Shenandoah Telecommunications Company (SHEN) reported third-quarter service revenue of $93.9 million, compared with $89.8 million a year earlier. For the nine months ended September 30, 2026, revenue was $279.5 million versus $266.3 million, and Adjusted EBITDA, a non-GAAP measure, was $97.0 million versus $85.7 million. Nine-month net loss was $32.6 million, compared with $27.6 million.
Quarterly Glo Fiber Expansion Markets revenue was $28.2 million versus $21.3 million, while Incumbent Broadband Markets revenue was $39.1 million versus $41.9 million. RLEC & Other revenue was $5.5 million versus $6.6 million. Nine-month interest expense was $29.6 million, compared with $17.7 million.
At September 30, 2026, gross debt was $759.9 million and long-term debt net of unamortized loan fees was $747.1 million. Available liquidity was $138.6 million, including restricted cash and grant reimbursements subject to agreement terms. Nine-month capital expenditures were $215.0 million. On October 1, the company contributed approximately $238.6 million of gross fiber assets to ABS Entities, adding approximately 116,500 homes passed and over 18,000 customers; cash flows from those assets will service ABS Notes, and the company anticipates additional VFN capacity.
Shenandoah Telecommunications Company (SHEN) reported third-quarter 2026 revenue of $93.9 million, up 4.6% year over year, and Adjusted EBITDA of $33.2 million, up 11.8%. Net loss was $9.2 million, compared with $9.4 million in third-quarter 2025. Glo Fiber Expansion Markets revenue grew 32.2% to $28.2 million, while Incumbent Broadband Markets revenue declined 6.8% to $39.1 million, primarily due to lower video and data revenue.
For the nine months ended September 30, 2026, net loss was $32.6 million versus $27.6 million a year earlier; capital expenditures were $215.0 million versus $251.5 million. Shentel raised 2026 capital expenditure guidance, net of government grant reimbursements, to $255 million to $275 million from $220 million to $250 million, citing a higher projected Glo Fiber passing count and subsidy reimbursements extending into 2027. It expects planned network expansion to be substantially complete by the end of 2026. The company expects annual savings of approximately $12.3 million beginning in 2027 from its previously announced workforce reduction, with approximately $2.5 million in restructuring costs.
Shenandoah Telecommunications Company (SHEN) will transition Christopher E. French from Executive Chairman to non-executive Chairman effective January 1, 2027. French will then cease to be an executive officer and will be compensated under the company’s standard policies for non-employee directors. He will also receive an annual retainer of $85,000 for his service as Chairman.
Shenandoah Telecommunications Co. (SHEN) is the issuer whose common stock Dimensional Fund Advisors reported beneficial ownership of 2,868,476 shares, equal to 5.2% of the class, as of September 30, 2026. Dimensional reported sole voting power over 2,818,235 shares and sole dispositive power over 2,868,476 shares, with no shared voting or dispositive power.
Dimensional says all reported shares are owned by investment companies, trusts and accounts it advises or manages, and disclaims beneficial ownership. Those Funds have rights to receive dividends or sale proceeds; Dimensional states that, to its knowledge, no individual Fund's interest exceeds 5% of the class.
Shenandoah Telecommunications Co. (SHEN) common stock was the subject of BlackRock, Inc.’s amended beneficial-ownership report, which listed 3,810,952 shares, or 6.9% of the class. BlackRock reported sole voting power over 3,731,060 shares and sole dispositive power over 3,810,952 shares; shared voting and dispositive power were both zero. BlackRock stated that various persons may receive dividends or sale proceeds, but no one person’s interest exceeded 5% of the outstanding common shares.
Shenandoah Telecommunications Co. director Thomas Beckett received approximately 36 common shares on October 1, 2026, in lieu of director fees. This was a compensation-related acquisition, not a market purchase. His direct holdings following the transaction were approximately 31,004 shares.
Shenandoah Telecommunications (SHEN) director Leigh Ann Schultz received 59 common shares on October 1, 2026, in lieu of director fees, at a reported $11.22 per share. Her direct holdings after the transaction were 34,472 shares. The report also lists 38 common shares held indirectly through her spouse.
Shenandoah Telecommunications (SHEN) director Michael Anthony Rhymes received 45 common shares in lieu of director fees on October 1, 2026. The reported price was $11.22 per share. His direct holdings after the transaction were 12,001 shares. The transaction was reported as a grant or award acquisition.
Shenandoah Telecommunications (SHEN) director Kenneth L. Quaglio acquired 89 shares of common stock on October 1, 2026, in lieu of director fees. The reported price was $11.2200 per share, and his direct common-stock holdings following the acquisition were 34,968 shares.
Shenandoah Telecommunications (SHEN) director Richard L. Koontz Jr. acquired 45 shares of common stock on October 1, 2026, as shares received in lieu of director fees. The reported price was $11.22 per share. After the acquisition, he directly held 71,898 shares of common stock. No Rule 10b5-1 plan is reported.