atni:OperatingAmountMember2023-12-310000879585atni:CapitalAmountMember2023-12-310000879585atni:OperatingAmountMember2025-01-012025-12-310000879585atni:CapitalAmountMember2025-01-012025-12-310000879585atni:OperatingAmountMember2024-01-012024-12-310000879585atni:CapitalAmountMember2024-01-012024-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMember2025-01-012025-12-310000879585atni:RuralDigitalOpportunityFundPhaseIAuctionMember2024-01-012024-12-3100008795852025-09-012025-09-3000008795852023-12-310000879585us-gaap:PensionPlansDefinedBenefitMember2025-12-310000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310000879585us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-12-310000879585us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000879585us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000879585us-gaap:RetainedEarningsMember2025-01-012025-12-310000879585us-gaap:ParentMember2025-01-012025-12-310000879585us-gaap:NoncontrollingInterestMember2025-01-012025-12-310000879585us-gaap:RetainedEarningsMember2024-01-012024-12-310000879585us-gaap:ParentMember2024-01-012024-12-310000879585us-gaap:NoncontrollingInterestMember2024-01-012024-12-310000879585us-gaap:RetainedEarningsMember2023-01-012023-12-310000879585us-gaap:ParentMember2023-01-012023-12-310000879585us-gaap:NoncontrollingInterestMember2023-01-012023-12-310000879585atni:OneviDebtMember2025-01-012025-12-310000879585atni:DebtInstrumentFromThirdQuarterOf2028Memberatni:AlaskaCreditFacility2024Member2025-01-012025-12-310000879585atni:DebtInstrumentFromSecondQuarterOf2027Memberatni:AlaskaCreditFacility2024Member2025-01-012025-12-310000879585atni:AlaskaCreditFacility2024Member2025-01-012025-12-310000879585atni:DebtInstrumentFromSecondQuarterOf2024Memberatni:AlaskaCreditFacilityMember2022-12-232022-12-230000879585atni:AlaskaCreditFacilityMember2022-12-232022-12-230000879585atni:ScenarioPeriodEndingDecember2028Memberatni:OneviDebtMember2025-12-310000879585atni:ScenarioPeriodEndingDecember2027Memberatni:OneviDebtMember2025-12-310000879585atni:ScenarioPeriodEndingDecember2026Memberatni:OneviDebtMember2025-12-310000879585srt:MaximumMemberatni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:TwoThousandTwentyThreeCobankRevolvingLoanMember2023-07-130000879585atni:OneviDebtMember2022-05-050000879585atni:OneviDebtMember2016-07-010000879585atni:TwoThousandTwentyThreeCobankCreditFacilityMemberatni:SwinglineSubFacilityMember2023-07-132023-07-130000879585atni:TotalNetLeverageRatioLessThanOrEqualTo4ButGreaterThan3.25Memberatni:AlaskaCreditFacility2024Member2024-08-292024-08-290000879585atni:TotalNetLeverageRatioLessThanOrEqualTo3.25ButGreaterThan2.50Memberatni:AlaskaCreditFacility2024Member2024-08-292024-08-290000879585atni:TotalNetLeverageRatioLessThanOrEqualTo2.50Memberatni:AlaskaCreditFacility2024Member2024-08-292024-08-290000879585atni:TotalNetLeverageRatioGreaterThan4Memberatni:AlaskaCreditFacility2024Member2024-08-292024-08-290000879585atni:PaymentOnSeventhToEighthYearMemberatni:OneviDebtMember2025-12-310000879585atni:PaymentOnNinthYearMemberatni:OneviDebtMember2025-12-310000879585atni:PaymentOnFourthToSixthYearMemberatni:OneviDebtMember2025-12-310000879585atni:PaymentOnFirstToThirdYearMemberatni:OneviDebtMember2025-12-310000879585atni:ReceivableCreditFacilityMemberatni:SeniorSecuredDelayedDrawTermLoanMember2025-12-310000879585atni:FirstnetAgreementMember2025-12-310000879585atni:FirstnetAgreementMember2024-12-310000879585atni:RemoveAndReplaceProgramMember2024-12-012024-12-310000879585atni:NetworkConnectivityForEligibleCommunitiesMember2025-01-012025-12-310000879585us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310000879585us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310000879585us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-12-310000879585us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-12-310000879585atni:AlaskaCommunicationsSystemsGroupInc.Member2025-01-012025-12-3100008795852023-01-012023-12-3100008795852024-01-012024-12-310000879585us-gaap:SubsequentEventMemberatni:TransactionAgreementWithEipHoldingsMember2026-02-112026-02-1100008795852025-12-3100008795852024-12-3100008795852025-01-012025-12-31atni:segmentiso4217:USDxbrli:pureatni:customeratni:itemiso4217:USDxbrli:sharesxbrli:sharesatni:derivativeatni:claimatni:employee

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K


(Mark One)
☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
For the fiscal year ended December 31, 2025
Or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File No. 001-12593

ATN INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)	47-0728886 (I.R.S. Employer Identification No.)
500 Cummings Center Beverly, Massachusetts (Address of principal executive offices)	01915 (Zip Code)

(978) 619-1300

(Registrant’s telephone

number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	ATNI	The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

(Title of each class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ◻ No ⌧

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ◻ No ⌧

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer ◻ Accelerated filer ⌧ Non-accelerated filer ◻ Smaller reporting company ☐⌧ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

The aggregate market value of Common Stock held by non-affiliates of the registrant as of June 30, ~~2024~~2025, was approximately $231 million based on the closing price of the registrant’s Common Stock as reported on the Nasdaq Global Select Market.

As of March 1716, ~~2025~~2026, the registrant had 15,~~481~~367,~~207~~611 outstanding shares of Common Stock, $.01 par value.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Definitive Proxy Statement for the ~~2025~~2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.

Table of Contents

TABLE OF CONTENTS


		Page
Special Note Regarding Forward Looking Statements		1
PART I		2
Item 1.	Business Overview and Strategy	2
	Strategy	2
	Overview	3
	Human Capital	10
	US Federal Regulation	11
	US State Regulation	1415
	US Virgin Islands Regulation	15
	Guyana Regulation	15
	Bermuda Regulation	1516
Item 1A.	Risk Factors	16
Item 1B.	Unresolved Staff Comments	24
Item 1C.	Cybersecurity	25
Item 2.	Properties	26
Item 3.	Legal Proceedings	27
Item 4.	Mine Safety Disclosures	28
	Information About Our Executive Officers	28
PART II		29
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	29
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
	Overview	31
	Results of Operations: Years Ended December 31, ~~2024~~2025 and ~~2023~~2024	3839
	Regulatory and Tax Issues	4546
	Liquidity and Capital Resources	4547
	Recent Accounting Pronouncements	5760
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	5760
Item 8.	Financial Statements and Supplementary Data	5860
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	5860
Item 9A.	Controls and Procedures	5861
	Evaluation of Disclosure Controls and Procedures	5861
	Management’s Report on Internal Control over Financial Reporting	5961
	Changes in Internal Control over Financial Reporting	5961
Item 9B.	Other Information	5962
Item 9C.	Disclosure Regarding Foreign Jurisdictions That Prevent Inspections	6062
PART III		6062
Item 10.	Directors, Executive Officers and Corporate Governance	6062
Item 11.	Executive Compensation	6365
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	6365
Item 13.	Certain Relationships and Related Transactions, and Director Independence	6365
Item 14.	Principal Accountant Fees and Services	6365
PART IV		6365
Item 15.	Exhibits, Financial Statement Schedules	6365
Item 16.	Form 10-K Summary	6869
	Signatures	6869
	Index to Consolidated Financial Statements	F-1

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K (this “Report”) contains forward-looking statements relating to, among other matters, our future financial performance and results of operations; the impact of federal support program revenues; expectations regarding future revenue, operating income, EBITDA and capital expenditures; the competitive environment in our key markets, demand for our services and industry trends; expectations regarding litigation; our liquidity; 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 our operations, including operating margins, revenues, capital expenditures, the impact of cost savings initiatives and the retention of and future growth of our subscriber base ~~and ARPU~~; (2) our ability to ~~replace~~complete ~~and~~the ~~remove~~pending ~~all~~Tower ~~prohibited~~Portfolio ~~mobile~~Transaction ~~telecommunications~~(as ~~equipment~~defined inbelow) ~~our~~and USrealize ~~network~~the onanticipated ~~the~~benefits ~~timeframe~~thereof; ~~and~~(3) atour ~~the~~reliance ~~cost~~on ~~approved~~a bylimited ~~the~~number ~~Federal~~of ~~Communications~~key ~~Commission;~~suppliers ~~(3)~~and ~~our~~vendors ~~ability~~for totimely ~~satisfy~~supply ~~the~~of ~~needs~~equipment and ~~demands~~services ofrelating to our ~~major~~network ~~carrier customers~~infrastructure; (4) our ability to ~~maintain~~satisfy ~~government~~the ~~funding,~~needs ~~including~~and asdemands ~~a result~~ of ~~changes~~our tomajor ~~governmental~~carrier ~~policies~~customers; ~~and~~(5) ~~programs, regulation of~~ our ~~businesses,~~ability ~~and changes~~ to ~~funding~~realize ~~imposed~~expansion byplans ~~the~~for ~~new US administration, which may impact~~ our ~~revenue,~~fiber ~~operating costs, and telecommunications licenses~~markets; (56) the adequacy and expansion capabilities of our network capacity and customer service system to support our customer growth; (67) our ability to efficiently and cost-effectively upgrade our networks and information technology platforms to address rapid and significant technological changes in the telecommunications industry; (78) continued access to capital and credit markets on terms we deem favorable; (89) ~~our~~government ~~reliance~~subsidy onprogram aavailability ~~limited~~and ~~number~~regulation of ~~key~~the ~~suppliers~~our ~~and~~businesses, ~~vendors~~which ~~for~~may ~~timely~~impact ~~supply~~the ofour ~~equipment~~telecommunications ~~and~~licenses, ~~services~~our ~~relating~~revenues toand ~~our~~operating ~~network infrastructure~~costs; (910); ~~our~~the ~~ability~~impact to(if ~~continue~~any) toof ~~cost-effectively~~geopolitical ~~service~~instability ~~our~~and ~~debt~~US tomilitary ~~levels~~presence ~~needed~~in tothe ~~fund our business given rising interest rates~~Caribbean; (1011) our ~~estimated~~ability ~~plan~~to ~~with~~successfully ~~respect~~transition toour ~~material~~US ~~construction~~Telecom ~~projects~~business ~~and~~away ~~the~~from ~~effect~~wholesale ~~such~~mobility ~~progress~~to ~~will~~other ~~have~~carrier onand ~~our~~consumer-based ~~financial results~~services; (1112) ~~increased~~ongoing risk of an economic downturn, political, geopolitical and other risks and opportunities ~~facing~~impacting our operations, including those resulting from ~~the~~changes ~~new~~and USuncertainties ~~administration,~~related ~~the~~to ~~persistence~~trade ofpolicies ~~high~~or ~~inflation~~tariff regulations, financial market volatility and ~~other~~disruption, ~~macroeconomic~~uncertain ~~headwinds~~economic ~~including~~conditions ~~increased~~in ~~costs,~~the ~~higher~~US ~~interest~~and ~~rates~~abroad, ~~availability~~inflationary ofconcerns, ~~exchanging~~and ~~foreign~~other ~~currency~~macroeconomic ~~into~~headwinds USincluding ~~dollars,~~increased costs and supply chain disruptions; (1213) management transitions, and the loss of, or an inability to recruit ~~and retain~~ skilled personnel in our various jurisdictions, including key members of management; (1314) our ability to find investment or acquisition or disposition opportunities that fit our strategic goals; (1415) the occurrence of weather events and natural catastrophes and our ability to secure the appropriate level of insurance coverage ~~for~~and ~~these~~the ~~assets~~impact of such events on the timing of project implementation and corresponding revenue; and (1516) increased competition.

~~Please keep in mind that any forward~~Forward-looking ~~statement~~statements made by us in this Report or elsewhere speaks only as of the date on which we make it. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. In any event, these and other important factors may cause actual results to differ materially from those indicated by our forward-looking statements, including those set forth in Item 1A of this Report under the caption “Risk Factors.” We have no duty to, and do not intend to, update or revise the forward-looking statements made by us in this Report after the date of this Report, except as may be required by law.

In this Report, the words “the “Company,” “we,” “our,” “~~ours,” “~~us” and “ATN” refer to ATN International, Inc. and its subsidiaries. This Report contains trademarks, service marks and trade names that are the property of, or licensed by, ATN and its subsidiaries.

References to dollars ($) refer to US dollars unless otherwise specifically indicated.

Table of Contents

PART I

ITEM 1. BUSINESS

Business Overview and Strategy

We ~~believe~~provide ~~that~~digital ~~access~~infrastructure toand ~~reliable, high-quality~~ communications services ~~for~~in ~~data,~~the ~~voice~~United ~~and~~States ~~video~~(“US”), isprimarily ~~fundamental~~in to the ~~economic~~western ~~growth~~US, and ~~well-being~~Alaska, ~~of every community~~ and ~~should~~internationally, beincluding ~~easy~~Bermuda and ~~ubiquitous.~~the ~~Our~~Caribbean ~~strategy~~region. isSince ~~informed by~~ our ~~mission~~founding ~~which~~in is1987, towe ~~digitally~~have ~~empower~~concentrated ~~people~~on ~~and~~smaller, ~~communities~~often sorural ~~that~~or ~~they~~remote ~~can~~markets ~~connect~~ with ~~the~~strong ~~world~~ and ~~prosper.~~growing Wedemand ~~seek~~for toconnectivity. doWe sohave byinvested ~~providing~~in ~~our~~these ~~customers~~markets ~~with~~to ~~critical~~build ~~communication~~durable ~~technologies~~network ~~that~~assets ~~enable rural~~ and ~~remote~~establish ~~communities~~a todefensible ~~access~~market ~~reliable,~~position. ~~high-speed~~In ~~broadband~~select ~~access~~markets, ~~through~~we ~~fiber~~also orserve ~~fiber-like~~carrier ~~services.~~customers ~~These~~by ~~services~~leveraging ~~are~~our ~~essential~~network ~~for~~assets ~~allowing these communities~~ to ~~access~~provide ~~things~~communications ~~such as healthcare, education, and economic opportunities~~services.

AtThrough ~~the~~our ~~start~~operating ~~of 2022~~subsidiaries, we ~~launched~~primarily aoffer: ~~three-year~~(i) ~~strategy~~fixed ~~to deploy capital into fiber~~ and ~~fiber-fed~~mobile ~~high-speed~~telecommunications ~~data~~connectivity ~~solutions~~ to ~~increase~~residential, ~~our~~business, ~~network reach~~ and ~~grow~~government ~~the~~customers; ~~number~~and of(ii) ~~business~~carrier ~~and~~communications ~~consumers~~services ~~utilizing~~to ~~high-speed~~large ~~broadband~~enterprise ~~services.~~and ~~The~~government ~~key~~customers, ~~elements~~including ofterrestrial ~~our~~and ~~strategy~~submarine ~~are~~fiber ~~the~~optic ~~following:~~transport.

●In ~~Glass~~recent &years, ~~Steel™.~~we We have undertaken a disciplined business transformation focused on ~~building~~strengthening ~~and~~our ~~owning~~operational ~~advanced~~foundation, ~~digital~~optimizing ~~infrastructure~~our tocost ~~adapt~~structure, and ~~meet~~prioritizing ~~our~~long-lived ~~customers’~~digital ~~evolving~~infrastructure ~~connectivity~~assets ~~needs.~~that ~~This~~support ~~investment~~sustainable ~~period~~cash ~~has~~flow ~~been~~generation. ~~focused~~This onapproach ~~advancing~~aligns with our ~~carrier~~strategy ~~managed~~of ~~services~~targeting ~~business,~~durable ~~enabling~~markets usand toexecuting ~~utilize~~consistently, ~~critical~~with ~~infrastructure~~the ~~while~~objective ~~transitioning~~of ~~away~~creating ~~from~~long-term ~~legacy~~stockholder ~~wholesale services business~~value.

We believe that universal access to reliable, high-quality communications services across data, voice and video is essential to the economic growth and well-being of all communities. Our mission is to digitally empower people and communities, enabling them to connect with the world and thrive. We do this by delivering essential communication technologies, including high-speed broadband through fiber or fiber-like services, to rural and remote markets. These services are foundational, supporting access to healthcare, public safety infrastructure, education, and economic opportunity.

Our strategy to deliver long-term value to our customers and stockholders is built around sustained investments in next-generation telecommunications infrastructure and services in underserved markets. The key elements of this strategy include the following:

●

Network Modernization and Expansion. We focus on rural and remote markets, deploying a range of technologies tailored to meet local needs. As of December 31, 2025, our network included more than 12,200 fiber route miles, connecting communities and passing approximately 523,500 homes with high-speed broadband services (defined as download speeds of 100 megabits per second or more). We have developed these assets through a combination of organic investment and participation in federal, state, local, and tribal funding incentives and programs. In 2026, we plan to continue leveraging these funding sources to expand our network reach and service capabilities.

● ~~First-to-Fiber.~~Optimize WeOperations ~~have pursued a “first-~~to~~-fiber”~~ ~~strategy~~Expand ~~targeting~~Free ~~underbuilt~~Cash ~~or historically underserved markets to “close the digital divide” in our rural or remote markets~~Flow. We ~~used~~pursue ascale ~~variety~~and ofoperational ~~technologies~~efficiency toacross ~~pursue~~ our ~~goal~~businesses ofto ~~closing~~drive ~~the~~value ~~digital divide while ensuring a viable return on our investment~~creation. InThis ~~addition~~includes todisciplined ~~deploying our own~~ capital investment, wecost ~~utilized~~management ~~federal~~initiatives, ~~state, local or tribal government funding incentives~~ and ~~programs.~~technology ~~As of December 31~~adoption, ~~2024,~~including wethe ~~had~~use ~~approximately 800,900 homes passed by our broadband services~~ of ~~which~~artificial ~~53%~~intelligence ~~of those homes had access to high-speed data~~ (~~HSD~~“AI”) ~~(defined as download speeds equal~~ to orimprove ~~more~~product ~~than~~performance ~~100 megabits per second),~~ and ~~approximately~~streamline ~~203,200 broadband subscribers, of which 69% were HSD broadband subscribers, and 11,921 fiber route miles~~operations. ~~While~~These weefforts ~~expect~~support ~~that~~revenue ~~our rate of organic investment will continue to slow~~stability, wemargin ~~anticipate that we will continue to access federal~~expansion, ~~state, local or tribal government funding incentives~~ and ~~programs~~free tocash ~~supplement~~flow ~~our~~growth ~~investments~~over ~~in this area~~time.

● ~~Operational~~Long-Term ~~Efficiencies~~Capital Allocation Strategy. We ~~have~~maintain a long-term view on our businesses, focused on ~~enhancing~~monetizing ~~operational~~durable ~~efficiencies~~infrastructure toinvestments. ~~reduce~~These ~~operating~~assets ~~costs~~support ~~and~~stable, ~~improve~~recurring operating ~~margins~~cash flows, which enhance our balance sheet strength and financial flexibility. ~~This~~Our ~~includes~~capital ~~initiatives~~allocation topriorities ~~streamline~~include ~~legacy~~reinvesting ~~copper-based~~in ~~networks~~core operations, reducing debt, and ~~align~~returning ~~our~~capital ~~workforce~~to ~~with~~shareholders ~~our~~through ~~business~~dividends ~~needs~~or stock repurchases. We ~~anticipate~~also ~~these~~evaluate ~~efforts~~new ~~will~~investments, ~~continue~~acquisitions, ~~across~~and ~~both~~strategic ofdispositions, ~~our~~through ~~segments~~a disciplined, return-focused framework centered on long-term value creation.

● Localized Operations. We believe that strong local management enhances our customer relationships and reduces risk. By maintaining these relationships and leveraging our management experience and operational, technical, and financial expertise with company-wide resources, we can assist these local management teams in further improving operations and growing their businesses.

● Capital Allocation Strategy Designed for Long-Term Investor Return. We take a long-term perspective on our businesses, which we believe enhances our likelihood of success while mitigating risk. When evaluating investment opportunities, we seek out infrastructure-based services that result in steady, long-term cash flows. The durability of these investments ensures consistent operating cash flows over extended periods that enable us to re-invest in our core operations, reduce debt, and return value to our investors through dividends or stock repurchases. We consider new investments, acquisitions and dispositions on a disciplined, return-on-investment basis.

As of December 31, 2024, we completed our planned three-year capital investment phase which has increased

Table of Contents

the capabilities and lifespan and reduced the operating costs of our networks. We are focused on fully leveraging our upgraded network assets. Our strategy prioritizes optimizing business performance to enhance margins, generating increased cash flow and delivering sustained value to our shareholders and customers over the long term.

~~Overview~~● Proven Operating Model in Rural and Remote Markets. We have a track record of success in rural and remote markets with strong demand for connectivity. We believe that strong local management is key to building customer trust and reducing risk. By supporting local leadership with company-wide operational, technical, and financial expertise, we enhance performance and position these businesses for sustained growth.

We provide digital infrastructure and communications services in the United States, primarily in the western US, the Navajo Nation and Alaska, and internationally, including Bermuda and the Caribbean region. We focus on smaller markets, many of which are rural or remote, that have a growing demand for connectivity services. Through our operating subsidiaries, we primarily provide: (i) fixed and mobile telecommunications 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 communications services, such as communications tower facilities to large business and government customers, and terrestrial and submarine fiber optic transport.

About the Company

We are a leading provider of digital infrastructure and communications services with a strategic focus on rural and remote markets in the ~~United States~~US, and internationally, including Bermuda and the Caribbean region.

We have developed significant operational ~~expertise~~capabilities and resources that weenhance ~~use~~the toperformance ~~augment~~of our ~~capabilities~~local inmarket ~~our~~operations. ~~local~~Our ~~markets.~~operating ~~With~~subsidiaries benefit from this ~~support~~shared expertise, ~~our~~which ~~operating~~allows ~~subsidiaries~~them ~~can~~to ~~improve~~deliver ~~their~~improved service quality ofand ~~service~~achieve ~~with~~ greater economies of scale ~~and expertise~~ than would typically be ~~available~~possible in the ~~size~~smaller markets we ~~operate in~~serve. We provide centralized management, technical, financial, regulatory, and marketing ~~services~~support to ~~our~~these operating subsidiaries and typically receive a management fee ~~calculated~~based ason a percentage of their revenues~~, which is eliminated in consolidation~~. WeThe ~~also~~intercompany ~~actively~~fees ~~evaluate~~are ~~investment~~eliminated opportunities and other strategic transactions, both domestic and international, and generally look for those that we believe fit our profile of telecommunications businesses while keeping a focus on generating excess operating cash flows over extended periods of time. We use the cash generated from our operations to maintain an appropriate ratio of debt and cash on hand and to re-invest in ~~organic growth, to fund capital expenditures, to return value to~~ our ~~stockholders~~consolidated ~~through~~financial ~~dividends or stock repurchases, and to make strategic investments or acquisitions~~results.

~~For~~We ~~further~~use ~~information~~the ~~about~~cash generated from our ~~financial~~operations ~~segments~~to repay debt and ~~geographical~~increase ~~information~~liquidity, ~~about~~reinvest in our ~~operating~~network ~~revenues~~ and ~~assets~~service operations, ~~see~~fund ~~Notes~~capital 1expenditures, ~~and~~return 14value to ~~the~~stockholders ~~Consolidated~~through ~~Financial~~dividends ~~Statements~~or ~~included~~share inrepurchases, ~~this~~and ~~Report~~to pursue strategic transactions. We continuously evaluate both domestic and international opportunities that align with our long-term goal of generating sustained excess operating cash flows.

AsFor additional information regarding our reportable segments and geographic distribution of ~~December~~revenues ~~31,~~and ~~2024~~assets, weplease ~~offered~~refer ~~the~~to ~~following~~Notes ~~types~~1 and 13 of ~~services~~the toConsolidated ~~our~~Financial ~~customers:~~Statements included in this Report.

●As ~~Fixed~~of ~~Telecommunications~~December ~~Services.~~31, We2025, ~~provide~~we ~~fixed~~offered ~~data~~the ~~and~~following ~~voice telecommunications~~ services to ~~business~~our ~~and consumer~~ customers. These services include high-speed consumer broadband and high-speed data solutions for businesses. For some markets, fixed services also include video services and revenue derived from support under certain government programs.:

●

Fixed Telecommunications Services (“Fixed Services”). We provide fixed data and voice telecommunications services to business and consumer customers, including high-speed broadband and enterprise data solutions. In select markets, fixed services also include video offerings and revenue derived from support under certain government programs.

● Carrier Telecommunication Services (“Carrier Services”). We ~~deliver~~offer infrastructure services to other telecommunications providers, including the leasing of critical network infrastructure such as ~~tower~~towers and transport facilities, wholesale roaming ~~and long-distance voice services~~, site maintenance and international long-distance services.

● Mobile Telecommunications Services (“Mobility Services”). We offer mobile communications services over our wireless networks, including voice, messaging and data services along with related equipment, (such as handsets), to both business and consumer customers.

● Managed Services. We ~~provide~~deliver information technology ~~services~~solutions, ~~such~~including as network management, application, ~~infrastructure~~support and ~~hosting~~infrastructure services to ~~both our business and consumer customers to~~ complement our fixed telecommunications services in our existing markets for the purpose of supporting both enterprise and residential users.

3Through December 31, 2025, we identified two operating segments to manage and review our operations, as well as to support investor presentations of our results. These operating segments are as follows:

Table of Contents

Through December 31, 2024, we identified two operating segments to manage and review our operations, as well as to support investor presentations of our results. These operating segments are as follows:

● US Telecom. In the United States, we offer fixed, carrier, and managed services to customers in Alaska and the western United States. In 2024, we ceased providing mobility services to retail customers in the western United States.

●

International Telecom. In our international markets, we offer fixed, carrier, mobility and managed services to customers in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands.

~~The following chart summarizes the operating activities of our principal subsidiaries, the segments in which we reported our revenue and the markets we served during 2024:~~3

Table of Contents

●

US Telecom. In the US, we offer fixed, carrier, and managed services to customers in Alaska and the western US.

The following chart summarizes the operating activities of our principal subsidiaries, the segments in which we reported our revenue and the markets we served during 2025:


	International Telecom		US Telecom
Services	Markets	Tradenames (1)	Markets	Tradenames
Mobility Services	Bermuda, Guyana, US Virgin Islands	One Communications, Brava	United States (rural markets)	Choice, Choice NTUA Wireless
Fixed Services	Bermuda, Cayman Islands, Guyana, US Virgin Islands	One Communications, Logic, Brava	United States	Alaska Communications, Commnet, Choice, Choice NTUA Wireless, Sacred Wind Communications, Ethos Broadband, Deploycom
Carrier Services	Bermuda, Guyana, US Virgin Islands, Cayman Islands	One Communications, Essextel, Logic, Brava	United States	Alaska Communications, Commnet, Sacred Wind Communications
Managed Services	Bermuda, Cayman Islands, US Virgin Islands, Guyana	One Communications, Logic, Brava	United States	Alaska Communications, Choice


International Telecom			US Telecom
Services	Markets	Tradenames	Services	Markets	Tradenames
Mobility Services	Bermuda, Guyana, US Virgin Islands	One Communications, GTT (1), Viya	Mobility Services	United States (rural markets)	Choice, Choice NTUA Wireless
Fixed Services	Bermuda, Cayman Islands, Guyana, US Virgin Islands	One Communications, Logic, GTT, Viya	Fixed Services	United States	Alaska Communications, Commnet, Choice, Choice NTUA Wireless, Sacred Wind Communications, Ethos Broadband, Deploycom
Carrier Services	Bermuda, Guyana, US Virgin Islands	One Communications, GTT, Viya, Essextel	Carrier Services	United States	Alaska Communications, Commnet, Sacred Wind Communications
Managed Services	Bermuda, Cayman Islands, US Virgin Islands, Guyana	One Communications, Logic, GTT, Viya, Brava, Fireminds (2)	Managed Services	United States	Alaska Communications, Choice

(1)

During 2025, we completed our planned integration and alignment of management across our international markets, driving efficiencies and advancing the shared mission of these markets. We also continued to unify branding across our networks, and we now sell fixed and mobility services under the “One Communications” brand in Bermuda, Guyana and the US Virgin Islands. We completed a rebranding in Guyana, and GTT is now known as “One Communications.” We refer to our business in Guyana as “OneGY” throughout this Report. We completed a rebranding in the US Virgin Islands, and Viya is now known as “One Communications.” We refer to our business in the US Virgin Islands as “OneVI” throughout this Report.

(1) In 2024, we completed a rebranding in Guyana. GTT is now known as One Communications. We refer throughout this report to our business in Guyana as “OneGY.”

(2) In 2024, we completed a rebranding of our services offerings to government and large business customers, including those services formally known as Fireminds, which is now known as Brava.

Our principal corporate offices are located at 500 Cummings Center, Suite 2450, Beverly, Massachusetts, 01915. The telephone number at our principal corporate offices is (978) 619-1300.

Available Information

WeOur ~~file~~Annual ~~with~~Reports oron ~~submit~~Form to10-K, ~~the~~Quarterly ~~SEC~~Reports ~~our~~on ~~annual,~~Form ~~quarterly~~10-Q, ~~current~~Current Reports on Form 8-K and any amendments to those reports, ~~proxy~~that ~~statements~~we ~~and~~electronically ~~other~~file ~~information~~with ~~meeting~~or furnish to the ~~informational~~Securities ~~requirements~~Exchange Commission (“SEC”), pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended (“the “Exchange Act”)., Weas ~~make~~well ~~available,~~as ~~free~~our ofdefinitive ~~charge,~~proxy onmaterials ~~our~~filed ~~website~~with ~~our~~the ~~proxy~~SEC ~~statement,~~pursuant ~~annual~~to ~~report~~Section on14 ~~Form~~of ~~10-K~~the Exchange Act, ~~quarterly~~are ~~reports~~all onavailable ~~Form~~under ~~10-Q,~~the ~~current~~Investor ~~reports~~Relations onsection ~~Form~~of ~~8-K~~our ~~and~~website ~~amendments~~at tois ~~those~~www.atni.com. These reports and ~~other~~materials ~~publicly~~are ~~filed~~made ~~information~~ available as soon as reasonably practicable, ~~after~~free weof ~~electronically~~charge, ~~file~~after such ~~material~~reports and materials are electronically filed with, or ~~furnish~~furnished it to the SEC. ~~Our~~Alternatively, ~~Internet~~you ~~address~~may ~~where~~access these ~~documents~~reports at the SEC’s website at www.sec.gov. We have included the above website addresses and other ~~information~~website ~~can~~addresses bethroughout ~~found~~this isReport ~~www~~as inactive textual references only.~~atni.com.~~ Information contained on or accessible through our website or any other websites referenced herein is not incorporated by reference into this Report, and you should not consider that information to be part of this Report. ~~Our~~

Table of Contents

annual, quarterly, periodic and current reports, proxy statements and other public filings are also available free of charge on the EDGAR Database on the SEC's Internet website at www.sec.gov.

US Telecom Segment

Our US Telecom segment generates fixed, carrier, wholesale mobility and managed services revenues in Alaska and parts of the western ~~United States~~US.

In Alaska, we own approximately 52% of the common equity of the operating company, Alaska Communications, and control its operations and management. Our co-investors in Alaska Communications, Freedom 3 Capital, LLC asand ~~well as~~ other institutional investors (collectively, the “Freedom 3 Investors”), collectively own the remaining 48% of the common equity of Alaska Communications.

In November 2022, we acquired all of the issued and outstanding stock of Sacred Wind Enterprises, Inc. (“Sacred Wind”), a rural telecommunications provider in New Mexico (the “Sacred Wind Transaction”). As part of the Sacred Wind Transaction, we paid a combination of cash and equity for Sacred Wind, resulting in the Sacred Wind stockholders becoming minority owners in Commnet, the new business formed by combining Sacred Wind with our existing operations in the western ~~United States, Commnet~~US. Beginning on November 7, 2022, the results of the Sacred Wind Transaction are included in our US Telecom segment.

Revenues from our US Telecom segment were approximately 48% of our consolidated revenues for fiscal years ~~2024~~2025 and ~~2023~~2024.

Carrier Services

Carrier Services. In Alaska, we provide wholesale voice and internet connectivity to carrier customers. In the western ~~United States~~US, we provide wholesale mobile voice and data roaming services, inas ~~rural~~well ~~markets~~as ~~and~~ wholesale transport services to national, regional, local and select international wireless carriers. asThese ~~part of our~~ carrier services asalso ~~well~~include as tower rental, backhaul and maintenance services. Our largest wholesale networks are located principally in the western ~~United States~~US.

In Alaska, we provide connectivity to our wholesale customers, either through direct sales of wholesale transport over our terrestrial or subsea networks or else by ~~entering~~contracting ~~into transactions whereby we agree~~ to build, host or maintain networks on behalf of another carrier over a contracted term.

In the western ~~United States~~US, we provide network infrastructure services as part of our expanded carrier services, such as tower leasing and transport facilities to our carrier partners, to supplement our historic revenue base. ByIn July 2019, the ~~end~~Company ofentered ~~2024,~~into wea ~~substantially~~Network ~~completed~~Build ~~the~~and ~~build~~Maintenance ofAgreement with AT&T’s ~~network~~Mobility, ~~for~~LLC ~~the~~(“AT&T”) ~~First~~that ~~Responder~~was ~~Network~~subsequently ~~Authority~~amended through March 31, 2025 (the “FirstNet Agreement”). In ~~Ongoing,~~connection wewith ~~are~~the ~~providing~~FirstNet ~~equipment~~Agreement, ~~and~~the ~~site~~Company ~~maintenance~~is ~~and~~building ~~high-capacity~~a ~~transport~~portion ~~from~~of ~~these FirstNet cell sites to~~ AT&T’s ~~core~~ network for anthe ~~initial~~First ~~term~~Responder ~~ending~~Network Authority (“FirstNet”) in ~~2031.~~or Innear ~~March~~the ofCompany’s ~~2025,~~current weoperating ~~amended~~areas in the western US (the “FirstNet ~~agreement~~Transaction”). toThe ~~extend~~FirstNet ~~the~~Transaction ~~deadline~~includes ~~for~~construction ~~completing~~and ~~the~~service ~~build~~performance ~~requirements~~obligations. InAs ~~2023~~of December 31, 2025, we ~~signed~~had ~~our~~substantially ~~second~~completed ~~major~~the ~~Carrier~~build ~~Managed~~of ~~Services~~AT&T’s ~~(“CMS”)~~network ~~agreement~~for ~~with~~FirstNet. ~~Verizon~~In addition to ~~build~~building ~~out~~the ~~a large~~ network, towe ~~support~~will ~~their~~provide ~~customer~~ongoing ~~base.~~equipment Weand ~~expect~~site ~~the~~maintenance ~~Verizon~~and ~~build~~high-capacity transport to beand ~~substantially~~from ~~complete~~these bycell ~~the~~sites ~~end~~for ofan ~~2025~~initial term ending in 2031.

WeOn ~~also~~May ~~have~~10, ~~roaming~~2023, ~~agreements~~we ~~with~~entered ~~each~~into ofa Carrier Managed Services Master Agreement (the ~~three~~“Verizon USCMS ~~national~~Agreement”) ~~wireless~~with ~~network~~Cellco ~~carriers~~Partnership d/b/a Verizon Wireless (~~AT&T~~“Verizon”), ~~T-Mobile~~pursuant to which we provide a variety of network, infrastructure and ~~Verizon~~technical ~~Wireless)~~services ~~along~~that ~~with~~help ~~several~~deliver ~~other~~next generation wireless ~~service~~services ~~providers.~~to ~~Other~~Verizon’s ~~than~~subscribers ~~these~~in ~~agreements~~our ~~with~~current operating areas in the ~~national~~southwestern ~~carriers,~~US. ~~our~~Pursuant ~~standard~~to ~~roaming~~the ~~agreements~~Verizon ~~are~~CMS ~~usually~~Agreement ~~terminable~~and ~~within~~subject 90to ~~days.~~certain ~~While~~limitations contained therein, we ~~continue~~upgrade toour wireless service in specific areas and provide services ~~pursuant~~ to ~~these~~Verizon ~~roaming~~for ~~agreements~~an initial rolling seven-year term, ~~our~~with ~~business~~renewal ~~focus~~periods ~~has~~beginning ~~shifted~~in ~~away~~2030. As ~~from~~of ~~traditional~~December ~~roaming~~31, 2025, we were substantially complete with this Verizon build, and ~~toward~~we aare ~~network~~continuing ~~infrastructure~~to ~~model~~complete ofthe ~~carrier~~remaining ~~services~~sites.

~~Sales~~We ~~and~~also ~~Marketing.~~have ~~Our~~roaming ~~wholesale~~agreements ~~transport~~with ~~customers~~each ~~are~~of ~~predominately~~the ~~communications~~three ~~carriers~~US ~~such~~national aswireless ~~local~~network ~~exchange~~ carriers (AT&T, T-Mobile, and Verizon) along with several other wireless service providers. Other than these agreements with the national carriers, ~~internet~~our ~~service~~standard ~~providers~~roaming ~~and~~agreements ~~interstate~~are ~~integrated~~usually ~~providers~~terminable within 90 days. ~~Our~~While we continue to provide services pursuant

Table of Contents

~~are~~to ~~mainly~~these ~~sold~~roaming ~~through~~agreements, ~~direct~~our ~~and~~business ~~inside~~focus ~~sales.~~has ~~Our~~shifted ~~business~~away ~~customers select~~ from ~~our~~traditional ~~wide~~roaming ~~range~~and oftoward ~~service~~a ~~offerings~~carrier ~~tailored~~services ~~to meet their needs~~model.

WeSales ~~believe~~and ~~that~~Marketing. ~~our~~Our ~~ability~~wholesale totransport ~~deliver~~customers ~~reliable,~~are ~~high~~predominately ~~capacity~~communications ~~backhaul~~carriers ~~across~~such ~~multiple~~as ~~provider~~local ~~footprints~~exchange carriers, ~~both from licensed fixed~~ wireless ~~microwave and fiber access solutions~~carriers, ~~creates~~internet ~~value~~service ~~for~~providers ~~our customers who are typically unable to scale their rural access capacities as rapidly~~ and ~~successfully~~interstate asintegrated ~~they can in less remote markets~~providers. WeOur services are ~~investing~~mainly insold ~~the~~through ~~expansion~~direct ~~of our regional fiber~~ and ~~network~~inside ~~asset~~sales. ~~footprint,~~Our ~~and~~business incustomers ~~enhanced~~select ~~network~~from ~~reliability and route diversity, in the expectation that~~ our ~~carrier~~wide ~~customers~~range ~~will~~of ~~have~~service ~~greater~~offerings ~~demand~~tailored ~~for higher capacity, higher reliability and lower latency backhaul~~ to ~~support~~meet their ~~own investments in network deployments~~needs.

We believe that our ability to deliver reliable, high capacity backhaul across multiple provider footprints, both from licensed fixed wireless microwave and fiber access solutions, creates value for our customers who are typically unable to scale their rural access capacities as rapidly and successfully as they can in less remote markets. We are investing in the expansion of our regional fiber and network asset footprint, and in enhanced network reliability and route diversity, with the expectation that our carrier customers will have greater demand for higher capacity, higher reliability and lower latency backhaul to support their own investments in network deployments.

Fixed Services

Services. In Alaska, we provide fiber broadband, fixed wireless access, digital subscriber line (“DSL”) and managed IT services, offering technology and service-enabled customer solutions to business and wholesale customers in and out of Alaska. We also provide telecommunication services to consumers in the most populated communities throughout the state. Our facilities-based communications network connects to the contiguous states via our two diverse undersea fiber optic cable systems. We provide high-capacity data networking, internet connectivity, voice communications and IT Services. Networking services include Ethernet and IP routed services, as well as switched and dedicated voice services. In addition, we offer other value-added services such as network hosting, managed IT services and long-distance services. Our network is among the most expansive in Alaska and forms the foundation of service to our customers. We operate in a largely two-player terrestrial wireline market and our customers are primarily business customers.

In the western ~~United States~~US, we provide fiber and fixed wireless services to business customers such as schools, libraries, mine operators and state and local governments as well as residential customers. Our focus in the western ~~United~~US ~~States~~ is to continue to build-out our residential and commercial broadband services.

Network. WeThrough our extensive facilities-based wireline telecommunications network, we provide communications and IT solutions that connect Alaskans, as well as customers in the continental ~~United States~~US, to the world. ~~This is based on an extensive facilities-based wireline telecommunications network in Alaska that we operate.~~ We continually upgrade our network to provide higher levels of performance, higher bandwidth speeds, increased levels of security and additional value-added services for our customers. We operate significant terrestrial and submarine fiber miles, which serve as the backbone of our network with a focus on reaching government and large business customers. Our network is extensive within Alaska’s urban areas and connects our largest markets, including Anchorage, Fairbanks and Juneau with each other and the contiguous states, as well as many rural areas. Residential broadband customers are served in Alaska with a mix of fiber-driven broadband and copper-based DSL internet access.

We own and operate two undersea fiber optic cable systems, AKORN® and Northstar, that provide diverse routing from our Alaskan network to our facilities in Oregon and Washington designed to serve the critical communications requirements of our ~~internal~~own companies and ~~the requirements of~~ our external customers. Through our landing stations in the pacific northwest, we also provide an at-the-ready landing point for other large fiber optic cables, and their operators, connecting the US to networks in Asia and other parts of the world.

Our terrestrial fiber network on the North Slope of Alaska allows us to provide our broadband ~~solutions to the oil~~ and ~~gas~~managed ~~sector~~IT ~~and~~solutions to ~~advance~~customers ~~our~~in ~~sales~~the ofoil ~~managed~~and ITgas ~~services~~sector. Rural healthcare, education, and business customers are served by a satellite earth station network utilizing a combination of Geosynchronous Equatorial Orbit (“GEO”) and low earth orbit (“LEO”) satellite capacity. These satellite services provide internet and WAN backhaul connectivity to our customers.

In the western United States, we have deployed, and are working to deploy more, carrier-grade fiber optic networks strategically throughout our markets to continue to serve government, education, healthcare, business, consumer and tribal customers in Arizona, Nevada, New Mexico, Colorado and Utah. We are continuing to expand our capacity offerings with a focus on enhancing our owned and leased transport facilities. The expansion of our network anchored by

Table of Contents

In the western US, we have deployed, and are working to deploy more, carrier-grade fiber optic networks strategically throughout our markets to continue to serve government, education, healthcare, business, consumer and tribal customers in Arizona, Nevada, New Mexico, Colorado and Utah. We are continuing to expand our capacity offerings with a focus on enhancing our owned and leased transport facilities. The expansion of our network anchored by new fiber deployments is facilitating a long-held vision for reducing reliance on limited capacity microwave backhaul and enabling new wholesale agreements with additional national and regional carriers for both lit and dark fiber services.

Competition. In Alaska, we face competition in our markets from larger competitors with substantial resources. For traditional voice and broadband services, we compete with GCI and AT&T on a statewide basis, and smaller providers such as Matanuska Telephone Association, Inc., a co-op owned telephone and internet service provider operating in the Matanuska Valley region of Alaska, on a more local basis.

In the western ~~United States~~US, we experience competitive pressures from Incumbent Local Exchange Carrier (“ILEC”) providers such as AT&T, Comcast, Windstream, Lumen and Frontier along with their channel partners and other smaller regional providers and cooperatives. Similarly, we compete with national fiber providers, such as Zayo, ~~also~~with ~~offer our customers services and employ~~ vast wholesale channel solutions. Our ability to offer full-service solutions across multiple Local Exchange Carrier (“LEC”) service areas and very remote sites back to mobile telephone switching offices continues to be a market differentiator and a key driver of our success.

Our fixed services in the ~~United~~US ~~States~~ also face additional competitive pressure from the continued development and commercialization of LEO satellite technologies with the capacity for providing high-quality data services to our customers.

Mobility Services

Mobility Services. Historically, we offered mobile services to retail customers in certain rural markets already covered by our wholesale networks in the western ~~United States~~US. ~~During~~As ~~2024, we transitioned our focus to carrier services and at the end~~ of ~~the~~December ~~year~~31, 2024, we ceased providing retail mobile services under our own brand ~~to retail customers~~.

Replace and Remove Program. In July 2022, we were approved to participate in the Federal Communication Commission’s (“FCC”) Secure and Trusted Communications Networks Reimbursement Program (the “Replace and Remove Program”), designed to reimburse providers of advanced communications services for reasonable costs incurred in the required removal, replacement, and disposal of communications equipment and services in their networks that has been deemed to pose a national security risk. Pursuant to the Replace and Remove Program, our eligible subsidiaries in the western ~~United~~US ~~States~~ and in the US Virgin Islands were initially allocated up to approximately $207 million under the Replace and Remove Program,; however, in December 2024, this program was fully funded for an increased allocation to the Company of approximately $517 million. The Replace and Remove Program requires each of our participating subsidiaries to complete the project no later than a specified deadline, which iswas ~~currently~~extended into ~~the~~May ~~third~~8, ~~quarter of 2025~~2026. AsIn ofMarch ~~December 31~~2026, ~~2024,~~ we ~~have~~requested ~~received~~a ~~approximately~~further ~~$131~~extension ~~million~~through inearly ~~reimbursements~~November ~~under~~2026, ~~the Replace~~ and ~~Remove~~the ~~Program.~~FCC ~~For~~has anot ~~discussion~~yet ofacted ~~our risks in completing the project~~ on ~~the~~that ~~timeline~~request. ~~and~~As ~~currently~~of ~~allocated~~December ~~budget~~31, ~~please~~2025, ~~see~~we ~~“We~~had ~~are~~received ~~reliant~~approximately on$202 ~~government~~million ~~funding~~in toreimbursements ~~execute~~under on the ~~FCC’s~~ Replace and Remove ~~program” in our Risk Factors~~Program.

