ATN International (ATNI) Q2 2025 earnings summary

Executive summary

• Second quarter 2025 revenue declined 1% year-over-year to $181.3 million, with operating income dropping to $0.2 million and a net loss of $7.0 million, or $(0.56) per share, reflecting cost containment efforts and restructuring expenses.

• Adjusted EBITDA decreased 6% year-over-year to $45.8 million, as cost optimization and restructuring costs offset margin improvements.

• Cash from operations for the first half of 2025 increased 2% to $59.8 million, with $113.3 million in cash and $583.4 million in debt at quarter-end.

• Broadband expansion continued, with high-speed broadband homes passed up 8% and high-speed subscribers up 1% year-over-year.

• The quarterly dividend was raised 15% to $0.275 per share, paid in July 2025.

Financial highlights

• Q2 2025 revenue was $181.3 million, down 1% year-over-year, with a net loss of $7.0 million ($0.56 per share) versus net income of $9.0 million ($0.50 per share) in Q2 2024.

• Operating income fell to $0.2 million from $24.3 million in Q2 2024, which included a $15.9 million asset disposition gain.

• Adjusted EBITDA for Q2 2025 was $45.8 million, down 6% year-over-year.

• Net cash from operations for the first half of 2025 was $59.8 million, up $1.4 million year-over-year.

• Capital expenditures for the first half of 2025 were $42.0 million, net of $45.9 million in reimbursable spending.

Outlook and guidance

• Full-year 2025 revenue (excluding construction) is expected to match 2024's $725 million.

• Adjusted EBITDA for 2025 is projected to be flat with 2024's $184 million.

• Net capital expenditures for 2025 are forecasted at $90–$100 million, down from $110.3 million in 2024.

• Net debt ratio is expected to remain flat or slightly improve from 2.54x at 2024 year-end.

• The second half of 2025 is anticipated to contribute a larger share of full-year results.