Shenandoah Q1 Revenue Up 4.8%, EBITDA Up 15% With 6,000 Fiber Adds
Shenandoah reported 4.8% consolidated revenue growth and 15% adjusted EBITDA increase in Q1 2026, with Glow Fiber net additions of 6,000 customers (up 9%) and 449,000 passings. Incumbent broadband revenue fell $2.2M on a 14.6% drop in video RGUs, while ARPU dipped 1.6% to $82 due to competitive pricing.
1. Q1 Financial Performance
Shenandoah reported 4.8% growth in consolidated revenues and a 15% adjusted EBITDA increase year-over-year, while broadband data ARPU dipped 1.6% to $82 and average monthly churn remained low at 0.92%.
2. Glow Fiber Expansion
The company added 6,000 net Glow Fiber customers in Q1, a 9% year-over-year gain, and expanded its footprint to 449,000 passings with a goal of reaching 510,000 passings by year-end 2026.
3. Incumbent Market Challenges
Incumbent broadband markets saw a $2.2M revenue decline driven by a 14.6% drop in video RGUs and increased rural churn from satellite promotions, while RLEC revenues fell $800,000 due to lower DSL subscriptions and reduced grant support.
4. Outlook and CapEx
Management expects marketing expenses to remain steady, anticipates declining CapEx to bolster cash flow, and remains confident in sustainable demand for higher-speed tiers backed by five-year price guarantees.