Network and Operations. We provide wireless communications network products and services with owned and leased cellular, PCS, BRS, EBS, AWS, and Citizens Broadband Radio Services (“CBRS”) spectrum. Our networks are comprised of base stations and radio transceivers located on owned or leased towers and buildings, telecommunications switches and owned or leased transport facilities. We design and construct our network in a manner intended to provide high-quality service to substantially all types of compatible wireless devices.

We operate high-capacity, carrier-class digital wireless switching systems that are capable of serving multiple markets through a mobile telephone switching office and centralized equipment used for network and data management that is located in high-availability facilities supported by multiple levels of power and network redundancy. Our systems are designed to incorporate Internet Protocol (“IP”) packet-based Ethernet technology, which allows for increased data capacity and a more efficient network. Interconnection between the mobile telephone switching office and the cell sites utilizes Ethernet technology over fiber or microwave links for virtually all of our sites.

Table of Contents

capacity and a more efficient network. Interconnection between the mobile telephone switching office and the cell sites utilizes Ethernet technology over fiber or microwave links for virtually all of our sites.

International Telecom Segment

Our International Telecom segment generates fixed, carrier, mobility and managed services revenues in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands. Revenues from our International Telecom segment were approximately 52% of our consolidated revenues for fiscal years ~~2024~~2025 and ~~2023~~2024.

During ~~2024~~2025, we ~~took~~completed ~~significant~~our ~~steps~~planned tointegration ~~integrate~~ and ~~align~~alignment of management across our international markets, ~~thereby~~ driving efficiencies and advancing the shared mission of these markets. ~~As part of these efforts, we consolidated our international management team and developed new shared branding across the segment.~~ We ~~launched~~also ~~our~~continued ~~new brand, Brava, in our four international markets and in the Caribbean region generally. Brava is focused on the delivery of high-quality business, managed and connectivity solutions~~ to ~~government~~unify ~~and large business customers. We also introduced unified~~ branding across ~~two of~~ our networks~~; now~~, and we now sell fixed and mobility services under the “One Communications” brand in ~~both~~ Bermuda, Guyana and ~~Guyana~~the US Virgin Islands.

Fixed Services

High-Speed Data Services and Networks. We offer high-speed broadband and data connectivity services to residential and business customers in all our International Telecom markets. We provide a number of broadband internet plans with varying speeds to address different customer needs and price requirements in our various markets. As of December 31, ~~2024~~2025, we had approximately ~~203~~149,~~200~~300 broadband customers across our international markets and approximately 6992% of those customers had access to high-speed networks.

Our high -speed data services are delivered over fiber to the premises using fiber-optic and hybrid fiber coaxial cable (“HFC”) networks throughout our international markets. We make efforts to construct our high -speed networks with durable materials and routes redundancies that are designed to withstand the climate of the regions, including challenges such as high winds. In Guyana, we are working to migrate customers ~~in Guyana~~ from the legacy copper network and its DSL broadband internet service to either fiber or fixed wireless networks.

Voice Services and Digital Switching. We offer fixed voice services that include local exchange, regional and long distance calling and voice messaging services to residential, government and business customers in Bermuda, Guyana, the Cayman Islands and the US Virgin Islands. With respect to our international long-distance business, we also collect payments from foreign carriers for handling international long-distance calls originating from the foreign carriers’ countries and terminating on our network. We also make payments to foreign carriers for international calls originating on one of our networks and terminating in the foreign carrier’s countries and collect from our subscribers or a local originating carrier a rate that is market-based or set by regulatory tariff. All fixed access lines in our network are digitally switched from our switching centers in the US Virgin Islands, Bermuda, Cayman Islands and Guyana. Our switching centers in these markets enable dedicated monitoring of our network designed to ensure quality and reliable service to our customers.

Video services. We offer video services in Bermuda, the Cayman Islands, and the US Virgin Islands. We have several offerings available to our video customers, including basic and tiered local and cable TV channels grouped into various content categories, such as news, sports and entertainment.

Sub-Sea Fiber Networks. Our international voice and data networks link with the rest of the world through undersea fiber-optic cables in the Caribbean and Atlantic regions. These cables are crucial arteries that supply access to communications services for islands and remote markets like the ones in which we operate. Our sub-sea fiber connectivity utilizes physically diverse routes, designed to supply resilient services to our customers. ~~Our~~This ~~sub-sea~~ fiber network is comprised of both owned assets (through memberships of certain consortia) and assets leased from third parties.

Sales and Marketing. Our fixed services are sold through five main distribution channels: digital, company owned and operated retail/pop-up retail, authorized dealers and agents, direct sales, and inside sales. Business and residential customers are able to purchase any of our standalone or bundled data, managed services, security services, and voice

Table of Contents

~~customers are able to purchase any of our standalone or bundled data, managed~~ services, ~~security services, and voice services~~ through any of ~~our~~the ~~above~~aforementioned channels. We are seeking to grow and protect our existing business customer base with our Brava service offerings, which are provided through a simplified bundling approach that enhances our value proposition and brand position in our markets. ~~We have invested in a number of Brava sales support and delivery resources to support subscriber growth and enhance delivery quality.~~

Competition. We compete with a limited number of other providers, including Digicel, Liberty Latin America, and individual newer entrants in select markets, with respect to various services. We believe our breadth of services and regional strategy to strengthen and enhance our business offerings provide us with a strong competitive position and the ability to win and retain an economically viable share of our markets.

Mobility Services

We provide mobile, data, and voice services to retail and business customers in Bermuda, Guyana and in the US Virgin Islands. We also provide roaming services ~~for~~to the customers of many of the largest US ~~providers’~~ and ~~other~~ international telecommunications operators’ when their customers ~~visiting~~visit ~~these~~our ~~locations~~markets. As of December 31, ~~2024~~2025, we had approximately ~~389~~399,~~000~~200 mobile subscribers in our International Telecom segment.

Products and Services. A significant majority of our international customers use prepay plans, which require them to pay in advance for our mobile services. These plans allow customers to purchase a specific amount of voice minutes, text messages, or data for a specified period of time before usage. A ~~smaller~~ minority of customers subscribe to our postpaid plans that allow customers to select a plan with voice minutes, text messaging, a given amount of data and other features that recur on a monthly basis and are billed at the end of the service period.

Network and Operations: We offer our mobility services over 4G (LTE) in all of our markets, ~~(other~~except ~~than~~for in the Cayman Islands), with ~~emerging~~significant 5G coverage in Bermuda and the US Virgin Islands. We own and operate base stations on owned and leased sites throughout our international markets. Except for VoLTE, which has components in each market and leverages shared components in Miami and Denver, all of our mobile networks have their core supporting facilities in the home network in the US Virgin Islands, Bermuda and Guyana. Our ~~local~~international Network Operations ~~Centers~~Center (“~~NOCs~~NOC”) ~~provide~~provides dedicated monitoring of our networks and ~~are~~is designed to ensure that we have continuous monitoring of all our wireless and wireline facilities.

The transport networks in all the markets are primarily fiber based with route diversity provided by the deployment of fiber rings where possible and supplemental microwave deployments. The vast majority of the networks are IP based utilizing multiprotocol label switching (“MPLS”) for redundancy to provide high availability networks. Standby power is provided by back up battery and generators. ~~As part of our three-year capital investment strategy, we have made upgrades designed to enhance the resiliency of our network.~~ We have standardized business continuity and disaster recovery plans and ~~engaged~~engage in regular reviews and testing of those plans throughout the markets. Connection between these markets and the rest of the world is principally through subsea fiber networks described in our “International Telecom – Fixed Services – Sub-Sea Fiber Networks” section above.

Sales and Marketing. We provide mobile services, mobile connectivity devices and account management through five main distribution channels: digital, company owned retail/pop-up retail, authorized dealers/agents, direct sales, and inside sales. Business and residential customers are able to purchase any of our services, prepaid mobile, postpaid mobile, and mobile data, through any of the above channels. Customers are also able to purchase devices and accessories to enhance their services through these same channels. We offer a full suite of mobile devices and add-on accessories, similar to what is typically available in most other countries. Our sales channels are strategically located throughout our service areas, staffed by trained, branded, and supported sales and service representatives.

Handsets and Accessories. We offer a diverse line of wireless devices and accessories designed to meet both the personal and professional needs of our customers. These devices support a variety of wireless connectivity technologies that are deployed across our various markets. Our device assortment includes a wide range of smartphones including those featuring the Android™ and iOS™ operating systems in addition to a full line of feature phones, wireless hotspots and various wireless solutions for small businesses. To complement our phone offerings, we sell a complete range of original equipment manufacturer and after-market accessories that allow our customers to personalize their wireless experience, including phone protection, battery charging solutions and Bluetooth hands-free kits.

Table of Contents

hotspots and various wireless solutions for small businesses. To complement our phone offerings, we sell a complete range of original equipment manufacturer and after-market accessories that allow our customers to personalize their wireless experience, including phone protection, battery charging solutions and Bluetooth hands-free kits.

Competition. We believe we compete for wireless retail customers in our international markets based on features, price, technology deployed, network coverage (including through roaming arrangements), quality of service and customer care. We compete against Digicel and Liberty Latin America in the Caribbean region, other smaller local providers, and in the US Virgin Islands, against one or more US national operators or mobile virtual network operators.

Human Capital Resources

People and Culture

We know that our employees are our most valuable assets to realize our mission to digitally empower people and communities so they can connect with the world and prosper. We do this through meeting the everyday connectivity needs of rural and ~~historically~~remote ~~underserved~~ communities. We developed the values listed below to reflect both our current culture and the values that we strive to embody to attract and maintain key talent. We endeavor to implement these values every day through employee engagement events, regular communication on company goals and milestones, and foster a connected and empowered workplace.


ATN Values	Description
Commitment	Operate for the Long-Term
Respect	Variety of Viewpoints
Excellence	Smart and Determined Work
Accountability	Do What You Say
Thoughtfulness	Caring Behavior
Empowerment	Leaders at Every Level

ATN Workforce Overview

As of December 31, ~~2024~~2025, we had approximately 2,~~300~~100 employees, of whom approximately ~~900~~700 were employed in the ~~United~~US ~~States~~ (including the US Virgin Islands) and approximately 1,400 were employed by our international subsidiaries. At the holding company level, we employ our executive management team and staff. ~~Approximately~~As of December 31, 2025, approximately 26% of our total employee population ~~are~~were covered by contracts with various unions. Employees represented by unions are located in Alaska and all our international markets except for the Cayman Islands. As of the ~~end~~date of ~~2024~~this Report, we believe we have a good relationship with our unions.

Commitment to Local Management and Variety of Viewpoints

We seek engaged managers who have strong values, integrity, knowledge of our market and business model, and have respect for differing viewpoints. We strive to cultivate a dynamic working environment that fosters a greater understanding of our differences and strengthens our ~~company~~Company.

We rely heavily on local management teams to run our subsidiary operating units. Many of the markets in which we operate are small and remote, and in some cases are subject to government restrictions on granting work visas, all of which makes it difficult to attract and retain talented and qualified managers and staff in those markets.

Employee Engagement and Development

Together with our subsidiaries, we are dedicated to enhancing the use of technology in the various communities we serve. We believe having management and staff with deep local expertise of the communities in which they operate is crucial to our success and to our ability to have a positive impact on those communities. We believe that varied perspectives and backgrounds enhance the workplace.

Table of Contents

crucial to our success and to our ability to have a positive impact on those communities. We celebrate different perspectives and backgrounds because we believe they help us to have a stronger, more creative, and more successful workplace.

We are proud to offer benefits to our employees that promote wellness and personal care, a safe work environment and career growth opportunities. We regularly utilize performance development tools for our employees, which are focused on driving engagement and high performance through frequent communication throughout the year.

Our employee engagement survey provides employees with the opportunity to share confidential feedback on what they believe has been working well and where they believe we can improve to better support our employees. Our focus areas for engagement include skills development and manager performance. Anonymous, aggregated results are shared with employees, and the results inform our long-term action plans aimed at continuously improving our work environment.

US Federal Regulation

At the federal level in the ~~United States~~US, we are regulated in large part by the FCC. Our operations in the ~~United~~US ~~States~~ are subject to the Communications Act of 1934, as amended, including the Telecommunications Act of 1996 (“Communications Act”), and the FCC’s implementing regulations.

The FCC provides regulations that impose certain disclosures, operational measures, and regulatory payment obligations applicable to both our fixed and wireless services. To date, that includes, but is not limited to:

●

Regulatory Fees and Contributions. We are obligated to pay certain annual regulatory fees and assessments to support FCC regulation of wireless and wireline providers, as well as fees to support federal universal service programs, number portability, regional database costs, centralized telephone numbering administration, telecommunications relay service for people who are deaf or hard of hearing, and application filing fees. These fees are subject to periodic change by the FCC and the manner in which carriers may recoup these fees from customers is subject to various restrictions.

● Broadband Disclosures. The FCC requires broadband service providers to display “nutrition labels” at the point of sale, that disclose information about broadband prices, introductory rates, data allowances, broadband speeds, and latency, and to disclose their broadband network management practices on their websites or via an FCC website.

● Broadband Data Collection. The FCC requires ~~broadband~~facilities-based ~~service~~ providers of fixed and mobile broadband services to submit ~~twice~~biannual ~~annual~~ reports detailing ~~their~~the ~~broadband~~availability ~~deployment~~and byquality ~~location,~~of ~~speed,~~service ~~and~~of ~~technology~~their broadband internet access services.

Table of Contents

● Robocalls. The FCC continues to take steps to limit unwanted and illegal telephone calls and text messages, including restricting the use of automatic telephone dialing systems and artificial or prerecorded voice messages, requiring the implementation of STIR/SHAKEN caller ID authentication framework in the ~~Internet Protocol (“~~IP”) portions of provider networks, establishing the Do-Not-Call registry in coordination with the Federal Trade Commission, and permitting voice service providers to block calls in certain circumstances. Further FCC action regarding these issues is expected.

●

Telecommunications Privacy Regulations. We are subject to federal regulations relating to privacy and data security that impact all parts of our business.

● 911 and 988 Call Routing. The FCC requires that providers transmit all 911 emergency calls to an appropriate public safety answering point (“PSAP”) based on the caller’s location and all 988 calls and texts to the National Suicide Prevention Lifeline, and to transmit appropriate location information.

●

CALEA and Cybersecurity. We are required to provide law enforcement agencies with capacity and technical capabilities to support lawful wiretaps pursuant to the Communications Assistance for Law Enforcement Act. Furthermore, we are required to secure our networks from unlawful access and interception.

Fixed Services

The FCC generally exercises jurisdiction over the interstate and international fixed wireline telecommunications services that we provide as a regulated common carrier. The Communications Act and regulations promulgated thereunder require, among other things, that we offer regulated interstate telecommunications common carrier services at just, reasonable, and non-discriminatory rates and terms. The Communications Act also requires us to offer competing carriers interconnection and non-discriminatory access to certain facilities and services designated as essential for local competition.

We are subject to competitive market forces, as well as rate-of-return regulation for intrastate services that originate and terminate in ~~Alaska and~~ the US Virgin Islands and price-cap rate regulation for interstate services in Alaska and the US Virgin Islands regulated by the FCC. Because we face competition, we may not be able to charge the maximum permitted rates under price-cap regulation or realize the authorized intrastate rate of return. A broader range of data and information services are offered by our unregulated affiliates or as unregulated services by our regulated companies.

Wireless Services

The FCC regulates, among other things,: the licensed and unlicensed use of radio spectrum; the ownership, lease, transfer of control, and assignment of wireless licenses; the ongoing technical, operational, and service requirements applicable to such licenses; the timing, nature, and scope of network construction; the provision of certain services, such as enhanced 911 (“E-911”); and the interconnection of communications networks in the ~~United States~~US. Although some of these regulations apply to both our services to retail customers and our wholesale services to wireless carriers, many apply only to our retail services. As we reduce the markets in which we provide retail wireless services, the significance to our business of regulatory obligations applicable only to our retail services has and will continue to diminish.

Spectrum Licenses. We provide our wireless services pursuant to various commercial mobile radio services (“CMRS”) licenses issued by the FCC. Some of these licenses are site-based while others cover specified geographic market areas. The specific radio frequencies, the authorized spectrum amounts, and certain of the technical and service rules vary depending on the licensed service. In addition to CMRS licenses, our wireless business relies on common carrier and non-common carrier fixed point-to-point microwave licenses issued by the FCC. Most of our license grants are for a period of ten years and are renewable upon successful application to the FCC. The FCC conditions some spectrum licenses on the satisfaction of certain obligations to construct networks covering a specified geographic area or population by specific dates. WeAs ~~are~~of ~~substantially in compliance with~~ the ~~applicable~~date ~~construction~~of ~~requirements that have arisen for the licenses we currently hold and at~~ this ~~time~~Report, dowe ~~not~~were ~~expect~~substantially ~~to be~~ in ~~violation~~compliance ofwith ~~future~~the applicable construction ~~requirements.~~

Table of Contents

~~Public~~requirements ~~Interest~~that ~~and~~have ~~Safety~~arisen ~~Obligations.~~for ~~The Communications Act and~~ the ~~FCC’s~~licenses ~~rules impose additional requirements upon wireless service providers. The radio systems towers that~~ we ~~own~~currently hold and ~~lease~~do ~~are~~not ~~subject~~expect to ~~Federal~~be ~~Aviation~~in ~~Administration~~violation ~~and~~of ~~FCC~~future ~~regulations that govern the location, marking, lighting, and~~ construction ~~of towers and are subject to the~~ requirements ~~of the National Environmental Policy Act, National Historic Preservation Act, and other environmental statutes enforced by the FCC~~. ~~In addition, the FCC has also adopted guidelines and methods for evaluating human exposure to emissions of radiofrequency radiation from radio equipment.~~

~~The~~Public ~~FCC~~Interest ~~has~~and ~~adopted~~Safety ~~requirements~~Obligations. ~~for~~The ~~CMRS~~Communications ~~providers~~Act toand ~~promote~~the ~~access~~FCC’s torules ~~reliable~~impose ~~911,~~additional ~~hearing~~requirements ~~aid~~upon ~~compatible~~wireless ~~devices,~~service ~~emergency~~providers. ~~alerting,~~The ~~and~~radio ~~first~~systems ~~responder~~towers ~~communications.~~that ~~For~~we ~~example,~~own ~~wireless~~and ~~providers~~lease are ~~obligated~~subject to ~~transmit~~Federal ~~all~~Aviation ~~911~~Administration ~~calls~~and toFCC anregulations ~~appropriate~~that ~~PSAP~~govern ~~based~~the onlocation, ~~geographic~~marking, ~~data~~lighting, ~~generated~~and byconstruction ~~increasingly~~of ~~accurate~~certain ~~location~~towers ~~information~~and ~~technologies~~certain ~~mandated~~towers byare ~~the~~also ~~FCC.~~subject ~~The~~to ~~FCC~~the ~~also~~requirements ~~has~~of ~~adopted~~the ~~obligations~~National onEnvironmental ~~wireless~~Policy ~~providers~~Act, ~~related~~National toHistoric ~~network~~Preservation ~~reliability~~Act, and ~~resiliency~~other ~~and~~environmental ~~disaster~~statutes ~~management.~~enforced Toby ~~our~~the ~~knowledge,~~FCC. weIn ~~comply~~addition, ~~with~~ the ~~foregoing~~FCC ~~obligations~~has ~~currently~~also ~~applicable~~adopted toguidelines ~~our operations,~~ and wemethods ~~devote~~for ~~resources~~evaluating ~~necessary~~human exposure to ~~meet~~emissions ~~these~~of ~~obligations~~radiofrequency ~~and~~radiation ~~maintain~~from ~~network~~radio ~~services~~equipment.

The FCC has adopted requirements for CMRS providers to promote access to reliable 911, hearing aid compatible devices, emergency alerting, and first responder communications. For example, wireless providers are obligated to transmit all 911 calls to an appropriate PSAP based on geographic data generated by increasingly accurate location information technologies mandated by the FCC. The FCC also has adopted obligations on wireless providers related to network reliability and resiliency and disaster management. To our knowledge, as of the date of this Report, we were in compliance with the foregoing obligations currently applicable to our operations, and we devote resources necessary to meet these obligations and maintain network services.

Universal Service Support and Contributions

In general, all telecommunications providers are obligated to contribute to the Universal Service Fund (“USF”), which is used to promote the availability of qualifying telecommunications and broadband service to low-income households, households located in rural and high-cost areas, and to schools, libraries, and rural health care providers. We contribute to the USF and also receive various forms of USF support. We are subject to audit by the Universal Service Administrative Company (“USAC”) with respect to our federal contributions and our receipts of universal service funding. To our knowledge, as of the date of this Report, we ~~comply~~were in compliance in all material respects with applicable federal and state USF assessment and support requirements.

USF High-Cost Support. The FCC’s high-cost USF (or alternatives to former high-cost USF) mechanisms promote the deployment and operation of voice and broadband networks in areas where high costs would otherwise undermine the availability of service to consumers, including in rural, insular, and remote areas. High-cost support mechanisms generally include explicit conditions to deploy broadband to new locations and provide service meeting specified standards.

We receive several forms of high-cost support, including but not limited to, as follows:

● We receive federal USF support under the Alaska Connect Fund (“ACF”). Beginning ~~January~~in 1, 2025, we expect to receive $25.6 million per year until December 31, 2028. Beginning in 2029 and continuing through 2034, the amount of ACF support will be determined by FCC staff taking into consideration broadband deployment funded through the Broadband Equity Access and Deployment Program. The ACF replaced the $19.7 million per year that we had previously received in Connect America Fund II (“CAF II”) support in Alaska;

● As part of the Enhanced Alternative Connect America Model (“E-ACAM”) funding available to our operations in the western ~~United States~~US, we are estimated to receive ~~approximately~~ $~~109~~144.9 million over the next 14thirteen years, through 2038, with approximately $9 million annually through ~~2030~~2029 before agradually ~~gradual~~increasing ~~step down~~ to $613 million annually in 2038. This funding is subject to a requirement to deploy voice and broadband service at speeds of 100/20 Mbps to all required locations by the end of calendar year 2028;

● We receive approximately $8 million per year in ~~Connect~~CAF ~~America Fund~~ II support in the rural southwest until July 2028;

● We ~~receive~~received approximately $5.5 million annually in the US Virgin Islands through December 31, 2025. ~~(this~~In ~~annual~~September 2025, we requested that the FCC extend such support isfor ~~scheduled~~at toleast ~~end~~one inadditional ~~2025),~~year. ~~subject~~As toof the ~~requirement~~date toof ~~enhance~~this ~~network~~Report, ~~resiliency~~the FCC had not yet acted on this request and, ~~operations~~as ina ~~those~~result, ~~markets;~~the Company is currently not receiving this support. If the FCC grants our request, it may or may not extend our support on a retroactive

● We were awarded approximately $2.3 million annually in the western United States through December 31, 2031 as part of the Rural Digital Opportunity Fund Phase I (“RDOF”) auction. In exchange for this support, we committed to deploy voice and broadband service to areas covered by our remaining winning bids within six years and to provide service in those areas for ten years. In 2024, we transferred $1.3 million of the

Table of Contents

~~annual~~basis ~~awards~~from toDecember ~~other~~31, ~~providers and returned $0.3 million of the annual awards to the FCC~~2025;

● We ~~receive~~were ~~state~~awarded ~~USF~~approximately ~~support~~$2.3 million annually in ~~Alaska~~the western US through December 31, ~~which~~2031 ~~for~~as part of the ~~fiscal~~Rural ~~year~~Digital ~~ended~~Opportunity Fund Phase I (“RDOF”) auction. In exchange for this support, we committed to deploy voice and broadband service to areas covered by our remaining winning bids within six years and to provide service in those areas for ten years. As of December 31, ~~2024~~2025, ~~was~~we ~~approximately~~transferred $21.53 million of the annual awards to other providers and returned $0.7 million of the annual awards to the FCC; and

As● ofWe ~~December~~receive ~~31,~~state ~~2024,~~USF wesupport ~~were~~ in ~~compliance~~Alaska, inwhich ~~all~~for ~~material respects with our deployment and service requirements associated with such funding. If we fail to meet these obligations or require substantial additional capital expenditures to meet~~ the ~~obligations~~fiscal inyear aended ~~timely~~December ~~manner~~31, ~~our~~2025 ~~revenue,~~was ~~results of operations and liquidity may be materially adversely impacted~~$2.5 million.

~~Rural~~As ~~Health~~of ~~Care~~December ~~Universal~~31, ~~Service~~2025, ~~Support~~we ~~Program.~~were ~~The~~in ~~FCC’s~~compliance ~~Rural~~in ~~Health~~all ~~Care~~material ~~Universal~~respects ~~Service~~with ~~Support~~our ~~Mechanism~~deployment ~~(“RHC~~and ~~program”)~~service ~~provides~~requirements associated with such funding. If we fail to ~~help~~meet ~~make~~these ~~broadband~~obligations ~~telecommunications~~or ~~and~~require ~~Internet~~substantial ~~access~~additional ~~services~~capital ~~provided~~expenditures byto usmeet ~~and~~the ~~other~~obligations ~~service~~in ~~providers~~a ~~affordable~~timely ~~for~~manner, ~~eligible~~our ~~rural~~revenue, ~~health~~results ~~care~~of ~~providers~~operations and liquidity may be materially adversely impacted.

~~Subsidies~~Rural ~~for~~Health ~~Low-Income~~Care ~~Customers~~Universal Service Support Program. The FCC’s ~~Lifeline~~Rural ~~support~~Health ~~mechanism~~Care ~~provides~~Universal aService ~~subsidy~~Support toMechanism ~~eligible~~(“RHC ~~low-income~~Program”) ~~consumers~~provides ~~against~~funding ~~the~~to ~~cost~~help ofmake ~~voice~~broadband ~~services,~~telecommunications asand ~~well~~Internet asaccess ~~broadband~~services inprovided ~~CAF~~by IIus ~~locations.~~and Inother ~~addition,~~service ~~from January~~providers 1,affordable ~~2022,~~for toeligible ~~June~~rural 1,health ~~2024,~~care ~~the~~providers. ~~FCC~~We ~~administered~~participate in the ~~Affordable~~RHC ~~Connectivity~~ Program ~~(“ACP”)~~, ~~which provided eligible low-income consumers~~ and ~~students~~during ~~with~~2025, ~~a monthly subsidy for~~ the ~~purchase~~Company ofreceived ~~broadband~~$19.0 ~~Internet~~million ~~access~~related ~~service from service providers that elected~~ to ~~participate~~RHC inProgram ~~the program, which we did~~funding.

ESubsidies for Low-~~Rate~~Income Customers. WeThe ~~have~~FCC’s ~~provided~~Lifeline ~~telecommunications~~support ~~services,~~mechanism ~~broadband~~provides ~~internet~~a ~~access~~subsidy ~~services,~~to ~~and~~eligible ~~internal~~low-income ~~connections~~consumers ~~supported~~against by the ~~FCC’s~~cost ~~Schools~~of ~~and~~voice ~~Libraries~~services, ~~Universal~~as ~~Service~~well ~~Support~~as ~~Mechanism~~broadband ~~(“E-rate”)~~in ~~for~~CAF ~~many~~II ~~years~~locations. ~~E-rate~~In ~~support~~addition, ~~provides~~from anJanuary ~~invaluable~~1, ~~means~~2022 byto ~~which~~June ~~elementary~~1, ~~and~~2024, ~~secondary~~the ~~schools~~FCC ~~can~~administered ~~afford~~the ~~those~~Affordable ~~services~~Connectivity Program (“ACP”), ~~particularly~~which inprovided ~~rural~~eligible low-income consumers and ~~remote,~~students ~~high-cost~~with ~~areas.~~a ~~Historically,~~monthly ~~E-rate~~subsidy ~~has~~for ~~primarily~~the ~~supported~~purchase ~~services~~of ~~that~~broadband ~~connect~~Internet ~~eligible~~access ~~school~~service ~~buildings.~~from Toservice ~~our~~providers ~~knowledge,~~that weelected ~~comply~~to ~~with~~participate ~~applicable~~in ~~E-Rate~~the ~~requirements~~program, which we did.

InE-Rate. ~~March~~We ~~2025,~~provide ~~the~~telecommunications USservices, ~~Supreme~~broadband ~~Court~~internet ~~will~~access ~~hear arguments about the constitutionality of the federal USF program. In July 2024~~services, ~~the~~and USinternal ~~Court~~connections ofsupported ~~Appeals for the Fifth Circuit ruled that the statute creating the federal USF program constituted an unconstitutional delegation~~ by ~~Congress of its revenue-raising powers to~~ the FCC ~~and that the FCC~~’s ~~further~~Schools ~~delegation~~and ofLibraries ~~the administration of the fund to the~~ Universal Service ~~Administrative~~Support ~~Company~~Mechanism (~~a private company~~“E-rate”) ~~was impermissible~~. ~~Conversely,~~E-rate ~~the~~support ~~United~~provides ~~States~~an ~~Court~~invaluable ofmeans ~~Appeals~~by ~~for~~which ~~the~~elementary ~~Sixth~~ and ~~Eleventh~~secondary ~~Circuit~~schools ~~have~~can ~~upheld~~afford ~~the~~those ~~constitutionality~~services, ofparticularly ~~the~~in ~~USF~~rural ~~statute~~ and ~~the~~remote, ~~FCC’s~~high-cost ~~administration~~areas. ofHistorically, ~~the~~E-rate ~~USF~~has ~~program.~~primarily ~~The~~supported USservices ~~Supreme~~that ~~Court~~connect iseligible ~~expected~~school tobuildings. ~~render~~To aour ~~decision~~knowledge, ~~regarding~~as of the ~~constitutionality~~date of ~~USF~~this Report, we were in ~~June~~compliance orwith ~~July~~applicable ~~2025~~E-Rate requirements.

Video Services

Video services systems are regulated by the FCC under the Communications Act. We provide video services in the US Virgin Islands. The FCC regulates our programming selection through local broadcast TV station mandatory carriage obligations, constraints on our retransmission consent negotiations with local broadcast TV stations, and limited regulation of our carriage negotiations with cable programming networks. The FCC and federal laws also impose rules governing, among other things, ~~leased cable set-top boxes,~~ our ability to collect and disclose subscribers’ personally identifiable information, access to inside wiring in multiple dwelling units, cable pole attachments, customer service and technical standards, and disability access requirements. Failure to comply with these regulations could subject us to penalties. To our knowledge, as of the date of this Report, we ~~comply~~were in compliance in all material respects with currently applicable FCC video services requirements.

US State and Territorial Regulation

In addition to FCC regulation, we are subject to state and local regulation, such as environmental, zoning, land use, privacy, consumer protection, and other regulations.

Table of Contents

US State and Territorial Regulation

In addition to FCC regulation, we are subject to state and local regulation, such as environmental, zoning, land use, privacy, consumer protection, and other regulations.

Alaska Regulation

Providers of intrastate wireline (i.e., voice, broadband internet, and cable video) telecommunication services in Alaska are required to obtain a certificate of public convenience and necessity from the Regulatory Commission of Alaska (the “RCA”), which Alaska Communications holds. The RCA also adopts and administers various regulatory requirements applicable to certificate holders, although the scope of such regulations was materially reduced in 2019. WeAs of the date of this Report, we believe that Alaska Communications ~~complies~~was in compliance with these RCA requirements.

US Virgin Islands Regulation

Our wireline operations in the US Virgin Islands are subject to the US Virgin Islands Public Utilities Code, pursuant to which the Virgin Islands Public Service Commission (“PSC”) regulates certain telecommunications and cable TV services that ~~Viya~~OneVI provides in the US Virgin Islands.

Our video, internet, and wireless companies in the US Virgin Islands also receive tax benefits as qualifying participants in the US Virgin Islands’ Research & Technology Park (“RTPark”) program. These benefits resulted in tax exemptions of approximately $2.7 million during the year ended December 31, ~~2024~~2025. In order to qualify, we are required to pay monthly management fees of 0.4% of tenant company revenue, make annual charitable contributions to the University of the Virgin Islands, purchase products and services locally when feasible and provide in-kind services to RTPark. ~~Our~~The current RTPark program agreement isexpires upin June 2026, and on February 19, 2026 we renewed it for ~~renewal~~a new term expiring in ~~2025~~2036. ~~and~~Beginning aton ~~this~~June ~~time~~1, we2026 ~~currently~~our ~~expect~~management tofee bewill ~~able~~increase to ~~renew~~1% ~~such~~of ~~agreement~~tenant company revenue.

Guyana Regulation

Our subsidiary, One Communications (Guyana) Inc. (formerly known as GTT Inc.,) (“OneGY”), in which we hold an 80% interest, isoperates ~~subject to regulation~~ in Guyana ~~under~~pursuant ~~the~~to ~~provisions of~~ a telecommunications ~~License~~license ~~from~~issued by the Government of Guyana,. OneGY is subject to regulation under the Guyana Public Utilities Commission Act of 2016, as amended, and the Guyana Telecommunications Act of 2016 ~~including~~and ~~its~~the ~~various~~ regulations promulgated thereunder. The Public Utilities Commission of Guyana is an independent statutory body ~~with~~responsible ~~the principal responsibility~~ for regulating telecommunications rates and services in Guyana. The Prime Minister of Guyana, acting on ~~and~~ behalf of the Government of Guyana, ~~has~~holds statutory authority over telecommunications licensing and related ~~issues~~matters. The Telecommunications Agency advises ~~and makes recommendations to~~ the Prime Minister, ~~or its delegee,~~ implements policy and has ~~principal~~primary responsibility for issuing operating licenses and frequency authorizations.

~~Licenses.~~Subsequent Into ~~Guyana~~the sector’s liberalization, OneGY ~~provides~~has ~~domestic~~historically ~~fixed~~been ~~wireline~~able ~~and~~to ~~mobile~~implement asprice ~~well~~adjustments ~~as international voice~~ and ~~data~~undertake ~~services~~equipment ~~pursuant~~upgrades towith ~~licenses~~support from the ~~Government~~relevant ofregulatory ~~Guyana~~authorities. ~~granting~~However, ~~OneGY~~uncertainty ~~the~~persists ~~right~~regarding tothe ~~provide~~long-term aframeworks ~~variety~~governing oflicensing, ~~domestic~~universal ~~fixed~~service ~~wireline~~funding, and ~~mobile~~spectrum ~~and~~management. ~~international~~These ~~voice~~uncertainties ~~and~~create ~~data~~potential ~~services.~~variability ~~This~~in ~~license~~the ~~was~~regulatory ~~issued~~and incompetitive ~~October~~landscape ~~2020~~in Guyana.

On October 5, 2020, the Prime Minister of Guyana formally implemented telecommunications legislation ~~previously~~enacted ~~passed by the Guyana Parliament~~ in 2016 that introduces ~~material~~significant changes to ~~many features of~~ Guyana’s existing telecommunications regulatory regime with the ~~intention~~stated objective of ~~creating~~fostering a more competitive market. ~~The~~These regulations ~~include~~impose new sector-wide requirements ~~for~~affecting ~~the market as a whole, that impact~~ our operations, administrative reporting obligations, and ~~services~~service offerings. There can be no assurance that these regulations will be administered in ~~such~~ a ~~way~~manner that does not ~~lead~~adversely toimpact ~~adverse impacts for~~ OneGY’s operational ~~and~~or financial performance.

~~Bermuda~~Licensing ~~Regulation~~Framework. OneGY provides domestic fixed wireline, mobile and international voice and data services pursuant to licenses issued by the Government of Guyana. OneGY’s current operating license was issued in

The Regulatory Authority of Bermuda (the “RA”) is the primary regulator of our operations in Bermuda. The relevant legislation is the Regulatory Authority Act 2011 and the Electronic Communications Act 2011. Pursuant to these statutes, the RA is responsible for regulating all electronic communications services in Bermuda, including the broadband, mobile and video services we offer. The statutory framework provides the RA powers in respect of licensing, consumer protections, ex post competition issues, and the identification and remedying of significant market power concerns.

Table of Contents

InOctober ~~2024,~~2020 ~~the~~and RAis ~~initiated~~scheduled ~~a process~~ to ~~review~~expire ~~the~~in ~~telecommunications~~October ~~market~~2030. ~~The~~On ~~outcome~~October of6, ~~the~~2025, ~~review~~we ~~may~~formally ~~result~~notified in the RAGovernment ~~imposing~~of ~~certain~~Guyana ~~remedies~~of orour ~~restrictions~~intention onto ~~operators~~renew inour ~~the~~operating ~~market, such as binding restrictions or specifying low-cost service plans~~license. ~~While~~As weof ~~do not have any indication regarding~~ the ~~outcome~~date of ~~this~~the ~~review~~Report, ~~which~~the ~~will~~request ~~largely~~remains ~~take place in 2025, any such restrictions could impact our financial results or operations in Bermuda~~pending.

Bermuda Regulation

The Regulatory Authority of Bermuda (the “RA”) is the primary regulator of our operations in Bermuda. Our activities are governed principally by the Regulatory Authority Act 2011 and the Electronic Communications Act 2011. These statutes, collectively, establish the RA’s authority over licensing, consumer protection, ex post competition matters, and the identification and regulation of entities deemed to hold significant market power.

In 2024, the RA initiated a statutory review of the telecommunications market. This process continued into 2025 and included the publication of the RA’s Final Report and General Determination under the 2025 Electronic Communications Market Review (“ECMR”). As publicly reported, the ECMR introduced new regulatory obligations for sector participants, including potential pricing requirements, mandated entry-level service offerings, and other ex-ante remedies intended to address market structure concerns.

Subsequent to the issuance of the ECMR, the Supreme Court of Bermuda imposed a stay on the implementation of the RA’s directives pending the resolution of ongoing legal proceedings. As a result, the timing, scope, and enforceability of the ECMR-related measures remain uncertain.

We cannot predict the ultimate outcome of the ECMR or the nature of any future regulatory requirements. Any measure, whether related to pricing, service obligations, or competitive remedies, could materially affect our operations, cost structure, or financial performance in Bermuda.

ITEM 1A. RISK FACTORS

In addition to the other information contained in, or incorporated by reference into, this Report, you should carefully consider the risks described below that could materially affect our business, financial condition, or future results. These risks are not the only risks facing us. Additional risks and uncertainties not presently known to us or that we currently believe are immaterial also may materially adversely affect our business, financial condition and/or results of operations.

Operational Risks

Cybersecurity breaches could have an adverse effect on our business.

We are highly dependent on our information technology (“IT”) systems for the operation of our network, our facilities, workforce management, delivery of services to our customers and the compilation of our financial results. Telecommunications providers, including vendors to providers, are increasingly being targeted by cyber criminals. These attacks domay ~~not always~~ target data specific to our business, ~~but~~seek ~~often~~to encrypt and demand a ransom, and/or seek access to the data from market participants in ~~more~~other ~~lucrative~~ industries. Disruptions in our networks and the unavailability of our services or our inability to efficiently and effectively complete necessary technology or systems upgrades, or conversions could lead to a loss of customers, damage to our reputation and violation of the terms of our licenses and contracts with customers or applicable law. Additionally, breaches of security may lead to unauthorized access to our customer or employee information processed and stored in, and transmitted through, our IT systems. We may be required to expend significant resources to protect our ~~IT and operational~~ networks and may need to expend additional resources to modify our protective measures or to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. ~~There~~Additionally, ~~can~~the betechniques noand ~~assurance~~sophistication ~~that~~used weto ~~will~~conduct becyber-attacks ~~able~~and tobreaches ~~successfully~~of ~~prevent~~information atechnology ~~material~~systems ~~security~~change ~~breach~~frequently ~~stemming~~and ~~from~~increase ~~future~~in ~~cyberattacks~~complexity orand ~~avoid~~are ~~major~~often ~~outages~~not ~~caused~~recognized byuntil such anattacks ~~attack~~are launched or ~~breach~~have been in place for a period of time. ~~These~~For ~~failures~~example, as AI continues to evolve, cyber-attackers could also ~~lead~~use AI to ~~significant~~develop ~~negative~~or ~~publicity,~~hone ~~and~~their attacks. There can be no assurance that we ~~may~~will be ~~subject~~able to ~~litigation,~~successfully ~~regulatory~~prevent ~~penalties~~a ~~and~~material ~~financial~~security ~~losses.~~breach stemming from future cyberattacks

Network outages and rising energy costs could have an adverse effect on our business.

Network outages could have a material adverse effect on our business and can be caused by a myriad of incidents, including aging or faulty infrastructure, natural disasters, and third-party outages, such as power loss or subsea cable outage. Much of our underlying physical infrastructure (particularly in Guyana and Alaska), including buildings, fleet vehicles and related systems and equipment, has been in service for an extended period of time. In addition, our aging network exposes us to increased energy consumption and costs may expose us to additional cybersecurity risks as we maintain out-of-date software to maintain these systems. We may not be able to adequately fund the maintenance and replacement of this infrastructure on a basis timely enough to avoid material outages, accurately predict equipment failure rates, or be able to locate replacement parts or spares to repair existing equipment due to its age.

Due to the rural and island locations of our networks, our energy costs tend to be high, and due to the nature of our network on average can be higher than those of our competitors operating in the same markets. We are reliant on the stability of the energy grid in each of our markets to provide services, however, frequent power outages in several of our markets result in our service outages. We are working to shut down certain energy-inefficient parts of our network, such as our copper plants in Guyana, but rising energy costs may offset any efficiencies gained. While generator backups are in place where blackouts are common, generators run on costly fuel which contributes to higher energy costs. Notwithstanding the significant investments that are being made in the US Virgin Islands and in Guyana to upgrade the country's power network, there is no guarantee that the local governments will be able to stabilize the electric infrastructure in the future.

Table of Contents

~~Any~~or ~~network~~avoid ~~outage~~major ~~could~~outages ~~negatively~~caused ~~impact~~by ~~our~~such ~~operations,~~an ~~including~~attack ~~the~~or ~~provision~~breach. ofThese ~~service~~failures could also lead to ~~our~~significant ~~customers,~~negative publicity and ~~could~~reputational ~~result~~harm, inand ~~adverse~~we ~~effects~~may be subject to ~~our~~litigation, ~~financial~~regulatory ~~condition~~penalties and ~~reputation.~~financial losses.

Inclement weather, changes in meteorological conditions and other natural disasters may materially disrupt our operations.

Many of the areas in which we operate have experienced severe weather conditions including hurricanes, tornadoes, blizzards, fires, damaging storms, floods and earthquakes. Such events have in the past and in the future may materially disrupt and adversely affect our business operations. Major hurricanes have hit the US Virgin Islands, Bermuda, and Cayman several times in the past decade, causing damage to our network and to the infrastructure on the islands. Guyana and Cayman have each suffered from severe rains and flooding in the past as well. In Alaska, our operations face earthquake, volcanic, fire and winter storm risk. This risk to our ~~company~~Company is heightened by the limited emergency response resources in many of our service areas, which may be difficult to access during an emergency situation, potentially delaying service restoration during critical times following a natural disaster or other disruptive event. In addition, the impacts of climate change may exacerbate the risk of significant damage in the areas in which we operate if the frequency or duration of more intense weather events increase. We cannot be sure that these types of events will not have an impact in the future or that we can procure insurance coverage against these types of severe weather and geological events under reasonable business terms and conditions, or that any insurance coverage we are able to maintain will fully fund the replacement of assets and adequately compensate us for all damage and economic losses resulting from natural catastrophes. If we are unable to restore service on a timely and cost-effective basis, it could harm our reputation and have a material adverse effect on our business, financial condition or results of operations through continued loss of revenue and customer attrition.

WeNetwork ~~rely~~outages onand arising ~~limited~~energy ~~number~~costs ofcould ~~key~~have ~~suppliers~~an ~~and~~adverse ~~vendors~~effect on our business.

AsNetwork aoutages ~~telecommunications~~could ~~service~~have ~~provider,~~a wematerial ~~depend~~adverse effect on aour ~~limited~~business ~~number~~and ofcan ~~suppliers~~be ~~for~~caused ~~equipment~~by ~~and~~a ~~services~~myriad ~~relating~~of toincidents, ~~our~~including ~~network~~aging or faulty infrastructure, ~~mobile~~natural ~~handset~~disasters, ~~lineup~~cyber-attacks, and ~~back~~third-~~office~~party IToutages, ~~systems~~such ~~infrastructure~~as power loss or subsea cable outage. IfMuch ~~these~~of ~~suppliers~~our ~~experience~~underlying ~~interruptions,~~physical ~~price~~infrastructure ~~increases~~(particularly ~~due~~in toGuyana ~~tariffs~~and Alaska), including ~~those~~buildings, ~~imposed~~fleet orvehicles ~~that~~and ~~may~~related besystems ~~imposed~~and byequipment, ~~the new~~has USbeen ~~administration,~~in orservice ~~higher~~for ~~inflation,~~an orextended ~~other~~period ~~problems~~of ~~delivering~~time. ~~equipment~~Due to usthe onrural aand ~~timely~~island ~~and~~locations ~~cost-effective~~of ~~basis~~our networks, our ~~subscriber~~energy orcosts ~~revenue~~tend ~~growth~~to be high, and ~~operating~~where ~~results~~we ~~could~~have ~~suffer~~not ~~significantly.~~removed ~~For~~all ~~instance,~~of our ~~retail~~legacy ~~wireless~~copper ~~businesses~~network, ~~depend~~ on ~~access~~average, tocan ~~compelling~~be ~~handset~~higher ~~devices~~than atthose ~~reasonable~~of ~~prices~~our oncompetitors ~~the~~operating ~~primary~~in ~~and~~the ~~secondary~~same markets. ~~The~~We ~~size~~are reliant on the stability of ~~our~~the ~~business,~~energy ~~relative~~grid toin ~~many~~each of our ~~competitors~~markets ~~puts~~to usprovide atservices, ahowever, ~~disadvantage~~frequent power outages in ~~terms~~several of ~~whether~~our wemarkets ~~will~~result ~~get~~in ~~access~~our service outages. We may not be able to adequately fund the ~~newest~~maintenance ~~technologies~~and atreplacement ~~the~~of ~~same~~this ~~time~~infrastructure ason a basis timely enough to avoid material outages, decrease our ~~competitors~~rising energy costs, asaccurately ~~well~~predict equipment failure rates, or be able to locate replacement parts or spares to repair existing equipment due to its age. Any network outage as a ~~financial~~result ~~disadvantage~~of inour ~~terms~~aging ofinfrastructure ~~the~~or ~~ability~~unreliable toenergy ~~achieve~~grid ~~economies~~could negatively impact our operations, including the provision of ~~scale~~service ~~and~~to ~~receive~~our ~~commensurate~~customers, ~~discounts~~and ~~that~~could ~~may~~result bein ~~available~~adverse effects to our ~~competitors.~~financial condition and reputation.

