Every material Form 8-K Shenandoah Telecommunications has filed with the SEC since February 20, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Shentel reported third quarter 2026 revenue of $93.9 million, up 4.6% year over year, and a net loss of $9.2 million, narrower than the $9.4 million loss a year earlier. Adjusted EBITDA rose 11.8% to $33.2 million, and the company kept its 2026 revenue and Adjusted EBITDA guidance unchanged, though it raised its 2026 capital expenditure guidance to $255 million to $275 million.
Glo Fiber Expansion Markets revenue rose 32.2% to $28.2 million, and the company added a record 8,600 Glo Fiber net additions in the quarter.
Incumbent Broadband Markets revenue fell 6.8% to $39.1 million, driven by lower video and data revenue.
2026 guidance: total revenue $370 million to $377 million and Adjusted EBITDA $131 million to $136 million, both unchanged.
2026 capital expenditure guidance raised to $255 million to $275 million from $220 million to $250 million, citing more homes passed and subsidy reimbursement timing shifting into 2027.
Shenandoah Telecommunications' Board approved moving Executive Chairman Christopher E. French to a non-executive Chairman role effective January 1, 2027, after which he will no longer be an executive officer. He will receive an annual retainer of $85,000 for his service as Chairman, paid under the standard non-employee director compensation policy. The change shifts French from an executive role to a board-level role, which shareholders may watch for effects on company management.
Board approved on October 20, 2026 the transition of Christopher E. French from Executive Chairman to non-executive Chairman
Transition effective January 1, 2027; French ceases to be an executive officer
Annual retainer of $85,000 for his service as Chairman of the Board
Shentel reported second quarter 2026 results on July 29, 2026, with total revenue up 5.5% year over year to $93.5 million and net loss narrowing to $7.7 million from $9.0 million. Adjusted EBITDA rose 12.9% to $32.0 million, and the company reiterated its full-year 2026 guidance for revenue of $370 million to $377 million and Adjusted EBITDA of $131 million to $136 million.
Glo Fiber Expansion Markets revenue grew 32.8% to $26.3 million, while Incumbent Broadband Markets revenue fell 6.0% to $40.3 million.
Net loss attributable to common shareholders was $9.3 million, or $0.17 per share, compared with $10.5 million, or $0.19 per share, a year earlier.
Full-year 2026 guidance was reiterated: total revenue of $370 million to $377 million and capital expenditures of $220 million to $250 million, net of government grant reimbursements.
Liquidity was $158.9 million as of June 30, 2026, and the company's workforce reduction of about 10% is expected to save $12.3 million annually beginning in 2027.
Shenandoah Telecommunications said Vice President and Chief Accounting Officer Tracy Willis notified the company on July 20, 2026 that she will resign effective August 6, 2026. CFO James Volk will take on the role of principal accounting officer while continuing as principal financial officer, and the filing states her departure was not due to any disagreement with the company.
Tracy Willis, Vice President and Chief Accounting Officer, notified the company of her resignation on July 20, 2026
Resignation is effective August 6, 2026
James Volk, Senior Vice President and CFO, will become principal accounting officer upon her departure and keep the principal financial officer role
The filing states the departure was not the result of any disagreement with the company
Board member James F. DiMola resigned effective June 8, 2026, saying the decision was not due to any disagreement with the company. The board elected Matthew D. Rinklin, a managing director at GCM Grosvenor, to fill the seat under the investor rights agreement with LIF Vista, LLC, an affiliate of GCM Grosvenor, which allows the investor to name a replacement.
James F. DiMola resigned from the Board effective June 8, 2026, after informing the company on June 4, 2026
Matthew D. Rinklin elected to the Board effective June 8, 2026, as a Class 3 director with a term expiring at the 2027 annual meeting
Rinklin was recommended by the investor under the April 1, 2024 Investor Rights Agreement and joined the Nominating and Corporate Governance Committee
Rinklin has been a managing director at GCM Grosvenor L.P. since June 2018
Shenandoah Telecommunications (Shentel) reported first quarter 2026 total revenue of $92.2 million, up 4.8% from a year earlier, and Adjusted EBITDA of $31.7 million, up 15.0%. Net loss widened to $15.8 million from $9.1 million, and the company reiterated its 2026 revenue guidance of $370 million to $377 million and Adjusted EBITDA guidance of $131 million to $136 million.
Glo Fiber Expansion Markets revenue rose 34.6% to $24.8 million, while Incumbent Broadband Markets revenue fell 5.1% to $41.1 million.
Net loss per share was $0.31 versus $0.19 a year earlier; interest expense rose to $9.4 million from $4.9 million.
