Shenandoah Posts 9% Glo Fiber Growth, 300bps EBITDA Margin Gain, Q1 Loss $15.8M
SHEN•Shenandoah grew Glo Fiber additions 9% year-over-year and commercial fiber 4.7%, while adjusted EBITDA margins expanded 300 basis points, to reach 510,000 Glo Fiber passings in 2026. It recorded a $15.8 million Q1 loss on $92.2 million revenue and forecasts positive free cash flow in 2027 as capex declines post-expansion.
1. Fiber Growth and Margin Expansion
Shenandoah’s Glo Fiber segment achieved a 9% year-over-year increase in net additions, driven by a new five-year price guarantee and expanded door-to-door sales channels. Commercial fiber subscriptions rose 4.7% as integration of the Verizon acquisition concludes, while adjusted EBITDA margins expanded by 300 basis points.
2. Q1 Results and Outlook
The company posted a $15.8 million net loss in Q1 on $92.2 million revenue but reaffirmed guidance to reach 510,000 Glo Fiber passings by year-end. Management expects positive free cash flow in 2027, supported by projected double-digit EBITDA growth and declining capital intensity as the build-out completes.
3. Market Dynamics and Liquidity
Starlink’s aggressive promotions lifted incumbent market churn to 1.46%, prompting Shenandoah to boost rural customer speeds at no added cost. Capital expenditures will decline after completing the expansion phase, and liquidity stands at $195 million with no debt maturing until 2029 following a 2025 refinancing.