AWe ~~large~~are ~~portion~~reliant of our equipment is sourced, directly or indirectly, from outside the United States. Major changes in tax policy or trade relations, such as the disallowance of tax deductions for imported products or the imposition of higher tariffs or duties on ~~imported~~government ~~products~~funding ~~imposed or~~ that ~~may be imposed by the new US administration ,~~ could ~~also~~change ~~adversely~~as ~~affect~~a ~~our~~result ~~business, results~~ of ~~operations,~~changes ~~effective income tax rate, liquidity and net income. We continue~~ to ~~monitor~~governmental ~~other~~policies ~~supply chain risks such as the increased cost~~ and ~~impact of tariffs, inflationary trends, availability of materials and services based on the subsidized dollars available for telecommunications companies in the US~~programs.

~~Our~~In ~~inability~~the western US, we receive government awards to ~~recruit~~both enable our expanded carrier service initiative and ~~retain~~grow ~~experienced~~the ~~management~~footprint of our network. We receive federal and ~~technical~~state ~~personnel~~universal ~~could~~service ~~adversely~~revenues ~~affect~~to support our ~~results~~wireline operations in high-cost areas in Alaska, the US Virgin Islands, and the western US. We receive US government funding and awards from numerous other sources, including E-rate, EACAM, RHC Program, Tribal Broadband Connectivity, CAF II, RDOF, and state funding, and are also a participant in the FCC’s Replace and Remove Program. Each government award or support imposes explicit conditions regarding operational requirements, timelines and deployment of ~~operations~~service, and required reporting, each that require strict compliance. If we are unable to meet the terms of the awards, our ~~ability~~funding may be subject to ~~maintain~~claw ~~effective~~back ~~internal~~in ~~controls~~addition to other consequences.

~~The~~Administrative ~~success~~and ofoperational ~~our~~expertise ~~business~~is ~~depends~~required onto meet the ~~ability~~growing number of ~~our~~government ~~executive~~award ~~officers~~programs ~~and~~that ~~operating~~we ~~unit~~have ~~leaders~~been ~~to develop and execute our business plan~~awarded, ~~identify~~ and ~~pursue~~in ~~new opportunities and product innovations~~particular, ~~and~~to ~~attract~~work ~~and~~through ~~retain~~the ~~these~~backlog ~~leaders~~of ~~along~~government ~~with~~environmental ~~other highly qualified technical~~ and ~~management~~real ~~personnel.~~estate Wepermitting ~~believe~~needed ~~that there is, and will continue~~ to bebuild, ~~strong~~expand ~~competition~~or ~~for~~alter ~~qualified~~fiber ~~personnel~~or intower ~~the~~facilities ~~communications industry and~~ in ~~our~~rural ~~markets~~jurisdictions. ~~and~~The weUS ~~cannot~~federal begovernment ~~certain that we will be able to attract and retain the personnel necessary for the development of our business.~~

Table of Contents

Weshutdown ~~rely heavily on local management to run our operating units. Many of the markets~~ in ~~which we operate are small and remote~~2025, ~~and~~as inwell ~~some~~as ~~cases are subject to government restrictions on granting work visas, which could make it difficult for us to attract and retain talented and qualified managers and staff in those markets. While~~ the ~~Company~~decrease ~~has consolidated certain key management roles, particularly~~ in ~~our~~federal ~~international~~workers ~~segment,~~to ~~reducing~~process ~~the~~easement ~~risk associated with filling~~ and ~~maintaining~~other ~~fewer~~necessary ~~positions~~permitting, itcontinues ~~also increases the need for effective change management and continuity planning. The loss of key personnel or the inability~~ to ~~attract or retain individuals with the expertise to operate complex communications equipment, networks and systems could~~ have aimpacts ~~material adverse effect~~ on ~~our~~the ~~ability to maintain effective internal controls, and on our business, financial condition and results of~~ operations. ~~We do not currently maintain “key person” life insurance on any~~ of our ~~key~~Company ~~employees~~with ~~and~~respect ~~none~~to ofbacklog ~~the~~in ~~executives~~permitting atthat ~~our~~accumulated ~~parent~~during ~~company~~the ~~have executed employment agreements requiring a specified period of service~~shutdown.

WeFurther, ~~are~~there ~~reliant~~is ona ~~government~~risk ~~funding~~that the FCC may continue to ~~execute~~enumerate onrequirements, change stated rules, or delay or withhold funding. For example, if the FCC’s ~~Remove~~were ~~and~~to ~~Replace~~add ~~program~~a new company to the Covered List of foreign companies whose telecommunications equipment is subject to usage restrictions that has provided a significant amount of equipment to our subsidiaries, we cannot predict how our business will be impacted or what sort of adverse consequences may result.

~~The~~Geopolitical ~~FCC’s~~instability ~~governmental~~and ~~restrictions~~US onmilitary ~~the~~presence ~~procurement of equipment from certain vendors has resulted~~ in athe ~~costly~~Caribbean ~~network~~may ~~replacement~~impact ~~build in~~ our ~~western United States~~ operations ~~that is funded in part by the FCC’s Replace and Remove Program~~. In July 2022, the FCC approved our eligible subsidiaries’ participation in the program but also announced that the total amount of approved costs for which reimbursement was sought by all applicants was far in excess of the amount appropriated by Congress. In December 2024 this program was fully funded for reimbursement to the Company of up to approximately $517 million. See US Telecom Segment – Mobility Services –Replace and Remove Program.

~~Companies~~A ~~that~~substantial ~~were~~part ~~awarded~~of ~~funding~~our ~~must~~operations ~~complete~~is located in the ~~removal~~Caribbean, ~~replacement~~and we have undersea cable connectivity and corporate functions in several jurisdictions, including Trinidad and ~~disposal~~Tobago. The US military has been increasing its presence in the Caribbean recently, including a buildup of ~~Covered~~naval ~~List~~forces ~~equipment~~in the area and ~~services~~the January 3, 2026 large-scale strike in ~~their~~Venezuela. ~~networks~~There ~~within~~are a ~~specified~~number ~~project~~of ~~completion~~potential ~~deadline.~~business ~~However,~~and ~~delays~~operational ~~due~~impacts toin ~~factors~~the event that military activity escalates, such as ~~supply-chain~~physical ~~issues~~damage to our telecommunications and subsea infrastructure, ~~delayed~~impairment ~~approval~~to ofcritical ~~reimbursement~~infrastructure ~~requests~~and facilities (like power), ~~the~~workforce ~~underfunding~~disruptions, ofchanges ~~the~~to ~~program~~customer base and competitive markets, and ~~other~~inability ~~external~~to ~~circumstances~~travel, ~~could~~as ~~prevent~~well ~~our~~as ~~subsidiaries~~macroeconomic ~~from~~risks ~~meeting~~like ~~these~~currency ~~timelines~~fluctuation, oil and gas prices and general market instability. Any further geopolitical volatility, including the threat of or actual military action, may adversely impact our operations and financial results.

WeOur ~~cannot~~inability ~~predict~~to ~~whether~~recruit and toretain ~~what~~experienced ~~extent~~management ~~the~~and ~~fund~~technical ~~administrator~~personnel ~~will~~could ~~approve~~adversely affect our ~~subsidiaries’~~results ~~requests for the specific reimbursement~~ of ~~costs,~~operations ~~whether~~and ~~we will obtain additional necessary extensions of the completion deadlines, or whether we can complete~~ our ~~participation~~ability into ~~the~~maintain ~~program~~effective ~~within~~internal ~~the timelines set by the FCC~~controls.

~~Finally,~~The ~~there~~success isof aour ~~risk~~business ~~that~~depends on the ~~FCC~~ability ~~may~~of ~~continue~~our toexecutive ~~enumerate~~officers ~~requirements,~~and ~~change~~operating ~~stated~~unit ~~rules,~~leaders orto ~~delay~~develop orand ~~withhold~~execute ~~funding,~~our ~~including~~business asplan, ~~result~~identify ofand ~~changes~~pursue tonew ~~governmental~~opportunities ~~policies~~ and ~~programs,~~product ~~including loans~~innovations, ~~grants,~~and ~~guarantees~~attract and ~~other~~retain ~~subsidies.~~these ~~For~~leaders ~~example,~~along ifwith ~~the~~other ~~FCC~~highly ~~were~~qualified totechnical ~~add~~and amanagement ~~new~~personnel. ~~company~~We tobelieve ~~the~~that ~~Covered~~there ~~List~~is, ofand ~~foreign~~will ~~companies~~continue ~~whose telecommunications equipment is subject~~ to ~~usage~~be, ~~restrictions~~strong ~~that~~competition ~~has~~for ~~provided~~qualified apersonnel ~~significant~~in ~~amount~~the ofcommunications ~~equipment~~industry toand in our ~~subsidiaries~~markets, and we cannot ~~predict~~be ~~how~~certain ~~our~~that ~~business~~we will be ~~impacted~~able orto ~~what~~attract ~~sort~~and ofretain ~~adverse~~the ~~consequences~~personnel ~~may~~necessary ~~result~~for the development of our business.

We ~~are~~rely ~~reliant~~heavily on local management to run our operating units. Many of the markets in which we operate are small and remote, and in some cases are subject to government ~~funding~~restrictions on granting work visas, which ~~brings~~could ~~compliance~~make ~~obligations~~it difficult for us to attract and retain talented and qualified managers and staff in those markets. While the Company has consolidated certain key management roles, particularly in our international segment, reducing the risk ofassociated with filling and maintaining fewer positions, it also increases the need for effective change inmanagement ~~federal~~and continuity planning. The loss of key personnel or ~~state~~the ~~funding~~inability to attract or retain individuals with the expertise to operate complex communications equipment, ~~including~~networks asand systems could have a ~~result~~material ofadverse ~~changes~~effect on our ability to ~~governmental~~maintain ~~policies~~effective internal controls, and ~~programs~~on our business, financial condition and results of operations. Additionally, we do not currently maintain “key person” life insurance on any of our key employees, and none of the executive officers at our parent company have executed employment agreements requiring a specified period of service.

InWe ~~the~~rely ~~western~~on ~~United~~a ~~States,~~limited wenumber ~~are using government awards to both enable our expanded carrier service initiative and grow the footprint~~ of ~~our~~key ~~network.~~suppliers ~~We receive federal~~ and ~~state~~vendors ~~universal service revenues to support our wireline operations in high-cost areas in Alaska, the US Virgin Islands,~~ and inif the western United States. We receive US government funding and awards from numerous other sources, including E-rate, EACAM, RHC program, Tribal Broadband Connectivity, CAF II, RDOF, and state funding. Each government award or support imposes explicit conditions regarding operational requirements, timelines and deployment of service, and required reporting, each that require strict compliance. Administrative and operational expertise is required to meet the growing number of government award programs that we have been awarded. If we are unable to meet the terms of the awards, our ~~funding~~relationships ~~may be subject to claw back in addition to other consequences. For example, on May 8, 2024, we entered into a Consent Decree~~ with ~~the~~them ~~FCC~~are ~~Enforcement~~interrupted ~~Bureau,~~it ~~regarding~~could ~~both~~adversely ~~the~~impact ~~USAC and FCC Enforcement Bureau’s investigation with respect to~~ our ~~compliance with Rural Healthcare Program Rules in the 2017 year and agreed to (i) pay a settlement amount of approximately $6~~business.3 million, and (ii) enter into a three-year compliance agreement in connection with Alaska Communication’s continued participation in the RHC Program. While we believe that we are in material compliance with

As a telecommunications service provider, we depend on a limited number of suppliers for equipment and services relating to our network infrastructure, mobile handset lineup, and back-office IT systems infrastructure. If these suppliers experience interruptions, price increases due to tariffs, or higher inflation, or other problems delivering equipment to us on a timely and cost-effective basis, our subscriber or revenue growth and operating results could suffer significantly. For instance, our retail wireless businesses depend on access to compelling handset devices at reasonable prices on the primary and secondary markets. The size of our business, relative to many of our competitors, puts us at a disadvantage in terms of whether we will get access to the newest technologies at the same time as our competitors, as

Table of Contents

~~the~~well ~~Consent~~as ~~Decree~~a ~~and~~financial ~~our~~disadvantage ~~ongoing~~in ~~RHC~~terms ~~Program~~of ~~obligations,~~the ~~any~~ability ~~violation~~to ofachieve ~~the~~economies ~~Consent~~of ~~Decree~~scale orand ~~other~~receive ~~compliance~~commensurate ~~failures~~discounts that may ~~result~~be inavailable ~~additional~~to ~~penalties~~our competitors.

~~Further,~~A ~~there~~large ~~can~~portion beof noour ~~assurance~~equipment ~~that~~is wesourced, ~~will~~directly ~~continue~~or toindirectly, ~~meet~~from ~~our~~outside ~~various~~the ~~government~~US, ~~obligations~~which incarries aadditional ~~capital-efficient~~risks ~~manner~~and regulatory obligations. ~~For~~In ~~example~~addition, ifmajor wechanges ~~fail~~in totax ~~meet~~policy ~~our~~or ~~buildout~~trade ~~and service obligations~~relations, orsuch ifas wethe ~~require~~disallowance ~~substantial~~of ~~additional~~tax ~~capital~~deductions ~~expenditures~~for toimported ~~meet~~products or the ~~obligations~~imposition ~~under~~of ~~the~~new ~~timeline~~or ~~required~~increased tariffs, reciprocal tariffs, or ifduties ~~the~~on ~~relevant~~imported ~~government~~products ~~agencies~~imposed ~~reduce~~or ~~funding~~that ~~availability~~may be imposed, could also adversely affect our ~~revenue~~business, results of operations, ~~and~~effective ~~liquidity~~income ~~may~~tax berate, ~~materially~~liquidity ~~adversely~~and ~~impacted~~net income. We continue to monitor other supply chain risks such as the increased cost and impact of tariffs, inflationary trends, availability of materials and services based on the subsidized dollars available for telecommunications companies in the US.

Finally, there is uncertainty regarding any future levels of these revenues, as the new US administration may choose to decrease or cease funding certain programs, and the constitutionality of the federal universal service program is currently under judicial review. There can be no assurance that government support will continue at its current levels and decreases, losses, or disruptions in the funding of certain programs may have a materially adverse impact on our revenues.

Strategic Risks

Increased competition may require increased capital expenditures or result in the loss of existing customers.

Over the past decade, an increase in competition in many areas of the telecommunications industry has contributed to a decline in prices for communication services, including mobile wireless services, local and long-distance telephone services and data services. This is exacerbated by declining or stagnant population trends and changes in the local business environment in certain island markets where we operate, notably Bermuda. Thus, the growth of our retail businesses relies on our ability to upsell our existing customer base with new or higher quality products while decreasing operating expenses. Increased competition, whether from new market entrants or heightened capital investment by our competitors in their existing networks, will make it more difficult for us to attract and retain customers in our small markets, which could result in lower revenue and cash flow from operating activities.

Additionally, in some instances, we compete against companies that have greater financial and personnel resources, greater brand name recognition, more extensive coverage areas, access to technologies not available to us and long-established relationships with regulatory authorities and customers. These additional resources may allow these competitors to offer bundled service offerings that we are not able to duplicate and offer more services than we do. We may not be able to ~~realize~~successfully ~~the~~compete ~~benefits~~with ofthese larger competitors to attract new customers and retain existing customers. As a result, we could experience lower revenues, higher sales and marketing expenses and lower earnings, which could have an adverse effect on our ~~investments~~business inand our ~~operating~~results ~~markets~~of operations.

~~Historically,~~We wemay ~~have~~not ~~funded~~be ~~our~~able capital expenditures and transactional matters from a combination of cash on hand, cash from operations, and debt. With the acquisitions of Alaska Communications and Sacred Wind and our investment in our “First-to~~-Fiber”~~ ~~and~~close ~~“Glass & Steel™” strategies, we have substantially decreased~~ our ~~cash~~sale ~~reserves~~of ~~and~~US ~~increased our leverage on a consolidated basis~~towers.

~~Beginning~~On inFebruary ~~2022~~11, 2026, we ~~invested~~announced inthe ~~higher-than-average~~sale ~~capital~~of ~~expenditures~~a tosubstantial ~~support~~portion of our ~~strategies~~tower ofportfolio ~~“First-to-Fiber”~~(the ~~and~~ “~~Glass~~Tower ~~& Steel™~~Portfolio”) in ~~our~~the ~~businesses.~~southwestern InUS ~~2025, we intend~~ to ~~return~~EIP toHoldings ~~more~~IV, ~~normalized investment levels. However~~LLC, ~~our~~an ~~ability~~affiliate toof ~~support~~Everest ~~multiple~~Infrastructure ~~organic~~Partners, Inc. ~~and~~(“Everest”) ~~inorganic~~(the ~~growth~~“Tower ~~opportunities~~Portfolio ~~across~~Transaction”). ~~our~~Our ~~businesses~~ability ~~may~~to beclose ~~limited~~the byTower ~~our~~Portfolio ~~liquidity~~Transaction ~~resources~~is ~~and~~dependent ~~require~~on ~~significant oversight from~~ our ~~senior~~ability ~~management.~~to ~~Major~~receive ~~business~~certain ~~initiatives~~third-party ~~are~~consents ~~underway, focusing on improving mobile~~ and ~~other enterprise sales across all markets~~approvals, ~~digitizing~~including ~~internal~~the ~~processes~~expiration toof ~~enhance~~any ~~response~~waiting ~~times~~period tounder ~~customer~~the ~~requirements,~~Hart-Scott ~~modernizing~~Rodino ~~and~~Act ~~centralizing~~of ~~existing processes in select markets~~1976, and ~~improving~~to ~~operational~~cure ~~execution of~~ certain USconditions ~~Telecom~~identified ~~businesses.~~at ~~Execution~~the onsigning ~~multiple~~of ~~simultaneous~~the ~~and~~Tower ~~transformational~~Portfolio ~~initiatives~~Transaction ~~requires~~with ~~in-depth~~respect ~~management~~to ~~attention~~certain insites. We ~~multiple~~cannot ~~jurisdictions~~guarantee towhen ~~capitalize~~or onif ~~economic~~these ~~growth~~or inother ~~Guyana,~~conditions ~~capture~~will ~~additional~~be ~~operational~~satisfied ~~efficiencies,~~or ~~and~~that ~~develop~~the ~~and~~Tower ~~grow~~Portfolio ~~enterprise~~Transaction ~~revenue~~will ~~streams~~be insuccessfully ~~our US Telecom segment~~completed.

ToIn ~~support multiple simultaneous growth opportunities~~addition, weas ~~may~~part ~~need~~of tothe ~~raise~~Tower ~~additional~~Portfolio ~~capital~~Transaction, orEIP ~~incur~~Holdings ~~additional~~IV, ~~debt~~LLC, toan ~~fund~~affiliate ~~our~~of ~~future~~Everest ~~operations~~Infrastructure orPartners, ~~investment opportunities~~Inc. We(“Everest”) ~~cannot~~has ~~provide~~agreed ~~any assurances that we will be able~~ to ~~secure~~provide ~~additional~~payment ~~funding from public or private offerings on terms acceptable to us, if at all. As we exit our planned period of capital investments in various infrastructure projects, particularly upgrading~~ and ~~expanding~~assume ~~our fiber network in Guyana,~~ the ~~success~~management of ~~those~~certain ~~investments~~sites ~~is largely dependent on~~ (the ~~business~~“Managed ~~being~~Sites”), ~~able~~for towhich ~~maintain~~we ~~and~~will ~~expand~~have ~~its~~one ~~customer~~year ~~base.~~following Wethe ~~also~~closing ~~face execution risk with respect~~ to ~~our~~remedy ~~planned~~any ~~margin~~Managed ~~expansion~~Site conditions, ~~which relies on reducing operating expenses without compromising service quality~~ or ~~losing~~we ~~revenues.~~will ~~Whether~~be ~~due~~required to ~~increased~~repay ~~competition,~~the ~~ineffective~~transaction ~~sales~~proceeds ~~activity~~related ~~or other market forces, we may fail~~ to ~~achieve~~such ~~our sales targets and cost reduction goals on our upgraded networks~~sites.

The Tower Portfolio Transaction also contemplates our lease and continued use of space on the Tower Portfolio for our current wireless operations (the “Leaseback”), and is intended to enable us to monetize illiquid fixed assets to satisfy our short- and long-term needs, including investing in growth initiatives and de-levering our balance sheet. However, the Leaseback creates the risk of loss if we default on the terms of the Master Lease Agreements, which could

Table of Contents

negatively harm our financial position, results of operations and liquidity. In addition, the Leaseback may result in higher overall costs and increase the Company’s operating expenses.

If we are unable to consummate the Tower Portfolio Transaction, or if we are not able to operate economically under the Leaseback, this could adversely affect our business, financial results and stock price. Even if the Tower Portfolio Transaction is successfully consummated, we may not realize the anticipated benefits thereof, including those related to the Leaseback, and our business, financial results and stock price could be negatively impacted.

We may not be able to realize the benefits of our investments in our operating markets.

Beginning in 2022, we invested in higher-than-average capital expenditures to support our strategies of “First-to-Fiber” and “Glass & Steel™” in our businesses. In 2024, we returned to more normalized investment levels. However, our ability to support multiple organic and inorganic growth opportunities across our businesses may be limited by our liquidity resources and require significant oversight from our senior management. Major business initiatives are underway, focusing on improving mobile and other enterprise sales across all markets, digitizing internal processes to enhance response times to customer requirements, modernizing and centralizing existing processes in select markets, and improving operational execution of certain US Telecom businesses. Execution on multiple simultaneous and transformational initiatives requires in-depth management attention in multiple jurisdictions to capitalize on economic growth in Guyana, capture additional operational efficiencies, and develop and grow enterprise revenue streams in our US Telecom segment.

To support multiple simultaneous growth opportunities, we may need to incur additional debt or raise additional capital to fund our future operations or investment opportunities. We cannot provide any assurances that we will be able to secure additional funding from public or private offerings on terms acceptable to us, if at all. As we exit our planned period of capital investments in various infrastructure projects, particularly upgrading and expanding our fiber network in Guyana, the success of those investments is largely dependent on the business being able to maintain and expand its customer base. We also face execution risk with respect to our margin expansion targets, which rely on reducing operating expenses without compromising service quality or losing revenues. Whether due to increased competition, ineffective sales activity, or other market forces, we may fail to achieve our sales targets and cost reduction goals on our upgraded networks.

Rapid and significant technological changes and advancements in the telecommunications industry may adversely affect us.

Our industry faces rapid and significant changes in technology that may directly impact our business, including the introduction of new telecom delivery platforms. For example, Starlink began offering direct-to-consumer products, which in some locations inwithin our markets is a direct competitive alternative to our new fiber offerings ~~in certain locations, such as in Alaska and Guyana~~. Given the high capital investments that we have already made in the new fiber offerings, this competition may have an adverse impact on our anticipated return on investment.

For us to keep pace with these technological changes and advancements and remain competitive, at a minimum we must continue to make capital expenditures to add to our networks’ capacity, coverage and technical capability. We cannot predict the effect of technological changes and advancements on our business. Alternative or new technologies, including ~~artificial~~AI ~~intelligence~~ technologies, may be developed that provide communications services superior to those available from us, which may adversely affect our business. Our use of AI technology is governed by various internal policies to maintain the security of our assets and information resources, which include limited approved use cases (such as summarization, research, transcription) and processes for approving new uses. Failure to provide these services or to upgrade to new technologies on a timely basis and at an acceptable cost, or to secure any necessary regulatory approvals to roll out such new technologies on a timely basis, all could have a material adverse effect on our ability to compete with carriers in our markets and may expose us to additional risks. For example, failure to implement the ~~right~~effective ~~artificial~~AI ~~intelligence~~ technologies could lead to poor customer experience or brand damage. Any problems with our implementation or use of ~~artificial~~AI ~~intelligence~~ or other technological advancements could also negatively impact our business or results of our operations.

Regulatory Risks

Regulatory changes may impose restrictions that adversely affect us or cause us to incur significant unplanned costs in modifying our business plans or operations.

We are subject to US federal, state, and local regulations and foreign government regulations, all of which are subject to change, including as a result of the new administration in the US. As new laws and regulations are issued or discontinued, we may be required to materially modify our business plans or operations. We cannot be certain that we can do so in a cost-effective or timely manner. The interpretation and implementation of the various provisions of the Communications Act and the FCC rules implementing the Communications Act continue to be heavily debated and may have a material adverse effect on our business.

FCC regulatory activity has increased since 2023, particularly in connection with broadband. We cannot predict how increased regulatory activity at the FCC will impact our businesses.

Our international operations are subject to similar regulations, the interpretation and implementation of which are also often debated, and which may have a material adverse effect on our business. For instance, in 2020, the Government of Guyana formally implemented telecommunications legislation that introduces material changes to many features of Guyana’s existing telecommunications regulatory regime that impact our operations, administrative reporting and services. There can be no assurance that these regulations will be effectively or uniformly administered, and Guyana remains a high-risk environment due to economic, political, and judicial uncertainty.

Our interpretations of our obligations in the United States and our international jurisdictions may differ from those of regulatory authorities. Both federal and state regulators, as well as international regulators, require us to pay various fees and assessments, file periodic reports and comply with various rules regarding our consumer marketing practices and the contents of our bills, on an on-going basis. If we fail to comply with these requirements, we may be subject to fines or potentially be asked to show cause as to why our licenses to provide service should not be revoked.

Table of Contents

Regulatory Risks

Regulatory changes may impose restrictions that adversely affect us or cause us to incur significant unplanned costs in modifying our business plans or operations.

We are subject to US federal, state, and local regulations and foreign government regulations, all of which are subject to change. As new laws and regulations are enacted, amended, or abolished, we may be required to materially modify our business plans or operations. We cannot be certain that we can do so in a cost-effective or timely manner. The interpretation and implementation of the various provisions of the Communications Act and the FCC rules implementing the Communications Act continue to be heavily debated and may have a material adverse effect on our business.

Our international operations are subject to similar regulations, the interpretation and implementation of which are also often debated, and which may have a material adverse effect on our business. For instance, in 2025, the Government of Bermuda undertook a market review that purports to introduce material restrictions on our pricing and delivery of services in Bermuda that we currently have under appeal. There can be no assurance that these regulations will be effectively or uniformly administered, and Guyana remains a high-risk environment due to economic, political, and judicial uncertainty.

The loss of certain licenses could adversely affect our ability to provide wireless and broadband services.

In the ~~United States~~US, wireless licenses generally are valid for 10ten years from the effective date of the license and generally may be renewed for additional 10ten-year periods by filing renewal applications with the FCC. While to date we have successfully renewed our licenses in the ordinary course of operations, failure to file for renewal of these licenses or failure to meet any licensing requirements could lead to a denial of the renewal application and thus adversely affect our ability to continue to provide service in that license area.

In our international markets, telecommunications licenses are typically issued and regulated by the applicable telecommunications ministry. The application and renewal process for these licenses may be lengthy, require us to expend substantial renewal fees, and/or be subject to regulatory or legislative uncertainty, such as we are experiencing in Guyana, as described above. For example, OneGY’s current operating license for Guyana was issued in October 2020 and is scheduled to expire in October 2030. On October 6, 2025, we formally notified the Government of Guyana of our intention to renew our operating license. As of the date of the Report, the request remains pending. Failure to comply with these regulatory requirements may have an adverse effect on our licenses or operations and could result in sanctions, fines or other penalties.

Economic Risks

~~Availability~~The tightening of access to and cost of capital could adversely impact our business.

The tightening of access to capital markets (both debt and equity) and increasing costs of capital combined with a squeeze on operating cashflow generation capability due to inflationary pressures could decrease our capital funding below a desirable level. This could impact funding needed for future capital projects, or the speed that we are able to complete them, and/or limit our ability to grow through inorganic acquisition opportunities, which could have an adverse impact on our business.

General economic factors, such as inflation and a potential economic downturn, domestically and internationally, may adversely affect our business, financial condition and results of operations.

Our operations and performance depend on worldwide economic conditions. These conditions have been adversely impacted by continued global economic concerns over inflation, supply chain disruptions, a potential recession, outbreak of war ~~and~~or ~~other~~ongoing ~~monetary~~conflicts, ~~and~~uncertainty ~~financial~~with ~~uncertainties.~~respect ~~Continued~~to ~~inflation~~tariffs ~~may~~and ~~adversely~~trade ~~affect our liquidity~~relations, ~~business,~~and ~~financial~~other ~~condition~~monetary and ~~results~~financial ~~of operations by increasing our overall cost structure~~uncertainties. The existence of inflation in the economy has resulted in, and may continue to result in, higher interest rates and capital costs, supply shortages, increased costs of labor, components, manufacturing and shipping, as well as weakening exchange rates and other similar effects. Increased interest rates and additional debt have resulted in increased interest expenses.

Slower economic activity, increased unemployment, concerns about inflation, decreased consumer confidence and other adverse business conditions could have an impact on our businesses. For example, among other things:

● the new US administration’s threats to impose, or imposition of, new or increased tariffs may impact our ability to timely or cost effectively procure materials (such as steel, aluminum, or copper) that we use to construct our networks;

● the economies of Alaska and Guyana depend heavily on the strength of the natural resource industries, particularly oil production and prices of crude oil. The supply and price of crude oil can be volatile and influenced by a myriad of factors beyond our control, including foreign actors (like OPEC), worldwide supply and demand, war, economic sanctions, natural disasters, the move by many governments, businesses, and institutions towards “de-carbonization” and other political conditions. Overall economic impacts from a sustained lower price of crude oil, on Alaska on the one hand, and from projected revenue from sales of oil, for Guyana on the other hand, if maintained over time, will impact our growth in the future;

● a decrease in tourism could negatively affect revenues and growth opportunities from operations in the islands and in a number of areas covered by US rural and wholesale wireless operations that serve tourist destinations;

Table of Contents

●interest ~~the~~rates ~~lack~~and ofcapital ~~foreign exchange~~costs, ~~specifically~~supply ~~US dollars~~shortages, ~~available~~increased incosts ~~Guyana is impacting our ability to pay for goods and services because many~~ of ~~our key vendors in Guyana~~labor, ~~including the vendor that we use to construct our fiber assets~~components, ~~will~~manufacturing ~~not~~and ~~accept payment in Guyana dollars. This affects the liquidity available in the market to fund key capital projects~~shipping, as well as ~~cash~~weakening ~~requirements~~exchange inrates and other ~~areas~~similar ~~of the local operating company~~effects. ~~With~~Increased ainterest ~~shortage~~rates ofand ~~foreign~~additional ~~currency in the jurisdiction, we are relying on foreign currency from intercompany sources, including~~ debt, ~~which~~have isresulted ~~impacting~~in ~~both~~increased ~~our~~interest ~~liquidity and leverage~~expenses.

●Slower ifeconomic weactivity, ~~are~~increased ~~unable~~unemployment, toconcerns ~~collect~~about ~~subscription~~inflation, ~~fees~~decreased ~~from~~consumer ~~our~~confidence ~~subscribers,~~and weother ~~may~~adverse ~~have~~business anconditions ~~increase~~could inhave ~~credit~~an ~~losses~~impact on ~~trade~~our ~~receivables~~businesses. orFor ~~the~~example, ~~amounts~~among ~~that~~other ~~we have to write off of our accounts receivable.~~things:

●

The US’s imposition of new or increased tariffs and the imposition of reciprocal tariffs in response thereto may impact our ability to timely or cost effectively procure materials (such as steel, aluminum, or copper) that we use to construct our networks.

●

The economies of Alaska and Guyana depend heavily on the strength of the natural resource industries, particularly oil production and prices of crude oil. The supply and price of crude oil can be volatile and influenced by a myriad of factors beyond our control, including foreign actors (like the Organization of the Petroleum Exporting Countries), worldwide supply and demand, war, economic sanctions, natural disasters, the move by many governments, businesses, and institutions towards “de-carbonization” and other political conditions. Overall economic impacts from a sustained lower price of crude oil, on Alaska on the one hand, and from projected revenue from sales of oil, for Guyana on the other hand, if maintained over time, will impact our growth in the future.

●

A decrease in tourism could negatively affect revenues and growth opportunities from operations in the islands and in a number of areas covered by US rural and wholesale wireless operations that serve tourist destinations.

●

The lack of foreign exchange, specifically US dollars, available in Guyana has and continues to impact our ability to pay for goods and services because many of our key vendors in Guyana, including the vendor that we use to construct our fiber assets, will not accept payment in Guyana dollars. This affects the liquidity available in the market to fund key capital projects, as well as cash requirements in other areas of the local operating company. With a shortage of foreign currency in the jurisdiction, we are relying on foreign currency from intercompany sources, including debt, which impacts both our liquidity and leverage.

●

If we are unable to collect subscription fees from our subscribers, we may have an increase in credit losses on trade receivables or the amounts that we have to write off of our accounts receivable.

The long-term impact, if any, that these events might have on us and our business is uncertain.

Our debt instruments include restrictive and financial covenants that limit our operating flexibility.

The credit facilities that we and our subsidiaries maintain include certain financial and other covenants that, among other things, restrict our ability to take specific actions, even if we believe such actions are in our best interest. These include restrictions on our ability to do the following:

●

incur additional debt;

●

sell, create liens or negative pledges with respect to our assets;

●

pay dividends or distributions on, or redeem or repurchase, our capital stock;

●

make investments, loans or advances or other forms of payments;

●

issue, sell or allow distributions on capital stock of specified subsidiaries;

●

enter into transactions with affiliates; or

●

merge, consolidate or sell our assets.

Failure to comply with the restrictions of the credit facilities or any subsequent financing agreements may result in an event of default. Such default may allow our creditors to accelerate the repayment of the related debt and may result in the acceleration of the repayment of any other debt to which a cross-acceleration or cross-default provision applies. In addition, these creditors may be able to terminate any commitments they have made to provide us with additional funding.

As our debt levels have increased over the last three years to fund our higher-than-normal capital expenditures, the higher debt levels coupled with higher interest rates has increased our interest expense burden and negatively impacted our earnings, cash flow and financial condition.

Labor costs and the terms of collective bargaining agreements can negatively impact our ability to remain competitive, which could cause our financial performance to suffer.

Our four largest markets all have some unionized labor pools. Alaska Communications presents a particular operating challenge that differs from those that we have in other markets given the remote location of operations and the extent of the unionized workforce. Labor costs are a significant component of Alaska Communications’ expenses and, as of December 31, 2024, approximately 59% of its workforce is represented by the International Brotherhood of Electrical Workers (“IBEW”). The collective bargaining agreement (“CBA”) between Alaska Communications and the IBEW, which was extended through mid-2025, governs the terms and conditions of employment for all IBEW represented employees working for Alaska Communications and has significant economic impacts on it as the CBA relates to wage and benefit costs and work rules. We believe Alaska Communications’ labor costs are higher than our competitors who employ a non-unionized workforce. In addition, Alaska Communications may make strategic and operational decisions that require the consent of the IBEW. In all of our markets, the local union may not provide consent when needed to execute upon strategic new initiatives or cost saving measures, it may require additional wages, benefits or that other consideration be paid in return for its consent, or it may call for a work stoppage against our operating companies. Any deterioration in the relationship with our local unions could have a negative impact on our operations and on our ability to achieve our plans for growth.

Table of Contents

Labor costs and the terms of collective bargaining agreements can negatively impact our ability to remain competitive, which could cause our financial performance to suffer.

Our four largest markets all have some unionized labor pools. Alaska Communications presents a particular operating challenge that differs from those that we have in other markets given the remote location of operations and the extent of the unionized workforce. Labor costs are a significant component of Alaska Communications’ expenses and, as of December 31, 2025, approximately 59% of its workforce is represented by the International Brotherhood of Electrical Workers (“IBEW”). The collective bargaining agreement (“CBA”) between Alaska Communications and the IBEW, which was extended through December 31, 2027, governs the terms and conditions of employment for all IBEW represented employees working for Alaska Communications and has significant economic impacts on it as the CBA relates to wage and benefit costs and work rules. We believe Alaska Communications’ labor costs are higher than our competitors who employ a non-unionized workforce. In addition, Alaska Communications may make strategic and operational decisions that require the consent of the IBEW. In all of our markets, the local union may not provide consent when needed to execute upon strategic new initiatives or cost saving measures, it may require additional wages, benefits or that other consideration be paid in return for its consent, or it may call for a work stoppage against our operating companies. Any deterioration in the relationship with our local unions could have a negative impact on our operations and on our ability to achieve our plans for growth.

Alaska Communications may incur substantial and unexpected liabilities arising out of its pension plans.

Alaska Communications is required by the CBA to contribute to the Alaska Electrical Trust Funds (“AEPF”) for benefit programs, including defined benefit pension plans and health benefit plans. Alaska Communications also maintains pension benefits for substantially all of its Alaska-based employees. The AEPF is a multi-employer pension plan to which Alaska Communications makes fixed, per employee, contributions through the CBA, which covers the IBEW represented workforce, and a special agreement, which covers most of its non-represented workforce. Because contribution requirements are fixed, Alaska Communications cannot easily adjust annual plan contributions to address its own financial circumstances. Currently, this plan is not fully funded, which means Alaska Communications may be subject to increased contribution obligations, penalties, and ultimately, it could incur a contingent withdrawal liability should it choose to withdraw from the AEPF for economic reasons. Alaska Communications’ contingent withdrawal liability is an amount based on its pro-rata share among AEPF participants of the value of the funding shortfall. This contingent liability becomes due and payable if Alaska Communications terminates its participation in the AEPF. Moreover, if another participant in the AEPF goes bankrupt, Alaska Communications would become liable for a pro-rata share of the bankrupt participant’s vested, but unpaid, liability for accrued benefits for that participant’s employees. This could result in a substantial unexpected contribution requirement and making such a contribution could have a material adverse effect on Alaska Communications’ cash position and other financial results. These sources of potential liability are difficult to predict.

These plans and activities have generated and will likely continue to generate substantial cash requirements for Alaska Communications, and these requirements may increase beyond our expectations in future years based on changing market conditions, which could result in substantial liabilities on our balance sheet. The difference between projected plan obligations and assets, or the funded status of the plans, is a significant factor in determining the net periodic benefit costs of these pension plans and the ongoing funding requirements of those plans. Changes in interest rates, mortality rates, health care costs, early retirement rates, returns on investment and the market value of plan assets can affect the funded status of our defined benefit pension plans and cause volatility in the net periodic benefit cost and future funding requirements of the plans. In the future, we may be required to make additional contributions to our defined benefit plans. Plan liabilities may impair our liquidity, have an unfavorable impact on our ability to obtain financing and place us at a competitive disadvantage compared to some of our competitors who do not have such liabilities and cash requirements.

~~Although~~As weof ~~believe that we are in compliance with~~ the ~~requirements~~date of ~~the~~this ~~AEPF~~Report, ~~given~~we ~~the~~believe ~~complexity of pension-related matters described above~~ we ~~may~~were ~~not,~~ in ~~every instance, be in full~~ compliance with ~~applicable~~the requirements of the AEPF.

Table of Contents

Other Risks

Our founder is our largest stockholder and could exert significant influence over us.

Cornelius B. Prior, Jr., our founder and the father of our Executive Chairman, together with related entities, affiliates and family members (including our Executive Chairman), beneficially owns approximately 33% of our outstanding Common Stock. As a result, he has the ability to exert significant influence over all matters presented to our stockholders for approval, including the election and removal of our directors and change of control transactions. His interests may not always coincide with the interests of other holders of our Common Stock.

Low trading volume of our stock may limit our stockholders’ ability to sell shares and/or result in lower sale prices.

For the three months prior to March 1716, ~~2025~~2026, the average daily trading volume of our Common Stock was approximately 8374,000 shares. As a result, our stockholders may have difficulty selling a large number of shares of our Common Stock in the manner or at a price that might be attainable if our Common Stock were more actively traded. In addition, the market price of our Common Stock may not be reflective of its underlying value.

Table of Contents

We may not pay dividends in the future.

Our stockholders may receive dividends out of legally available funds if, and when, they are declared by our Board of Directors. We have consistently paid quarterly dividends in the past, but may cease to do so or decrease the dividend amount at any time. Our credit facility sets certain limitations on our ability to pay dividends on, or repurchase, our capital stock. We may incur additional indebtedness in the future that may further restrict our ability to declare and pay dividends. We may also be restricted from paying dividends in the future due to restrictions imposed by applicable state laws, our financial condition and results of operations, capital requirements, management’s assessment of future capital needs and other factors considered by our Board of Directors.

The lack of liquidity of our privately held investments may adversely affect our business.

Our subsidiaries and affiliates are typically private companies whose securities are not traded in any public market. In the past, we have partnered with other equity investors as well and may have majority or minority holdings in certain investments. Investment agreements for both our majority and minority held subsidiaries often contain investor rights and obligations, such as rights of first refusal, co-sale, and “drag along” provisions related to liquidity events and transfers that may force us to sell or exit our holdings at times or on terms that are not optimal or limit our ability to sell or exit our holdings at our discretion. The illiquidity of our investments may make it difficult for us to quickly obtain cash equal to the value at which we record our investments if the need arises to satisfy the repurchase of such investments from our other equity investors in the event such company desires, or in the case of our Alaska Communications and Sacred Wind entities, may be required to repurchase such securities pursuant to contractual arrangements. Such illiquidity could also cause us to miss other investment opportunities. There can also be no assurance that our investments will appreciate in value or that we will have the opportunity to divest such investments at acceptable prices or within the timeline envisaged. If any of the above circumstances arise, it could result in impairments to such investments, and could have a material adverse impact on our earnings, cash flow and financial condition.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

Table of Contents

ITEM 1C. CYBERSECURITY

Cybersecurity Risk Management and Strategy

We have invested time and resources with a goal to define, implement and further develop the maturity of our cybersecurity risk management and strategy program. During this time, we have developed a ~~common~~ comprehensive cybersecurity incident response plan across our businesses and jurisdictions that while unique to the risk profile of each business, allows us to utilize common response and decision-making protocols in an effort to react quickly to a potential cybersecurity threat and manage risk to our overall Company.

In developing our cybersecurity incident response plan and assessing the maturity of our cybersecurity threat program, we utilize the National Institute of Standards and Technology Cybersecurity Framework (“NIST”). We use NIST as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. We make it a practice to continually review the maturity of our program, utilizing the NIST standards and leveraging the feedback of both internal resources and external advisors in an effort to continuously improve our program in relation to evolving cybersecurity threats in our industry.

Our cybersecurity risk management program is integrated into our overall enterprise risk management program, ~~overseen~~and bychanges ~~our~~or ~~Risk~~improvements ~~Council,~~to ~~composed~~the ofprogram are incorporated from professionals across a variety of departments and jurisdictions in our organization. Our cybersecurity program utilizes methodologies, reporting channels and governance processes across our subsidiaries that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas that are assessed and reviewed when onboarding new vendors, customers, product lines or shifts in our service delivery models.

Our cybersecurity risk management program includes:

●

risk assessments performed internally and with the help of third-party vendors that are designed to help identify material cybersecurity risks to our critical systems, information, products, services, equipment, and our broader enterprise IT and customer-facing network environments;

● a ~~security~~cybersecurity team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, (3) our response to cybersecurity incidents, and (4) our assessment of new products and business processes;

●

the use of external service providers, where appropriate, to assess, test or otherwise assist with the analysis of our security controls and those of our key vendors;

●

cybersecurity awareness training of our employees, incident response personnel, and senior management; and

●

a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents.

ToAs of the date of this Report, we have not experienced any ~~prior~~ cybersecurity incidents that have materially affected our operations, business strategy, results of operations, or financial condition. For a discussion of risks that could in the future impact our operations, business strategy or financial condition, please see “Cybersecurity breaches could have an adverse effect on our business” in our Risk Factors.

Cybersecurity Governance

Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity in connection with its general risk assessment and oversight. The Audit Committee oversees management’s implementation of our cybersecurity risk management program.

The Audit Committee receives frequent, and typically no less than quarterly, reports from management on our cybersecurity risks, assessment of our cybersecurity program, and development of our information security incident response plan. In addition, management updates the Audit Committee, pursuant to an agreed upon timetable and escalation

Table of Contents

matrix regarding any material cybersecurity incidents, as well as providing the Audit Committee with periodic reports on any incidents with lesser impact potential.