Total available liquidity was $194.5 million as of March 31, 2026, including $43.8 million of unrestricted cash.
The company reiterated 2026 guidance and said a reduction in force of about 10% of employees is expected to save $12.3 million annually beginning in 2027.
Shentel reported fourth-quarter 2025 revenue up 7.2% to $91.6 million and a narrower net loss from continuing operations of $5.4 million, compared with $6.2 million a year earlier. For full-year 2025, revenue rose 9.1% to $357.9 million, but the net loss from continuing operations widened to $32.9 million from $28.4 million. The company also initiated 2026 guidance and announced a reduction in force of about 10% of employees.
Q4 2025 Glo Fiber Expansion Markets revenue grew 39.0% to $23.0 million; adjusted EBITDA grew 31.3% to $33.5 million.
Full-year 2025 loss per share from continuing operations was $0.71, compared with $0.59 in 2024.
Closed $567.4 million of secured fiber network revenue term notes; total available liquidity was $234.9 million as of December 31, 2025.
2026 guidance: total revenue $370 million to $377 million, adjusted EBITDA $131 million to $136 million, and capital expenditures net of grants $220 million to $250 million; the workforce reduction is expected to save $12.3 million annually
Directors Tracy Fitzsimmons and John W. Flora will leave the Shenandoah Telecommunications board, with Fitzsimmons declining to stand for reelection and Flora retiring under the company's director retirement policy. Both say the decisions do not stem from any disagreement with the company on its operations, policies or practices, and the filing describes this as a board change rather than a financial event.
Tracy Fitzsimmons informed the company on January 20, 2026, that she will not stand for reelection at the April 21, 2026 Annual Meeting.
Fitzsimmons will continue to serve through the remainder of her current term.
John W. Flora will retire at the end of his current term under the director retirement policy and will not stand for reelection.
Shentel's subsidiaries closed a $567.4 million offering of secured fiber network term notes on December 5, 2025, along with a $175.0 million variable funding note facility and a new $175.0 million revolving credit facility, both maturing by December 2029 or 2030. Shentel used the proceeds, together with $75.0 million drawn on the revolver, to repay $585.4 million of existing loans. Management expects the refinancing to lower its cost of debt by about 170 basis points and reduce annual interest expense by about $10.0 million, though the company also incurred about $15.0 million in upfront transaction fees.
Series 2025-1 term notes totaling $567.4 million, with an anticipated repayment date in December 2030, were issued on December 5, 2025.
New $175.0 million revolving credit facility matures December 5, 2030; Shentel Broadband borrowed $75.0 million at closing.
Proceeds and revolver borrowings repaid $585.4 million of existing term and revolving loans; upfront transaction fees were approximately $15.0 million.
Management expects the refinancing to reduce cost of debt by about 170 basis points and interest expense by about $10.0 million annually.
Shenandoah Telecommunications (Shentel) reported third quarter 2025 results on October 29, 2025, with total revenue up 2.5% to $89.8 million and adjusted EBITDA up 11.8% to $29.7 million. Net loss from continuing operations widened to $9.4 million from $5.3 million a year earlier, and the company reiterated its 2025 financial guidance.
Total revenue grew 2.5% to $89.8 million versus the third quarter of 2024.
Net loss from continuing operations was $9.4 million, compared with $5.3 million in the third quarter of 2024.
Adjusted EBITDA grew 11.8% to $29.7 million, with margin of 33% versus 30% a year earlier.
Glo Fiber Expansion Markets revenue rose 41.1% to $21.3 million; 2025 guidance reiterated at $352 million to $357 million total revenue and $113 million to $118 million adjusted EBITDA.
Shenandoah Telecommunications' board named Edward H. McKay, its current Executive Vice President and Chief Operating Officer, as President and Chief Executive Officer, effective September 1, 2025. Christopher E. French, the current CEO, becomes Executive Chairman on the same date and remains an officer as well as Chairman, and the board adopted amended bylaws to create the Executive Chairman role. For shareholders, this is a planned leadership succession, with the filing stating that it is intended to ensure continuity of strategy.
Edward H. McKay, 52, becomes President and CEO effective September 1, 2025; he has been COO since July 2021 and joined Shentel in 2004
Christopher E. French moves from President and CEO to Executive Chairman effective September 1, 2025
McKay's annual base salary will be $550,000 with a 90% target bonus; French's will be $450,000 with an 80% target bonus
Shenandoah Telecommunications (Shentel) reported second quarter 2025 revenue of $88.6 million, up 3.2% from a year earlier, and a net loss from continuing operations of $9.0 million, compared with $12.8 million in the second quarter of 2024. The company also issued its first 2025 financial guidance, projecting total revenue of $352 million to $357 million and Adjusted EBITDA of $113 million to $118 million for the full year.