The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management from time to time on our cyber risk management program. Board members receive presentations and training on cybersecurity topics from our ~~Chief Information Officer (CIO),~~ Vice President of Security, or external experts as part of the Board’s continuing education on topics that impact public companies. Our ~~CTIO~~Vice isPresident ~~an experienced information technology professional with just under 30 years~~ of experience in the networking and communications industries. His extensive experience extends to all facets of information technology, including enterprise applications, cloud and SaaS systems, network infrastructure, and network management. For the past decade, he has been at the forefront of cloud systems development and security. Our VP of Security has over 30 years of experience in IT and Security and has the Certified Information System Security Professional (CISSP) certification, as well as various technology vendor certifications.

AsWhile ~~referenced~~our ~~above,~~Vice ~~our~~President ~~Risk~~of ~~Council~~Security is responsible for day-to-day cyber risk management, and reports to the Audit Committee on these matters., ~~Our~~our management team, including our Chief Executive Officer, our General Counsel, ~~who~~our ~~serves~~Vice asPresident ~~the~~of ~~lead~~Strategic ofOperations, our ~~Risk~~International ~~Council~~Chief Operating Officer, and other members of our ~~CIO~~security, information technology, and legal teams, are responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our internal security team is made up of experienced professionals that have an average of more than 25 years of IT and security experience, including certifications such as CISSP, CompTia Security+. We also have developed an internal training program to develop new talent within our organization and work with vendor and third-party training programs to mentor and educate these team members to expand and enhance the capabilities of our team.

Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity threats and incidents through various means, which may include: briefings from internal security personnel; ~~and~~ other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.

ITEM 2. PROPERTIES

We lease approximately 21,000 square feet of office space at 500 Cummings Center, Beverly, MA 01915 for our corporate headquarters. Worldwide, we utilize the following approximate square footage of space for our operations:



	International		Corporate
Type of space	Telecom	US Telecom	and Other
Office	301,000	~~220~~247,000	4121,000
Retail stores	29,000	~~30,000~~—	—
Technical operations	2,023,000	291,000	—

All of the above locations are leased except for certain of the office and technical spaces ~~within our International Telecom segment~~, which we own. As of December 31, ~~2024~~2025, we operated ~~seven~~21 retail stores in our USInternational Telecom segment and ~~twenty~~none ~~retail~~within ~~stores in~~ our ~~International~~US Telecom segment.

Table of Contents

Our offices and technical operations are in the following locations:

International Telecom US Telecom Georgetown, Guyana Castle Rock, CO Bermuda ~~Atlanta~~Anchorage, GAAK US Virgin Islands ~~Anchorage~~Albuquerque, AKNM Cayman Islands ~~Albuquerque, NM~~ Trinidad

Within our communications operations, we globally own approximately 366 towers, lease an additional approximate 379 towers and have 4 switch locations within rented locations. We consider our owned and leased properties to be suitable and adequate for our business operations.26

Table of Contents

Within our communications operations, we globally own approximately 482 towers, lease an additional approximate 464 towers and have 4 switch locations within rented locations, as of the date of this Report. We consider our owned and leased properties to be suitable and adequate for our business operations.

ITEM 3. LEGAL PROCEEDINGS

We and our subsidiaries are subject to certain regulatory and legal proceedings and other claims arising in the ordinary course of business, some of which involve claims for damages and taxes that are substantial in amount. Historically, our subsidiary, OneGY, has been subject to other long-standing litigation proceedings and disputes in Guyana that have not yet been resolved. It has been OneGY’s practice to make payments of undisputed spectrum and license fees as amounts are invoiced by the Telecommunications Authority (“TA”) and to accrue for a reasonable determination of any amounts that are disputed or not invoiced by the TA. We believe that, except for the items discussed below, for which we are currently unable to predict the final outcome, the disposition of matters currently pending, individually or in the aggregate, will not have a material adverse effect on our financial position or results of operations.

~~Beginning~~Since in 2006, the National Frequency Management Unit (now the ~~Telecommunications Agency~~TA, or the “NFMU~~/TA~~”) and OneGY have been engaged in discussions regarding the amount of and methodology for calculation of spectrum fees payable by OneGY in Guyana. Since that time, OneGY has made payments of undisputed spectrum, ~~fees~~license asand ~~amounts~~other fees when invoiced by the NFMU, and to its successor, the TA. ~~There~~OneGY ~~have~~continues ~~been~~to ~~limited~~dispute in good faith the methodology used for calculation and has requested further ~~discussions~~clarification on the subject of a revised spectrum fee methodology ~~with~~from ~~the~~ TA.

OneGY has filed several lawsuits in the High Court of Guyana (the “High Court”) asserting that, despite its denials, Digicel is engaged in international bypass in violation of OneGY’s exclusive license rights, the interconnection agreement between the parties, and the laws of Guyana. Digicel filed counterclaims alleging that OneGY has violated the terms of the interconnection agreement and Guyana laws. These suits, filed in 2010 and 2012, are currently pending in the Court of Appeals in Guyana,; however, weas ~~cannot~~of ~~accurately~~the ~~predict~~date atof this ~~time~~Report, we cannot accurately predict when the consolidated suit will reach a court of final determination.

OneGY is also involved in several legal claims regarding its tax filings with the Guyana Revenue Authority (the “GRA”) dating back to 1991 regarding the deductibility of intercompany advisory fees as well as other tax assessments. OneGY has maintained that it has no unpaid corporation tax due to the GRA and that any liability OneGY might be found to have with respect to the disputed tax assessments would be offset in part by the amounts claimed with respect to rights ATN has pursuant to its agreement with the government of Guyana. OneGY’s position has been upheld by various High Court rulings made in its favor ~~including most recently in February 2024~~, and while all matters have been appealed by the GRA, as of the date of this Report, only one ~~remains~~remained pending for determination by the High Court.

In February 2020, our subsidiary, Alaska Communications, subsidiary received a draft audit report from the Universal Service Administrative Company (“USAC”) in connection with USAC’s inquiry into Alaska Communications’ funding requests under the ~~Rural~~RHC ~~Health Care Support~~ Program for certain customers for the time period of July 2012 through June 2017. Alaska Communications also received a Letter of Inquiry on March 18, 2018, and subsequent follow up information requests, from the FCC Enforcement Bureau requesting historical information regarding Alaska Communications’ participation in the FCC’s ~~Rural~~RHC ~~Health Care Support~~ Program. On May 8, 2024, we entered into a Consent Decree with the FCC Enforcement Bureau, regarding both the USAC and FCC Enforcement Bureau’s investigation and agreed to (i) pay a settlement amount of approximately $6.3 million, and (ii) enter into a three-year compliance agreement in connection with Alaska Communication’s continued participation in the RHC Program. As of the date of this Report, we believe that we can comply with all of the terms of the compliance agreement. As of December 31, 2025, the Company had paid a settlement amount of $6.3 million consisting of a $5.3 million cash payment and the $1.0 million forgiveness of certain receivables. This settlement will not impact the statement of operations in future periods.

The Regulatory Authority of Bermuda (the “RA”) is the primary regulator of our operations in Bermuda. On August 28, 2025, the RA completed a market review and determined that we have significant market power in certain broadband and mobile services. In connection therewith, the RA assessed, and we have initiated an appeal of, a series of ex-ante remedies that include wholesale obligations, price caps, and reporting obligations in addition to the ex post

Table of Contents

~~and~~competition ~~(ii)~~rules ~~enter~~that ~~into~~generally apply. In October 2025, we were able to obtain a ~~three-year~~stay ~~compliance~~of ~~agreement~~implementation inof ~~connection~~these ~~with~~ex-ante ~~Alaska~~remedies ~~Communication~~pending the Bermuda Supreme Court’s ~~continued~~review ~~participation~~of inits appeal of the ~~RHC~~RA’s ~~Program~~market review determination. AtThe ~~this~~ex-ante ~~time~~remedies are burdensome and, weif ~~believe~~implemented, ~~that~~will itrequire ~~can~~financial, ~~comply~~operational, ~~with~~legal ~~all~~and ofregulatory ~~the~~resources ~~terms~~to ofbe ~~the~~allocated ~~compliance~~to ~~agreement~~ensure compliance.

~~The~~With ~~settlement~~respect ~~amount~~to all of ~~$6.3~~the ~~million~~foregoing ~~consists~~unresolved ofmatters, awe ~~$5.3~~believe ~~million~~that ~~cash~~some ~~payment~~adverse outcome is probable and ~~the~~have accordingly accrued $116.01 million ~~forgiveness~~as of ~~certain~~December ~~receivables~~31, ~~both~~2025 offor ~~which~~these ~~have~~and ~~been~~other ~~accrued~~potential onliabilities ~~our~~arising ~~balance~~in ~~sheet~~various asclaims, legal actions and regulatory proceedings arising in the ordinary course of ~~December~~business. ~~31,~~We ~~2024~~also face contingencies that are reasonably possible to occur that cannot currently be estimated. As ~~such,~~It ~~this~~is ~~settlement~~our ~~will~~policy ~~not~~to ~~impact~~expense ~~the~~costs ~~statement~~associated ofwith ~~operations~~loss incontingencies, ~~future~~including ~~periods~~any related legal fees, as they are incurred.

With respect to all of the foregoing unresolved matters, we believe that some adverse outcome is probable and have accordingly accrued $13.8 million as of December 31, 2024 for these and other potential liabilities arising in various claims, legal actions and regulatory proceedings arising in the ordinary course of business. We also face contingencies that are reasonably possible to occur that cannot currently be estimated. It is our policy to expense costs associated with loss contingencies, including any related legal fees, as they are incurred.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

The following table sets forth information regarding our executive officers as of March 1716, ~~2025~~2026:


Name	Age	Position
Brad W. Martin	4950	Chief Executive Officer and Director
Carlos R. Doglioli	5556	Chief Financial Officer
Mary Mabey	4344	Senior Vice President, General Counsel and Secretary
Justin Leon	3940	Senior Vice President, Corporate Development

Executive Officers

Brad W. Martin is our Chief Executive Officer and a member of our Board of Directors. Mr. Martin joined the Company in ~~April~~ 2018 as Executive Vice President and became our Chief Operating Officer in 2021. In ~~January~~ 2024, Mr. Martin was appointed our Chief Executive Officer and as a member of our Board of Directors. Prior to joining us in 2018, he ~~previously~~ served as the Chief Operating Officer ~~for~~of Senet Inc., a leading "low power wide area" network (LPWAN) operator and global service provider. From 2013 through 2015, Mr. Martin served as the Senior Vice President and Chief Quality Officer ~~with~~of Extreme Networks, a global leader in software-driven networking solutions for Enterprise and Service Provider customers. ~~Between~~From 2008 ~~and~~to 2013, he served as Vice President of Engineering Operations and Quality with Siemens Enterprise Communications and Enterasys Networks, delivering voice and data networking hardware and software solutions to global enterprises. Mr. Martin holds a B.S. in Mechanical Engineering from the University of Maine, and is a published author and featured industry speaker.

Carlos R. Doglioli is our Chief Financial Officer. Mr. Doglioli joined us in 2024 and brings significant telecom experience. Prior to becoming our Chief Financial Officer, he served as the Chief Financial Officer of Centennial Towers, a developer, owner, and operator of wireless communication towers in Latin America, from 2014 to 2023, and from 2004 to 2007, athe was the Chief Financial Officer of MetroRED Mexico, a leading integrated communications provider that owned and operated state-of-the-art high-capacity fiber optic communications focused on large and medium size corporate clients, ISPs, Internet-content providers, and telecommunications providers in Mexico City. Previously, Mr. Doglioli served in multiple senior finance roles for portfolio companies of Devonshire Investors (the private equity group of Fidelity Investments), including as Chief Financial Officer of Backyard Farms and as Managing Director of Finance at J. Robert Scott. Mr. Doglioli received a B.S. of Management Information Systems (Lic. en

Table of Contents

finance roles for portfolio companies of Devonshire Investors (the private equity group of Fidelity Investments), including as Chief Financial Officer of Backyard Farms and as Managing Director of Finance at J. Robert Scott. Mr. Doglioli received a B.S. of Management Information Systems (Lic. en Sistemas) from CAECE University in Buenos Aires, Argentina and an ~~MBA~~M.B.A. from Babson College, and is fluent in English, Spanish, and Portuguese.

Mary Mabey is our Senior Vice President and General Counsel. Ms. Mabey joined us in 2009 and previously served as our Deputy General Counsel. Prior to joining us, Ms. Mabey was with the law firm of Edwards Angell Palmer & Dodge LLP (now Locke Lord LLP) in Boston, where she advised public and private companies in domestic and international transactions on corporate and securities law matters, merger, acquisition and financing transactions, corporate governance, and other general corporate matters. Ms. Mabey received a B.A. degree from the University of Notre Dame and a J.D. degree from the University of Texas School of Law.

Justin Leon is our Senior Vice President of Corporate Development. He joined the Company in 2015 and brings over fifteen years of investing experience to the team. Prior to joining ATN, Mr. Leon worked in Corporate Strategy & Development for Nuance Communications, a publicly traded software company focused on speech recognition and machine learning, where he executed over $1 billion in acquisitions in the healthcare, mobile, and enterprise software verticals. Mr. Leon started his career at Stonebridge Associates, a boutique investment bank in Boston, advising clients in technology, medical device, and consumer products verticals. Mr. Leon earned a degree in corporate finance from Bentley College and an M.B.A. from the Tuck School of Business at Dartmouth.

PART II

Our Common Stock, $0.01 par value, is listed on the Nasdaq Global Select Market under the symbol “ATNI.” The number of holders of record of Common Stock as of March 1716, ~~2025~~2026 was 8592.

Issuer Purchases of Equity Securities

On December 14, 2023, the Company’s Board of Directors authorized the repurchase of up to $25.0 million of the Company’s Common Stock, from time to time, on the open market or in privately negotiated transactions (the “2023 Repurchase Plan”). AsWe ofdid ~~December~~not ~~31,~~repurchase ~~2024,~~any ~~had~~of ~~$15.0~~our ~~million~~common ~~available~~stock tounder ~~repurchase~~ the ~~Company’s~~2023 ~~Common~~Repurchase ~~Stock.~~Plan ~~In the aggregate,~~ during the ~~years~~year ended December 31, ~~2024~~2025 and ~~2023~~repurchased ~~(and~~$10.0 ~~prior~~million tounder the ~~effectiveness~~2023 ofRepurchase Plan during the ~~2023~~year ~~Repurchase~~ended ~~Plan)~~December 31, we2024. As ~~repurchased~~of ~~$10.0~~December ~~million~~31, ~~and~~2025, we had $15.0 million available to repurchase shares of our common stock, ~~respectively~~under the 2023 Repurchase Plan.

There were no repurchases by the Company of its Common Stock during the quarter ended December 31, 2024.

Dividends

For the year ended December 31, ~~2024~~2025, our Board of Directors declared $1416.62 million of dividends to our stockholders, which includes a $0.24275 per share dividend declared on December 1811, ~~2024~~2025 and paid on January 89, ~~2025~~2026. We have declared quarterly dividends since the fourth quarter of 1998. Future dividend payments, if any, are subject to approval of our Board of Directors and is based on future earnings, cash flow, financial condition, capital requirements, and other relevant factors.

Table of Contents

Stock Performance Graph

The graph below matches the cumulative 5-Year total return of holders of ~~ATN~~the ~~International'~~Company’s ~~common~~Common ~~stock~~Stock with the cumulative total returns of the Russell 2000 ~~index~~Index, the S&P SmallCap 600 ~~index~~Index, the Nasdaq Telecommunications ~~index~~Index and Nasdaq Small Cap Telecommunications Services ~~index~~Index. The graph assumes that the value of the investment in ~~our~~the ~~common~~Company’s ~~stock~~Common Stock, in each index, and in the peer group (including reinvestment of dividends) was $100 on 12/31/~~2019~~2020 and tracks it through 12/31/~~2024~~2025.

	12/20	12/21	12/22	12/23	12/24	12/25

ATN International	100.00	97.12	112.02	98.65	44.28	63.69
Russell 2000	100.00	114.82	91.35	106.82	119.14	134.40
S&P SmallCap 600	100.00	126.82	106.40	123.48	134.22	142.30
NASDAQ Telecommunications	100.00	102.14	74.69	82.63	93.76	107.59
NASDAQ Small Cap Telecommunications Services	100.00	124.39	65.33	88.63	114.10	118.08

The stock price performance included in this graph is not necessarily indicative of future stock price performance.

Table of Contents

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

~~For~~We ~~further~~use ~~information~~the ~~about~~cash generated from our ~~financial~~operations ~~segments~~to repay debt and ~~geographical~~increase ~~information~~liquidity, ~~about~~reinvest our ~~operating~~network ~~revenues~~ and ~~assets~~service operations, ~~see~~fund ~~Notes~~capital 1expenditures, ~~and~~return 14value to ~~the~~stockholders ~~Consolidated~~through ~~Financial~~dividends ~~Statements~~or ~~included~~share inrepurchases, ~~this~~and ~~Report~~to pursue strategic transactions. We continuously evaluate both domestic and international opportunities that align with our long-term goal of generating sustained excess operating cash flows.

●

Fixed Services. We provide fixed data and voice telecommunications services to business and consumer customers, including high-speed broadband and enterprise data solutions. In select markets, fixed services also include video offerings and revenue derived from support under certain government programs.

● Carrier ~~Telecommunication~~ Services. We ~~deliver~~offer infrastructure services to other telecommunications providers, including the leasing of critical network infrastructure such as ~~tower~~towers and transport facilities, wholesale roaming ~~and long-distance voice services~~, site maintenance and international long-distance services.

● ~~Mobile~~Mobility ~~Telecommunications~~ Services. We offer mobile communications services over our wireless networks, including voice, messaging and data services along with related equipment, (such as handsets), to both business and consumer customers.

Through December 31, ~~2024~~2025, we identified two operating segments to manage and review our operations, as well as to support investor presentations of our results. These operating segments are as follows:

● US Telecom. In the United States, we offer fixed, carrier, and managed services to business customers and consumers in Alaska and the western United States. In 2024, we ceased providing mobility services to retail customers in the western United States.

●

International Telecom. In our international markets, we offer fixed, carrier, mobility and managed services to customers in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands.

●

US Telecom. In the US, we offer fixed, carrier, and managed services to customers in Alaska and the western US.

Table of Contents

The following chart summarizes the operating activities of our principal subsidiaries, the segments in which we reported our revenue and the markets we served during 2024:


International Telecom			US Telecom
Services	Markets	Tradenames	Services	Markets	Tradenames
Mobility Services	Bermuda, Guyana, US Virgin Islands	One Communications, GTT (1), Viya	Mobility Services	United States (rural markets)	Choice, Choice NTUA Wireless
Fixed Services	Bermuda, Cayman Islands, Guyana, US Virgin Islands	One Communications, Logic, GTT, Viya	Fixed Services	United States	Alaska Communications, Commnet, Choice, Choice NTUA Wireless, Sacred Wind Communications, Ethos Broadband, Deploycom
Carrier Services	Bermuda, Guyana, US Virgin Islands	One Communications, GTT, Viya, Essextel	Carrier Services	United States	Alaska Communications, Commnet, Sacred Wind Communications
Managed Services	Bermuda, Cayman Islands, US Virgin Islands, Guyana	One Communications, Logic, GTT, Viya, Brava, Fireminds (2)	Managed Services	United States	Alaska Communications, Choice

The following chart summarizes the operating activities of our principal subsidiaries, the segments in which we reported our revenue and the markets we served during 2025:

(1) In 2024, we completed a rebranding in Guyana and GTT is now known as One Communications. We refer throughout this report to our business in Guyana as “OneGY.”


	International Telecom		US Telecom
Services	Markets	Tradenames (1)	Markets	Tradenames
Mobility Services	Bermuda, Guyana, US Virgin Islands	One Communications, Brava	United States (rural markets)	Choice, Choice NTUA Wireless
Fixed Services	Bermuda, Cayman Islands, Guyana, US Virgin Islands	One Communications, Logic, Brava	United States	Alaska Communications, Commnet, Choice, Choice NTUA Wireless, Sacred Wind Communications, Ethos Broadband, Deploycom
Carrier Services	Bermuda, Guyana, US Virgin Islands, Cayman Islands	One Communications, Essextel, Logic, Brava	United States	Alaska Communications, Commnet, Sacred Wind Communications
Managed Services	Bermuda, Cayman Islands, US Virgin Islands, Guyana	One Communications, Logic, Brava	United States	Alaska Communications, Choice

~~(2) In 2024, we completed a rebranding of our services offerings to government and large business customers, including those services formally known as Fireminds, which is now known as Brava.~~

~~Carrier~~(1) ~~Managed~~During ~~Services~~2025, we completed our planned integration and alignment of management across our international markets, driving efficiencies and advancing the shared mission of these markets. We also continued to unify branding across our networks, and we now sell fixed and mobility services under the “One Communications” brand in Bermuda, Guyana and the US Virgin Islands. We completed a rebranding in Guyana, and GTT is now known as “One Communications.” We refer to our business in Guyana as “OneGY” throughout this Report. We completed a rebranding in the US Virgin Islands, and Viya is now known as “One Communications.” We refer to our business in the US Virgin Islands as “OneVI” throughout this Report.

In July 2019, we entered into a Network Build and Maintenance Agreement with AT&T Mobility, LLC (“AT&T”) that we subsequently amended through December 31, 2023 (the “FirstNet Agreement”). In connection with the FirstNet Agreement, we are building a portion of AT&T’s network for the First Responder Network Authority (“FirstNet”) in or near our current operating areas in the western United States. Pursuant to the FirstNet Agreement and subject to certain limitations contained therein, all cell sites must be completed and accepted within a specified period of time. Since the inception of the project through December 31, 2024, we have recorded $74 million in construction revenue and expect to record approximately $6 million in additional construction revenue and related costs as sites are completed. We expect to substantially complete the build by the end of 2025. Revenues from construction are expected to have minimal impact on the Company’s operating income.

~~Following~~Tower ~~acceptance~~Portfolio of a cell site, AT&T will own the cell site and we will assign to AT&T any third-party tower lease applicable to such cell site. If the cell site is located on a communications tower we own, AT&T will pay us pursuant to a separate lease agreement for an initial term of eight years. In addition to building the network, we will provide ongoing equipment and site maintenance and high-capacity transport to and from these cell sites for an initial term ending in 2031. Transaction

On ~~May~~February 1011, ~~2023~~2026, through certain of our Commnet subsidiaries, we entered into a ~~Carrier~~Purchase ~~Managed~~and ~~Services~~Sale ~~Master~~ Agreement (the “~~Verizon~~Transaction ~~CMS~~ Agreement”) with ~~Cellco~~EIP ~~Partnership~~Holdings ~~d/b/a~~IV, ~~Verizon~~LLC, ~~Wireless~~an affiliate of Everest Infrastructure Partners, Inc. (“~~Verizon~~Everest”), ~~pursuant~~ to ~~which~~sell weapproximately ~~will~~214 ~~provide~~tower aportfolio ~~variety~~sites (representing the substantial majority of ~~network,~~our ~~infrastructure~~Commnet ~~and~~tower ~~technical~~portfolio ~~services~~and ~~that~~operations ~~will~~(the ~~help~~“Tower ~~deliver~~Portfolio”)) ~~next~~to ~~generation~~Everest ~~wireless~~for ~~services~~up to ~~Verizon’s~~$297 ~~subscribers~~million in ~~our~~cash ~~current~~consideration, ~~operating~~subject ~~area~~to certain adjustments and prorations as set for in the ~~southwestern~~Transaction ~~United~~Agreement ~~States~~(the “Tower Portfolio Transaction”).

The Tower Portfolio Transaction may be completed in one or more closings with each closing being subject to certain conditions that must be satisfied prior to the conveyance of the tower sites at that closing. We will receive a portion of the cash consideration attributable to those sites that are transferred as a part of each closing. The initial closing is expected to occur in the second quarter of 2026.

At the initial closing, we will enter into, among other ancillary agreements, (i) the management agreement for certain sites, (ii) master lease agreements, pursuant to which we will lease the requisite ground, tower, or other space of the conveyed tower site for our continued use, and (iii) a preferred backhaul agreement whereby we will become the preferred backhaul provider with respect to the conveyed tower sites.

The Transaction Agreement contains customary representations, warranties, covenants, and indemnities by each of the parties, and requires the receipt of certain consents and approvals prior to a closing. If the Transaction Agreement is terminated under certain circumstances that are not the fault of us or our subsidiaries, we will receive a termination fee equal to approximately $14.9 million.

Table of Contents

~~Pursuant~~Carrier toManaged ~~the~~Services ~~Verizon CMS Agreement and subject to certain limitations contained therein, we will upgrade our wireless service in specific areas and provide services to Verizon for an initial term ending in 2030.~~

~~Following~~In ~~acceptance~~July of2019, we entered into a ~~cell~~Network ~~site~~Build and Maintenance Agreement with AT&T Mobility, LLC (“AT&T”) that we ~~will~~subsequently ~~continue~~amended tothrough ~~own~~March 31, 2025 (the ~~cell~~“FirstNet ~~site~~Agreement”). In ~~addition~~connection towith ~~building~~ the ~~network~~FirstNet Agreement, we ~~will~~are ~~provide~~building ~~ongoing~~a ~~equipment~~portion ~~and~~of ~~site~~AT&T’s ~~maintenance~~network ~~and~~for ~~high-capacity~~the ~~transport~~First Responder Network Authority (“FirstNet”) in or near our current operating areas in the western US. Pursuant to the FirstNet Agreement and ~~from~~subject ~~these~~to certain limitations contained therein, all cell sites must be completed and accepted within a specified period of time. The FirstNet Transaction includes construction and service performance obligations. As of December 31, 2025, we had substantially completed the build of AT&T’s network for anFirstNet. Since ~~initial~~the ~~term~~inception ~~ending~~of the project through December 31, 2025, we have recorded $82 million in ~~2030~~construction revenue and expect to record approximately $4 million in additional construction revenue and related costs as sites are completed. Revenues from construction are expected to have minimal impact on the Company’s operating income.

~~With~~Following ~~respect~~acceptance toof ~~each~~a ofcell ~~our~~site, ~~FirstNet~~AT&T ~~and~~will ~~Verizon~~own ~~agreements,~~the ~~our~~cell ~~carrier~~site, ~~partners~~and we will ~~continue~~assign to ~~use~~AT&T ~~our~~any ~~wholesale~~third-party ~~domestic~~tower ~~mobility~~lease ~~network~~applicable ~~for~~to ~~roaming~~such ~~services~~cell atsite. If the cell site is located on a ~~fixed~~communications ~~rate~~tower ~~per~~we ~~site~~own, ~~during~~AT&T ~~the~~will ~~construction~~pay ~~period~~us ~~until~~pursuant ~~such~~to ~~time~~a asseparate ~~the~~lease ~~cell~~agreement ~~site~~for isan ~~completed~~initial term of eight years. ~~Thereafter,~~ ~~revenue~~In ~~from~~addition to building the ~~maintenance~~network, ~~leasing~~we will provide ongoing equipment and ~~transport~~site ~~services~~maintenance ~~provided~~and ishigh-capacity ~~expected~~transport to ~~generally~~and ~~offset~~from ~~revenue~~these ~~from~~cell ~~wholesale~~sites ~~mobility~~for ~~roaming~~an ~~services~~initial term ending in 2031.

On May 10, 2023, we entered into a Carrier Managed Services Master Agreement (the “Verizon CMS Agreement”) with Cellco Partnership d/b/a Verizon Wireless (“Verizon”), pursuant to which we will provide a variety of network, infrastructure and technical services that will help deliver next generation wireless services to Verizon’s subscribers in our current operating areas in the southwestern US.

Pursuant to the Verizon CMS Agreement and subject to certain limitations contained therein, we will upgrade our wireless service in specific areas and provide services to Verizon for an initial rolling seven-year term, with renewals beginning in 2030.

With respect to each of our FirstNet Agreement and Verizon CMS Agreement, our carrier partners will continue to use our wholesale domestic mobility network for roaming services at a fixed rate per site during the construction period until such time as the cell site is completed. Thereafter, revenue from the maintenance, leasing and transport services provided is expected to generally offset revenue from wholesale mobility roaming services.

Universal Service Fund and Other Domestic Funding Programs

WeIn ~~recognize~~general, ~~revenue~~all ~~from~~telecommunications ~~several~~providers ~~government~~are ~~funded~~obligated ~~programs~~to ~~including~~contribute to the Universal Service Fund (“USF”), awhich ~~subsidy~~is ~~program~~used ~~managed~~to bypromote the ~~Federal~~availability ~~Communications~~of ~~Commission~~qualifying ~~(“FCC”),~~telecommunications and ~~state~~broadband ~~equivalents.~~service ~~For~~to alow-income ~~discussion~~households, ofhouseholds ~~the~~located ~~USF~~in ~~programs~~rural inand ~~which~~high-cost weareas, ~~participate~~and to schools, ~~please~~libraries, ~~refer~~and rural health care providers. We contribute to ~~Part~~the IUSF -and ~~Item~~also 1receive various forms of USF support. We ~~Business~~are –subject USto ~~Federal~~audit ~~Regulation~~by -the Universal Service ~~Support~~Administrative Company (“USAC”) with respect to our federal contributions and ~~Contributions~~our receipts of universal service funding. To our knowledge, as of the date of this Report, we were in compliance with, in all material respects, applicable federal and state USF assessment and support requirements.

~~Construction~~USF ~~Grants~~High-Cost Support. The Federal Communications Commission’s (“FCC”) high-cost USF (or alternatives to former high-cost USF) mechanisms promote the deployment and operation of voice and broadband networks in areas where high costs would otherwise undermine the availability of service to consumers, including in rural, insular, and remote areas. High-cost support mechanisms generally include explicit conditions to deploy broadband to new locations and provide service meeting specified standards. We receive several forms of high-cost support, including but not limited to, as follows:

● We ~~have~~receive ~~also~~federal ~~been~~USF ~~awarded~~support ~~construction~~under ~~grants~~the toAlaska ~~build~~Connect ~~network~~Fund ~~connectivity for eligible communities~~(“ACF”). ~~The~~Beginning ~~funding~~January of1, ~~these grants~~2025, ~~used~~we tobegan ~~reimburse~~receiving us$25.6 ~~for~~million ~~our~~per ~~construction~~year ~~costs,~~and isexpect ~~generally~~such ~~distributed~~annual ~~after~~funding weto ~~incur~~continue ~~reimbursable~~until ~~costs.~~December ~~Completion~~31, ~~deadlines~~2028. ~~began~~Beginning in ~~2024~~2029 and ~~once~~continuing ~~these~~through ~~projects are constructed~~2034, ~~we are obligated to provide service to~~ the ~~participants.~~amount Weof ~~expect~~ACF tosupport ~~meet~~we ~~all~~receive ~~requirements~~will ~~associated~~be ~~with~~determined ~~these~~by ~~grants. As~~the ofFCC ~~December~~staff ~~31,~~taking ~~2024,~~into weconsideration ~~were~~broadband ~~awarded~~deployment ~~$150.2~~funded ~~million~~through ~~of construction grants.~~the

During the year ended December 31, 2024, we disbursed capital expenditures of $10.8 million under these programs and received reimbursement of $5.0 million. These cash flows are classified as investing activities in our statement of cash flows.

In addition, we partner with tribal governments to obtain grants under various government grant programs including, but not limited to, the Tribal Broadband Connectivity Program (“TBCP”) and the Rural Development Broadband ReConnect Program (“ReConnect”). These programs are administered by United States government agencies to deploy broadband connectivity in certain underserved areas. We were identified as a sub recipient of grants under these programs totaling $178.3 million as of December 31, 2024. Through December 31, 2024, we have received and spent $19.7 million of funding under these programs on construction obligations. These amounts are recorded as operating cash flows in the Company’s statement of cash flows.

Table of Contents

Broadband Equity Access and Deployment Program. The ACF replaced the $19.7 million per year that we had previously received in Connect America Fund II (“CAF II”) support in Alaska;

●

As part of the Enhanced Alternative Connect America Model (“E-ACAM”) funding available to our operations in the western US, we are estimated to receive $144.9 million over the next thirteen years, through 2038, with approximately $9 million annually through 2029 before gradually increasing to $13 million annually in 2038. This funding is subject to a requirement to deploy voice and broadband service at speeds of 100/20 Mbps to all required locations by the end of calendar year 2028;

●

We expect to receive approximately $8 million per year in CAF II support in the rural southwest US until July 2028;

●

We received approximately $5.5 million annually in the US Virgin Islands through December 31, 2025. In September 2025, we requested that the FCC extend such support for at least one additional year. As of the date of this Report, the FCC had not yet acted on this request and, as a result, the Company is currently not receiving this support. If the FCC grants our request, it may or may not extend our support on a retroactive basis from December 31, 2025;

●

We were awarded approximately $2.3 million annually in the western US through December 31, 2031 as part of the Rural Digital Opportunity Fund Phase I (“RDOF”) auction. In exchange for this support, we committed to deploy voice and broadband service to covered areas within six years and to provide service in those areas for ten years. As of December 31, 2025, we transferred $1.3 million of the annual awards to other providers and returned $0.7 million of the annual awards to the FCC. The returned awards caused us to be subject to certain penalties;

●

We receive state USF support in Alaska, which for the year ended December 31, 2025 was $2.5 million.

As of December 31, 2025, we were in compliance in all material respects with requirements associated with such funding. If we fail to meet these obligations or require substantial additional capital expenditures to meet the obligations in a timely manner, our revenue, results of operations and liquidity may be materially adversely impacted.

Construction Grants

We have also been awarded construction grants to build network connectivity for eligible communities. The funding of these grants, used to reimburse us for our construction costs, is generally distributed after we incur reimbursable costs. Once these projects are constructed, we are obligated to provide service to the participants. We expect to meet all requirements associated with these grants. As of December 31, 2025, we were awarded $98.8 million of construction grants that are pending completion.

During the year ended December 31, 2025, we disbursed capital expenditures of $22.4 million under these programs and received reimbursement of $14.7 million. These cash flows are classified as investing activities in our statement of cash flows.

In addition, we partner with tribal governments to obtain grants under various government grant programs including, but not limited to, the Tribal Broadband Connectivity Program (“TBCP”) and the Rural Development Broadband ReConnect Program (“ReConnect”). These programs are administered by US government agencies to deploy broadband connectivity in certain underserved areas. We were identified as a sub recipient of grants under these programs totaling $239 million as of December 31, 2025. Through December 31, 2025, we received $35.3 million of funding under these programs and spent $37.3 million on construction obligations. These amounts are recorded as operating cash flows in the Company’s statement of cash flows.

Table of Contents

Replace and Remove Program

In July 2022, we were approved to participate in the ~~Federal Communication Commission’s Secure and Trusted Communications Networks Reimbursement Program (the “~~Replace and Remove Program”), designed to reimburse providers of advanced communications services for reasonable costs incurred in the required removal, replacement, and disposal of communications equipment and services in their networks that has been deemed to pose a national security risk. Pursuant to the Replace and Remove Program, our eligible subsidiaries were initially allocated up to approximately $207 million to replace, remove and securely destroy such communications equipment and services in our networks in the western ~~United~~US ~~States~~ and in the US Virgin Islands,; however, in December 2024, this program was fully funded for an increased allocation to the Company of an aggregate amount of approximately $517 million. The Replace and Remove Program requires each of our participating subsidiaries to complete the project no later than a specified deadline, which iswas ~~currently~~extended into May 8, 2026. In March 2026, we requested a further extension through early November 2026, and the ~~third~~FCC ~~quarter~~has ofnot ~~2025~~yet acted on that request.

WeAs ~~have~~of December 31, 2025, we had incurred total expenditures of $~~168~~233.47 million related to this project, of which $~~104~~65.03 million were incurred in ~~2024~~2025. Of these total expenditures, $~~140~~194.9 million ~~were~~was classified as capital.

AtAs of December 31, ~~2024~~2025, $2516.07 million of capital expenditures ~~were~~was accrued and unpaid under the Replace and Remove Program. We expect to be reimbursed, within the next twelve months, for all amounts spent to date. During the year ended December 31, ~~2024~~2025, we received $~~113~~71.61 million of reimbursement under the program, of which $2211.85 million was classified as operating cash inflows and $9059.86 million was classified as investing cash inflows in our statement of cash flows.

Selected Segment Financial Information

Through December 31, ~~2024~~2025, the Company has the following two reportable and operating segments: (i) International Telecom and (ii) US Telecom.

Operating income is the segment measure of profit or loss reported to the chief operating decision maker for purposes of assessing the segments' performance and making capital allocation decisions. We believe operating income is a useful measure of our operating results as it provides relevant and useful information to investors and other users of our financial data in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Our chief operating decision maker is our Chief Executive Officer.

3435

Table of Contents

The following tables provide information for each operating segment (in thousands):

For the Year Ended December 31, 2024

For the Year Ended December 31, 2025

International

Corporate and

Telecom

Other (1)

Consolidated

Revenue

Communication Services

Mobility - Business

1920,~~794~~176

~~277~~66

—

20,~~071~~242

Mobility - Consumer

87,~~407~~432

~~2,494~~(38)

—

8987,~~901~~394

Total Mobility

107,~~201~~608

~~2,771~~28

—

~~109~~107,~~972~~636

Fixed - Business

74,~~087~~077

~~125~~118,~~439~~043

—

~~199~~192,~~526~~120

Fixed - Consumer

~~172~~171,~~078~~742

8690,~~760~~042

—

~~258~~261,~~838~~784

Total Fixed

~~246~~245,~~165~~819

~~212~~208,~~199~~085

—

~~458~~453,~~364~~904

Carrier Services

13,~~724~~665

~~119~~121,~~561~~149

—

~~133~~134,~~285~~814

Other

49,~~680~~413

~~1,457~~472

—

69,~~137~~885

Total Communication Services Revenue

~~371~~376,~~770~~505

~~335~~329,~~988~~734

—

~~707~~706,~~758~~239

Construction

—

34,~~900~~825

—

34,~~900~~825

Other

Managed Services

5,~~693~~376

11,~~724~~535

—

1716,~~417~~911

Total Other Revenue

5,~~693~~376

11,~~724~~535

—

1716,~~417~~911

Total Revenue

~~377~~381,~~463~~881

~~351~~346,~~612~~094

—

~~729~~727,~~075~~975

Operating Expenses

Cost of communication services and other

~~136~~139,~~137~~584

~~176~~173,~~268~~544

~~(149)~~—

~~312~~313,~~256~~128

Cost of construction revenue

—

35,~~866~~264

—

35,~~866~~264

Selling, general and administrative

~~114~~110,~~175~~662

9188,~~650~~750

2320,~~044~~128

~~228~~219,~~869~~540

Stock-based compensation

~~354~~639

~~621~~183

7,~~262~~721

8,~~237~~543

Transaction-related charges

—

~~3,789~~—

13,~~058~~576

43,~~847~~576

Restructuring and reorganization expenses

13,~~489~~805

14,~~167~~928

~~879~~1,424

310,~~535~~157

Depreciation and amortization

6358,~~708~~026

7371,~~994~~569

~~633~~3,381

~~138~~132,~~335~~976

Amortization of intangibles from acquisitions

1,~~006~~004

63,~~901~~904

—

74,~~907~~908

(Gain) loss on disposition of assets and transfers

(15,179)

2,529

(601)

(13,251)

(Gain) loss on disposition of assets, transfers and contingent consideration

1,188

(333)

594

1,449

Goodwill impairment

—

35,269

—

35,269

Total Operating Expenses

314,908

347,809

36,824

699,541

Total Operating Expenses

301,690

396,054

32,126

729,870

Income (loss) from operations

66,973

(1,715)

(36,824)

28,434

Income from operations

75,773

(44,442)

(32,126)

(795)

Other income (expenses)

Interest income

~~1,186~~702

Interest expense

(4947,~~548~~822)

Other expense

(19,~~809~~067)

Other expense

(5056,~~171~~187)

Loss before income taxes

(5027,~~966~~753)

Other segment disclosures:

Net (income) loss attributable to non-controlling interests

(12,844)

18,267

—

5,423

International

Corporate and

Telecom

Other (1)

Consolidated

Net (income) loss attributable to non-controlling interests

(6,238)

14,854

—

8,616

3536

Table of Contents

For the Year Ended December 31, 2023

For the Year Ended December 31, 2024

International

Corporate and

Telecom

Other (1)

Consolidated

Revenue

Communication Services

Mobility - Business

1619,~~333~~794

~~527~~277

—

1620,~~860~~071

Mobility - Consumer

9287,~~153~~407

32,~~510~~494

—

9589,~~663~~901

Total Mobility

~~108~~107,~~486~~201

42,~~037~~771

—

~~112~~109,~~523~~972

Fixed - Business

7174,~~215~~087

~~143~~125,~~322~~439

—

~~214~~199,~~537~~526

Fixed - Consumer

~~167~~172,~~953~~078

9086,~~283~~760

—

258,~~236~~838

Total Fixed

~~239~~246,~~168~~165

~~233~~212,~~605~~199

—

~~472~~458,~~773~~364

Carrier Services

1413,~~686~~724

~~128~~119,~~195~~561

—

~~142~~133,~~881~~285

Other

34,~~066~~680

31,~~839~~457

—

6,~~905~~137

Total Communication Services Revenue

~~365~~371,~~406~~770

~~369~~335,~~676~~988

—

~~735~~707,~~082~~758

Construction

—

103,~~629~~900

—

103,~~629~~900

Other

Managed Services

5,~~327~~693

11,~~178~~724

—

1617,~~505~~417

Total other revenue

5,~~327~~693

11,~~178~~724

—

1617,~~505~~417

Total Revenue

~~370~~377,~~733~~463

~~391~~351,~~483~~612

—

~~762~~729,~~216~~075

Operating Expenses

Cost of communication services and other

~~141~~136,~~771~~137

~~178~~176,~~829~~268

(~~877~~149)

~~319~~312,~~723~~256

Cost of construction revenue

—

103,~~345~~866

—

103,~~345~~866

Selling, general and administrative

~~113~~114,~~007~~175

~~102~~91,~~375~~650

2723,~~315~~044

~~242~~228,~~697~~869

Stock-based compensation

~~431~~354

~~247~~621

7,~~857~~262

8,~~535~~237

Transaction-related charges

—

~~172~~3,789

~~379~~1,058

~~551~~4,847

Restructuring and reorganization expenses

31,~~491~~489

71,~~737~~167

—879

113,~~228~~535

Depreciation and amortization

5763,~~420~~708

8173,~~594~~994

~~2,613~~633

~~141~~138,~~627~~335

Amortization of intangibles from acquisitions

1,~~253~~006

116,~~383~~901

—

127,~~636~~907

(Gain) loss on disposition of assets and transfers

(60)

4,323

(2,564)

1,699

(Gain) loss on disposition of assets, transfers and contingent consideration

(15,179)

2,529

(601)

(13,251)

Total Operating Expenses

317,313

397,005

34,723

749,041

Goodwill impairment

—

35,269

—

35,269

Income from operations

53,420

(5,522)

(34,723)

13,175

Total Operating Expenses

301,690

396,054

32,126

729,870

Income (loss) from operations

75,773

(44,442)

(32,126)

(795)

Other income (expenses)

Interest income

~~476~~1,186

Interest expense

(4249,~~686~~548)

Other income

1,496

Other expense

(1,809)

Other expense

(4050,~~714~~171)

Loss before income taxes

(2750,~~539~~966)

Other segment disclosures:

Net (income) loss attributable to non-controlling interests

(7,105)

11,321

—

4,216

International

Corporate and

Telecom

Other (1)

Consolidated

Net (income) loss attributable to non-controlling interests

(12,844)

18,267

—

5,423

(1)

Reconciling items refer to corporate overhead costs and consolidating adjustments.

Table of Contents

A comparison of our segment results for the years ended December 31, 2024 and 2023 is as follows:

International Telecom. Revenues within our International Telecom segment increased $6.8 million, or 1.8%, to $377.5 million from $370.7 million for the years ended December 31, 2024 and 2023, respectively, primarily as a result of an increase in fixed revenues of $7.0 million, or 2.9%, to $246.2 million from $239.2 million for the years ended December 31, 2024 and 2023, respectively. This increase in fixed revenues was primarily the result of network upgrades and expansions, which led to an increase in the number of homes passed by high-speed data solutions that allowed us to migrate customers to more durable and higher revenue-generating fiber services. Partially offsetting the increase in Fixed revenues were decreases in both Mobility revenues, as a result of a decrease in prepaid subscribers, and Carrier Services revenues, primarily related to the amendment to certain carrier contracts.

Operating expenses within our International Telecom segment decreased by $15.6 million, or 4.9%, to $301.7 million from $317.3 million for the years ended December 31, 2024 and 2023, respectively. The net decrease was primarily the result of a $15.1 million increase in the gain on the dispositions of long-lived assets, primarily real estate, and certain cost savings initiatives, including reorganizations and reductions in force and contract terminations, that were implemented in the current and previous periods.

As a result, our International Telecom segment’s operating income increased $22.4 million, or 41.9%, to $75.8 million from $53.4 million for the years ended December 31, 2024 and 2023, respectively.

US Telecom. Revenue within our US Telecom segment decreased by $39.9 million, or 10.2%, to $351.6 million from $391.5 million for the years ended December 31, 2024 and 2023, respectively, primarily as a result of a $21.4 million reduction in Fixed revenues which were negatively impacted by the conclusion of both the Emergency Connectivity Fund and the Affordable Care Program, both of which provided revenue through April 2024. In addition, the US Telecom segment’s Carrier Services revenue decreased by $8.6 million primarily as the result of the transition of legacy roaming arrangements to carrier service management contracts, construction revenue declined by $6.7 million as a result of a decrease in the number of sites completed during 2024 as compared to 2023 and Mobility revenue decreased $1.2 million within our retail operations due to a decrease in subscribers as we continue to put more emphasis on other revenue sources within this segment.

Operating expenses within our US Telecom segment decreased $0.9 million, or 0.2%, to $396.1 million from $397.0 million for the years ended December 31, 2024 and 2023, respectively, as a result of the impact of certain cost savings initiatives, including reorganization and reductions in force, that were implemented in the current and previous periods, and a $6.6 million decrease in the restructuring and reorganization expenses. Partially offsetting these decreases were the $35.3 million goodwill impairment charge that was recorded during the year ended December 31, 2024, as well as the $3.6 million increase in transaction-related expenses.

As a result of the above, our US Telecom segment’s operating loss increased by $38.9 million to a loss of $44.4 million from a loss of $5.5 million for the years ended December 31, 2024 and 2023, respectively.

Table of Contents

A ~~discussion~~comparison ~~and analysis~~ of our segment results ~~of operations~~ for the year ended December 31, ~~2023~~2025 ~~compared~~and ~~to 2022 can be found under Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 15,~~ 2024, ~~which~~ is ~~available~~as ~~on the SEC’s website at www.sec.gov and our Investor Relations website at https~~follows:~~//.ir.atni.com under the “Financials and Filings” section.~~

~~The~~International ~~following~~Telecom. For ~~represents~~the a year ~~over~~ended ~~year~~December ~~discussion~~31, ~~and~~2025, ~~analysis~~revenues ofwithin our ~~results~~International ofTelecom ~~operations~~segment increased $4.4 million, or 1.2%, to $381.9 million from $377.5 million for the ~~years~~year ended December 31, 2024, ~~and~~primarily ~~2023~~as (a result of an increase in ~~thousands):~~revenue from ancillary services of $4.1 million.


	Year Ended				Amount of		Percent
	December 31,				Increase		Increase
	2024		2023		(Decrease)		(Decrease)

REVENUE:
Communication services	$	707,758	$	735,082	$	(27,324)	(3.7)	%
Construction		3,900		10,629		(6,729)	(63.3)
Other		17,417		16,505		912	5.5
Total revenue		729,075		762,216		(33,141)	(4.3)
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Cost of communication services and other		312,256		319,723		(7,467)	(2.3)
Cost of construction revenue		3,866		10,345		(6,479)	(62.6)
Selling, general and administrative		228,869		242,697		(13,828)	(5.7)
Stock-based compensation		8,237		8,535		(298)	(3.5)
Transaction-related charges		4,847		551		4,296	779.7
Restructuring and reorganization expenses		3,535		11,228		(7,693)	(68.5)
Depreciation and amortization		138,335		141,627		(3,292)	(2.3)
Amortization of intangibles from acquisitions		7,907		12,636		(4,729)	(37.4)
Goodwill impairment		35,269		—		35,269	100.0
(Gain) loss on disposition of assets and transfers		(13,251)		1,699		(14,950)	(879.9)
Total operating expenses		729,870		749,041		(19,171)	(2.6)
Income (loss) from operations		(795)		13,175		(13,970)	(106.0)
OTHER INCOME (EXPENSE):
Interest income		1,186		476		710	149.2
Interest expense		(49,548)		(42,686)		(6,862)	16.1
Other income (expense)		(1,809)		1,496		(3,305)	(220.9)
Other expense, net		(50,171)		(40,714)		(9,457)	23.2
LOSS BEFORE INCOME TAXES		(50,966)		(27,539)		(23,427)	85.1
Income tax benefit		(19,114)		(8,785)		(10,329)	117.6
NET LOSS		(31,852)		(18,754)		(13,098)	69.8
Net loss attributable to noncontrolling interests, net of tax:		5,423		4,216		1,207	28.6
NET LOSS ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS	$	(26,429)	$	(14,538)	$	(11,891)	81.8	%

Operating expenses within our International Telecom segment increased by $13.2 million, or 4.4%, to $314.9 million from $301.7 million for the years ended December 31, 2025 and 2024, respectively. Operating expenses for the year ended December 31, 2024 included a $15.5 million gain on the disposition of long-lived assets, primarily real estate, which was partially offset by the impact of certain cost savings initiatives, including the reorganizations and reductions in force, that were implemented in current and previous periods.

As a result, our International Telecom segment’s operating income for the year ended December 31, 2025 decreased $8.8 million, or 11.6%, to $67.0 million from $75.8 million for the year ended December 31, 2024.

US Telecom. For the year ended December 31, 2025, revenue within our US Telecom segment decreased by $5.5 million, or 1.6%, to $346.1 million from $351.6 million for the year ended December 31, 2024. The decrease was primarily a result of a $4.1 million reduction in Fixed revenues, which were negatively impacted by the April 2024 conclusion of both the Emergency Connectivity Fund (“ECF”) and the Affordable Care Program (“ACP”), a $2.7 million decrease in Mobility revenue as a result of the conclusion of our provision of retail mobility services, and a $1.0 million decrease in Other Communications Services revenue. These decreases were partially offset by increases in Construction revenue of $0.9 million due to an increase in the number of sites completed during 2025 as compared to 2024, and Carrier Services revenue of $1.6 million.

Operating expenses within our US Telecom segment decreased $48.3 million, or 12.2%, to $347.8 million from $396.1 million for the years ended December 31, 2025 and 2024, respectively. Operating expenses for the year ended December 31, 2024 included a $35.3 million impairment of goodwill. The remaining decrease in operating expenses was attributable to the reduction in the direct costs of services associated with the revenue decline and the impact of certain cost savings initiatives, including the reorganizations and reductions in force, that were implemented in the current and previous periods.

As a result of the above, our US Telecom segment’s operating loss for the year ended December 31, 2025 decreased to $1.7 million from $44.4 million for the year ended December 31, 2024.

Communications services revenue

Mobility Revenue. Our Mobility revenue consists of revenue generated within both our International Telecom and US Telecom segments by providing business and retail mobile voice and data services over our wireless networks as well as through the sale and repair services of related equipment, such as handsets and other accessories, to our subscribers.

Table of Contents

~~Mobility~~A ~~revenue~~discussion ~~decreased~~and byanalysis ~~$2.5~~of ~~million,~~our orresults ~~2.2%,~~of tooperations ~~$110.0 million~~ for the year ended December 31, 2024 ~~from~~compared ~~$112.5~~to ~~million~~the year ended December 31, 2023 can be found under Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2023. Of~~2024, ~~this~~filed ~~decrease~~with the SEC on March 17, ~~Mobility~~2025, ~~revenue~~which ~~from~~is ~~consumer~~available ~~customers~~on ~~decreased~~the bySEC’s $5website at www.8sec.gov ~~million~~and ~~while~~our ~~Mobility~~Investor ~~revenue~~Relations ~~from~~website ~~business~~at ~~customers~~https://.ir.atni.com ~~increased~~under bythe ~~$3.3~~“Financials ~~million~~and Filings” section.

The ~~decrease~~following inrepresents ~~Mobility~~a ~~revenue,~~year ~~within~~over ~~our~~year ~~segments,~~discussion ~~consisted~~and analysis of our results of operations for the ~~following~~years ended December 31, 2025 and 2024 (in thousands):

● International Telecom. Within our International Telecom segment, Mobility revenue decreased by $1.3 million, or 1.2%, to $107.2 million for the year ended December 31, 2024 from $108.5 million for the year ended December 31, 2023. Consumer mobility revenue decreased $4.8 million primarily related to a decrease in the demand for prepaid voice services partially offset by an increase in the demand for data services partially offset by a $3.5 million increase in business Mobility revenue as a result of improved marketing strategies which led to an increase in business subscribers.


	Year Ended				Amount of		Percent
	December 31,				Increase		Increase
	2025		2024		(Decrease)		(Decrease)

REVENUE:
Communication services	$	706,239	$	707,758	$	(1,519)	(0.2)	%
Construction		4,825		3,900		925	23.7
Other		16,911		17,417		(506)	(2.9)
Total revenue		727,975		729,075		(1,100)	(0.2)
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Cost of communication services and other		313,128		312,256		872	0.3
Cost of construction revenue		5,264		3,866		1,398	36.2
Selling, general and administrative		219,540		228,869		(9,329)	(4.1)
Stock-based compensation		8,543		8,237		306	3.7
Transaction-related charges		3,576		4,847		(1,271)	(26.2)
Restructuring and reorganization expenses		10,157		3,535		6,622	187.3
Depreciation and amortization		132,976		138,335		(5,359)	(3.9)
Amortization of intangibles from acquisitions		4,908		7,907		(2,999)	(37.9)
Goodwill impairment		—		35,269		(35,269)	(100.0)
(Gain) loss on disposition of assets, transfers and contingent consideration		1,449		(13,251)		14,700	(110.9)
Total operating expenses		699,541		729,870		(30,329)	(4.2)
Income from operations		28,434		(795)		29,229	(3,676.6)
OTHER INCOME (EXPENSE):
Interest income		702		1,186		(484)	(40.8)
Interest expense		(47,822)		(49,548)		1,726	(3.5)
Other expense		(9,067)		(1,809)		(7,258)	401.2
Other expense, net		(56,187)		(50,171)		(6,016)	12.0
LOSS BEFORE INCOME TAXES		(27,753)		(50,966)		23,213	(45.5)
Income tax benefit		(4,231)		(19,114)		14,883	(77.9)
NET LOSS		(23,522)		(31,852)		8,330	(26.2)
Net loss attributable to noncontrolling interests, net of tax:		8,616		5,423		3,193	58.9
NET LOSS ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS	$	(14,906)	$	(26,429)	$	11,523	(43.6)	%

●Communications USServices Telecom. Mobility revenue within our US Telecom segment decreased by $1.2 million, or 30.0%, to $2.8 million from $4.0 million for the years ended December 31, 2024 and 2023, respectively. This decrease related to the conclusion of the Company providing retail mobility services under its own brand name to retail customers.Revenue

Mobility Revenue. Our Mobility revenue consists of revenue generated within our International Telecom ~~may~~segment ~~decrease~~by asproviding abusiness ~~result~~and ofretail ~~increased~~mobile ~~competition~~voice and ~~regulatory~~data ~~changes~~services ~~partially~~over ~~offset~~our bywireless ~~our~~networks ~~continued~~as ~~network~~well ~~upgrades,~~as ~~marketing~~through ~~efforts~~the sale and ~~conversion~~repair services of ~~our~~related ~~current~~equipment, ~~subscriber~~such ~~base~~as tohandsets ~~higher~~and ~~margin~~other ~~prepaid~~accessories, ~~and~~to ~~postpaid~~our ~~plans~~subscribers. Wholesale Mobility revenue is recorded under Carrier Services Revenue.

We expect that Mobility revenue within our US Telecom segment will decrease as we no longer provide retail mobility services under our brand.

Fixed Revenue. Fixed revenue is primarily generated by broadband, voice, and video service revenues provided to retail and business customers over our wireline networks. Fixed revenue within our US Telecom segment also includes awards from the Connect America Fund Phase II program, the Enhanced Alternative Connect America Cost Model program, and the Alaska Universal Service Fund. In addition, and through early April 2024, Fixed revenue within the US Telecom segment also included revenue from the Emergency Connectivity Fund (ECF) and Affordable Care Program (ACP). Within our International Telecom segment, Fixed revenue includes funding under the FCC’s High- Cost Program in the US Virgin Islands.

Fixed revenue decreased by $14.4 million, or 3.0%, to $458.4 million from $472.8 million for the years ended December 31, 2024 and 2023, respectively. Of this decrease, $0.6 million pertained to an increase in Fixed revenue from consumer customers while Fixed revenue from business customers declined by $15.0 million, respectively. The net decrease in Fixed revenue, within our segments, consisted of the following:

● International Telecom. Within our International Telecom segment, Fixed revenue increased by $7.0 million, or 2.9%, to $246.2 million from $239.2 million for the years ended December 31, 2024 and 2023, respectively. Of this increase, $4.1 million and $2.9 million related to increases in revenue from consumer and business customers, respectively. This increase was a result of network upgrades and expansions which allowed us to increase consumer and business customers.

● US Telecom. Fixed revenue within our US Telecom segment decreased by $21.4 million, or 9.2%, to $212.2 million from $233.6 million for the years ended December 31, 2024 and 2023, respectively. Of this decrease, $3.5 million and $17.9 million related to decreases in revenue from consumer and business customers, respectively, primarily as a result of the conclusion of the Emergency Connectivity Fund and Affordable Care Programs, both of which provided revenue through April 2024.

Fixed revenue within our International Telecom segment may continue to increase as we expect the popularity of video and audio streaming, the demand for cloud services and smart home, business and city solutions to increase the

Table of Contents

~~demand~~Mobility ~~for~~revenue ~~broadband~~decreased ~~and~~by ~~other~~$2.4 ~~data~~million, ~~services~~or ~~from consumers~~2.2%, ~~businesses~~to ~~and governments~~$107.6 ~~However,~~million ~~such~~for ~~increases~~the ~~may~~year beended ~~offset~~December by31, a2025 ~~decrease~~from in$110.0 ~~demand~~million for ~~our~~the ~~legacy~~year ~~services~~ended ~~due~~December to31, ~~subscribers~~2024. The ~~using~~decrease ~~alternative~~in ~~methods~~Mobility torevenue, ~~receive~~within ~~video~~our ~~and~~segments, ~~audio~~consisted ~~content.~~of the following:

● International Telecom. Within our USInternational Telecom segment, weMobility ~~expect Fixed~~ revenue toincreased ~~decrease~~by in$0.4 ~~the~~million, ~~short~~or ~~term~~0.4%, asto a$107.6 ~~result~~million offor the ~~impact~~year ofended ~~the~~December ~~expiration~~31, of2025 ~~the~~from ~~Emergency~~$107.2 ~~Connectivity~~million ~~Fund~~for ~~and~~the ~~Affordable~~year ~~Care~~ended ~~Program.~~December ~~Over time~~31, we2024. ~~expect~~This ~~these~~increase ~~decreases to be partially offset by increases~~ in ~~other business~~ revenue inwas ~~Alaska~~attributable ~~and our western United States operations as we further deploy fiber and fiber-fed broadband with organic and government grants~~ to ~~access~~an toincrease ~~both~~in ~~consumers~~revenue ~~and~~from ~~businesses~~business customers.

Carrier Services Revenue. Carrier Services revenue is generated by both our International Telecom and US Telecom segments. Within our International Telecom segment, Carrier Services revenue includes international long-distance services, roaming revenues generated by other carriers’ customers roaming into our retail markets, transport services and access services provided to other telecommunications carriers. Within our US Telecom segment, Carrier Services revenue includes services provided under the FirstNet Agreement and Verizon Carrier Managed Services Agreement, wholesale roaming revenues, the provision of network switching services, tower lease revenue and other services provided to other carriers.

Carrier Services revenue decreased by $9.6 million, or 6.7%, to $133.3 million from $142.9 million for the years ended December 31, 2024 and 2023, respectively. The decrease, within our segments, consisted of the following:

● International Telecom. Within our International Telecom segment, Carrier Services revenue decreased by $1.0 million, or 6.8%, to $13.7 million, from $14.7 million for the years ended December 31, 2024 and 2023, respectively, primarily as a result of a decrease in roaming revenues in some of our international markets.

● US Telecom. ~~Carrier~~Mobility ~~Services~~ revenue within our US Telecom segment decreased byto ~~$8.6~~a ~~million,~~nominal oramount ~~6.7%,~~for tothe ~~$119.6~~year ~~million~~ended December 31, 2025 from $~~128.~~2.8 million, for the ~~years~~year ended December 31, 2024 ~~and~~due ~~2023,~~to ~~respectively. This decrease is primarily~~ the ~~result~~conclusion of ~~the~~our ~~transition~~provision of ~~legacy~~retail ~~roaming~~mobility ~~arrangements~~services toduring ~~carrier service management contracts~~2024.

~~Within~~Mobility revenue within our International Telecom ~~segment, Carrier Services revenue~~ may ~~increase~~decrease ifas ~~international~~a ~~travel~~result ~~increases.~~of ~~Such~~increased ~~increases,~~competition ~~however,~~and ~~may~~regulatory bechanges partially offset by aour ~~decrease~~continued ~~within~~network ~~our~~upgrades, ~~international~~marketing ~~long-distance~~efforts, ~~business~~and inconversion ~~Guyana~~of asour ~~consumers~~subscriber ~~seek~~base to ~~use~~higher ~~alternative~~margin ~~technology~~prepaid ~~services~~and topostpaid ~~place long-distance calls~~plans.

~~Within~~We ~~our~~do USnot ~~Telecom~~expect ~~segment,~~to ~~Carrier~~record ~~Services~~Mobility revenue ~~may~~within ~~decrease~~our asUS aTelecom ~~result~~segment ofin the ~~impact of recent carrier service management contracts~~future.

~~Other~~Fixed ~~Communications Services~~ Revenue. ~~Other~~Fixed ~~Communications Services~~ revenue ~~includes~~is ~~miscellaneous~~primarily ~~services~~generated ~~that~~by ~~the~~broadband, ~~operations~~voice, ~~within~~and ~~our~~video ~~International~~service ~~Telecom~~revenues ~~segment~~provided ~~provide~~ to retail ~~subscribers~~ and ~~project-related~~business ~~revenue~~customers ~~generated~~over ~~within~~our ~~both~~wireline ~~our~~networks. ~~International~~Fixed ~~and~~revenue within our US Telecom ~~segments.~~segment ~~Other~~also ~~Communications~~includes ~~Services~~awards ~~revenue~~from ~~decreased~~the ~~$0.8~~CAF ~~million~~II program, orthe ~~11.6%~~E-ACAM program, toand ~~$6.1~~the ~~million~~Alaska ~~from $6~~USF.9 ~~million~~In ~~for~~addition, ~~the~~and ~~years~~through ~~ended~~early ~~December~~April ~~31,~~ 2024 ~~and 2023~~, ~~respectively,~~Fixed asrevenue awithin ~~result~~the ofUS aTelecom ~~$2.3~~segment ~~million~~also ~~reduction~~included inrevenue ~~certain~~from ~~non-recurring~~the ~~project-related~~ECF ~~revenue~~and ~~being~~ACP. ~~recognized~~Within in our USInternational Telecom segment, ~~partially~~Fixed ~~offset~~revenue byincludes anfunding ~~increase~~under inthe ~~such~~FCC’s ~~revenue~~High-Cost Program in ~~our~~the ~~International~~US ~~Telecom~~Virgin ~~segment~~Islands.

~~Other~~Fixed ~~Communication~~revenue ~~Services~~decreased ~~revenue~~by ~~may~~$4.5 ~~decline~~million, or 1.0%, to $453.9 million from $458.4 million for the years ended December 31, 2025 and 2024, respectively. This decrease primarily pertained to a $7.4 million decrease in ~~future~~Fixed ~~periods~~revenue asfrom ~~such~~business ~~non-recurring~~customers, ~~projects~~partially ~~are~~offset ~~completed~~by a $2.9 million increase in revenue from consumer customers and consisted of the following:

~~Construction~~● ~~Revenue~~International Telecom. Within our International Telecom segment, Fixed revenue decreased by $0.4 million, or 0.2%, to $245.8 million from $246.2 million for the years ended December 31, 2025 and 2024, respectively. This decrease was primarily related to decreases in revenue from both business and consumer customers.

~~Construction~~● ~~revenue~~US ~~represents~~Telecom. Fixed revenue ~~generated~~ within our US Telecom segment ~~for~~decreased ~~the~~by ~~construction~~$4.1 ofmillion, ~~network~~or ~~cell~~1.9%, ~~sites related~~ to ~~the~~$208.1 ~~FirstNet~~million ~~Agreement~~from $212. ~~During~~2 million for the years ended December 31, 2025 and 2024, respectively. This decrease was primarily related to a decrease in revenue from business customers and ~~2023~~consumer customers and driven by the conclusion of the ECF and ACP, ~~Construction~~both of which provided revenue through April 2024.

Fixed revenue within our International Telecom segment may increase due to investments in the fixed network combined with the demand for cloud services and smart home, business and city solutions to increase the demand for broadband and other data services from consumers, businesses and governments. However, such increases may be offset by a decrease in demand for our legacy services, as subscribers opt for alternative methods to receive video and audio content.

Within our US Telecom segment, Fixed revenue from business customers in Alaska and our western US operations may increase as we further deploy fiber and fiber-fed broadband with capital investment and government grant funding, which will improve access for both consumers and businesses.

Carrier Services Revenue. Carrier Services revenue is generated by both our International Telecom and US Telecom segments. Within our International Telecom segment, Carrier Services revenue includes international long-

Table of Contents

~~revenue~~distance ~~decreased~~services, toroaming ~~$3.9~~revenues ~~million~~generated ~~from~~by ~~$10.6~~other ~~million,~~carriers’ ~~respectively,~~customers asroaming ainto ~~result~~our ofretail ~~customer-related~~markets, ~~delays~~transport ~~which~~services ~~decreased~~and ~~the~~access ~~number~~services ofprovided ~~sites~~to ~~completed~~other ~~during~~telecommunications ~~2024~~carriers. asWithin ~~compared~~our toUS ~~2023. We~~Telecom ~~expect~~segment, toCarrier ~~substantially~~Services ~~complete~~revenue includes services provided under the ~~build~~FirstNet byAgreement and Verizon CMS Agreement, wholesale roaming revenues, the ~~end~~provision of ~~2025~~network switching services, tower lease revenue and other services provided to other carriers.

Carrier Services revenue increased by $1.5 million, or 1.1%, to $134.8 million from $133.3 million for the years ended December 31, 2025 and 2024, respectively. The increase, within our segments, consisted of the following:

●

International Telecom. Within our International Telecom segment, Carrier Services revenue remained consistent at $13.7 million for both the years ended December 31, 2025 and 2024.

●

US Telecom. Carrier Services revenue within our US Telecom segment increased by $1.5 million, or 1.3%, to $121.1 million from $119.6 million, for the years ended December 31, 2025 and 2024, respectively. This increase is primarily the result of the transition of legacy roaming arrangements to carrier service management contracts.

Within our International Telecom segment, Carrier Services revenue may increase if international travel in our markets grows.

Within our US Telecom segment, Carrier Services revenue is expected to decrease in line with the stated annual impact of $6 to $8 million depending on when the Tower Portfolio Transaction is consummated.

Other Communications Services Revenue. Other Communications Services revenue increased $3.8 million, or 62.3%, to $9.9 million from $6.1 million for the years ended December 31, 2025 and 2024, respectively, as a result of an increase in revenue from ancillary services in our International Telecom segment, partially offset by a reduction in certain non-recurring project-related revenue recognized within our US Telecom segment.

Other Communication Services revenue may increase in future periods as the demand for ancillary services increases.

Construction Revenue

Construction revenue represents revenue generated within our US Telecom segment for the construction of network cell sites related to the FirstNet Agreement. During the years ended December 31, 2025 and 2024, Construction revenue increased to $4.8 million from $3.9 million, respectively, primarily as a result of an increase in the number of sites completed during 2025 as compared to 2024. We expect to substantially complete the build under the FirstNet Agreement by the end of 2026.

Other Revenue

Managed Services Revenue. Managed Services revenue is generated within both our International and US Telecom segments and includes network, application, infrastructure, and hosting services.

Managed Services revenue ~~increased~~decreased by $0.95 million, or 52.59%, to $1716.49 million from $1617.54 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. The ~~increases,~~decrease included a decrease within our ~~segments,~~International ~~which~~Telecom ~~were~~segment ~~driven~~of by$0.3 amillion, ~~continued~~or ~~effort~~5.3%, to ~~sell~~$5.4 million from $5.7 million for the years ended December 31, 2025 and 2024, respectively. Within our US Telecom segment, Managed Services ~~solution~~revenue todecreased ~~primarily~~$0.2 ~~business~~million, ~~customers~~or 1.7%, ~~consisted~~to of$11.5 million from $11.7 million for the ~~following:~~years ended December 31, 2025 and 2024, respectively.

~~International~~We ~~Telecom.~~ expect Managed Services revenue into ~~our~~be ~~International~~consistent ~~Telecom~~in ~~segment~~future ~~increased~~periods ~~$0.4~~as ~~million,~~compared ~~or 7.5%,~~ to ~~$5.7~~the ~~million~~revenue ~~from~~recorded ~~$5.3~~during ~~million for~~ the ~~years~~year ended December 31, ~~2024 and 2023, respectively~~2025.

~~US Telecom. Within our US Telecom segment, Managed Services revenue increased $0.5 million, or 4.5%, to $11.7 million from $11.2 million for the years ended December 31, 2024 and 2023, respectively.~~41

~~Managed~~Table ~~Services revenue may continue to increase in both our US and International Telecom segments as a result~~ of ~~our continued effort to sell certain Managed Services solutions to primarily business customers in all of our markets.~~Contents

Operating expenses

Cost of communication services and other. Cost of communication services and other are charges that we incur for voice and data transport circuits, internet capacity, video programming costs, access fees we pay to terminate our calls, telecommunication spectrum fees and direct costs associated within our managed services businesses. These costs also include expenses associated with developing, operating, upgrading and supporting our telecommunications networks, including the salaries and benefits paid to employees directly involved in the development and operation of those businesses, as well as credit loss allowances and the cost of handsets and customer resale equipment incurred by our retail businesses.

Cost of communication services and other ~~decreased~~increased by $70.48 million, or 20.3%, to $~~312~~313.31 million from $~~319~~312.73 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. The net ~~decrease~~increase in cost of communication services and other, within our segments, consisted of the following:

● International Telecom. Within our International Telecom segment, cost of communication services and other ~~decreased~~increased by $53.75 million, or 42.06%, to $~~136~~139.16 million from $~~141~~136.81 million, for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. ~~This~~Increases in this segment’s ~~decreased~~transport ~~its~~costs ~~cost~~to ofsecure ~~communication~~capacity, ~~services~~its ~~and~~provision ~~other~~for ~~expenses~~doubtful asaccounts aand ~~result~~increased ofmaintenance expenses offset the impact of cost savings initiatives, including the reorganizations and reductions in force ~~and contract terminations~~, that were implemented in the current and previous periods ~~partially offset by an increase in these costs to support this segment’s revenue growth~~.

● US Telecom. Cost of communication services and other within our US Telecom segment decreased by $2.58 million, or 1.46%, to $~~176~~173.35 million from $~~178~~176.83 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. Such decrease was a result of the beneficial impact of certain cost savings initiatives, including the reorganizations and reductions in force ~~and contract terminations~~, that were implemented in the current and previous periods, as well as a reduction in the costs associated with the ~~Emergency~~ECF ~~Connectivity Fund~~ program, which ~~was~~concluded ~~terminated~~ during the second quarter of 2024. ~~These decreases were partially offset by an increase in transport and cell site costs.~~

41Cost of communication services in our International Telecom segment may decrease as a result of the ongoing cost reduction initiatives, but such decrease may be partially offset by future inflationary pressure.

We expect that the cost of communication services within our US Telecom segment will increase if and when the Tower Portfolio Transaction is consummated, as well as a result of future inflationary pressure. Such increases may, however, be partially offset by the impact of our ongoing cost reduction initiatives.

Cost of construction revenue. Cost of construction revenue includes the expenses incurred in connection with the construction of and the delivery to AT&T of cell sites in accordance with our FirstNet Agreement.

During the year ended December 31, 2025 and 2024, cost of construction revenue increased to $5.3 million from $3.9 million, respectively, as a result of an increase in the number of sites completed during 2025 as compared to 2024. We expect to substantially complete the build under the FirstNet Agreement by the end of 2026.

Selling, general and administrative expenses. Selling, general and administrative expenses include salaries and benefits we pay to sales personnel, customer service expenses and the costs associated with the development and implementation of our promotional and marketing campaigns. Selling, general and administrative expenses also include salaries, benefits and related costs for general corporate functions including executive management, finance and administration, legal and regulatory, facilities, information technology and human resources, as well as internal costs associated with our performance of due-diligence and integration related costs associated with acquisition activities.

Selling, general and administrative expenses decreased by $9.4 million, or 4.1%, to $219.5 million from $228.9 million for the years ended December 31, 2025 and 2024, respectively. The decreases in selling, general and administrative expenses occurred within all of our segments and were primarily related to certain cost containment

Table of Contents

~~Cost~~initiatives, ofincluding ~~communication~~the ~~services~~reorganizations ~~in both our International~~ and USreductions ~~Telecom~~in ~~segments~~force, ~~may~~that ~~decrease~~were asimplemented ain ~~result of~~ the ~~ongoing~~current ~~cost~~and ~~reduction initiatives that commenced in~~ previous periods,. The ~~but~~impact ~~such~~to ~~decrease~~each ~~may~~of beour ~~partially~~segments, ~~offset~~consisted byof ~~future~~the ~~inflationary pressure.~~following:

~~Cost~~● ofInternational ~~construction revenue~~Telecom. ~~Cost~~Within ofour ~~construction~~International ~~revenue~~Telecom ~~includes~~segment, ~~the~~our ~~expenses~~selling, ~~incurred~~general ~~in connection with the construction of~~ and ~~the~~administrative ~~delivery~~expenses todecreased ~~AT&T~~by ~~of cell sites in accordance with our FirstNet Agreement~~$3. ~~During~~5 ~~the years ended December 31~~million, ~~2024~~or ~~and 2023~~3.1%, ~~cost of construction revenue decreased~~ to $3110.97 million from $10114.32 million asfor ~~a result of a decrease in~~ the ~~number~~years ofended ~~sites~~December ~~completed~~31, ~~during~~2025 and 2024, ~~as compared to 2023~~respectively. ~~We expect to substantially complete the build by the end of 2025.~~

~~Selling,~~● ~~general~~US ~~and administrative expenses~~Telecom. Selling, general and administrative expenses ~~include~~decreased ~~salaries~~within ~~and~~our ~~benefits~~US weTelecom ~~pay~~segment toby ~~sales~~$3.0 ~~personnel~~million, ~~customer~~or ~~service expenses and the costs associated with the development and implementation of our promotional and marketing campaigns~~3. ~~Selling~~3%, ~~general~~to ~~and~~$88.7 ~~administrative~~million ~~expenses~~from ~~also~~$91.7 ~~include~~million ~~salaries, benefits and related costs~~ for ~~general~~the ~~corporate~~years ~~functions~~ended ~~including~~December ~~executive management~~31, ~~finance~~2025 and ~~administration~~2024, legal and regulatory, facilities, information technology and human resources as well as internal costs associated with our performance of due-diligence and integration related costs associated with acquisition activitiesrespectively.

● Corporate Overhead. Selling, general and administrative expenses within our corporate overhead decreased by $132.89 million, or 512.76%, to $~~228~~20.91 million from $~~242~~23.70 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. ~~The net decrease in selling, general and administrative expenses, within our segments, consisted of the following:~~

●We ~~International~~expect ~~Telecom.~~that ~~Within our International Telecom segment, our~~ selling, general and administrative expenses ~~increased~~within byall ~~$1.2~~of ~~million,~~our orsegments ~~1.1%,~~will tobe ~~$114.2~~comparable ~~million~~in ~~from $113.0 million for~~ the ~~years~~future ~~ended~~as ~~December~~a ~~31, 2024 and 2023, respectively. This increase was the~~ result of ~~an increase in marketing costs incurred in connection with~~ the ~~rebranding of our operations in certain markets partially offset by the beneficial impact of certain~~ cost ~~savings~~containment initiatives, ~~including reorganizations and reductions in force and contract terminations,~~ that were implemented in ~~the current and~~ previous periods.

● US Telecom. Selling, general and administrative expenses decreased within our US Telecom segment by $10.7 million, or 10.4%, to $91.7 million from $102.4 million, for the years ended December 31, 2024 and 2023, respectively. This decrease was primarily related to certain cost savings initiatives, including reorganizations and reductions in force and contract terminations, that were implemented in the current and previous periods.

● Corporate Overhead. Selling, general and administrative expenses within our corporate overhead decreased by $4.3 million, or 15.8%, to $23.0 million from $27.3 million, for the years ended December 31, 2024 and 2023, respectively, primarily related to certain cost savings initiatives that were implemented in the current and previous periods.

Selling, general and administrative expenses in all our segments may continue to decrease as a result of the ongoing cost reduction initiatives that commenced in previous periods, but such decrease may be partially offset by future inflationary pressure.

Stock-based compensation. Stock-based compensation represents a non-cash expense related to the amortization of grants of equity awards to employees and directors.

Stock-based compensation for the years ended December 31, ~~2024~~2025 and ~~2023~~2024 was $8.25 million and $8.52 million, respectively.

Transaction-related charges. Transaction-related charges include the external costs, such as legal, tax, accounting and consulting fees directly associated with acquisition and disposition-related activities and certain financing activities that are expensed as incurred. Transaction-related charges do not include employee salary and travel-related expenses incurred in connection with acquisitions or dispositions or any integration-related costs.

42During the year ended December 31, 2025, we incurred $3.6 million of transaction-related charges, portions of which related to our Tower Portfolio Transaction.

~~Table~~During the year ended December 31, 2024, we incurred $4.8 million of ~~Contents~~transaction-related charges, primarily related to the extinguishment of the 2022 Alaska Credit Facility, as defined below.

WeRestructuring ~~incurred~~and $4reorganization expenses.8 In ~~million,~~our ~~primarily~~efforts ~~related~~ to ~~the~~advance ~~extinguishment~~our ofcost ~~the~~management ~~2022~~actions ~~Alaska~~to ~~Credit~~drive ~~Facility~~higher operating efficiencies and margins, aswe ~~defined~~incurred ~~below~~certain restructuring and reorganization expenses, ~~during~~primarily ~~the~~reductions ~~year~~in ~~ended~~force ~~December~~and 31consulting charges, ~~2024~~totaling $3.8 Wemillion, ~~incurred~~$4.9 million and $01.64 million ofwithin ~~transaction-related~~our ~~charges~~International Telecom segment, US Telecom segment and Corporate and Other segment, respectively, during the year ended December 31, ~~2023~~2025.

~~Restructuring~~During ~~expenses~~the ~~and~~year ~~reorganization~~ended ~~expenses. In~~December ~~our~~31, ~~efforts to advance our cost management actions to drive higher operating efficiencies and margins~~2024, we incurred ~~certain reductions in force and contract termination costs totaling~~ $1.5 million, $1.1 million and $0.9 million of restructuring and reorganization expenses within ~~our~~the International Telecom segment, US Telecom segment and Corporate and Other segment, respectively~~, during the year ended December 31, 2024~~.

~~During~~We ~~the~~expect ~~year~~to ~~ended~~incur ~~December~~approximately ~~2023, we incurred~~ $~~7.7~~3 million ~~and~~to $~~3.5~~4 million of restructuring ~~expenses~~and ~~within~~reorganization ~~our~~expenses ~~International~~during ~~Telecom~~the ~~and~~first UShalf ~~Telecom~~of ~~segment, respectively~~2026.

Depreciation and amortization expenses. Depreciation and amortization expenses represent the depreciation and amortization charges we record on our property and equipment.

Depreciation and amortization expenses decreased by $3.3 million, or 2.3%, to $138.3 million from $141.6 million for the years ended December 31, 2024 and 2023, respectively. The net decrease in depreciation and amortization expenses, within our segments, consisted primarily of the following:43

●Table International Telecom. Depreciation and amortization expenses increased within our International Telecom segment by $6.3 million, or 11.0%, to $63.7 million from $57.4 million, for the years ended December 31, 2024 and 2023, respectively. Increases were incurred in certain international markets as a result of ~~recent capital expenditures used to expand and upgrade our network operations.~~Contents

Depreciation and amortization expenses decreased by $5.3 million, or 3.8%, to $133.0 million from $138.3 million for the years ended December 31, 2025 and 2024, respectively. The net decrease in depreciation and amortization expenses, within our segments, consisted primarily of the following:

●

International Telecom. Depreciation and amortization expenses decreased within our International Telecom segment by $5.7 million, or 8.9%, to $58.0 million from $63.7 million for the years ended December 31, 2025 and 2024, respectively. This decrease was the result of this segment’s reduction in capital expenditures in recent periods and certain assets becoming fully depreciated in recent periods.

● US Telecom. Depreciation and amortization expenses decreased within our US Telecom segment by $72.64 million, or 9.3.2%, to $7471.06 million from $8174.60 million, for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively, primarily as a result of athis ~~decrease~~segment’s reduction in capital expenditures in recent periods and certain assets becoming fully depreciated in recent periods.

● Corporate Overhead. Depreciation and amortization expenses decreased within our corporate overhead by $2.0 million, or 76.9%, to $0.6 million from $2.6 million, for the years ended December 31, 2024 and 2023, respectively, primarily as a result of certain assets becoming fully depreciated in recent periods.

We● ~~expect~~Corporate ~~depreciation~~Overhead. Depreciation and amortization expenses increased within our corporate overhead to ~~decrease~~$3.4 asmillion afrom ~~result~~$0.6 ofmillion afor ~~decline~~the inyears ended December 31, 2025 and 2024, respectively. Depreciation and amortization expense for the year ended December 31, 2024 was impacted by certain capital ~~expenditures~~expenditure credits received in previous periods that reduced depreciation and asamortization aexpense ~~result~~over ofthe ~~some~~depreciable lives of ~~our~~the ~~previously~~underlying ~~acquired~~ assets ~~becoming~~associated with the issued credits. Such credits became fully depreciated in ~~recent~~early ~~periods~~2025.

We expect depreciation and amortization expenses to remain flat in our International Telecom and Corporate Overhead segments due to a decline, in recent periods, of capital expenditures.

Within our US Telecom segment, we expect depreciation and amortization expenses to decrease if and when the Tower Portfolio Transaction is consummated. In addition, we believe that the decline of capital expenditures in recent periods will also reduce depreciation and amortization expense in future periods, as a result of some of our previously acquired assets becoming fully depreciated.

Amortization of intangibles from acquisitions. Amortization of intangibles from acquisitions include the amortization of customer relationships and trade names related to our completed acquisitions.

Amortization of intangibles from acquisitions decreased by $43.70 million to $74.9 million from $127.69 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

We expect that amortization of intangibles from acquisitions will continue to decrease in future periods as such ~~costs~~assets continue to fully amortize.

(Gain) loss on disposition of assets, transfers and ~~transfers~~contingent consideration. During the year ended December 31, ~~2024~~2025, we recorded a net ~~gain~~loss on the disposition of assets of $131.34 million. ~~This~~Of this net ~~gain~~loss, ~~is comprised of a~~ $151.51 million ~~gain, primarily related to the sale of real estate, within our International Telecom segment~~ and a $0.6 million ~~gain~~were ~~pertaining~~recognized towithin ~~the previously completed disposition of~~ our ~~renewable~~International ~~energy~~and ~~assets within our~~ Corporate and ~~Overhead~~Other, ~~segment. These gains were partially offset by a $2.5 million loss~~respectively, ~~within~~while ~~our~~the US Telecom segment, ~~primarily~~recognized ~~related~~a togain ~~the transfer~~ of ~~certain~~$0.3 ~~assets~~million.

43Within the US Telecom segment, we recorded losses of $2.0 million on the disposal of assets, $2.1 million on the transfer of certain assets and $1.8 million on the revaluation of contingent consideration relating to a prior year’s acquisition within the segment. These losses were offset by a $6.2 million gain on the disposal of certain spectrum.

During the year ended December 31, 2024, we recorded a net gain on the disposition of assets of $13.3 million. This net gain is comprised of a $15.5 million gain, primarily related to the sale of real estate, within our International Telecom segment, and a $0.6 million gain pertaining to the previously completed disposition of our renewable energy assets within our Corporate and Overhead segment. These gains were partially offset by a $2.5 million loss, within our US Telecom segment, primarily related to the transfer of certain assets.

Table of Contents

Goodwill impairment. During the year ended December 31, ~~2023~~2024, we ~~recorded~~completed aour ~~net~~impairment ~~loss~~assessment onfor our US Telecom segment after identifying events that indicated that the ~~disposition~~fair value of ~~long-lived~~a ~~assets~~reporting ofunit ~~$1.7~~may ~~million~~be ~~representing~~below aits $4carrying value.3 ~~million~~These ~~loss~~events inincluded ~~our~~the USCompany’s ~~Telecom~~shift ~~segment~~away ~~primarily~~from ~~relating~~wholesale toroaming and retail operations towards carrier managed services and fixed broadband services, delays in completing significant network upgrade projects, the ~~recognition~~conclusion of ~~contingent~~certain ~~consideration~~government ~~related~~subsidy programs leading to ~~the~~slower ~~Sacred~~consumer ~~Wind~~growth, ~~Transaction~~and ~~partially~~delays ~~offset~~in byenterprise asales $2and delivery.6 ~~million~~The ~~gain~~combination ~~pertaining~~of tothese aevents ~~settlement~~led ofto the ~~Vibrant~~reporting ~~Transaction~~unit being unable to meet key financial and operational forecasted targets.

~~Goodwill~~As ~~impairment.~~a ~~During~~result ~~the~~of ~~quarter~~that ~~ended September 30~~analysis, ~~2024,~~ we ~~completed~~recorded ~~our~~an impairment ~~assessment for our US Telecom segment after identifying events that indicated that the fair value~~ of ~~a reporting unit may be below its carrying value~~$35.3 ~~These~~million ~~events~~during ~~included~~ the ~~Company’s~~year ~~continued~~ended ~~shift~~December ~~away from wholesale roaming and retail operations towards carrier managed services and fixed broadband services~~31, ~~delays~~2024. inNo ~~completing~~such ~~significant~~impairments ~~network~~were ~~upgrade~~recorded ~~projects,~~during the ~~conclusion~~year ofended ~~certain~~December ~~government subsidy programs leading to slower consumer growth~~31, ~~and delays in enterprise sales and delivery~~2025. ~~The combination of these events led to the reporting unit being unable to meet key financial and operational forecasted targets.~~

AsInterest aincome. Interest ~~result~~income ofrepresents ~~that~~interest ~~analysis,~~earned weon ~~recorded~~our ancash, ~~impairment~~cash ofequivalents, ~~$35.3~~restricted ~~million~~cash ~~during~~and ~~the~~short-term ~~quarter~~investment ~~ended September 30, 2024~~balances.

Interest income~~. Interest~~ ~~income represents interest earned on our cash, cash equivalents, restricted cash and short-term investment balances. Interest income~~ was $10.27 million and $01.52 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. ~~Such increase was the result of increased cash, cash equivalents and restricted cash balances in addition to an increase in interest rates we earned on those balances.~~

Interest expense. We incur interest expense on the 2023 CoBank Credit Facility, the ~~2022 and~~ 2024 Alaska Credit ~~Facilities~~Facility, the ~~FirstNet~~ Receivables Credit Facility, the ~~OneGY~~Guyana Credit Facilities, the Sacred Wind Term Debt and the ~~Viya~~OneVI Debt (each as defined below). In addition, interest expense includes commitment fees, letter of credit fees and the amortization of debt issuance costs.

Interest expense ~~increased~~decreased to $4947.58 million from $4249.75 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively, as ~~additional interest expense was incurred as~~ a result of ana ~~increase~~decrease in interest rates on borrowings under our credit facilities.

Interest expense may increase in future periods as a result of additional borrowings or an increase in interest rates on those borrowings.

Other income (expense). For the year ended December 31, ~~2024~~2025, other ~~income (~~expense) was $19.81 million ofand ~~expense~~ primarily related to ~~$1.9 million in~~ losses on ~~foreign~~our ~~currency~~noncontrolling ~~transactions~~investments, ~~$0.8~~a ~~million~~non-operating ofemployee-related ~~expense~~matter onnet ~~the extinguishment~~ of ~~the~~insurance ~~2022~~proceeds ~~Alaska Credit Facility, as defined below,~~ and ~~$0.2~~losses ~~million~~on offoreign ~~expenses~~currency ~~incurred for certain employee benefit plans~~transactions. ~~These expenses were partially offset by $0.4 million of gains from our noncontrolling investments.~~

For the year ended December 31, ~~2023~~2024, other income (~~expenses~~expense) was $1.58 million ofand ~~income~~ primarily related to $21.9 million in losses on foreign currency transactions, $0.8 million of ~~gains~~expense ~~from~~on ~~our~~the ~~noncontrolling~~extinguishment ~~investments~~of the 2022 Alaska Credit Facility (as defined below) and $0.2 million of expenses incurred for certain employee benefit plans. These expenses were partially offset by $10.4 million of ~~losses~~gains onfrom ~~foreign~~our ~~currency~~noncontrolling ~~transactions~~investments.

Income taxes. Our effective tax ~~rate~~rates for the years ended December 31, ~~2024~~2025 and ~~2023~~2024 ~~was~~were 3715.52% and 3137.95%, respectively.

~~Our~~The effective tax rate for the year ended December 31, ~~2024~~2025 was primarily impacted by the following items: (i) a $710.15 million ~~net~~ benefit associated with the ~~change~~mix of income generated among the foreign jurisdictions in ~~unrecognized~~which ~~tax~~the ~~positions~~Company operates, (ii) a $68.7 0 million net expense related to valuation allowances placed on certain deferred tax assets, (iii) a $32.48 million expense associated with ~~Global~~US ~~Intangible~~and ~~Low~~foreign ~~Tax~~nondeductible ~~Income inclusion~~expenses, and (iv) a $~~3.8~~ 1 million ~~benefit related to state income taxes,~~ net ofexpense ~~federal benefit, and (v) a $12.3 million benefit~~ associated with the ~~mix~~change ~~of income generated among the foreign jurisdictions~~ in ~~which~~unrecognized wetax ~~operate~~positions.