Adjusted EBITDA rose 21.9% to $28.4 million; Adjusted EBITDA margin was 32%, up from 27%
Glo Fiber Expansion Markets revenue grew 40.5% to $19.8 million, with data subscribers up 43.1% to about 76,000
2025 guidance: total revenue $352 million to $357 million; Adjusted EBITDA $113 million to $118 million; capital expenditures, net of government grant reimbursements, $260 million to $290 million
Depreciation and amortization rose 37.2% to $35.1 million, including a $4.2 million write-off of plant under construction inventory
Shenandoah Telecommunications waived certain standstill provisions in its October 2023 Investment Agreement with ECP Fiber Holdings, an affiliate of Energy Capital Partners. The limited waiver allows ECP to acquire up to 2,250,000 additional Shentel common shares, and it expires May 21, 2026. Because ECP could increase its stake above the previous 7.5% ownership limit, the change may matter to shareholders, though the filing does not say whether ECP plans to buy.
On May 21, 2025, Shentel waived certain standstill provisions in the Investment Agreement dated October 24, 2023.
The standstill had barred ECP from acquiring more shares while it beneficially owned at least 7.5% of Shentel's outstanding common stock.
ECP may now acquire up to 2,250,000 additional shares, through open market, private, or Rule 10b5-1 trading plan purchases.
The Waiver expires on May 21, 2026; all other Investment Agreement terms are unchanged.
Shenandoah Telecommunications (Shentel) reported first quarter 2025 results, with total revenue up 26.9% to $87.9 million, largely from the acquired Horizon markets. The company still posted a net loss from continuing operations of $9.1 million, compared with $4.1 million a year earlier, due mainly to higher depreciation and amortization from Horizon and its Glo Fiber network expansion.
Total revenue rose 26.9% to $87.9 million; excluding the former Horizon markets, revenue grew 5% to $72.9 million.
Net loss from continuing operations was $9.1 million, versus $4.1 million in Q1 2024.
Adjusted EBITDA grew 43.3% to $27.6 million; the Adjusted EBITDA margin rose from 28% to 31%.
As of March 31, 2025, total available liquidity was approximately $334.6 million and total indebtedness was $515.8 million.
Shentel said Tracy Willis was appointed principal accounting officer on April 22, 2025, after joining the company as Vice President and Chief Accounting Officer on December 16, 2024. At the April 22 annual meeting, shareholders elected five directors, ratified RSM US LLP as the independent auditor, and approved executive compensation on a non-binding basis. The filing describes these items as routine governance matters and reports no change to Willis's compensation apart from her severance agreement.
Tracy Willis, age 60, previously spent 35 years at The Walt Disney Company in accounting and finance roles.
Her severance agreement, entered through Shentel Management Company, has terms substantially the same as the company's prior form of severance agreement.
RSM US LLP was ratified as auditor with 44,944,952 votes for and 147,392 against.
On a non-binding vote, shareholders approved executive compensation with 36,383,019 votes for and 716,777 against.
Shentel Broadband Operations entered into Amendment No. 4 to its credit agreement with CoBank as administrative agent on April 16, 2025. The amendment extends maturity of the $150 million revolver and Term Loan A-1 to July 1, 2027, and raises the maximum Total Net Leverage Ratio to 4.75:1.00 for fiscal quarters.
Revolver and Term Loan A-1 maturity extended from July 1, 2026 to July 1, 2027
Maximum Total Net Leverage Ratio raised to 4.75:1.00 for any fiscal quarter-end
Credit facilities include $150 million revolver, $150 million Term Loan A-1, $150 million and $225 million delayed draw term loans due July 1, 2028
Shentel reported fourth-quarter and full-year 2024 results on February 20, 2025. Revenue and Adjusted EBITDA grew, helped by the Horizon Telcom acquisition and Glo Fiber expansion, but the company posted a loss from continuing operations as depreciation, amortization and interest expense rose. Full-year net income attributable to common shareholders of $190.4 million was driven by a $220.2 million gain on the sale of discontinued operations.
Full-year 2024 revenue was $328.1 million, up $58.9 million or 21.9%, including $47.7 million from the newly acquired Horizon markets.
Loss from continuing operations was $28.4 million in 2024, compared with income of $1.0 million in 2023.
Adjusted EBITDA rose 19.7% to $94.6 million for 2024; fourth-quarter revenue was $85.4 million, up 25.8%.
Net income attributable to common shareholders was $190.4 million, supported by a $220.2 million gain on discontinued operations.
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