44The effective tax rate for the year ended December 31, 2024 was primarily impacted by the following items: (i) a $7.1 million net benefit associated with the change in unrecognized tax positions, (ii) a $6.7 million net expense related to valuation allowances placed on certain deferred tax assets, (iii) a $3.4 million expense associated with Global Intangible Low Tax Income inclusion, (iv) a $3.8 million benefit related to state income taxes, net of federal benefit, and (v) a $12.3 million benefit associated with the mix of income generated among the foreign jurisdictions in which the Company operates.

Table of Contents

Our effective tax rate for the year ended December 31, 2023 was primarily impacted by the following items: (i) a $2.8 million net increase of unrecognized tax positions, (ii) a $2.5 million net increase related to valuation allowances placed on certain deferred tax assets and (iii) the mix of income generated among the jurisdictions in which we operate along with the exclusion of losses in jurisdictions where valuation allowances have been established for deferred tax assets as required by ASC 740-270-30-36(a), primarily in the US Virgin Islands.

Our effective tax rate is based upon estimated income before provision for income taxes for the year, composition of the income in different countries, and adjustments, if any, in the applicable quarterly periods for potential tax consequences, benefits and/or resolutions of tax contingencies. Our consolidated tax rate will continue to be impacted by any transactional or one-time items in the future and the mix of income in any given year generated among the jurisdictions in which we operate. While we believe we have adequately provided for all tax positions, amounts asserted by taxing authorities could materially differ from our accrued positions as a result of uncertain and complex application of tax law and regulations. Additionally, the recognition and measurement of certain tax benefits include estimates and judgments by management. Accordingly, we could record additional provisions or benefits for US federal, state, and foreign tax matters in future periods as new information becomes available.

Net loss attributable to noncontrolling interests, net of tax. Net loss attributable to noncontrolling interests, net of tax reflected an allocation of $58.46 million and $45.24 million of losses generated by our less than wholly owned subsidiaries for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. Changes in net loss attributable to noncontrolling interests, net of tax, within our segments, consisted of the following:

● International Telecom. Within our International Telecom segment, net income attributable to noncontrolling interests, net of tax ~~increased~~decreased by $56.76 million, ~~or 80.3%,~~ to an allocation of $126.82 million of income from an allocation of $712.18 million of income for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively,. ~~largely~~The asdecrease was the result of decreased profitability within some of our less than wholly owned subsidiaries. Amounts recorded during the year ended December 31, 2024 were also impacted by a $15.5 million gain ~~we recorded~~ on ~~the~~a disposition of assets, primarily real estate, and ~~the result of~~ increased profitability at certain less than wholly owned subsidiaries.

● US Telecom. Within our US Telecom segment, net loss attributable to noncontrolling interests, net of tax ~~increased~~decreased by $73.04 million, ~~or 61.9%,~~ to an allocation of losses of $1814.39 million from an allocation of losses of $1118.3 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively,. asThe adecrease was the result of increased losses at our less than wholly owned subsidiaries within this segment. Amounts recorded during the year ended December 31, 2024, were negatively impacted by the impairment of goodwill at our less than wholly owned subsidiaries within this segment.

Net loss attributable to ATN International, Inc. stockholders. Net loss attributable to ATN International, Inc. stockholders was $2614.49 million for the year ended December 31, ~~2024~~2025, as compared to $1426.54 million for the year ended December 31, ~~2023~~2024.

On a per diluted share basis, net loss was $21.1038 per diluted share for the year ended December 31, ~~2024~~2025, as compared to $12.2510 per diluted share for the year ended December 31, ~~2023~~2024. Such per share amounts were negatively impacted by accrued preferred dividends of $5.6.1 million and $45.96 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

Regulatory and Tax Issues

We are involved in a number of regulatory and tax proceedings. A material and adverse outcome in one or more of these proceedings could have a material adverse impact on our financial condition and future operations. For discussion of ongoing proceedings, see Note 1312 to the Consolidated Financial Statements in this Report.

~~Liquidity~~One ~~and~~Big ~~Capital~~Beautiful ~~Resources~~ Bill Act

~~Historically~~In July 2025, wethe ~~have~~One ~~met~~Big ~~our~~Beautiful ~~operational~~Bill ~~liquidity~~Act ~~needs~~(“OBBBA”) ~~and~~was ~~have~~enacted ~~funded~~in ~~our~~the ~~capital~~US ~~expenditures~~The ~~and~~OBBBA ~~acquisitions~~includes ~~through~~significant aprovisions, ~~combination~~such as the permanent extension of ~~cash-on-hand,~~certain ~~internally~~expiring ~~generated~~provisions ~~funds,~~of ~~borrowings~~the ~~under~~Tax ~~our~~Cuts ~~credit~~and ~~facilities,~~Jobs ~~proceeds~~Act ~~from~~of ~~dispositions~~2017, modifications to the international tax framework and ~~seller~~the ~~financings~~restoration of favorable tax treatment for certain business provisions. The Welegislation ~~believe~~has ~~our~~multiple ~~current~~effective ~~cash~~dates, ~~cash~~with ~~equivalents,~~certain ~~short~~provisions ~~term~~effective ~~investments~~in 2025 and others implemented through 2027. The Company has reflected the impact of the enacted provisions in its 2025 financial

4546

Table of Contents

~~and~~statements, ~~availability~~which ~~under~~were ~~our~~determined ~~current~~to ~~credit~~be ~~facilities~~immaterial. ~~will~~The beCompany ~~sufficient~~is tocurrently ~~meet~~evaluating ~~our~~the ~~cash~~impact ~~needs~~of ~~for~~the atOBBBA ~~least~~provisions ~~the~~effective ~~next~~in ~~twelve~~future ~~months~~years ~~for~~on ~~working~~the ~~capital~~Company’s ~~and~~financial ~~capital~~statements ~~expenditure~~and ~~requirements~~related disclosures.

~~Total~~Liquidity ~~liquidity. As of December 31, 2024, we had approximately $89.2 million in cash, cash equivalents,~~ and ~~restricted~~Capital cash. Of this amount, $32.2 million was held by our foreign subsidiaries and is indefinitely invested outside the United States. In addition, we had approximately $557.4 million of debt, net of unamortized deferred financing costs, as of December 31, 2024. How and when we deploy our balance sheet capacity, including the availability under our various credit facilities (as further described below), will figure prominently in our longer-term growth prospects and stockholder returns.Resources

Historically, we have met our operational liquidity needs and have funded our capital expenditures and acquisitions through a combination of cash-on-hand, internally generated funds, borrowings under our credit facilities, proceeds from dispositions, and seller financings. We believe our current cash, cash equivalents, short term investments and availability under our current credit facilities will be sufficient to meet our cash needs for at least the next twelve months for working capital and capital expenditure requirements.

Total liquidity. As of December 31, 2025, we had approximately $117.2 million in cash, cash equivalents, and restricted cash. Of this amount, $61.9 million was held by our foreign subsidiaries and is indefinitely invested outside the US. In addition, we had approximately $614.4 million of debt outstanding and $227.3 million available under our credit facilities as of December 31, 2025. How and when we deploy our balance sheet capacity, including the availability under our various credit facilities (as further described below), will figure prominently in our longer-term growth prospects and stockholder returns.

Uses of Cash

Acquisitions and investments. We have historically funded our acquisitions with a combination of cash-on-hand, and borrowings under our credit facilities, as well as equity investor and seller financings.

We continue to explore opportunities to expand our telecommunications business or acquire new businesses in the ~~United States~~US, the Caribbean and elsewhere. Such acquisitions may require external financing. While there can be no assurance as to whether, when or on what terms we will be able to acquire any such businesses or make such investments, such acquisitions may be completed through the issuance of shares of our capital stock, payment of cash or incurrence of additional debt. From time to time, we may raise capital ahead of any definitive use of proceeds to allow us to move more quickly and opportunistically if an attractive investment materializes.

Cash used in investing activities. Cash used in investing activities decreased by $6117.30 million to $~~103~~86.8 million from $~~165~~103.18 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. This year-over-year decrease in cash used in investing activities was primarily the result of athe ~~$63.9~~reduction ~~million increase~~ in ~~cash~~Company ~~inflows~~funded ~~related~~capital toexpenditures ~~the~~and ~~reimbursement of~~ capital expenditures under certain government programs, aof ~~decrease~~$20.4 inmillion ~~cash~~and ~~used~~$23.9 ~~for~~million, ~~non-~~respectively. Offsetting ~~reimbursable~~these ~~capital~~amounts ~~expenditures~~were reductions of $5221.95 million and ~~the~~$5.9 ~~2024~~million ~~sale~~ of ~~certain~~cash ~~assets,~~received ~~primarily~~for ~~real~~the ~~estate~~reimbursement ~~within~~of ~~our~~amounts ~~International~~previously ~~Telecom~~paid ~~segment,~~for ~~which~~capital ~~generated~~expenditures ~~$18.6~~under ~~million~~certain ingovernment ~~cash~~programs ~~proceeds.~~and ~~These~~cash ~~amounts~~received ~~were~~in ~~partially~~proceeds ~~offset~~from by the ~~increase~~disposition inof ~~cash~~assets ~~outflows~~and ~~for~~spectrum, ~~reimbursable capital expenditures of $75~~respectively.6 ~~million.~~

Cash (used in) provided by financing activities. Cash used in financing activities was $19.2 million during the year ended December 31, 2025. Cash provided by financing activities was $2.9 million during the year ended December 31, 2024. The $22.1 change was primarily the result of a $42.1 million reduction in borrowings, net of repayments, under our credit facilities, offset by reductions in cash used to repurchase our common stock of $11.2 million (including $10.0 million under the 2023 Repurchase Plan, as discussed below) and a $6.3 million reduction in cash used for debt issuance costs.

Working Capital. We have funded our working capital needs through a combination of internally generated funds and borrowings under our credit facilities. Pursuant to the FirstNet Agreement, AT&T has the option to repay construction costs, with interest, over an eight-year period. To fund the working capital needs created by AT&T’s option to extend its payment terms, we completed the Receivables Credit Facility, as discussed below, on March 26, 2020.

For the year ended December 31, 2025, we spent approximately $90.0 million for capital expenditures and $84.6 million for capital expenditures that are reimbursable under certain government programs. For the year ended

4647

Table of Contents

~~For the year ended~~ December 31, 2024, we spent approximately $110.4 million for capital expenditures and $108.5 million for capital expenditures that are reimbursable under certain government programs. ~~For the year ended December 31, 2023, we spent approximately $163.3 million for capital expenditures and $32.9 million for capital expenditures that are reimbursable under certain government programs.~~ The following ~~notes~~shows our capital expenditures, by operating segment, for these periods (in thousands):


	Capital Expenditures

		International		US		Corporate and
Year ended December 31,		Telecom		Telecom		Other (1)		Consolidated
2024	$	56,693	$	53,652	$	29	$	110,374
2025	$	46,581	$	43,439	$	2	$	90,022
2023		76,379		86,918		—		163,297
2024		56,693		53,652		29		110,374

~~(1) Corporate and other items refer to corporate overhead costs and consolidating adjustments.~~

We(1) ~~are~~Corporate ~~continuing to invest in our telecommunication networks along with our operating~~ and ~~business~~other ~~support~~items ~~systems~~refer ~~in many of our markets. For the year ending December 31, 2025, such investments are expected~~ to ~~total~~corporate ~~approximately~~overhead ~~$90~~costs ~~million~~and toconsolidating ~~$100~~adjustments ~~million of non-reimbursable capital expenditures~~ and ~~will~~have ~~primarily~~been ~~relate~~presented tofor ~~network~~reconciliation ~~expansion~~purposes ~~and upgrades which are expected~~ to ~~further~~consolidated ~~drive subscriber and revenue growth in future periods~~amounts.

We are continuing to invest in our telecommunication networks along with our operating and business support systems in many of our markets. For the year ending December 31, 2026, such investments are expected to total between approximately $105 million to $115 million of non-reimbursable capital expenditures and will primarily relate to network maintenance, upgrades and expansion, which are expected to further drive subscriber and revenue growth in future periods.

Income taxes. We have historically used cash-on-hand to make payments for income taxes. Our policy is to allocate capital where we believe we will get the best returns and to date has been to indefinitely reinvest the undistributed earnings of our foreign subsidiaries. As we continue to reinvest our remaining foreign earnings, no additional provision for income taxes has been made on the accumulated earnings of foreign subsidiaries.

Dividends. For the year ended December 31, ~~2024~~2025, our Board of Directors declared $1416.72 million of dividends to our stockholders, which includes a $0.24275 per share dividend declared on December 189, ~~2024~~2025 and paid on January 89, ~~2025~~2026. We have declared quarterly dividends since the fourth quarter of 1998.

Stock Repurchase Plan. OnOur ~~December 14, 2023, our~~ Board of Directors has authorized the repurchase of up to $25.0 million of our common stock, from time to time, on the open market or in privately negotiated transactions (the “2023 Repurchase Plan”). We ~~The~~did ~~2023~~not ~~Repurchase~~repurchase ~~Plan~~any ~~replaced~~of ~~the~~our ~~previously~~common ~~approved~~stock ~~2016~~under the 2023 Repurchase Plan ~~and,~~during asthe ofyear ended December 31, ~~2024,~~2025 ~~had~~and repurchased $1510.0 million ~~available~~under tothe ~~repurchase~~2023 ~~shares~~Repurchase ofPlan ~~our~~during ~~common stock. During~~ the ~~years~~year ended December 31, 2024. As ~~and 2023 (and prior to the effectiveness~~ of ~~the~~December ~~2023~~31, ~~Repurchase Plan)~~2025, we ~~repurchased~~had $1015.0 million ~~and~~available ~~$15.0~~to ~~million~~repurchase shares of our common stock, ~~respectively~~under the 2023 Repurchase Plan.

Sources of Cash

Cash provided by operations. Cash provided by operating activities was $~~127~~133.9 million for the year ended December 31, ~~2024~~2025, as compared to $~~111~~127.69 million for the year ended December 31, ~~2023~~2024. The increase of $166.30 million was primarily related to improvements in working capital.

Cash provided by financing activities. Cash provided by financing activities was $2.9 million and $55.9 million during the years ended December 31, 2024 and 2023, respectively. The decrease in cash provided by financing activities of $52.9 million was primarily the result of an increase in cash used for debt repayments, net of borrowings, of $55.9 million, an increase in cash used to pay debt issuance costs of $2.7 million and an increase in cash used for the payment of dividends to our common stockholders of $1.5 million. These increases in cash used for financing activities was partially offset by a decrease in cash used to repurchase our common stock (including shares repurchased from employees and directors to satisfy certain tax withholding obligations) of $4.5 million.

4748

Table of Contents

2023 CoBank Credit Facility

On July 13, 2023, we, along with certain of our subsidiaries as guarantors, entered into a ~~new~~Credit Agreement (as may be amended from time to time, the “2023 CoBank Credit Agreement”) with CoBank, ACB (“CoBank”) and a syndicate of other lenders (~~as may be amended from time to time,~~ the “2023 CoBank Credit Facility”). On July 10, 2024, we amended the 2023 CoBank Credit ~~Facility~~Agreement ~~credit facility~~ to add certain subsidiaries as guarantors and to provide further flexibility in order to accept certain grant and government program obligations.

The 2023 CoBank Credit Facility provides for a five-year $170 million revolving credit facility (the “2023 CoBank Revolving Loan”) and a six-year $130 million term loan facility (the “2023 CoBank Term Loan”). We may use (i) up to $25 million under the 2023 CoBank Revolving Loan for letters of credit, and (ii) up to $20 million under a swingline sub-facility. Upon the closing of the 2023 CoBank Credit Facility, we drew all of the 2023 CoBank Term Loan and approximately $13.6 million of the 2023 CoBank Revolving Loan. These borrowings were used to repay all of the $139.5 million of debt outstanding under the 2019 CoBank Credit Facility, as defined below, at close.

The 2023 CoBank Term Loan ~~must~~has bescheduled ~~repaid in~~ quarterly principal payments in the amounts set forth below, with the outstanding principal balance maturing on July 13, 2029. The 2023 CoBank Revolving Loan may be repaid at any time on or prior to its maturity on July 13, 2028. All amounts outstanding under the 2023 CoBank Credit Facility will be due and payable upon the earlier of the maturity date or the acceleration of the loans and commitments upon an event of default.


2023 CoBank Term Loan Quarterly Payment Dates	2023 CoBank Term Loan Quarterly Repayments
December 31, 2023 – June 30, 2025	$812,500 (2.5% per annum)
September 30, 2025 – June 30, 2026	$1,625,000 (5% per annum)
September 30, 2026 – June 30, 2029	$2,437,500 (7.5% per annum)

Amounts borrowed under the 2023 CoBank Credit Facility bear interest at a rate equal to, at our option, either (i) the secured overnight financing rate (“SOFR”) as administered by the Federal Reserve Bank of New York ~~(SOFR)~~ plus an applicable margin ranging between 2.00% to 3.75% for the 2023 CoBank Term Loan and 1.75% to 3.50% for 2023 CoBank Revolving ~~Loans~~Loan or (ii) a base rate plus an applicable margin ranging from 1.00% to 2.75% for the 2023 CoBank Term Loan and 0.75% to 2.50% for the 2023 CoBank Revolving ~~Loans~~Loan. Swingline loans ~~will~~ bear interest at the base rate plus the applicable margin for base rate loans. The base rate is equal to the higher of (i) 1.00% plus the one-month SOFR rate (ii) the federal funds effective rate (as defined in the 2023 CoBank Credit Agreement) plus 0.50% per annum; or (iii) the prime rate (as defined in the 2023 CoBank Credit Agreement). The applicable margin is determined based on the ratio (as further defined in the 2023 CoBank Credit Agreement) of our maximum Total Net Leverage Ratio (as defined in the 2023 CoBank Credit Agreement). Under the terms of the 2023 CoBank Credit Agreement, we must also pay a fee ranging from 0.25% to 0.50% on the average daily unused portion of the 2023 CoBank Credit Facility over each calendar quarter.

The 2023 CoBank Credit Agreement contains a financial covenant (as further defined in the 2023 CoBank Credit Agreement) that imposes a maximum Total Net Leverage Ratio, as well as customary representations, warranties and covenants, including covenants limiting additional indebtedness, liens, guaranties, mergers and consolidations, substantial asset sales, investments and loans, sale and leasebacks, transactions with affiliates and fundamental changes. The maximum Total Net Leverage Ratio is measured each fiscal quarter and is required to be less than or equal to 3.25 to 1.0. The 2023 CoBank Credit Agreement provides for events of default customary for credit facilities of this type, including but not limited to non-payment, defaults on other debt, misrepresentation, breach of covenants, representations and warranties, insolvency and bankruptcy.

We capitalized $4.5 million of fees associated with the 2023 CoBank Credit Facility, which are being amortized over the life of the debt and $32.35 million were unamortized as of December 31, ~~2024~~2025.

4849

Table of Contents

WeAs of December 31, 2025, we had $~~125~~121.91 million outstanding under the 2023 CoBank Term Loan asand ~~of December 31, 2024~~$57.6 ~~Under~~million under the 2023 CoBank Revolving Loan. As of that date, we had $58112.~~6 million outstanding and $111.~~4 million of availability asunder ofthe ~~December~~2023 ~~31,~~CoBank ~~2024~~Revolving Loan. We were in compliance with all financial covenants as of December 31, ~~2024~~2025.

In ~~October~~connection ~~2023~~with the proposed Tower Portfolio Transaction, weon February 11, 2026, the Company entered into a ~~two~~Consent ~~year~~Agreement (the “Consent”) with CoBank, ~~forward~~as ~~starting~~Administrative ~~1-month~~Agent ~~floating~~and tothe ~~fixed~~Lenders ~~SOFR~~and ~~interest~~Voting ~~rate~~Participants ~~swap~~(constituting ~~agreement.~~Required ~~The~~Lenders ~~swap~~(as ~~was~~defined ~~effective~~in ~~November~~the 132023 CoBank Credit Agreement)) party thereto, in connection with the 2023 inCoBank aCredit ~~non-amortizing~~Agreement. ~~notional~~Pursuant ~~amount~~to the terms of ~~$50.0~~the ~~million~~Consent, ~~has~~CoBank aand ~~fixed~~the ~~SOFR~~other ~~rate~~Lenders ofand ~~4.896%~~Voting ~~and~~Participants ~~matures~~(constituting onRequired ~~November~~Lenders) ~~13,~~party ~~2025.~~thereto ~~The~~consented ~~swap~~to: ~~agreement~~(i) ~~had~~the aconsummation ~~fair~~of ~~value~~the Tower Portfolio Transaction; (ii) the distributions of $the Net Cash Proceeds (~~0.3~~as defined in the 2023 CoBank Credit Agreement) ~~million~~from the Tower Portfolio Transaction to the Company and $the minority shareholders of the Commnet Parties; (~~0.5~~iii) ~~million~~the asNet Cash Proceeds received from the Tower Portfolio Transaction being applied to the repayment of ~~December~~the ~~31,~~outstanding ~~2024~~2023 CoBank Revolving Loan rather than the 2023 CoBank Term Loan; and (iv) to the extent that there are Net Cash Proceeds remaining after repaying the outstanding 2023 CoBank Revolving Loan, ~~respectively~~such Net Cash Proceeds being used by the Company and its subsidiaries for working capital and general corporate purposes. The Consent further provides for the release of the Liens (as defined in the 2023 CoBank Credit Agreement) on the assets being sold in connection with the Tower Portfolio Transaction.

~~2019~~In ~~CoBank~~October ~~Credit~~2023, ~~Facility~~ we entered into a two-year, forward starting one-month floating to fixed SOFR interest rate swap agreement. The swap was effective November 13, 2023 in a non-amortizing notional amount of $50.0 million, had a fixed SOFR rate of 4.896% and matured on November 13, 2025. The swap agreement had a fair value of $(0.3) million as of December 31, 2024.

On April 10, 2019, we entered into a credit facility, with CoBank, ACB and a syndicate of other lenders (as amended, the “2019 CoBank Credit Facility”). The 2019 CoBank Credit Facility provided for a $200 million revolving credit facility that included (i) up to $75 million for standby or trade letters of credit and (ii) up to $10 million under a swingline sub-facility. In connection with the execution of the 2023 CoBank Credit Facility, as defined above, all outstanding borrowings under the 2019 CoBank Credit Facility were repaid in full.

Amounts borrowed under the 2019 CoBank Credit Facility bore interest at a rate equal to, at our option, either (i) the London Interbank Offered Rate (“LIBOR”) plus an applicable margin ranging between 1.25% to 2.25% or (ii) a base rate plus an applicable margin ranging from 0.25% to 1.25%. Swingline loans bore interest at the base rate plus the applicable margin for base rate loans. The base rate was equal to the higher of (i) 1.00% plus the higher of (x) LIBOR for an interest period of one month and (y) LIBOR for an interest period of one week; (ii) the Federal Funds Effective Rate (as defined in the 2019 CoBank Credit Facility) plus 0.50% per annum; and (iii) the Prime Rate (as defined in the 2019 CoBank Credit Facility). The applicable margin was determined based on the Total Net Leverage Ratio (as defined in the 2019 CoBank Credit Facility). Under the terms of the 2019 CoBank Credit Facility, we also paid a commitment fee ranging from 0.150% to 0.375% of the average daily unused portion of the 2019 CoBank Credit Facility over each calendar quarter.

Letter of Credit Facility

On November 14, 2022, we entered into a General Agreement of Indemnity to issue performance Standby Letters of Credit on behalf of us and our subsidiaries. As of December 31, ~~2024~~2025, $3035.93 million of Standby Letters of Credit had been issued under this agreement.

2024 Alaska Credit Facility

On August 29, 2024, Alaska Communications ~~(the “Borrower”)~~ entered into a Credit Agreement (the “2024 Alaska Credit Agreement”) with Bank of America, N.A., as administrative agent, and a syndicate of lenders (the “2024 Alaska Credit Facility”), to provide debt financing in the form of a $300 million, five-year secured term loan facility (the “2024 Alaska Term Facility”) and a $90 million revolving facility (the “2024 Alaska Revolving Facility”). The maturity date for the 2024 Alaska Credit Facility is August 29, 2029.

The 2024 Alaska Term Facility proceeds were used (a) to refinance Alaska Communications’ outstanding indebtedness under the 2022 Alaska Credit Facility, (as defined below,) in the amount of approximately $279 million plus accrued and unpaid interest, (b) to pay fees and expenses associated with the completion of this transaction, and (c) for general corporate purposes. As of December 31, ~~2024~~2025, $300.0 million was outstanding under the 2024 Alaska Term Facility.

Proceeds from the 2024 Alaska Revolving Facility are ~~to be~~ used, subject to certain limitations, (a) to issue letters of credit to replace or backstop existing letters of credit of Alaska Communications and its direct and indirect subsidiaries, and (b) for working capital purposes, capital expenditures and other general corporate purposes. As of December 31, ~~2024~~2025, ~~there~~$14.5 ~~were~~million nowas outstanding ~~borrowings~~ under the 2024 Alaska Revolving Facility and $1.0.6 million of letters of credit were issued. As a result, $74.9 million was available under the 2024 Alaska Revolving Facility as of December 31, 2025.

49 The 2024 Alaska Credit Facility also provides for incremental term loans (“Incremental Term Loans”) up to an aggregate principal amount of the greater of $91 million and Alaska Communications’ trailing consolidated twelve-

Table of Contents

~~letters~~month ofEBITDA ~~credit~~(as ~~were~~defined ~~issued. As~~in ~~a result, $89.0 million was available under~~ the 2024 Alaska ~~Revolving~~Credit ~~Facility~~Agreement), assubject ofto ~~December~~Alaska ~~31,~~Communications ~~2024~~meeting certain conditions.

~~The~~In connection with the 2024 Alaska Credit Facility, ~~also~~we ~~provides~~incurred ~~for~~$6.9 ~~incremental~~million ~~term~~of ~~loans~~fees ~~(“Incremental~~and ~~Term~~rolled ~~Loans”)~~over up$2.1 million of fees for the 2022 Alaska Credit Facility to anbe ~~aggregate~~amortized ~~principal~~over ~~amount~~the life of the ~~greater~~debt. As of ~~$91~~December ~~million~~31, ~~and~~2025, ~~Alaska~~we ~~Communications’~~had ~~trailing~~$6.6 ~~consolidated~~million ~~twelve-month~~of ~~EBITDA~~unamortized ~~(as~~fees, ~~defined~~which inare being amortized over the ~~2024~~life ~~Alaska~~of ~~Credit~~the ~~Agreement)~~debt, ~~subject~~associated towith the ~~Borrower~~2024 ~~meeting~~Alaska ~~certain~~Credit ~~conditions~~Facility.

In connection with the 2024 Alaska Credit Facility, we incurred $6.9 million of fees and rolled over $2.1 million of fees for the 2022 Alaska Credit Facility to be amortized over the life of the debt. Additionally, we expensed $3.8 million of costs as transaction-related charges and $0.7 million of as a loss on extinguishment of debt, included in other expense, within our statement of operations during the year ended December 31, 2024. As of December 31, 2024, we had $8.4 million of unamortized fees, which are being amortized over the life of the debt, associated with the 2024 Alaska Credit Facility.

The maturity date for the 2024 Alaska Credit Facility is August 29, 2029.

Amounts outstanding under the 2024 Alaska Credit Facility bear an interest rate of the following:


Tier / Level	Alaska Communications Total Net Leverage Ratio	Applicable Margin for Term SOFR Loans and L/C Participation Fees	Applicable Margin for Base Rate Loans and Reimbursement Obligations	Applicable Margin for Commitment Fees
I	Greater than 4.00:1.00	4.50%	3.50%	0.40%
II	Less than or equal to 4.00:1.00 but greater than 3.25:1.00	4.00%	3.00%	0.35%
III	Less than or equal to 3.25:1.00 but greater than 2.50:1.00	3.50%	2.50%	0.30%
IV	Less than or equal to 2.50:1.00	3.00%	2.00%	0.25%

Principal payments on the 2024 Alaska Term Facility are due quarterly commencing in the fourth quarter of 2026 in quarterly amounts as follows: from the fourth quarter of 2026 through the third quarter of 2027, $1,875,000; and from the fourth quarter of 2027 through the second quarter of 2029, $3,750,000. The remaining unpaid balance is due on the final maturity date. Payments on any principal amount outstanding under the Incremental Term Loans will be made in installments, on the dates and in the amounts set forth in the applicable amendment for such Incremental Term Loans. ~~The~~Alaska ~~Borrower~~Communications may prepay all revolving loans under the 2024 Alaska Revolving Facility at any time without premium or penalty (other than any customary SOFR breakage costs), subject to certain notice requirements and balance restrictions.

~~The~~Alaska ~~Borrower~~Communications is required to maintain financial ratios, based on a calculation of EBITDA defined in the 2024 Alaska Credit Agreement, including (a) a maximum Consolidated Net Total Leverage Ratio (as defined in the 2024 Alaska Credit Agreement) of 4.75:1.00, stepping down to 4.50:1.00 beginning with the third quarter of 2027, and stepping down to 4.25:1.00 beginning with the third quarter of 2028; and (b) a minimum Consolidated Fixed Charge Coverage Ratio of not less than 1.25:1.00. ~~Customary~~The 2024 Alaska Credit Agreement contains customary covenants restricting the incurrence or assumption of debt, granting or assuming liens, declaring dividends and making other restricted payments, making investments, dispositions, engaging in transactions with affiliates, changes to the nature of business, modifying organizational documents and material agreements, entering into sale and leaseback transactions, amending or making prepayments on certain subordinated debt, and entering into mergers and acquisitions.

The 2024 Alaska Credit Facility is secured by substantially all of the personal property and certain material real property owned by Alaska Communications Systems Holdings, the parent company of Alaska Communications (“Holdings”), Alaska Communications, and its wholly owned subsidiaries, excluding, among other things, certain federal and state licenses where a pledge is prohibited by applicable law or is permitted only with the consent of a governmental authority that has not been obtained.

5051

Table of Contents

~~(“Holdings”),~~ The ~~the~~2024 ~~Borrower,~~Alaska ~~and~~Credit ~~its~~Agreement ~~wholly~~contains ~~owned~~usual ~~subsidiaries,~~and ~~excluding,~~customary ~~among~~affirmative ~~other things, certain federal~~ and ~~state~~negative ~~licenses~~covenants ~~where~~of athe ~~pledge~~parties isfor ~~prohibited~~credit byfacilities ~~applicable~~of ~~law~~this type or isas ~~permitted~~otherwise ~~only~~deemed ~~with~~appropriate by the ~~consent~~administrative ofagent, asubject ~~governmental~~to ~~authority~~customary ~~that~~exceptions ~~has~~and ~~not~~materiality ~~been obtained~~standards.

The 2024 Alaska Credit Agreement contains usual and customary affirmative and negative covenants of the parties for credit facilities of this type or as otherwise deemed appropriate by the administrative agent, subject to customary exceptions and materiality standards. The 2024 Alaska Credit Agreement also contains certain customary covenants and events of default, as well as, in the event of an occurrence of an “Event of Default,” customary remedies for the lenders, including the acceleration of any amounts outstanding under the 2024 Alaska Credit Facility. Holdings and its wholly owned subsidiaries are guarantors of the Borrower’s obligations under the 2024 Alaska Credit Agreement. The Company is not a guarantor under the 2024 Alaska Credit Agreement, and the lenders have no recourse against the Company in the event of an occurrence of an “Event of Default.” ~~Additionally,~~(as ~~the~~defined ~~2024~~in ~~Alaska Credit Agreement includes certain customary conditions that must be met for~~ the ~~Borrower to borrow under the~~ 2024 Alaska Credit Agreement ~~from time to time~~).

2022 Alaska Credit Facility

On December 23, 2022, Alaska Communications entered into a Credit Agreement (the “2022 Alaska Credit ~~Facility~~Agreement”) with Fifth Third Bank, National Association, as ~~Administrative~~administrative ~~Agent~~agent, and a syndicate of lenders (the “2022 Alaska Credit Facility”) to provide a Revolving Credit Commitment of $75.0 million (the “2022 Alaska Revolving Facility”) and Term Loan Commitment of $230.0 million (the “2022 Alaska Term Loan”).

The key terms and conditions of the 2022 Alaska Credit Facility included the following:

● Amounts outstanding bore an interest rate of the forward-looking SOFR rate with a one-month interest period, plus the SOFR Spread Adjustment of 10 basis points, plus a margin ranging from 3.00% to 4.00% based on Alaska Communications’ Consolidated Total Net Leverage Ratio (as defined in the 2022 Alaska Credit Agreement) or at an alternate base rate at a margin that is 1% lower than the counterpart SOFR margin;

●

Principal repayments of $1.4 million were made quarterly commencing with the fourth quarter of 2023;

●

Alaska Communications was required to maintain financial ratios as defined in the 2022 Alaska Credit Facility, including (a) a maximum Consolidated Net Total Leverage Ratio of 4.00 to 1, stepping down to 3.75 to 1 beginning with the second quarter of 2024; and (b) a minimum Consolidated Fixed Charge Coverage Ratio of not less than 1.25 to 1. In addition to these financial ratios, Alaska Communications was subject to customary representations, warranties and covenants, including limitations on additional indebtedness, liens, consolidations, mergers, assets sales, advances, investments and loans, transactions with affiliates, sale and leaseback transactions, subordinated indebtedness, and changes in the nature of its business; and

●

The 2022 Alaska Credit Facility was non-recourse to us and was secured by substantially all of the personal property and certain material real property owned by Alaska Communications.

On August 29, 2024, all outstanding amounts under the 2022 Alaska Credit Facility were repaid in full using the proceeds received upon the completion of the 2024 Alaska Credit Facility and the 2022 Alaska Credit Agreement was terminated.

Table of Contents

Alaska Term Facility

On June 15, 2022, Holdings entered into a secured lending arrangement with Bristol Bay Industrial, LLC (the “Alaska Term Facility”).

The Alaska Term Facility provided for a secured delayed draw term loan in an aggregate principal amount of up to $7.5 million and the proceeds were used to pay certain invoices from a contractor for work performed in connection with a fiber build. Interest on the Alaska Term Facility accrued at a fixed rate of 4.0% and scheduled quarterly payments of principal commenced on March 31, 2023. The Alaska Term Facility was repaid in full during the three months ended June 30, 2024.

Table of Contents

with a fiber build. Interest on the Alaska Term Facility accrued at a fixed rate of 4.0% and scheduled quarterly payments of principal commenced on March 31, 2023. The Alaska Term Facility was repaid in full during 2024.

Alaska Interest Rate Swap Agreements

In November 2023, Alaska Communications entered into two forward starting 1one-month floating to fixed SOFR interest rate swap agreements. The total non-amortizing notional amount of the agreements is $200 million, with fixed SOFR rates of 4.8695% and 4.8980% ~~and both agreements mature on June 30, 2025~~. The swap agreements had ana ~~aggregate~~ fair value of $(0.5) ~~and $(1.2)~~ million as of December 31, 2024, and ~~2023~~matured on September 30, ~~respectively~~2025.

On September 26, 2025, Alaska Communications entered into four forward starting one-month floating to fixed SOFR interest rate swap agreements. The total non-amortizing notional amount of the four agreements was $200 million, with fixed SOFR rates ranging from 3.4290% to 3.4485% and have a maturity date of September 30, 2027. The swap agreements had a fair value of $(0.5) million as of December 31, 2025.

FirstNet Receivables Credit Facility

On March 26, 2020, Commnet Finance, a wholly owned subsidiary of Commnet Wireless, entered into a receivables credit facility with ~~us,~~ Commnet Wireless, and CoBank, ~~ACB~~ (the “Receivables Credit Facility”).

The Receivables Credit Facility provides for a senior secured delayed draw term loan in an aggregate principal amount of up to $75.0 million and the proceeds may be used to acquire certain receivables from Commnet Wireless. The receivables to be financed and sold under the Receivables Credit Facility, which ~~provide~~provides the loan security, relate to the obligations of AT&T under the FirstNet Agreement.

On December 27, 2024, CoBank amended the Receivables Credit Facility and extended the delayed draw period to December 31, 2025. There were no further extensions of the draw period.

The maturity date for each loan will be set by CoBank and will match the weighted average maturity of the certain receivables financed.

Interest on the loans accrue at a fixed annual interest rate to be quoted by CoBank.

The Receivables Credit Facility contains customary events of termination, representations and warranties, affirmative and negative covenants and events of default customary for facilities of this type.

As of December 31, ~~2024~~2025, Commnet Wireless had $4439.69 million outstanding, of which $8.08 million was classified as being current and $3631.61 million as long-term on our balance sheet, ~~and $9.2 million of availability~~ under the Receivables Credit Facility. Commnet Wireless capitalized $0.8 million in fees associated with the Receivables Credit Facility which are being amortized over the life of the debt and $0.43 million were unamortized as of December 31, ~~2024~~2025.

OneGY Credit Facilities

On October 12, 2022 , OneGY entered into a $2.9 million term facility and a $5.7 million overdraft facility (the “Guyana Credit Facilities”) with Republic Bank (Guyana) Limited. The Guyana Credit Facilities were secured by real estate assets and carried a fixed interest rate of 7.5%. On November 29, 2024, the overdraft facility and term facility were canceled at the request of OneGY.

Table of Contents

~~The~~IDB ~~Guyana~~ Credit Facilities were secured by real estate assets and carried a fixed interest rate of 7.5%. On November 29, 2024, the overdraft facility and term facility were canceled at the request of OneGY and there were no outstanding amounts at that time.

On May 8, 2025, OneGY entered into a Credit Agreement (the “2025 IDB Credit Agreement”) with Inter-American Investment Corporation (“IDB Invest”) to provide (the “2025 IDB Credit Facilities”) a Revolving Credit Commitment of $10.0 million (the “2025 IDB Revolving Facility”) and Term Loan Commitment of up to $30.0 million (the “2025 IDB Term Loan”). The debt is secured by certain assets of OneGY and is not guaranteed by the Company.

Each disbursement under the 2025 IDB Revolving Facility requires an established repayment date. Amounts may be prepaid with prior notice to IDB Invest.

Beginning in the second quarter of 2027, amounts drawn on the 2025 IDB Term Loan must be repaid in quarterly principal payments in the amounts set forth below, with the outstanding principal balance maturing on the tenth anniversary of the effective date. The 2025 IDB Revolving Loan may be repaid at any time on, or prior to, its maturity of 360 days after the first disbursement date.


2025 IDB Term Loan Quarterly Payment Dates	2025 IDB Term Loan Quarterly Repayments
June 22, 2027 – December 22, 2030	5.0% bi-annually
June 22, 2031 – December 22, 2034	7.5% bi-annually

Amounts borrowed under the 2025 IDB Credit Facilities bear interest at a rate equal to SOFR plus an applicable margin of 2.4% for the 2025 IDB Revolving Facility and 3.0% for the 2025 IDB Term Loan. In the case of the 2025 IDB Term Loan, there is a prepayment fee equal to 1% until the first anniversary from the effective date, 0.5% until the second anniversary from the effective date, and 0.0% thereafter.

The 2025 IDB Credit Agreement contains a financial covenant that imposes on OneGY a maximum Net Financial Debt to EBITDA Ratio and a maximum Debt to Equity ratio and a minimum EBITDA to Net Financial Expense Ratio (each as defined in the 2025 IDB Credit Agreement), as well as customary representations, warranties and covenants. The 2025 IDB Credit Agreement provides for events of default customary for credit facilities of this type, including but not limited to non-payment, defaults on other debt, misrepresentation, breach of covenants, representations and warranties, insolvency and bankruptcy.

As of December 31, 2025, there were no outstanding borrowings under the 2025 IDB Revolving Facility or the 2025 IDB Term loan. As of December 31, 2025, OneGY was in compliance with all financial covenants.

Sacred Wind Term Debt

~~The~~Our subsidiary, Sacred Wind, ~~Term~~has ~~Debt~~a ~~with~~term debt facility (the ~~United~~“Sacred ~~States~~Wind ofTerm ~~America~~Debt”) with the US, acting through the Administrator of the Rural Utilities Service (“RUS”), which provides financial assistance in the form of loans under the Rural Electrification Act of 1936 to furnish or improve telecommunications and/or broadband services in rural areas, is secured by substantially all of the assets of Sacred Wind and is an underlying mortgage to the ~~United States of America~~US. These mortgage notes are to be repaid in equal monthly installments covering principal and interest beginning after date of issue and expiring by 2035.

The Sacred Wind Term Debt contains certain restrictions on the declaration or payment of dividends, redemption of capital stock or investment in affiliated companies without the consent byof the RUS noteholders. The agreements also contain a financial covenant ~~which~~that Sacred Wind was not in compliance with as of December 31, 2024. Sacred Wind submitted a corrective action plan to comply with the financial covenant by December 31, 2028. The corrective action plan was accepted by the RUS and, as of December 31, ~~2024~~2025, we were in compliance with that corrective action plan.

~~As of December 31, 2024, $24.9 million was outstanding under the Sacred Wind Term Debt. Of that amount, $3.5 million was current and $21.4 million was long term.~~54

Table of Contents

As of December 31, 2025, $21.3 million was outstanding under the Sacred Wind Term Debt. Of that amount, $3.6 million was current and $17.7 million was long term.

The mortgage notes carry fixed interest rates ranging from 0.88% to 5.0%.

~~Viya~~OneVI Debt

We, and certain of our subsidiaries, ~~have~~ entered into a loan agreement (“OneVI Debt Agreement”) for a $60.0 million loan ~~agreement~~ (the “~~Viya~~OneVI Debt”) with National Cooperative Services Corporation (“NCSC”). The ~~Viya~~OneVI Debt ~~agreement~~Agreement contains customary representations, warranties, and affirmative and negative covenants (including limitations on additional debt, guaranties, sale of assets and liens) and a financial covenant that limits the maximum ratio of indebtedness to annual operating cash flow to 3.5 to 1.0 (the “OneVI Net Leverage Ratio”). This covenant is tested on an annual basis at the end of each fiscal year. Interest is paid quarterly at a fixed rate of 4.0% per annum and principal repayment iswas not required until maturity on July 1, 2026. Prepayment of amounts under the ~~Viya~~OneVI Debt ~~may~~Agreement bewere subject to a fee under certain circumstances. The debt is secured by certain assets of the ~~Viya~~OneVI subsidiaries and is guaranteed by us.

We paid a fee of $0.9 million in 2016 to lock the interest rate at 4% per annum over the term of the ~~Viya~~OneVI Debt Agreement. The fee was recorded as a reduction to the ~~Viya~~OneVI Debt carrying amount and is being amortized over the life of the loan. As of December 31, 2025, the unamortized fee was $0.1 million.

As of December 31, ~~2024~~2025, $60.0 million of the ~~Viya~~OneVI Debt remained outstanding. Of ~~and~~that amount, $0.2.3 million ofwas ~~the~~current ~~rate~~and ~~lock~~$57.7 ~~fee~~million was ~~unamortized~~long term.

On May 5, 2022, the OneVI Net Leverage Ratio was amended to 7.0 to 1.0 through the maturity date of July 1, 2026. The OneVI Net Leverage Ratio is tested annually, and we were in compliance with the OneVI Net Leverage Ratio as of December 31, ~~2024~~2025.

On November 5, 2025, the Company and certain of its subsidiaries (the “OneVI Borrowers”) amended the OneVI Debt Agreement (the “OneVI Debt Amendment”) to extend the maturity date of the OneVI Debt from July 1, 2026 to July 1, 2035 (the “Extended Maturity Date”). The OneVI Debt Amendment further provides that the OneVI Debt will continue to accrue interest at the current fixed 4.0% rate through June 30, 2026 and, beginning on July 1, 2026, NCSC will offer, at the Borrowers’ option, a forward fixed rate or variable rate of interest for the remainder of the term of the OneVI Debt through the Extended Maturity Date. If the OneVI Borrowers elect the variable rate, the variable rate will be NCSC’s standard variable rate of interest for long-term loans and subject to change monthly, and the OneVI Borrowers will have the option to convert all or a portion of principal outstanding as of the date specified in the Conversion Notice (as defined in the OneVI Debt Agreement), to NCSC’s standard fixed interest rates for long-term loans at any time thereafter without a fee.

Additionally, the OneVI Debt Amendment provides that the OneVI Debt will continue to require interest-only payments at the current rate through June 30, 2026; beginning on July 1, 2026, the OneVI Debt will be subject to a quarterly repayment schedule.


Payment Dates	Annual Principal Repayment
Years 1-3	8%
Years 4-6	10%
Years 7-8	15%
Year 9	18%

Table of Contents

The OneVI Debt Amendment includes financial covenants by the OneVI Borrowers that impose a maximum ratio of indebtedness to annual operating cash flow of 5.00 as of December 31, 2026, 4.75 as of December 31, 2027, and 4.50 times as of December 31, 2028 and each year thereafter. Additionally, the OneVI Borrowers are to maintain a minimum fixed charge cover ratio of 1.25 to begin December 31, 2026, tested annually thereafter through the Extended Maturity Date. The interest rate will be reset on the original loan maturity date of July 1, 2026.

Debt Maturity

The table below summarizes the annual maturities of our debt instruments (amounts in thousands).


									Customer
	US		International		Corporate and		Total		Receivable
Amounts Maturing During	Telecom		Telecom (1)		Other		Debt		Credit Facility
Year ending December 31, 2025	$	3,469	$	—	$	4,757	$	8,226	$	8,031
Year ending December 31, 2026	$	5,471	$	2,250	$	8,125	$	15,846	$	8,784
Year ending December 31, 2026		5,469		60,000		8,125		73,594		8,409
Year ending December 31, 2027		13,096		4,500		9,750		27,346		9,208
Year ending December 31, 2027		13,098		—		9,750		22,848		8,807
Year ending December 31, 2028		18,858		4,500		67,370		90,728		9,657
Year ending December 31, 2028		18,858		—		68,370		87,228		9,229
Year ending December 31, 2029		292,249		5,250		93,438		390,937		6,274
Year ending December 31, 2029		277,749		—		93,556		371,305		6,041
Year ending December 31, 2030		3,172		6,000		—		9,172		2,989
Thereafter		62,~~239~~985		—37,500		—		640,~~239~~485		42,~~085~~958
Total		~~324~~335,~~882~~831		60,000		~~184~~178,~~558~~683		~~569~~574,~~440~~514		4439,~~602~~870
Debt Discounts		(86,~~641~~797)		(~~150~~48)		(32,~~293~~502)		(129,~~084~~347)		(~~368~~252)
Book Value as of December 31, 2024	$	316,241	$	59,850	$	181,265	$	557,356	$	44,234
Book Value as of December 31, 2025	$	329,034	$	59,952	$	176,181	$	565,167	$	39,618

Factors Affecting Sources of Liquidity

Internally generated funds. The key factors affecting our internally generated funds are demand for our services, competition, regulatory developments, economic conditions in the markets where we operate our businesses and industry trends within the telecommunications industry.

Restrictions under 2023 CoBank Credit Facility. Our 2023 CoBank Credit Facility contains customary representations, warranties and covenants, including covenants limiting additional indebtedness, liens, guaranties, mergers and consolidations, substantial asset sales, investments and loans, sale and leasebacks, transactions with affiliates and fundamental changes.

In addition, the 2023 CoBank Credit Facility contains a financial covenant that imposes a maximum ratio of indebtedness to EBITDA. As of December 31, ~~2024~~2025, we were in compliance with all of the financial covenants of the 2023 CoBank Credit Facility.

Capital markets. Our ability to raise funds in the capital markets depends on, among other things, general economic conditions, the conditions of the telecommunications industry, our financial performance, the state of the capital markets and our compliance with SEC requirements for the offering of securities. In August ~~2022~~2025, we filed a new “universal” shelf registration statement with the SEC, to register potential future offerings of up to $300 million of our securities.

Foreign Currency

We translate the assets and liabilities of our foreign subsidiaries from their respective functional currencies, primarily the Guyana Dollar, to US Dollars at the appropriate rates as of the balance sheet date. Changes in the carrying value of these assets and liabilities attributable to fluctuations in rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive income on our balance sheet. Income statement accounts are translated using the monthly average exchange rates during the year. Monetary assets and liabilities denominated in a currency that is different from a reporting entity’s functional currency must first be remeasured from the applicable currency to the legal entity’s functional currency. The effect of this remeasurement process is reported in other income within our income statement. During the years ended December 31, 2024 and 2023, we recorded $1.9 million and $1.4 million, respectively, in losses on foreign currency transactions. We will continue to assess the impact of our exposure to the Guyana Dollar.

5456

Table of Contents

adjustment, a component of accumulated other comprehensive income on our balance sheet. Income statement accounts are translated using the monthly average exchange rates during the year. Monetary assets and liabilities denominated in a currency that is different from a reporting entity’s functional currency must first be remeasured from the applicable currency to the legal entity’s functional currency. The effect of this remeasurement process is reported in other income within our income statement. During the years ended December 31, 2025 and 2024, we recorded $2.0 million and $1.9 million, respectively, in losses on foreign currency transactions. We will continue to assess the impact of our exposure to the Guyana Dollar.

Inflation

Several of our markets have experienced anincreases ~~increase~~ in operating costs, some of which we believe, isare attributable to inflation. If inflation continues or worsens, it could negatively impact our Company by increasing our operating expenses. Inflation may lead to cost increases in multiple areas across our business, for example, rises in the prices of raw materials and manufactured goods, increased energy rates, as well as increased wage pressures and other expenses related to our employees. In particular, where we have agreed to undertake infrastructure build-outs on a fixed budget for our carrier customers or by accepting government grants, inflation may result in build costs that exceed our original budget given the long delays experienced in procuring equipment and materials due to global supply chain delays. To the extent that we are unable to pass on these costs through increased prices, revised budget estimates, or offset them in other ways, they may impact our financial condition and cash flows.

Tariffs

During 2025, the US government announced tariffs on goods imported from various countries to the US. Many of such tariffs were determined to be unlawful by the US Supreme Court. New tariffs have since been implemented by the US Administration. Uncertainty with respect to tariffs remains ongoing, and we are actively monitoring the tariff developments and analyzing the potential impacts, if any, on our businesses, cost structures, supply chain and broader economic environment.

The previously implemented tariffs did not have a material impact on our financial condition or results of operations during the year ended December 31, 2025. However, due to the uncertainty with respect to such tariffs and their evolving nature, we cannot predict the impact, if any, they may have on our business or results in the future.

Material Cash Obligations and Sources

Capital Expenditures. We are continuing to invest in our telecommunication networks along with our operating and business support systems in many of our markets. Such investments include the upgrade and expansion of both our mobility and fixed telecommunications networks, as well as our service delivery platforms. For ~~2025~~2026, we expect non-reimbursable capital expenditures to be approximately $90105 million to $~~100~~115 million ~~(net of reimbursable amounts)~~, and will primarily relate to network maintenance, upgrades and ~~upgrades~~expansion. We expect to fund our ~~2025~~2026 capital expenditures primarily from our current cash balances, cash generated from operations and our existing credit facilities ~~including the Receivables Credit Facility~~.

Long-term Debt. To service our previously described debt facilities, we will be required to make future minimum principal repayments (not including interest, commitment fees or letter of credit fees) of $824.36 million in ~~2025~~2026 and then $7336.6 million, $22100.84 million, $87397.2 million, and $~~371~~12.2 million during ~~2026~~2027 through ~~2029~~2030, respectively, and then $643.24 million in subsequent years.

Lease Commitments. We have operating and financing leases for towers, land, corporate offices, retail facilities, and data transport capacity. In order to comply with our lease agreements, we will be required to pay $2219.4 million in ~~2025~~2026 and then $1618.71 million, $13.8 million, $109.59 million and $7.6 million during ~~2026~~2027 through ~~2029~~2030, respectively, and then $8174.51 million in subsequent years.

FirstNet Agreement. In connection with the FirstNet Agreement, we are building a portion of AT&T’s network for ~~the First Responder Network Authority (“~~FirstNet”) in or near our current operating area in the western ~~United States~~US. We expect to incur construction costs of approximately $6 million, primarily during 2025 with the remainder in 2026, in order to complete the network build portion of that agreement. Following acceptance of the cell sites, AT&T will own the sites and we will assign to AT&T any third-party tower lease applicable to such cell site. If the cell site is located on a communications tower we own, AT&T will pay us pursuant to a separate lease agreement for an initial term of eight years. In addition to building the network, we will provide ongoing equipment and site maintenance and high-capacity transport to and from these cell sites for an initial term ending in 2031.

Connect America Fund II (CAF II). We are a recipient under the Connect America Fund Phase II program which will offer subsidies to us in order to expand our broadband coverage in designated areas. In connection with this program, we are expecting to spend $16.2 million in capital expenditures during the year ended December 31, 2025 (which is included in our capital expenditure estimates for the US Telecom segment above in order to meet our build-out obligations under this program. We are not expecting any commitments under the CAF II program after 2025.57

Spectrum Buildout Commitments. In connection with our spectrum licenses in the United States and other jurisdictions in which we operate, we will have to achieve certain spectrum build-out obligations. We expect to comply with all applicable requirements related to these licenses but cannot currently estimate the cost of building our network in the covered areas. If we do not comply with such requirements in a certain area within timeframe specified in the applicable spectrum license, our spectrum license for that area may be forfeited.

Table of Contents

~~Construction~~approximately ~~grants.~~$4 Wemillion, ~~have~~during ~~also~~2026, ~~been~~in ~~awarded~~order ~~construction~~to ~~grants~~complete tothe network build ~~network~~portion ~~connectivity~~of ~~for~~the ~~eligible~~FirstNet ~~communities~~Agreement. ~~The~~ Following ~~funding~~acceptance of ~~these~~the ~~grants~~cell ~~reimburse~~sites, usAT&T ~~for~~will ~~our~~own ~~construction~~the ~~costs~~sites and we will assign to AT&T any third-party tower lease applicable to such cell site. If Asthe ofcell ~~December~~site ~~31,~~is ~~2024~~located on a communications tower we own, ~~$150.2~~AT&T ~~million~~will ofpay ~~such~~us ~~construction~~pursuant ~~obligations~~to ~~remain~~a ~~with~~separate ~~completion~~lease ~~deadlines~~agreement ~~beginning~~for inan ~~2025~~initial term of eight years. ~~Once~~In ~~these~~addition ~~projects~~to ~~are~~building ~~constructed~~the network, we ~~are~~will ~~obligated~~provide toongoing ~~provide~~equipment ~~service~~and site maintenance and high-capacity transport to ~~the~~and ~~participants~~from these cell sites for an initial term ending in 2031.

~~Software~~Spectrum ~~licensing,~~Buildout ~~maintenance~~Commitments. In connection with our spectrum licenses in the US and other ~~business~~jurisdictions ~~support~~in ~~systems. We~~which ~~have~~we ~~committed~~operate, towe ~~agreements~~will ~~with~~have ~~vendors~~ to ~~provide~~achieve uscertain ~~with~~spectrum ~~software~~build-out ~~licensing~~obligations. ~~and~~We ~~maintenance~~expect ~~services~~to ascomply ~~well~~with asall ~~other~~applicable ~~business~~requirements ~~support~~related ~~systems.~~to ~~These~~these ~~agreements~~licenses ~~expire~~but ~~primarily~~cannot ~~during~~currently estimate the ~~year~~cost ~~ending~~of ~~December~~building ~~31,~~our ~~2025~~network ~~and~~in ~~will~~the ~~require~~covered usareas. If towe ~~pay~~do ~~approximately~~not ~~$37.0~~comply ~~million~~with insuch ~~2025,~~requirements ~~and~~in ~~then~~a ~~$12.8~~certain ~~million,~~area ~~$4.3~~within ~~million,~~timeframe ~~$2.7~~specified ~~million,~~in ~~and~~the ~~$2.4~~applicable ~~million~~spectrum ~~during~~license, ~~2026~~our ~~through~~spectrum ~~2029,~~license ~~respectively~~for ~~and~~that ~~then~~area ~~$14.8~~may ~~million~~be ~~thereafter~~forfeited.

~~Circuits~~Construction ~~and~~grants. ~~other~~We ~~transport~~have ~~costs. We~~also ~~expect~~been awarded construction grants to ~~pay~~build ~~$32.5~~network ~~million,~~connectivity ~~$26.0~~for ~~million,~~eligible ~~$14~~communities.3 The ~~million,~~funding ~~$8.1~~of ~~million~~these ~~and~~grants ~~$4.3~~reimburse ~~million~~us ~~during~~for ~~the~~our ~~years~~construction ~~ended~~costs. As of December 31, 2025, ~~2026,~~$98.8 ~~2027,~~million ~~2028~~of ~~and~~such ~~2029,~~construction ~~respectively,~~obligations ~~for~~remain ~~circuit~~with ~~and~~completion ~~other~~deadlines ~~telecommunication~~beginning ~~transport~~in ~~costs~~2026. ~~Thereafter~~Once these projects are constructed, we are obligated to ~~pay~~provide anservice ~~additional~~to ~~$8.9~~the ~~million for such services~~participants.

~~Sources~~Software oflicensing, ~~Cash~~maintenance and other business support systems. InWe ~~addition~~have committed to ~~future~~agreements ~~internally~~with ~~generated~~vendors ~~funds,~~to asprovide ofus ~~December~~with ~~31,~~software ~~2024,~~licensing weand ~~have~~maintenance ~~$111.4 million~~services, ~~$89.0~~as ~~million~~well ~~and~~as $9other business support systems.2 ~~million~~These ~~available~~agreements toexpire usprimarily ~~under~~during the ~~CoBank~~year ~~Credit~~ending ~~Facility~~December 31, ~~the~~2026 ~~Alaska~~and ~~Revolving~~will ~~Facility~~require ~~and~~us ~~the~~to ~~Receivables~~pay ~~Credit~~approximately ~~Facility,~~$84.0 ~~respectively~~million in 2026, and ~~may~~then be$9.7 ~~able~~million, to$7.4 ~~raise~~million, ~~funds~~$5.1 inmillion, ~~the~~and ~~capital~~$3.5 ~~markets~~million byduring ~~making~~2027 anthrough ~~offering~~2030, ~~under~~respectively ~~our~~and ~~universal~~then ~~shelf~~$15.0 ~~registration~~million thereafter.

Circuits and other transport costs. We expect to pay $53.0 million, $13.7 million, $6.4 million, $2.8 million and $1.0 million during the years ending December 31, 2026, 2027, 2028, 2029 and 2030, respectively, for circuit and other telecommunication transport costs. Thereafter, we are obligated to pay an additional $2.1 million for such services.

Sources of Cash. In addition to future internally generated funds, we had the following available to us under our credit facilities as of December 31, 2025 and may be able to raise funds in the capital markets by making an offering under our universal shelf registration.


Credit Facility		Available as of December 31, 2025 (in millions)
2023 CoBank Credit Facility	$	112.4
2024 Alaska Revolving Facility		74.9
2025 IDB Term Loan		30.0
2025 IDB Revolving Facility		10.0
Total available	$	227.3

Critical Accounting Estimates

We have based our discussion and analysis of our financial condition and results of operations on our Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We base our estimates on our operating experience and on various conditions existing in the market and we believe them to be reasonable under the circumstances. Our estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

We have identified the critical accounting estimates that we believe require significant judgment in the preparation of our Consolidated Financial Statements. We consider these accounting estimates to be critical because ~~changes in the assumptions or estimates we have selected have the potential of materially impacting our financial statements.~~

Table of Contents

changes in the assumptions or estimates we have selected have the potential of materially impacting our financial statements.

Revenue Recognition. In determining the appropriate amount of revenue to recognize for a particular transaction, we apply the criteria established by the authoritative guidance for revenue recognition and defer those items that do not meet the recognition criteria. As a result of the cutoff times of our billing cycles, we are often required to estimate the amount of revenues earned but not billed from the end of each billing cycle to the end of each reporting period. These estimates are based primarily on rate plans in effect and historical evidence with each customer or carrier. Adjustments affecting revenue can and occasionally do occur in periods subsequent to the period when the services were provided, billed and recorded as revenue, however, historically, these adjustments have not been material.

We apply our judgment when assessing the ultimate realization of receivables, including assessing the probability of collection and the current credit- worthiness of customers. We establish an allowance for credit losses on trade receivables sufficient to cover probable and reasonably estimable losses. Our estimate of the allowance for credit losses on trade receivables considers collection experience, aging of the accounts receivable, the credit quality of the customer and, where necessary, other macro-economic factors.

Goodwill and Long-Lived Intangible Assets. In accordance with the authoritative guidance regarding the accounting for impairments or disposals of long-lived assets and the authoritative guidance for the accounting for goodwill and other intangible assets, we evaluate the carrying value of our long-lived assets, including property and equipment, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss exists when estimated undiscounted cash flows attributable to non-current assets subject to depreciation and amortization and discounted cash flows for intangible assets not subject to amortization are less than their carrying amount. For long lived assets other than goodwill, if an asset is deemed to be impaired, the amount of the impairment loss recognized represents the excess of the asset’s carrying value as compared to its estimated fair value, based on management’s assumptions and projections.

Table of Contents

recoverable. An impairment loss exists when estimated undiscounted cash flows attributable to non-current assets subject to depreciation and amortization and discounted cash flows for intangible assets not subject to amortization are less than their carrying amount. For long lived assets other than goodwill, if an asset is deemed to be impaired, the amount of the impairment loss recognized represents the excess of the asset’s carrying value as compared to its estimated fair value, based on management’s assumptions and projections.

Our estimates of the future cash flows attributable to our long-lived assets and the fair value of our businesses involve significant uncertainty. Those estimates are based on management’s assumptions of future results, growth trends and industry conditions. If those estimates are not met, we could have additional impairment charges in the future, and the amounts may be material.

We also assess the carrying value of goodwill and indefinite-lived intangible assets on an annual basis or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. The carrying value of each reporting unit, including goodwill assigned to that reporting unit, is compared to its fair value. If the carrying value of the reporting unit, including goodwill, exceeds the fair value of the reporting unit, an impairment charge is recorded equal to the excess, but not more than the total amount of goodwill allocated to the reporting unit.

We assess the recoverability of the value of our telecommunications licenses using either a market or income approach. We believe that our telecommunications licenses generally have an indefinite life based on historical ability to renew such licenses, that such renewals may be obtained indefinitely and at little cost, and that the related technology used is not expected to be replaced in the foreseeable future. If the value of these assets was impaired by some factor, such as an adverse change in the subsidiary’s operating market, we may be required to record an impairment charge. We test the impairment of our telecommunications licenses annually or more frequently if events or changes in circumstances indicate that such assets might be impaired. The impairment test consists of a comparison of the fair value of telecommunications licenses with their carrying amount.

During the ~~quarter~~year ended ~~September~~December 3031, 2024, we completed our impairment assessment for our US Telecom segment after identifying events that indicated that the fair value of a reporting unit may be below its carrying value. These events included the Company’s continued shift away from wholesale roaming and retail operations towards carrier managed services and fixed broadband services, delays in completing significant network upgrade projects, the conclusion of certain government subsidy programs leading to slower consumer growth, and delays in enterprise sales and delivery. The combination of these events led to the reporting unit being unable to meet key financial and ~~operational forecasted targets. As a result of that analysis, we recorded an impairment of $35.3 million during the quarter ended September 30, 2024.~~

Contingencies. We are subject to proceedings, lawsuits, tax audits and other claims related to lawsuits and other legal and regulatory proceedings that arise in the ordinary course of business as further described in Note 13 to the Consolidated Financial Statements included in this Report. We are required to assess the likelihood of any adverse judgments or outcomes to these matters as well as the potential ranges of probable losses. A determination of the amount of loss accruals required, if any, for these contingencies is made after careful analysis of each individual issue. We consult with legal counsel and other experts where necessary in connection with our assessment of any contingency. The required accrual for any such contingency may change materially in the future due to new developments or changes in each matter. We believe that some adverse outcome is probable and have accordingly accrued $13.8 million as of December 31, 2024 for these matters.59

Table of Contents

operational forecasted targets. As a result of that analysis, we recorded an impairment of $35.3 million during the year ended December 31, 2024. No such impairments were recorded during the year ended December 31, 2025.

Contingencies. We are subject to proceedings, lawsuits, tax audits and other claims related to lawsuits and other legal and regulatory proceedings that arise in the ordinary course of business as further described in Note 12 to the Consolidated Financial Statements included in this Report. We are required to assess the likelihood of any adverse judgments or outcomes to these matters as well as the potential ranges of probable losses. A determination of the amount of loss accruals required, if any, for these contingencies is made after careful analysis of each individual issue. We consult with legal counsel and other experts where necessary in connection with our assessment of any contingency. The required accrual for any such contingency may change materially in the future due to new developments or changes in each matter. We believe that some adverse outcome is probable and have accordingly accrued $16.1 million as of December 31, 2025 for these matters.

Recent Accounting Pronouncements

See Note 2 to the Consolidated Financial Statements included in this Report.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Translation and Remeasurement. We translate the assets and liabilities of our foreign subsidiaries from their respective functional currencies, primarily the Guyana Dollar, to US Dollars at the appropriate rates as of the balance sheet date. Changes in the carrying value of these assets and liabilities attributable to fluctuations in rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive income on our balance sheet. Income statement accounts are translated using the monthly average exchange rates during the year.

57Monetary assets and liabilities denominated in a currency that is different from a reporting entity’s functional currency must first be remeasured from the applicable currency to the legal entity’s functional currency. The effect of this remeasurement process is reported in other income on our income statement.

~~Table~~Employee Benefit Plans. We sponsor pension and other postretirement benefit plans for employees of ~~Contents~~certain subsidiaries. Net periodic pension expense is recognized in our income statement. We recognize a pension or other postretirement plan’s funded status as either an asset or liability in our consolidated balance sheet. Actuarial gains and losses are reported as a component of other comprehensive income and amortized through other income in subsequent periods.

~~sheet~~Interest ~~date~~Rate Sensitivity. As ~~Changes~~of inDecember ~~the~~31, ~~carrying~~2025, ~~value~~we had $293.2 million of ~~these~~variable ~~assets~~rate ~~and~~debt ~~liabilities~~outstanding, ~~attributable~~which is subject to fluctuations in interest rates. Our ~~are~~interest ~~recognized~~expense may be affected by changes in ~~foreign~~interest ~~currency~~rates. We ~~translation~~believe ~~adjustment,~~that a ~~component~~100-basis-point ofchange ~~accumulated~~in ~~other~~the ~~comprehensive~~interest ~~income~~rates on our ~~balance~~variable ~~sheet~~rate debt would result in a $2.9 ~~Income~~million ~~statement~~change ~~accounts~~in ~~are~~our ~~translated~~annual ~~using~~interest ~~the~~expense. We ~~monthly~~may ~~average~~have ~~exchange~~additional exposure to fluctuations in interest rates ~~during~~if ~~the~~we ~~year~~again borrow amounts under our revolver loans within our credit facilities.

Monetary assets and liabilities denominated in a currency that is different from a reporting entity’s functional currency must first be remeasured from the applicable currency to the legal entity’s functional currency. The effect of this remeasurement process is reported in other income on our consolidated statements of operations.

Employee Benefit Plans. We sponsor pension and other post-retirement benefit plans for employees of certain subsidiaries. Net periodic pension expense is recognized in our consolidated statements of operations. We recognize a pension or other postretirement plan’s funded status as either an asset or liability in our consolidated balance sheets. Actuarial gains and losses are reported as a component of other comprehensive income and amortized through other income in subsequent periods.

Interest Rate Sensitivity. As of December 31, 2024, we had $484.6 million of variable rate debt outstanding, which is subject to fluctuations in interest rates. Our interest expense may be affected by changes in interest rates. We believe that a 100-basis-point change in the interest rates on our variable rate debt would result in a $4.8 million change in our annual interest expense. We may have additional exposure to fluctuations in interest rates if we again borrow amounts under our revolver loans within our credit facilities.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The response to this item is submitted as a separate section to this Report. See “Item 15. Exhibits, Financial Statement Schedules.”

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

Table of Contents

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of December 31, ~~2024~~2025. Disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), mean controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s (“SEC”) rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of December 31, ~~2024~~2025, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Table of Contents

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act, as a process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer or persons performing similar functions, and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

●

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

●

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

●

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, ~~2024~~2025. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control—Integrated Framework (2013). Based on its assessment, management concluded that, as of December 31, ~~2024~~2025, our internal control over financial reporting was effective based on those criteria.

The effectiveness of our internal control over financial reporting as of December 31, ~~2024~~2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears on page F-2.

Changes in Internal Control Over Financial Reporting.

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended December 31, ~~2024~~2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

ITEM 9B. OTHER INFORMATION

Rule 10b5-1 Trading Arrangements

~~While~~During the Company does allow for its officers and directors to enter into trading arrangements intended to satisfy the affirmative defense conditions of Rule 10b5-1 with the Company’s prior approval, during the quarter ended December 31, ~~2024~~2025, none of the Company'’s directors or officers informed the Company of the adoption, modification, or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, (each as ~~those~~defined ~~terms~~in ~~are~~Item ~~defined~~408(a) inof Regulation S-K~~, Item 408~~).

59Amendment of ALSK Holdings Limited Liability Company Agreement

~~Table~~On March 13, 2026, the Company amended and restated its limited liability company agreement for ALSK Holdings, LLC with F3C IV, certain affiliates of ~~Contents~~F3C IV, and certain other institutional investors to provide for certain profits interests units to be awarded as part of a management compensation plan for Alaska Communications.

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information regarding our executive officers is contained in Part I of this Form 10-K under the caption “Information About Our Executive Officers”.

The following table sets forth information regarding our directors as of March 1716, ~~2025~~2026:


Name	Age	Position
Brad W. Martin	4950	Chief Executive Officer and Director
Michael T. Prior	6061	Executive Chairman and Director
Bernard J. Bulkin	8384	Director
Richard J. Ganong	61	Director
April V. Henry	56	Director
April V. Henry	55	Director
Derek G. Hudson	70	Director
Derek G. Hudson	69	Director
Patricia A. Jacobs	62	Director
Patricia A. Jacobs	61	Director
Pamela F. Lenehan	73	Director
Pamela F. Lenehan	72	Director

Employee Director

Brad W. Martin

Brad Martin is our Chief Executive Officer and a member of our Board of Directors. Brad joined the Company in ~~April~~ 2018 as Executive Vice President and became our Chief Operating Officer in 2021. In ~~January~~ 2024, Brad was appointed our Chief Executive Officer and as a member of our Board of Directors. Prior to joining us in 2018, he ~~previously~~ served as the Chief Operating Officer ~~for~~of Senet Inc., a leading "low power wide area" network (LPWAN) operator and global service provider. From 2013 through 2015, Brad served as the Senior Vice President and Chief Quality Officer ~~with~~of Extreme Networks, a global leader in software-driven networking solutions for Enterprise and Service Provider customers. ~~Between~~From 2008 ~~and~~to 2013, he served as Vice President of Engineering Operations and Quality with Siemens Enterprise Communications and Enterasys Networks, delivering voice and data networking hardware and software solutions to global enterprises. Brad holds a B.S. in Mechanical Engineering from the University of Maine and is a published author and featured industry speaker.

~~Non-Employee Directors~~62

Table of Contents

Michael T. Prior

Executive Chairman

Michael Prior is the Executive Chairman of the Board of Directors and was our President and Chief Executive Officer from ~~December~~ 2005 through ~~December~~ 2023. ~~He is currently a member of our Investment Committee~~Mr. HePrior ~~was~~joined ~~elected to~~ the ~~Board~~Company in ~~May~~2003 ~~2008~~ and ~~had~~has ~~been~~served anon ~~officer~~our Board of ~~the~~Directors ~~Company~~ since ~~2003~~2008. Prior to joining the Company, Mr. Prior was a partner with Q Advisors LLC, a Denver -based investment banking and financial advisory firm focused on the technology and telecommunications sectors. Mr. Prior began his career as a corporate attorney with Cleary Gottlieb Steen & Hamilton LP in London and New York. He received a B.A. degree from Vassar College and a J.D. degree, summa cum laude, from Brooklyn Law School. Mr. Prior currently serves on the Board of Directors of the Competitive Carriers Association. In 2008, Mr. Prior was named Entrepreneur of the Year for the New England Region by Ernst & Young LLP and ~~One~~one of America's Best CEOs by DeMarche Associates, Inc.

Table of Contents

Non-Employee Directors

Dr. Bernard J. Bulkin

Dr. Bernard Bulkin has been a director of the Company since ~~March~~ 2016 and is ~~currently~~ the Independent Lead Director of our Board of Directors. He is ~~also~~a ~~Chair~~member of ~~our~~the Nominating and Corporate Governance ~~Committee~~ and aAudit ~~member~~Committees of ~~our~~the ~~Audit~~Board ~~Committee~~of Directors. Dr. Bulkin is also a shareholder director of a holding company for the Company'’s renewable energy business operating under the "“Vibrant"” name in India. He held several senior management roles throughout his approximately twenty-year career at British Petroleum (“BP”), including Director of the refining business, Vice President Environmental Affairs, and Chief Scientist, and left BP in 2003. ~~Dr.~~He ~~Bulkin~~ is currently a director of VH-Global ~~Sustainable~~ Energy ~~Opportunities~~Infrastructure ~~Plc~~ (LDN:~~GSEO~~ENRG) (Chairman), Clean Growth Leadership Network Ltd, and QLM Technology Ltd (Chairman). Dr. Bulkin has served on the boards of Severn Trent plc, Ludgate Investments Limited, HMN Colmworth Ltd., Chemrec AB and REAC Fuel AB, each a Swedish biofuel technology developer, ARQ Ltd, K3 Solar Ltd, and Ze-gen Corporation, a renewable energy company, and chaired the boards of two UK public companies: AEA Technology plc (from 2005 until 2009), and Pursuit Dynamics Plc (from 2011 until 2013). Dr. Bulkin served as Chair of the UK Office of Renewable Energy from 2010 until 2013, was a member of the FTSE Environmental Markets Advisory Committee (~~2010to~~ 2010-2017) and has held several other UK government roles in sustainable energy and transport. He earned a B.S. in Chemistry from the Polytechnic Institute of Brooklyn and a Ph.D. in Physical Chemistry from Purdue University. Dr. Bulkin is an Emeritus Professorial Fellow at the University of Cambridge and is the author of Crash Course (2015), ~~and~~ Solving Chemistry (2019), and The Material Advantage (2024). He was awarded the Honour of Officer of the Order of the British Empire (OBE) in the 2017 New Year Honours List.

Richard J. Ganong

Richard Ganong has been a director of the Company since June 2018 and is Chair of our Compensation Committee and a member of our Investment Committee. Mr. Ganong has more than 25 years of experience in the financial services industry with a focus on venture capital and hedge fund investing. He was a Partner at the Tudor Investment Corporation, an internationally recognized diversified investment management firm, from 1993 to 2009, including as a Partner from 2000 to 2009, and was a founding General Partner of the Tudor Venture Group which managed a series of funds providing growth capital to private companies in various information technology industries. Mr. Ganong was the Senior Vice President of Development and Alumni Relations at Bowdoin College from 2014 to 2016 and most recently founded Five Pine Partners, an investment and advisory boutique. Mr. Ganong also is an emeritus member of the Board of Overseers at The Tuck School at Dartmouth. He is currently a member of the Board of Directors for LMCG Investments, LLC, the Gasparilla Island Conservation and Improvement Association of Boca Grande and The Island School of Boca Grande. Mr. Ganong holds a B.A. from Bowdoin College and an M.B.A. from the Tuck School at Dartmouth.

April V. Henry

April Henry has been a director of the Company since ~~March~~ 2022. She is the Chair of ~~our~~the ~~Investment~~Compensation Committee ~~and~~of athe ~~member~~Board of ~~our~~Directors. ~~Compensation~~Since ~~Committee.~~2018, ~~She~~she ishas served as the Managing Partner of Hawkeye Digital, a management consulting firm that is focused on driving revenue growth, core decision-making and business and human capital transformation for businesses at critical points in their growth cycle. Previously, Ms. Henry was a director of SciPlay Corporation ~~(Nasdaq: SCPL)~~ until its sale to Light & Wonder onin ~~October 23,~~ 2023. Prior to her current roles, Ms. Henry was the Executive Vice President of Corporate Development for Science Inc. and Science Strategic Acquisition Corp. ~~Alpha (Nasdaq: SSAA)~~ from 2020 to 2022, Co-Founder and Chief Revenue Officer of ~~Equell~~equell, Inc. from 2018 to 2019, a Senior Vice President of Business Development at NBC Universal, LLC from 2016 to 2018, and the Chief of Staff of Development and Vice President of Corporate Development of Yahoo, Inc. from 2011 to 2015. Prior to that, Ms. Henry spent a number of years in the early part of her career with Morgan Stanley as a research analyst covering telecommunications and technology companies, and held positions with Index Ventures and News Corporation. Ms. Henry is on the Advisory Board of Evalla Advisors LLC, ~~and~~ a special advisor to S4 Capital, PLC, and on the Advisory Board of Defend Freedom. Ms. Henry received her undergraduate degree in Political Science from Columbia University.

Table of Contents

Derek G. Hudson

Derek Hudson has been a director of the Company since ~~June~~ 2023 and is a member of ~~our~~the Audit and ~~Investment~~Compensation Committees of our Board of Directors. Since 2016, Mr. Hudson ~~currently~~has ~~serves~~served as the Chairman of the Board of Scotia Bank Trinidad and Tobago Limited ~~and has been a member of the Board since June 2016~~. Following his retirement ~~from his role~~ as ~~Shell's~~ Vice President and Country Chairman, of Shell Trinidad & Tobago, ~~from~~Limited ~~June~~(“Shell”) ~~2016~~in ~~to June~~ 2019, Mr. Hudson served as a business advisor to Shell's Integrated Gas Business until ~~June~~ 2021. Prior to the combination of Royal Dutch Shell and BG Group in ~~February~~ 2016, Mr. Hudson served as President and Asset General Manager of BG Trinidad & Tobago from 2007 to 2012 and thereafter assumed a similar role for BG in East Africa, covering Tanzania, Kenya, and Madagascar. Mr. Hudson joined BG Group in 1995 and held previous roles as Vice President of one of BG's UK upstream businesses from 2000 to 2004 and Chief of Staff in Trinidad and Tobago from 2005 to 2007. Mr. Hudson has also served on the board of Atlantic LNG, a joint venture owned by Shell, BP, and the National Gas Company of Trinidad and Tobago, and at present is a Non-Executive Director of Trinity Energy, a UK-registered independent company focused on Trinidad and Tobago. He has also served on NGOs and other voluntary organizations in Trinidad and Tobago, and performed the role of Non-Executive Chairman of the Port Authority of Trinidad and Tobago from 2005 to 2010.

Patricia A. Jacobs

Patricia Jacobs has been a director of the Company since ~~June~~ 2023 and is athe ~~member~~Chair of ~~our~~the ~~Compensation and~~ Nominating and Corporate Governance ~~Committees~~Committee and member of the Compensation Committee of our Board of Directors. Ms. Jacobs held several leadership positions during her 37-year career in telecommunications, energy, and government, including President, New England Region for AT&T from 2010 to 2020, and President, Northern Region from ~~March~~ 2020 until her retirement ~~from the company~~ in ~~November~~ 2022. Prior to such positions, Ms. Jacobs also served as Vice President for International Public Affairs, where she led international initiatives and corporate reputation campaigns globally;, and Regional Vice President for Federal Public Affairs, where she worked on several mergers and on a wide range of federal legislative and regulatory matters. Prior to joining AT&T, Ms. Jacobs served as an aide to then Congressman Edward J. Markey (D-MA) at the Subcommittee on Energy and Power, and as a member of the staff of the Massachusetts Senate's Commerce and Labor Committee. Ms. Jacobs was appointed to the Board of Directors of the Massachusetts Port Authority in ~~August of~~ 2016, and currently serves as ~~Chair~~its ~~of the Board~~Chair, and ~~Chairs~~chairs the Audit and Finance, Committee and the Human Resources, Compensation and Diversity ~~Committees~~Committee. Ms. Jacobs also serves on the board of Avangrid (NYSE: NGR) and is a member of ~~the~~its ~~Compensation~~Executive ~~and Nominating and the Unaffiliated Committees~~Committee. Additionally, she is Vice Chair of the New England Council and serves on the boards of the JFK Presidential Library Foundation, the Boys and Girls Clubs of Boston, and is on the Leadership Council for Home Base (a partnership of Mass General Hospital and the Red Sox Foundation). Ms. Jacobs holds a B.A. from the University of Texas at Austin, and an M.A. and Ph.D. in Political Science from Boston College.

Pamela F. Lenehan

Pamela Lenehan has been a director of the Company since ~~June~~ 2020 and is Chair of ~~our~~the Audit Committee and a member of ~~our~~the Nominating and Corporate Governance Committee of the Board of Directors. Ms. Lenehan spent more than 20 years in financial services. In ~~June~~ 2002, Ms. Lenehan founded Ridge Hill Consulting, LLC and has served as its President since that time. Previously, she served as Chief Financial Officer of Convergent Networks, a high technology start-up and was Senior Vice President, Corporate Development and Treasurer of Oak Industries, a NYSE-listed manufacturer of telecommunications components. She also previously served as a Managing Director in Investment Banking for 14 years at Credit Suisse First Boston and started her career in corporate banking at Chase Manhattan Bank. Ms. Lenehan is also a director of the Center for Women & Enterprise, the National Association of Corporate Directors New England Chapter, and is co-chair of the Boston Chapter of Women Corporate Directors. Ms. Lenehan previously served on the boards of Rithm Capital, Monotype Imaging, Civitas Solutions, American Superconductor, Spartech Corporation and Avid Technology. Ms. Lenehan has a B.A. in Mathematical Economics, cum laude and with honors, and a M.A. in Economics from Brown University. Ms. Lenehan holds a NACD Director Certification from the National Association of Corporate Directors.

6264

Table of Contents

Insider Trading Policy

We have adopted an insider trading policy and procedures governing the purchase, sale, and/or other dispositions of our securities (the “Insider Trading Policy”) that applies to all directors, officers, employees, consultants, contractors of the Company and its subsidiaries, as well as the Company itself. We believe that the Insider Trading Policy is reasonably designed to promote compliance with insider trading laws, rules and regulations with respect to the purchase, sale and/or other dispositions of the Company'’s securities, as well as any listing standards, rules and regulations applicable to us. A copy of the Insider Trading Policy is filed as Exhibit 19 to this Report.

Additional information required by this Item 10 will be set forth in our Definitive Proxy Statement for the ~~2025~~2026 Annual Meeting of Stockholders, which will be filed with the SEC within 120 days following the end of the fiscal year covered by this Report (the “~~2025~~2026 Proxy Statement”), and is incorporated herein by reference.

ITEM 11. EXECUTIVE COMPENSATION

Information required by this Item 11 will be set forth in our ~~2025~~2026 Proxy Statement and is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information required by this Item 12 will be set forth in our ~~2025~~2026 Proxy Statement and is incorporated herein by reference.

Information required by this Item 13 will be set forth in our ~~2025~~2026 Proxy Statement and is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Information required by this Item 14 will be set forth in our ~~2025~~2026 Proxy Statement and is incorporated herein by reference.

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a)	The following documents are filed as part of this Report:

(1)

Financial Statements. See Index to Consolidated Financial Statements, which appears on page F-1 hereof. The financial statements listed in the accompanying Index to Consolidated Financial Statements are filed herewith in response to this Item 15.

(2) Schedule II. Valuation and Qualifying Accounts for the years ended December 31, ~~2022~~2023, ~~2023~~2024, and ~~2024~~2025 which appears on page F-66 hereof.

(3)

Exhibits. The exhibits listed below are filed herewith in response to this Item 15.

6365

Table of Contents

EXHIBIT INDEX

to Form 10-K for the Year Ended December 31, ~~2024~~2025

2.1		Agreement and Plan of Merger, dated as of December 31, 2020, by and among Alaska Communications Systems Group, Inc., Project 8 Buyer, LLC and Project 8 Mergersub, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on January 4, 2021).
3.1		Restated Certificate of Incorporation of ATN International, Inc. (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-8 (File No. 333-62416) filed on June 6, 2001).
3.2		Certificate of Amendment to the Restated Certificate of Incorporation of ATN International, Inc., as filed with the Delaware Secretary of State on August 14, 2006 (incorporated by reference to Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) for the quarterly period ended June 30, 2006 filed on August 14, 2006).
3.3		Certificate of Amendment to the Company’s Restated Certificate of Incorporation, filed June 10, 2016 and effective June 21, 2016 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on June 27, 2016).
3.4		Amended and Restated By-Laws, effective as of March 8, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on March 14, 2023).
4.1		Description of ATN International, Inc. securities registered pursuant to Section 12 of the Exchange Act (incorporated by reference to Exhibit 4.1 to the Company’s Annual Report on Form 10 K (File No. 001 12593) for the year ended December 31, 2019 filed on March 2, 2020).
10.1	ⱡ	ATN International, Inc. 2008 Equity Incentive Plan, as amended and restated (incorporated by reference to Appendix C of the Definitive Proxy Statement on Schedule 14A (File No. 001-12593) filed on May 2, 2011).
10.2	ⱡ	~~Form~~Deferred ofCompensation ~~Notice~~Plan offor ~~Grant~~Select Employees of ~~Restricted~~ATN ~~Stock~~International, ~~and~~Inc. ~~Restricted Stock Agreement under 2008 Equity Incentive Plan~~ (~~Non-Employee Directors) (~~incorporated by reference to Exhibit 10.21 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on ~~May~~January 216, ~~2008~~2009).
10.3	ⱡ	Form of ~~Notice of Grant of~~ Restricted Stock ~~and~~Unit ~~Restricted Stock~~ Agreement under the 2008 Equity Incentive Plan (incorporated by reference to Exhibit 10.32 to the Company’s ~~Current~~Quarterly Report on Form 810-KQ (File No. 001- 12593) filed on May 219, ~~2008~~2018).
10.4	ⱡ	Form of ~~Notice~~Restricted ofStock ~~Grant~~Unit ofAward ~~Incentive~~Grant ~~Stock~~Notice ~~Option~~ and ~~Option~~Restricted Stock Unit Agreement under the 2008 Equity Incentive Plan (incorporated by reference to Exhibit 10.42 to the Company’s Current Report on Form 8-K (File No. 001- 12593) filed on ~~May~~March 2115, ~~2008~~2021).
10.5	ⱡ	Form of ~~Notice~~Performance ofStock ~~Grant~~Unit ofAward ~~Nonqualified~~Grant ~~Stock~~Notice ~~Option~~ and ~~Option~~Performance ~~Agreement~~Stock ~~under~~Unit ~~2008~~Agreement ~~Equity Incentive Plan~~ (incorporated by reference to Exhibit 10.51 to the Company’s Current Report on Form 8-K (File No. 001- 12593) filed on ~~May~~March 2115, ~~2008~~2021).
10.6	ⱡ	~~Deferred~~Form ~~Compensation~~of ~~Plan~~Severance ~~for~~Agreement ~~Select~~with ~~Employees~~Non-CEO ofExecutive ~~ATN~~Officers ~~International, Inc.~~ (incorporated by reference to Exhibit 10.111 to the Company’s ~~Current~~Annual Report on Form 810-K (File No. 001-12593) filed on ~~January~~March 615, ~~2009~~2023).
10.7	ⱡ	Form of ~~Restricted~~Severance ~~Stock Unit~~ Agreement ~~under~~with ~~the~~Chief ~~2008~~Executive ~~Equity~~Officer ~~Incentive Plan~~ (incorporated by reference to Exhibit 10.212 to the Company’s ~~Quarterly~~Annual Report on Form 10-QK (File No. 001-12593) filed on ~~May~~March 915, ~~2018~~2023).
10.8	ⱡ	~~Form~~Credit Agreement, dated as of ~~Restricted~~March ~~Stock~~26, ~~Unit~~2020, ~~Award~~among ~~Grant~~Commnet ~~Notice~~Finance, LLC, as Borrower, Commnet Wireless, LLC, as Originator and ~~Restricted~~Servicer, ~~Stock~~ATN ~~Unit~~International, ~~Agreement~~Inc., ~~under~~as ~~the~~Limited ~~2008~~Guarantor, ~~Equity~~CoBank, ~~Incentive~~ACB, ~~Plan~~as Administrative Agent, Lead Arranger, and Sole Bookrunner, and the Lenders party thereto (incorporated by reference to Exhibit 10.21 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on ~~March~~April 151, ~~2021~~2020).
10.9	ⱡ	~~Form~~Consent, Release and Confirmation Agreement, entered into as of ~~Performance~~March ~~Stock~~26, ~~Unit~~2020, ~~Award~~among ~~Grant~~ATN ~~Notice~~International, Inc., as Borrower, each of the subsidiaries of ATN International, Inc., identified as guarantors on the signature pages thereto, CoBank, ACB, as Administrative Agent, and ~~Performance~~each ~~Stock~~of ~~Unit~~the ~~Agreement~~financial institutions identified as a Lender on the signature pages thereto (incorporated by reference to Exhibit 10.12 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on ~~March~~April 151, ~~2021~~2020).
10.10	ⱡ	~~Form~~Amendment ofand ~~Severance~~Confirmation Agreement, ~~with~~effective ~~Non-CEO~~as ~~Executive~~of ~~Officers~~December 22, 2022 , among Commnet Finance, LLC, as Borrower, Commnet Wireless, LLC, as Originator and Servicer, ATN International, Inc., as Limited Guarantor, CoBank, ACB, as Administrative Agent, Lead Arranger, and Sole Bookrunner, and the Lenders party thereto (incorporated by reference to Exhibit 10.21 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on ~~March~~December 1930, ~~2019~~2022).
10.11	ⱡ	~~Form~~Agreement between the Government of ~~Severance~~the ~~Agreement~~Co-Operative ~~with~~Republic ~~Non~~of Guyana and Atlantic Tele-~~CEO~~ ~~Executive~~Network, ~~Officers~~Inc., dated June 18, 1990 (incorporated by reference to Exhibit 10.111 to the Company’'s ~~Annual~~Quarterly Report on Form 10-KQ (File No. 001-12593) for the quarterly period ended March 31, 2006 filed on ~~March~~May 15, ~~2023~~2006).
10.12	ⱡ	Form of Severance Agreement with Chief Executive Officer (incorporated by reference to Exhibit 10.12 to the Company’s Annual Report on Form 10-K (File No. 001-12593) filed on March 15, 2023).

Table of Contents

10.13		Fourth Amended and Restated Credit Agreement dated as of December 19, 2014, by and among the Company, as Borrower, CoBank, ACB, as Administrative Agent, Lead Arranger, Swingline Lender, an Issuing Lender and a Lender, Fifth Third Bank, as a Joint Lead Arranger, MUFG Union Bank, N.A., as a Joint Lead Arranger and an Issuing Lender, the Guarantors named therein and the other Lenders named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on December 23, 2014).
10.14		Amendment, Consent and Confirmation Agreement, dated January 11, 2016, by and among ATN International, Inc., as Borrower, CoBank, ACB, as Administrative Agent, and the Guarantors and other Lenders named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on January 15, 2016).
10.15		Third Amendment and Confirmation Agreement dated as of April 10, 2019 by and among the Company, as Borrower, CoBank, ACB, as Administrative Agent, the Guarantors named therein and the other Lenders named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on April 16, 2019).
10.16		Fourth Amendment, Consent and Confirmation Agreement, dated November 7, 2022, among ATN International, Inc., each of the Guarantors named therein, CoBank, ACB, and each of the Lenders named therein (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001 12593) filed on November 9, 2022).
10.17		Amendment Agreement, dated as of December 28, 2022 , among, ATN International, Inc., as Borrower, CoBank, ACB, as Administrative Agent, and the Lenders and Guarantors party thereto (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on December 30, 2022).
10.18		Credit Agreement, dated as of March 26, 2020, among Commnet Finance, LLC, as Borrower, Commnet Wireless, LLC, as Originator and Servicer, ATN International, Inc., as Limited Guarantor, CoBank, ACB, as Administrative Agent, Lead Arranger, and Sole Bookrunner, and the Lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on April 1, 2020).
10.19		Consent, Release and Confirmation Agreement, entered into as of March 26, 2020, among ATN International, Inc., as Borrower, each of the subsidiaries of ATN International, Inc., identified as guarantors on the signature pages thereto, CoBank, ACB, as Administrative Agent, and each of the financial institutions identified as a Lender on the signature pages thereto (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on April 1, 2020).
10.20		Amendment and Confirmation Agreement, effective as of December 22, 2022 , among Commnet Finance, LLC, as Borrower, Commnet Wireless, LLC, as Originator and Servicer, ATN International, Inc., as Limited Guarantor, CoBank, ACB, as Administrative Agent, Lead Arranger, and Sole Bookrunner, and the Lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on December 30, 2022).
10.21		Agreement between the Government of the Co-Operative Republic of Guyana and Atlantic Tele- Network, Inc., dated June 18, 1990 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q (File No. 001-12593) for the quarterly period ended March 31, 2006 filed on May 15, 2006).
10.22		Amendment to the Agreement between the Government of the Co-Operative Republic of Guyana and ATN International, Inc., dated November 2, 2012 (incorporated by reference to Exhibit 10.20 to the Company’s Annual Report on Form 10-K (File No. 001-12593) for the year ended December 31, 2012 filed on March 18, 2013).
10.23		Loan Agreement, dated as of July 1, 2016, by and among ATN VI Holdings, LLC, Caribbean Asset Holdings LLC, and Rural Telephone Finance Cooperative (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) for the quarterly period ended June 30, 2016 filed on August 9, 2016).
10.24		Limited Waiver of Net Leverage Ratio dated as of February 27, 2018, between ATN VI Holdings, LLC and the Rural Telephone Finance Cooperative (incorporated by reference to Exhibit 10.25 to the Company’s Annual Report on Form 10-K (File No. 001-12593) filed on February 28, 2018).

Table of Contents

10.25		Limited Waiver of Net Leverage Ratio dated as of February 25, 2019, between ATN VI Holdings, LLC and the Rural Telephone Finance Cooperative (incorporated by reference to Exhibit 10.19 to the Company’s Annual Report on Form 10-K (File No. 001-12593) filed on February 28, 2019)
10.26		Limited Waiver of Net Leverage Ratio dated as of February 26, 2020, between ATN VI Holdings, LLC and the Rural Telephone Finance Cooperative (incorporated by reference to Exhibit 10.18 to the Company’s Annual Report on Form 10-K (File No. 001-12593) for the year ended December 31, 2019 filed on March 2, 2020).
10.27		Limited Waiver of Net Leverage Ratio dated as of February 25, 2021, between ATN VI Holdings, LLC and the Rural Telephone Finance Cooperative (incorporated by reference to Exhibit 10.21 to the Company’s Annual Report on Form 10-K (File No. 001 12593) filed on March 1, 2021).
10.28		Consent and Waiver between Rural Telephone Finance Cooperative, Caribbean Asset Holdings, LLC and DTR Holdings, LLC, dated May 7, 2018. (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) filed on May 9, 2018).
10.29		Consent and Waiver between Rural Telephone Finance Cooperative, Caribbean Asset Holdings, LLC and DTR Holdings, LLC, dated August 3, 2018. (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) filed on August 8, 2018).
10.30		Amendment to Loan Agreement dated May 5, 2022 between ATN VI Holdings, LLC and Rural Telephone Finance Cooperative (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (file No. 001-12593) for the quarterly period ended March 31, 2022 filed on May 10, 2022).
10.31	#	Network Build and Maintenance Agreement, dated as of July 31, 2019, by and between Commnet Wireless, LLC, a wholly owned subsidiary of ATN International, Inc., and AT&T Mobility LLC (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) for the quarterly period ended September 30, 2019 filed on November 8, 2019).
10.32	#	First Amendment to Network Build and Maintenance Agreement dated as of 6th day of August, 2020 and effective as of the 1st day of July, 2020 by and between Commnet Wireless, LLC and AT&T Mobility LLC (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) filed on November 4, 2020).
10.33	#	Second Amendment to Network Build and Maintenance Agreement dated as of the 4th day of May, 2021 and effective as of the 1st day of January, 2021 by and between Commnet Wireless, LLC and AT&T Mobility LLC (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) filed on May 10, 2021).
10.34	#	Third Amendment to Network Build and Maintenance Agreement dated as of the 4th day of August, 2022 and effective as of the 1st day of January, 2022 by and between Commnet Wireless, LLC and AT&T Mobility LLC , incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (file No. 001-12593) for the quarterly period ended June 30, 2022 filed on August 8, 2022.
10.35	#	Fourth Amendment to Network Build and Maintenance Agreement dated as of December 21, 2023 and effective as of the 30th day of September, 2023, by and between Commnet Wireless, LLC and AT&T Mobility LLC (incorporated by reference to Exhibit 10.46 to the Company’s Annual Report on Form 10-K (file No. 001-12593) for the year ended December 31, 2023 filed on March 15, 2024).
10.36	*	Fifth Amendment to Network Build and Maintenance Agreement dated as of March 4, 2025 and effective as of January 1, 2025, by and between Commnet Wireless, LLC and AT&T Mobility LLC.
10.37		Amended and Restated Limited Liability Company Agreement of ALSK Holdings, dated as of July 21, 2021 by and among ALSK Holdings, the Company, F3C IV, certain affiliates of F3C IV, and certain other institutional investors (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on July 22, 2021).
10.38		Credit Agreement, dated as of July 22, 2021, by and among the Borrower, Parent and certain of the Parent’s direct and indirect subsidiaries, as guarantors, Fifth Third Bank, National Association, as Administrative Agent, and the lenders party thereto (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on July 22, 2021).

Table of Contents

10.39		First Amendment Agreement, dated as of December 23, 2022 , among Alaska Communications Systems Group, Inc., Alaska Management, Inc., the other Guarantors identified on the signature pages thereto, the Lenders party thereto, and Fifth Third Bank, National Association, as Administrative Agent, an L/C Issuer and Swing Line Lender and Bank of the West, as an L/C Issuer (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on December 30, 2022).
10.12		Amendment to the Agreement between the Government of the Co-Operative Republic of Guyana and ATN International, Inc., dated November 2, 2012 (incorporated by reference to Exhibit 10.20 to the Company’s Annual Report on Form 10-K (File No. 001-12593) for the year ended December 31, 2012 filed on March 18, 2013).
10.40		Credit Agreement, dated as of August 29, 2024 among Alaska Communications Systems Group, Inc., as borrower (the “Borrower”), and its holding company, Alaska Management, Inc. (“Holdings”), and certain of Holdings’ direct and indirect subsidiaries, as guarantors, Bank of America, N.A., as administrative agent, an L/C issuer and swing line lender, Fifth Third Bank, National Association, as an L/C issuer, the lenders party thereto, and BofA Securities, Inc, Fifth Third Bank, National Association, BMO Bank NA, The Huntington Bank National Association, and MUFG Bank Ltd., as joint lead arrangers, and BofA Securities, Inc, Fifth Third Bank, National Association, and MUFG Union Bank, N.A., as joint bookrunners, and Fifth Third Bank, National Association, and MUFG Bank Ltd., as co-syndication agents, and BMO Bank NA, The Huntington Bank National Association and CoBank ACB, as co-documentation agents, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (file No. 001-12593) filed on August 30, 2024.
10.13		Loan Agreement, dated as of July 1, 2016, by and among ATN VI Holdings, LLC, Caribbean Asset Holdings LLC, and Rural Telephone Finance Cooperative (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) for the quarterly period ended June 30, 2016 filed on August 9, 2016).
10.41		ATN International, Inc. 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on June 13, 2023).
10.14		Amendment to Loan Agreement dated May 5, 2022 between ATN VI Holdings, LLC and Rural Telephone Finance Cooperative (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (file No. 001-12593) for the quarterly period ended March 31, 2022 filed on May 10, 2022).
10.42		Form of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Agreement under the 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on June 13, 2023).
10.15		Second Amendment to Loan Agreement, by and among ATN VI Holdings, LLC, Caribbean Asset Holdings, LLC, and National Cooperative Services Corporation dated November 5, 2025 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (file No.001-12593) for the quarterly period ended September 30, 2025 filed on November 10, 2025).
10.43		Form of Performance Stock Unit Award Grant Notice and Performance Stock Unit Agreement under the 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on June 13, 2023).
10.16	#	Network Build and Maintenance Agreement, dated as of July 31, 2019, by and between Commnet Wireless, LLC, a wholly owned subsidiary of ATN International, Inc., and AT&T Mobility LLC (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) for the quarterly period ended September 30, 2019 filed on November 8, 2019).
10.44		Credit Agreement, dated as of July 13, 2023, among ATN International, Inc. as Borrower, CoBank, ACB, as Administrative Agent, Fifth Third Bank, N.A., MUFG Bank, Ltd. and the Guarantors party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on July 17, 2023).
10.17	#	First Amendment to Network Build and Maintenance Agreement dated as of August 6, 2020 and effective as of July 1, 2020 by and between Commnet Wireless, LLC and AT&T Mobility LLC (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) filed on November 4, 2020).
10.45		Carrier Managed Services Master Agreement, dated as of May 10, 2023, between Commnet Wireless LLC, a wholly owned subsidiary of ATN International, Inc., and Cellco Partnership d/b/a Verizon Wireless (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) filed on August 9, 2023).
10.18	#	Second Amendment to Network Build and Maintenance Agreement dated as of May 4, 2021 and effective as of January 1, 2021 by and between Commnet Wireless, LLC and AT&T Mobility LLC (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) filed on May 10, 2021).
10.46 ⱡ		Form of Notice of Grant of Restricted Stock and Restricted Stock Agreement under 2023 Equity Incentive Plan (Non-Employee Directors) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) filed on August 9, 2023).
10.19	#	Third Amendment to Network Build and Maintenance Agreement dated as of August 4, 2022 and effective as of January 1, 2022 by and between Commnet Wireless, LLC and AT&T Mobility LLC , incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (file No. 001-12593) for the quarterly period ended June 30, 2022 filed on August 8, 2022.
10.47 ⱡ		Offer Letter and Restricted Covenant Agreement by and between ATN International, Inc. and Carlos Doglioli, dated November 13, 2023 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on November 16, 2023).
10.20	#	Fourth Amendment to Network Build and Maintenance Agreement dated as of December 21, 2023 and effective as of September 30, 2023, by and between Commnet Wireless, LLC and AT&T Mobility LLC (incorporated by reference to Exhibit 10.46 to the Company’s Annual Report on Form 10-K (file No. 001-12593) for the year ended December 31, 2023 filed on March 15, 2024).
10.48		Third Amendment and Confirmation Agreement, effective as of December 19, 2023, among Commnet Finance, LLC, as Borrower, Commnet Wireless, LLC, as Originator and Servicer, ATN International, Inc., as Limited Guarantor, CoBank, ACB, as Administrative Agent and the Lenders party thereto (incorporated by reference to Exhibit 10.45 to the Company’s Annual Report on Form 10-K (File No. 001-12593) for the year ended December 31, 2023 filed on March 15, 2024).
10.21		Fifth Amendment to Network Build and Maintenance Agreement dated as of March 4, 2025 and effective as of January 1, 2025, by and between Commnet Wireless, LLC and AT&T Mobility LLC (incorporated by reference to Exhibit 10.36 to the Company’s Annual Report on Form 10-K (file No. 001-12593) for the year ended December 31, 2024 filed on March 17, 2025).
10.49		Joinder, Consent, First Amendment and Reaffirmation Agreement, dated July 10, 2024, among ATN International, Inc as Borrower, SWC Telesolutions, Inc., ATN International Telecom Group, LLC, CoBank, ACB, as Administrative Agent, Fifth Third Bank, N.A., MUFG Bank, Ltd. and the Guarantors party thereto, incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (file No. 001-12593) filed on August 9, 2024.
10.22		Amended and Restated Limited Liability Company Agreement of ALSK Holdings, dated as of July 21, 2021 by and among ALSK Holdings, the Company, F3C IV, certain affiliates of F3C IV, and certain other institutional investors (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on July 22, 2021).
19	*	Insider Trading Policy.
10.23*		Third Amended and Restated Limited Liability Company Agreement of ALSK Holdings, dated as of March 13, 2026 by and among ALSK Holdings, the Company, F3C IV, certain affiliates of F3C IV, and certain other institutional investors.
21	*	Subsidiaries of ATN International, Inc.
23.1	*	Consent of Independent Registered Public Accounting Firm—PricewaterhouseCoopers LLP.
31.1	*	Certification of Principal Executive Officer pursuant to Rule 13a- 14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Rule 302 of the Sarbanes-Oxley Act of 2002.

Table of Contents

31.2	*	Certification of Principal Financial Officer pursuant to Rule 13a- 14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Rule 302 of the Sarbanes-Oxley Act of 2002.
10.24		Credit Agreement, dated as of August 29, 2024 among Alaska Communications Systems Group, Inc., as borrower (the “Borrower”), and its holding company, Alaska Management, Inc. (“Holdings”), and certain of Holdings’ direct and indirect subsidiaries, as guarantors, Bank of America, N.A., as administrative agent, an L/C issuer and swing line lender, Fifth Third Bank, National Association, as an L/C issuer, the lenders party thereto, and BofA Securities, Inc, Fifth Third Bank, National Association, BMO Bank NA, The Huntington Bank National Association, and MUFG Bank Ltd., as joint lead arrangers, and BofA Securities, Inc, Fifth Third Bank, National Association, and MUFG Union Bank, N.A., as joint bookrunners, and Fifth Third Bank, National Association, and MUFG Bank Ltd., as co-syndication agents, and BMO Bank NA, The Huntington Bank National Association and CoBank ACB, as co-documentation agents, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (file No. 001-12593) filed on August 30, 2024.
32.1	**	Certification of Principal Executive Officer pursuant to 18 USC. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
10.25ⱡ		ATN International, Inc. 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on June 13, 2023).
32.2	**	Certification of Principal Financial Officer pursuant to 18 USC. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
10.26ⱡ		Form of Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Agreement under the 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on June 13, 2023).
97.1		ATN International, Inc. Executive Compensation Recoupment Policy (incorporated by reference to Exhibit 97.1 to the Company’s Annual Report on Form 10 K (File No. 001 12593) for the year ended December 31, 2023 filed on March 15, 2024.
10.27ⱡ		Form of Performance Stock Unit Award Grant Notice and Performance Stock Unit Agreement under the 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on June 13, 2023).
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
10.28		Credit Agreement, dated as of July 13, 2023, among ATN International, Inc. as Borrower, CoBank, ACB, as Administrative Agent, Fifth Third Bank, N.A., MUFG Bank, Ltd. and the Guarantors party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on July 17, 2023).
101.SCH		Inline XBRL Taxonomy Extension Schema Document
10.29		Carrier Managed Services Master Agreement, dated as of May 10, 2023, between Commnet Wireless LLC, a wholly owned subsidiary of ATN International, Inc., and Cellco Partnership d/b/a Verizon Wireless (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) filed on August 9, 2023).
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
10.30ⱡ		Form of Notice of Grant of Restricted Stock and Restricted Stock Agreement under 2023 Equity Incentive Plan (Non-Employee Directors) (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q (File No. 001-12593) filed on August 9, 2023).
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
10.31ⱡ		Offer Letter and Restricted Covenant Agreement by and between ATN International, Inc. and Carlos Doglioli, dated November 13, 2023 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on November 16, 2023).
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
10.32		Third Amendment and Confirmation Agreement, effective as of December 19, 2023, among Commnet Finance, LLC, as Borrower, Commnet Wireless, LLC, as Originator and Servicer, ATN International, Inc., as Limited Guarantor, CoBank, ACB, as Administrative Agent and the Lenders party thereto (incorporated by reference to Exhibit 10.45 to the Company’s Annual Report on Form 10-K (File No. 001-12593) for the year ended December 31, 2023 filed on March 15, 2024).
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
10.33		Joinder, Consent, First Amendment and Reaffirmation Agreement, dated July 10, 2024, among ATN International, Inc as Borrower, SWC Telesolutions, Inc., ATN International Telecom Group, LLC, CoBank, ACB, as Administrative Agent, Fifth Third Bank, N.A., MUFG Bank, Ltd. and the Guarantors party thereto, incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q (file No. 001-12593) filed on August 9, 2024.
104		Cover Page Interactive Data file (formatted as Inline XBRL and embedded within Exhibit 101).
10.34#		Purchase and Sale Agreement, dated February 11, 2026, by and among Commnet Wireless, LLC, Alloy, Inc., Arizona Nevada Tower Company, LLC, Commnet Four Corners, LLC, Commnet of Arizona, LLC, Commnet of Nevada, LLC, Excomm, LLC, Mora Valley Wireless, LLC, and EIP Holdings IV, LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on February 13, 2026).
10.35		Consent Agreement, dated as of February 11, 2026, by and among ATN International, Inc., CoBank, ACB, as Administrative Agent, and the Lenders and Voting Participants (constituting Required Lenders) parties thereto (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-12593) filed on February 13, 2026).
19	*	Insider Trading Policy.
21	*	Subsidiaries of ATN International, Inc.

Table of Contents

23.1	*	Consent of Independent Registered Public Accounting Firm—PricewaterhouseCoopers LLP.
31.1	*	Certification of Principal Executive Officer pursuant to Rule 13a- 14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Rule 302 of the Sarbanes-Oxley Act of 2002.
31.2	*	Certification of Principal Financial Officer pursuant to Rule 13a- 14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Rule 302 of the Sarbanes-Oxley Act of 2002.
32.1	**	Certification of Principal Executive Officer pursuant to 18 USC. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	**	Certification of Principal Financial Officer pursuant to 18 USC. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
97.1		ATN International, Inc. Executive Compensation Recoupment Policy (incorporated by reference to Exhibit 97.1 to the Company’s Annual Report on Form 10 K (File No. 001 12593) for the year ended December 31, 2023 filed on March 15, 2024).
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data file (formatted as Inline XBRL and embedded within Exhibit 101).

ⱡ	Management contract or compensatory plan or arrangement.

*	Filed herewith.

**	The certifications furnished in Exhibit 32.1 and Exhibit 32.2 hereto are deemed to accompany this Report and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the company specifically incorporates it by reference.

# Portions of this exhibit (indicated by asterisks) have been omitted in accordance with the rules of the Securities and Exchange Commission.

ITEM 16. FORM 10-K SUMMARY

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in Beverly, Massachusetts on the ~~17th~~16th day of March, ~~2025~~2026.

ATN International, Inc. By: /s/ BRAD W. MARTIN Brad W. Martin Chief Executive Officer

6869

Table of Contents

Pursuant to the requirements of the Securities Exchange Act of 1934 this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on the ~~17th~~16th day of March, ~~2025~~2026.

Signature Title /s/ BRAD W. MARTIN Chief Executive Officer Brad W. Martin (Principal Executive Officer) /s/ CARLOS R. DOGLIOLI Chief Financial Officer Carlos R. Doglioli (Principal Financial and Accounting Officer) /s/ MICHAEL T. PRIOR Chairman and Director Michael T. Prior /s/ BERNARD J. BULKIN Director Bernard J. Bulkin /s/ ~~RICHARD J. GANONG Director Richard J. Ganong /s/~~ APRIL V. HENRY Director April V. Henry /s/ DEREK G. HUDSON Director Derek Hudson /s/ PATRICIA A. JACOBS Director Patricia Jacobs /s/ PAMELA F. LENEHAN Director Pamela F. Lenehan

6970

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE

December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023

INDEX


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID: 238)		F-2
FINANCIAL STATEMENTS
Consolidated Balance Sheets—December 31, 2024 and 2023		F-4
Consolidated Balance Sheets—December 31, 2025 and 2024		F-4
Consolidated Income Statements for the Years Ended December 31, 2024, 2023 and 2022		F-5
Consolidated Income Statements for the Years Ended December 31, 2025, 2024 and 2023		F-5
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 2023 and 2022		F-6
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023		F-6
Consolidated Statements of Equity for the Years Ended December 31, 2024, 2023 and 2022		F-7
Consolidated Statements of Equity for the Years Ended December 31, 2025, 2024 and 2023		F-7
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022		F-8
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023		F-8
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS		F-9
FINANCIAL STATEMENT SCHEDULE
Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2024, 2023 and 2022		F-66
Schedule II—Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024 and 2023		F-66

F-1

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of ATN International, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of ATN International, Inc. and its subsidiaries (the "Company") as of December 31, ~~2024~~2025 and ~~2023~~2024, and the related consolidated statements of income, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, ~~2024~~2025, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2024~~2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

F-2

Table of Contents

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

~~Goodwill~~Revenue ~~impairment~~Recognition ~~assessment~~– ~~for~~Communication aServices ~~certain reporting unit in the US Telecom segment~~Revenue

As described in ~~Notes~~Note 2 ~~and 7~~ to the consolidated financial statements, the Company’s ~~consolidated~~communication ~~goodwill~~services ~~balance~~include ~~was~~fixed ~~$4.8~~and ~~million~~mobile astelecommunication ofservices ~~December~~provided ~~31,~~to ~~2024,~~business and ~~the~~consumer ~~goodwill~~customers, ~~impairment~~as ~~charge~~well ~~recorded~~as ~~for~~carrier atelecommunication ~~certain~~services. ~~reporting~~On ~~unit~~a inlimited basis, the USCompany ~~Telecom~~also ~~segment~~offers ~~was~~contracts ~~$35.3~~that ~~million~~bundle ~~for~~services ~~the~~with ~~year~~equipment ~~ended~~used ~~December~~to ~~31,~~access ~~2024.~~those ~~Management~~service ~~assesses~~offerings. ~~goodwill~~Revenue ~~for~~recognized ~~impairment~~from onfixed-term anservice ~~annual~~contracts ~~basis~~that inbundle ~~the~~services ~~fourth~~and ~~quarter~~equipment oris ~~more~~allocated ~~frequently~~based ~~when~~on ~~events~~the orstandalone ~~circumstances~~selling ~~occur~~price ~~indicating~~of ~~that~~ the ~~fair~~performance ~~value~~obligations of athe ~~reporting unit may be below its carrying value~~contract. IfService ~~the~~revenue ~~carrying~~is ~~value~~recognized ofwhen ~~the~~services ~~reporting~~are ~~unit~~provided, ~~including~~based ~~goodwill,~~upon ~~exceeds~~either the ~~fair~~service ~~value~~period ofor ~~the reporting unit~~usage, anand ~~impairment~~equipment ~~charge~~revenue is ~~recorded~~recognized ~~equal~~when to the ~~excess,~~equipment ~~but~~is ~~not~~delivered ~~more than the total amount of goodwill allocated~~ to ~~the reporting unit~~customers. AsLess ~~of September 30~~commonly, ~~2024,~~ the Company ~~completed~~provides anaccess ~~impairment~~to ~~assessment~~communication ~~for~~services ~~the~~under ~~goodwill~~government ~~held~~grant inprograms. ~~its~~Revenue USfrom ~~Telecom~~government ~~segment~~grants ~~after~~is ~~identifying~~recognized ~~events~~in ~~that~~accordance ~~indicate~~with ~~that~~ the ~~fair~~grant ~~value~~terms ofand ~~the~~conditions ~~reporting~~which ~~unit~~is ~~may~~typically beon ~~below~~a ~~its~~straight-line ~~carrying~~basis ~~value.~~over ~~Management determined~~ the ~~fair~~service ~~value of the reporting unit using the income approach~~period. The ~~income~~Company’s ~~approach~~communication isservices ~~based~~revenue onwas a$706 ~~discounted~~million ~~cash~~for ~~flow model. The discounted cash flow model requires~~ the ~~exercise~~year ofended ~~significant~~December ~~judgment~~31, ~~including judgments and assumptions about appropriate discount rates and revenue growth~~2025.

The principal ~~considerations~~consideration for our determination that performing procedures relating to ~~the~~communication ~~goodwill~~services ~~impairment~~revenue ~~assessment~~recognition ~~for a certain reporting unit in the US Telecom segment~~ is a critical audit matter ~~are~~is ~~(i) the significant judgment by management when developing the fair value estimate of the reporting unit; (ii)~~ a high degree of auditor ~~judgment, subjectivity, and~~ effort in performing procedures ~~and evaluating management’s significant assumptions~~ related to ~~revenue growth and~~ the ~~discount~~Company’s ~~rate;~~revenue ~~and (iii) the audit effort involved the use of professionals with specialized skill and knowledge~~recognition.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to ~~management’s goodwill impairment assessment, including controls over~~ the ~~valuation~~communication ~~for~~services arevenue ~~certain~~recognition ~~reporting unit in the US Telecom segment~~process. These procedures also included, among others, ~~(i) testing management’s process~~ for ~~developing~~a ~~the~~sample ~~fair value estimate~~ of ~~the~~revenue ~~reporting~~transactions, ~~unit;~~ (iii) ~~evaluating~~testing ~~the~~revenue ~~appropriateness~~recognized ofby ~~the~~obtaining ~~discounted~~and ~~cash~~inspecting ~~flow~~source ~~model;~~documents, ~~(iii)~~such ~~testing~~as ~~the~~contracts, ~~completeness~~invoices, ~~and~~evidence ~~accuracy~~ of ~~underlying~~transfer ~~data~~of ~~used~~control, inand ~~the discounted~~ cash ~~flow~~receipts, ~~model;~~ and (ivii) ~~evaluating~~recalculating the ~~reasonableness~~accuracy of ~~significant~~the ~~assumptions used by management related to~~ revenue ~~growth~~recognized and, ~~the~~where ~~discount~~applicable, ~~rate.~~recalculating ~~Evaluating~~ the ~~reasonableness~~allocation of ~~management’s~~the ~~significant~~transaction ~~assumptions~~price ~~related~~ to ~~revenue~~performance ~~growth~~obligations. ~~involved~~These ~~evaluating~~procedures ~~whether~~also ~~the~~included ~~assumptions~~testing ~~used~~a bysample ~~management~~of ~~were~~customer ~~reasonable~~receivable ~~considering~~balances ~~(i)~~as ~~the current and past performance~~ of ~~the~~December ~~reporting~~31, ~~unit;~~2025, ~~(ii)~~by ~~the~~obtaining ~~consistency with external market~~ and ~~industry~~inspecting ~~data;~~source ~~and~~documents, ~~(iii)~~such ~~whether~~as ~~these~~invoices, ~~assumptions~~sales ~~were~~contracts, ~~consistent with evidence obtained in other areas of the audit. Professionals with specialized skill~~ and ~~knowledge~~subsequent ~~were used to assist in evaluating (i) the appropriateness of the Company’s discounted~~ cash ~~flow model and (ii) the reasonableness of the discount rate assumption~~receipts.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

March 1716, ~~2025~~2026

We have served as the Company’s auditor since 2002.

F-3

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31, ~~2024~~2025 and ~~2023~~2024

(In Thousands, Except Share Data)


	December 31,		December 31,
	~~2024~~2025		~~2023~~2024
ASSETS
Current Assets:
Cash and cash equivalents	$	73102,~~393~~491	$	4973,~~225~~393
Restricted cash		1514,~~851~~663		1215,~~942~~851
Short-term investments		~~300~~395		300
Accounts receivable, net of allowances for credit losses of $15.1 million and $16.4 million, respectively		83,719		88,030
Accounts receivable, net of allowances for credit losses of $15.5 million and $15.1 million, respectively		80,666		83,719
Government grant receivables		5045,~~511~~144		50,~~586~~511
Customer receivable		78,~~986~~783		7,~~249~~986
Inventory, materials and supplies		1514,~~191~~332		1915,~~133~~191
Prepayments and other current assets		6250,~~210~~202		5362,~~807~~210
Total current assets		309,161		281,272
Assets held for sale		11,200		—
Total current assets		327,876		309,161

Fixed Assets, net		1,040,193		1,080,659
Fixed assets, net		991,767		1,040,193
Telecommunication licenses, net		~~113~~105,~~319~~486		113,319
Goodwill		4,835		404,~~104~~835
Intangible assets, net		117,~~990~~449		1911,~~585~~990
Operating lease right-of-use assets		9998,~~427~~158		99,~~335~~427
Customer receivable - long term		4135,~~030~~128		4541,~~676~~030
Other assets		~~107~~102,~~148~~555		~~103~~107,~~764~~148
Total assets	$	1,~~727~~673,~~103~~254	$	1,~~783~~727,~~714~~103
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	815,~~226~~846	$	248,~~290~~226
Current portion of customer receivable credit facility		8,~~031~~784		78,~~110~~031
Accounts payable and accrued liabilities		~~178~~173,~~172~~301		~~182~~178,~~069~~172
Dividends payable		34,~~627~~196		3,~~701~~627
Accrued taxes		87,~~234~~596		108,~~876~~234
Current portion of lease liabilities		1613,~~188~~891		1516,~~164~~188
Advance payments and deposits		4439,~~836~~485		4944,~~984~~836
Total current liabilities		~~267~~263,~~314~~099		~~293~~267,~~194~~314
Deferred income taxes		41,~~882~~950		194,~~775~~882
Lease liabilities, excluding current portion		7775,~~469~~277		7677,~~936~~469
Deferred revenue, long-term		5546,~~116~~888		6455,~~035~~116
Other liabilities		65,~~235~~085		7465,~~531~~235
Customer receivable credit facility, net of current portion		3630,~~203~~834		3836,~~943~~203
Long-term debt, excluding current portion		549,~~130~~321		~~492~~549,~~580~~130
Total liabilities		1,~~055~~032,~~349~~454		1,~~059~~055,~~994~~349
Redeemable noncontrolling interests:
Preferred redeemable noncontrolling interests		6571,~~704~~820		6065,~~094~~704
Common redeemable noncontrolling interests		1015,~~599~~001		2510,~~823~~599
Total redeemable noncontrolling interests		7686,~~303~~821		8576,~~917~~303
ATN International, Inc. Stockholders’ Equity:
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding		—		—
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 17,879,110 and 17,702,476 shares issued, respectively, 15,114,216 and 15,421,481 shares outstanding, respectively		179		173
Common stock, $0.01 par value per share; 50,000,000 shares authorized; 18,061,239 and 17,879,110 shares issued, respectively, 15,257,391 and 15,114,216 shares outstanding, respectively		181		179
Treasury stock, at cost; 2,764,894 and 2,280,995 shares, respectively		(102,413)		(90,447)
Treasury stock, at cost; 2,803,848 and 2,764,894 shares, respectively		(103,183)		(102,413)
Additional paid-in capital		~~212~~220,~~759~~156		~~205~~212,~~797~~759
Retained earnings		~~368~~312,~~191~~407		~~417~~368,~~282~~191
Accumulated other comprehensive income		1014,~~777~~731		810,~~268~~777
Total ATN International, Inc. stockholders’ equity		~~489~~444,~~493~~292		~~541~~489,~~073~~493
Noncontrolling interests		~~105~~109,~~958~~687		96105,~~730~~958
Total equity		~~595~~553,~~451~~979		~~637~~595,~~803~~451
Total liabilities, redeemable noncontrolling interests and equity	$	1,~~727~~673,~~103~~254	$	1,~~783~~727,~~714~~103

F-4

Table of Contents

The accompanying notes are an integral part of these consolidated financial statements.

F-4

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

For the Years Ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023

(In Thousands, Except Per Share Data)


	December 31,
	~~2024~~2025		~~2023~~2024		~~2022~~2023
REVENUE:
Communication services	$	~~707~~706,~~758~~239	$	~~735~~707,~~082~~758	$	~~692~~735,~~221~~082
Construction		34,~~900~~825		103,~~629~~900		1510,~~762~~629
Other		1716,~~417~~911		1617,~~505~~417		1716,~~762~~505
Total revenue		~~729~~727,~~075~~975		~~762~~729,~~216~~075		~~725~~762,~~745~~216
OPERATING EXPENSES (excluding depreciation and amortization unless otherwise indicated):
Cost of communication services and other		~~312~~313,~~256~~128		~~319~~312,~~723~~256		~~312~~319,~~895~~723
Cost of construction revenue		35,~~866~~264		103,~~345~~866		1510,~~763~~345
Selling, general and administrative		~~228~~219,~~869~~540		~~242~~228,~~697~~869		~~224~~242,~~399~~697
Stock-based compensation		8,~~237~~543		8,~~535~~237		78,~~406~~535
Transaction-related charges		43,~~847~~576		~~551~~4,847		~~4,798~~551
Restructuring and reorganization expenses		310,~~535~~157		113,~~228~~535		—11,228
Depreciation and amortization		~~138~~132,~~335~~976		~~141~~138,~~627~~335		~~135~~141,~~137~~627
Amortization of intangibles from acquisitions		74,~~907~~908		127,~~636~~907		1312,~~016~~636
(Gain) loss on disposition of assets and transfers		(13,251)		1,699		4,389
(Gain) loss on disposition of assets, transfers and contingent consideration		1,449		(13,251)		1,699
Goodwill impairment		~~35,269~~—		—35,269		—
Total operating expenses		~~729~~699,~~870~~541		~~749~~729,~~041~~870		~~717~~749,~~803~~041
Income from operations		(795)		13,175		7,942
Income (loss) from operations		28,434		(795)		13,175
OTHER INCOME (EXPENSE)
Interest income		~~1,186~~702		~~476~~1,186		~~174~~476
Interest expense		(4947,~~548~~822)		(4249,~~686~~548)		(2042,~~417~~686)
Other income (expense)		(19,~~809~~067)		(1,~~496~~809)		41,~~245~~496
Other expense		(5056,~~171~~187)		(4050,~~714~~171)		(1540,~~998~~714)
LOSS BEFORE INCOME TAXES		(5027,~~966~~753)		(2750,~~539~~966)		(827,~~056~~539)
Income tax benefit		(194,~~114~~231)		(819,~~785~~114)		(~~473~~8,785)
NET LOSS		(3123,~~852~~522)		(1831,~~754~~852)		(718,~~583~~754)
Net loss attributable to noncontrolling interests, net of tax (benefit) expense of $(3.1) million, $(2.3) million and $(0.8) million respectively		5,423		4,216		1,938
Net loss attributable to noncontrolling interests, net of tax (benefit) expense of $(1.9) million, $(3.1) million and $(2.3) million, respectively		8,616		5,423		4,216
NET LOSS ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS	$	(2614,~~429~~906)	$	(1426,~~538~~429)	$	(514,~~645~~538)
NET LOSS PER WEIGHTED AVERAGE SHARE ATTRIBUTABLE TO ATN INTERNATIONAL, INC. STOCKHOLDERS:
Basic	$	(21.1038)	$	(12.2510)	$	(01.6725)
Diluted	$	(21.1038)	$	(12.2510)	$	(01.6725)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		15,~~229~~218		15,~~595~~229		15,~~751~~595
Diluted		15,~~229~~218		15,~~595~~229		15,~~751~~595
DIVIDENDS PER SHARE APPLICABLE TO COMMON STOCK	$	01.9607	$	0.8796	$	0.7287

The accompanying notes are an integral part of these consolidated financial statements.

F-5

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Years Ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023

(In Thousands)


	~~Year Ended December 31,~~	Year Ended December 31,
	~~2024~~	2025		~~2023~~	2024		~~2022~~	2023
Net loss	$	~~(31,852)~~$	(23,522)	$	~~(18,754)~~$	(31,852)	$	~~(7,583)~~$	(18,754)
Other comprehensive income (loss):
Foreign currency translation adjustment net of tax expense of $0, $0, and $(0.2) million		—			229			(1,385)
Foreign currency translation adjustment net of tax expense of $0			—			—			229
Projected pension and postretirement benefit obligations, net of tax expense of $(0.1) million, $0 and $(0.2) million, respectively		1,637			2,035			2,428
Projected pension and postretirement benefit obligations, net of tax expense of $0.4 million, $(0.1) million and $0, respectively			3,623			1,637			2,035
Reclassification of loss on pension settlement, net of $0, $(0.2) million and $(0.8) million of tax		—			195			915
Reclassification of loss on pension settlement, net of $0, $0 and $(0.2) million of tax, respectively			—			—			195
Reclassification of foreign currency (gains) losses on assets, net of tax expense of $0, $0, and $0.2 million		—			1,348			(500)
Reclassification of foreign currency (gains) losses on assets, net of tax expense of $0			—			—			1,348
Unrealized gain (loss) on derivatives, net of tax expense of $(0.5) million, $0.6 million, and $0		872			(1,749)			(21)
Unrealized gain (loss) on derivatives, net of tax expense of $(0.1) million, $(0.5) million and $0.6 million, respectively			331			872			(1,749)
Other comprehensive income (loss), net of tax		~~2,509~~	3,954		~~2,058~~	2,509		~~1,437~~	2,058
Comprehensive loss		(29,343)			(16,696)			(6,146)
Comprehensive income loss			(19,568)			(29,343)			(16,696)
Less: Comprehensive loss attributable to noncontrolling interests		~~5,423~~	8,616		~~4,216~~	5,423		~~1,938~~	4,216
Comprehensive loss attributable to ATN International, Inc.	$	~~(23,920)~~$	(10,952)	$	~~(12,480)~~$	(23,920)	$	~~(4,208)~~$	(12,480)

The accompanying notes are an integral part of these consolidated financial statements.

F-6

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

For the Years Ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023

(In Thousands, Except Share Data)


	Total Equity
				Treasury		Additional				Other		ATNI		Non-
		Common		Stock,		Paid In		Retained		Comprehensive		Stockholders’		Controlling		Total
		Stock		at cost		Capital		Earnings		Income/(Loss)		Equity		Interests		Equity
Balance, December 31, 2024	$	179	$	(102,413)	$	212,759	$	368,191	$	10,777	$	489,493	$	105,958	$	595,451
Issuance of 181,489 shares of common stock		2		—		(2)		—		—		—		—		—
Repurchase of 38,314 shares of common stock		—		(770)		—		—		—		(770)		—		(770)
Stock-based compensation		—		—		7,721		—		—		7,721		822		8,543
Dividends declared on common stock ($1.07 per common share)		—		—		—		(16,237)		—		(16,237)		(2,771)		(19,008)
Repurchase of noncontrolling interests		—		—		(322)		—		—		(322)		171		(151)
Accrued dividend - redeemable preferred units		—		—		—		(6,116)		—		(6,116)		—		(6,116)
Deemed dividend - redeemable common units		—		—		—		(18,525)		—		(18,525)		14,123		(4,402)
Comprehensive income:
Net loss		—		—		—		(14,906)		—		(14,906)		(8,616)		(23,522)
Other comprehensive income		—		—		—		—		3,954		3,954		—		3,954
Total comprehensive income (loss)		—		—		—		(14,906)		3,954		(10,952)		(8,616)		(19,568)
Balance, December 31, 2025	$	181	$	(103,183)	$	220,156	$	312,407	$	14,731	$	444,292	$	109,687	$	553,979

Balance, December 31, 2023	$	173	$	(90,447)	$	205,797	$	417,282	$	8,268	$	541,073	$	96,730	$	637,803
Issuance of 176,634 common units		6		—		—		—		—		6		—		6
Purchase of 483,899 shares of common stock		—		(11,966)		—		—		—		(11,966)		—		(11,966)
Repurchase of 483,899 shares of common stock		—		(11,966)		—		—		—		(11,966)		—		(11,966)
Stock-based compensation		—		—		7,262		—		—		7,262		975		8,237
Dividends declared on common stock ($0.96 per common share)		—		—		—		(14,602)		—		(14,602)		(3,645)		(18,247)
Investments made by minority shareholders in consolidated affiliates		—		—		—		—		—		—		—		—
Repurchase of noncontrolling interests		—		—		(300)		—		—		(300)		(353)		(653)
Repurchase of noncontrolling interests		—		—		(300)		—		—		(300)		(353)		(653)
Accrued dividend - redeemable preferred units		—		—		—		(5,610)		—		(5,610)		—		(5,610)
Deemed dividend - redeemable common units		—		—		—		(2,450)		—		(2,450)		17,674		15,224
Comprehensive income:
Net loss		—		—		—		(26,429)		—		(26,429)		(5,423)		(31,852)
Other comprehensive income		—		—		—		—		2,509		2,509		—		2,509
Total comprehensive income (loss)		—		—		—		(26,429)		2,509		(23,920)		(5,423)		(29,343)
Balance, December 31, 2024	$	179	$	(102,413)	$	212,759	$	368,191	$	10,777	$	489,493	$	105,958	$	595,451

Balance, December 31, 2022	$	173	$	(73,825)	$	198,449	$	449,806	$	6,210	$	580,813	$	96,016	$	676,829
Purchase of 460,279 shares of common stock		—		(16,622)		—		—		—		(16,622)		—		(16,622)
Stock-based compensation		—		—		7,857		—		—		7,857		678		8,535
Dividends declared on common stock ($0.87 per common share)		—		—		—		(13,566)		—		(13,566)		(4,039)		(17,605)
Repurchase of noncontrolling interests		—		—		(509)		—		—		(509)		(2,681)		(3,190)
Accrued dividend - redeemable preferred units		—		—		—		(4,942)		—		(4,942)		—		(4,942)
Deemed dividend - redeemable common units		—		—		—		522		—		522		10,972		11,494
Comprehensive income:
Net loss		—		—		—		(14,538)		—		(14,538)		(4,216)		(18,754)
Other comprehensive income		—		—		—		—		2,058		2,058		—		2,058
Total comprehensive income (loss)		—		—		—		(14,538)		2,058		(12,480)		(4,216)		(16,696)
Balance, December 31, 2023	$	173	$	(90,447)	$	205,797	$	417,282	$	8,268	$	541,073	$	96,730	$	637,803

Balance, December 31, 2021	$	172	$	(71,714)	$	192,132	$	475,887	$	4,773	$	601,250	$	101,003	$	702,253
Issuance of 107,515 common units		1		—		—		—		—		1		—		1
Purchase of 57,115 shares of common stock		—		(2,111)		—		—		—		(2,111)		—		(2,111)
Stock-based compensation		—		—		6,779		—		—		6,779		572		7,351
Dividends declared on common stock ($0.72 per common share)		—		—		—		(11,346)		—		(11,346)		(3,531)		(14,877)
Investments made by minority shareholders in consolidated affiliates		—		—		—		—		—		—		22		22
Repurchase of noncontrolling interests		—		—		(462)		—		—		(462)		(4,429)		(4,891)
Accrued dividend - redeemable preferred units		—		—		—		(4,856)		—		(4,856)		—		(4,856)
Deemed dividend - redeemable common units		—		—		—		(4,234)		—		(4,234)		4,317		83
Comprehensive income (loss):
Net loss		—		—		—		(5,645)		—		(5,645)		(1,938)		(7,583)
Other comprehensive income		—		—		—		—		1,437		1,437		—		1,437
Total comprehensive income (loss)		—		—		—		(5,645)		1,437		(4,208)		(1,938)		(6,146)
Balance, December 31, 2022	$	173	$	(73,825)	$	198,449	$	449,806	$	6,210	$	580,813	$	96,016	$	676,829

The accompanying notes are an integral part of these consolidated financial statements.

F-7

Table of Contents

ATN INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023

(In Thousands)


	Year Ended December 31,
	~~2024~~2025		~~2023~~2024		~~2022~~2023
Cash flows from operating activities:
Net loss	$	(3123,~~852~~522)	$	(1831,~~754~~852)	$	(718,~~583~~754)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation and amortization		~~138~~132,~~335~~976		~~141~~138,~~627~~335		~~135~~141,~~137~~627
Amortization of intangibles from acquisitions		74,~~907~~908		127,~~636~~907		1312,~~016~~636
Provision for doubtful accounts		58,~~946~~809		5,~~012~~946		65,~~693~~012
Amortization of debt issuance costs		2,~~681~~873		2,~~431~~681		2,~~014~~431
(Gain) loss on disposition of assets and transfers		(13,251)		1,699		4,387
(Gain) loss on disposition of assets, transfers and contingent consideration		1,449		(13,251)		1,699
Stock-based compensation		8,~~237~~543		8,~~535~~237		78,~~406~~535
Deferred income taxes		(128,~~777~~522)		(1612,~~756~~777)		(716,~~452~~756)
Loss on pension settlement		—		~~369~~—		~~1,725~~369
Loss on extinguishment of debt		~~760~~—		—760		—
Gain on investments		(464)		(4,201)		(5,656)
Loss (gain) on investments		5,016		(464)		(4,201)
Goodwill impairment		~~35,269~~—		—35,269		—
Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:
Accounts receivable and government grant receivables		9(6,~~075~~106)		~~(19~~9,~~785)~~075		(1019,~~385~~785)
Customer receivable		35,~~909~~106		~~(416)~~3,909		(~~8,713~~416)
Prepaid income taxes		23—		~~739~~23		~~6,206~~739
Accrued taxes		~~(16~~2,~~246)~~097		7(16,~~062~~246)		27,~~981~~062
Materials and supplies, prepayments, and other current assets		(114,~~906)~~096		7(1,~~666~~906)

Filing Compare · ATN International, Inc.