Form 8-K

8-K — ATN International, Inc.

Accession: 0001104659-26-056491

Filed: 2026-05-07

Period: 2026-05-06

CIK: 0000879585

SIC: 4813 (TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE))

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2613848d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2613848d1_ex99-1.htm)

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8-K (Primary)

Filename: tm2613848d1_8k.htm · Sequence: 1

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0000879585

2026-05-06

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UNITED STATES

SECURITIES AND

EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13

or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

May 6, 2026

ATN INTERNATIONAL, INC.

(Exact name of registrant as specified in

its charter)

Delaware

001-12593

47-0728886

(State or other

(Commission File Number)

(IRS Employer

jurisdiction of incorporation)

Identification No.)

500 Cummings Center

Beverly, MA 01915

(Address of principal executive offices

and zip code)

(978) 619-1300

(Registrant’s telephone number, including

area code)

N/A

(Former name or former address, if changed since

last report.)

Check the appropriate box below if the Form 8-K filing

is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General

Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under

the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under

the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under

the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under

the Exchange Act (17 CFR 240.13e-4(c))

Title of Each Class

Trading Symbol(s)

Name of each exchange on which

registered

Common Stock, par value $.01 per share

ATNI

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging

growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities

Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the

registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards

provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02

Results of Operations and Financial Condition.

On May 6, 2026, ATN International, Inc. (the “Company”)

issued a press release announcing financial results for the three months ended March 31, 2026. A copy of the press release is furnished

herewith as Exhibit 99.1.

Exhibit 99.1 is furnished and shall not be

deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange

Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made

by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference

in such a filing.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits

99.1

Press Release of the Company, dated May 6, 2026

104

Cover Page Data File (formatted as inline XBRL document)

SIGNATURES

Pursuant to the requirements

of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto

duly authorized.

ATN INTERNATIONAL, INC.

By:

/s/ Carlos Doglioli

Carlos Doglioli

Chief Financial Officer

Dated May 6, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2613848d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

ATN International,

Inc. Reports First Quarter 2026 Results;

Reaffirms 2026 Outlook

Delivers year-over-year

increases in revenue, operating income and Adjusted EBITDA1

Initial closing

of the U.S. tower portfolio sale remains on track for Q2 2026

BEVERLY, Mass.,

May 6, 2026 (GLOBE NEWSWIRE) -- ATN International, Inc. (“ATN”, the “Company”, “we”, “us”,

and “our”) (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today reported financial

results for the first quarter ended March 31, 2026. ATN’s management will host a conference call and webcast tomorrow, May 7, 2026,

beginning at 10:00 a.m. Eastern time to review these results.

“As I step

into this role, my priority is translating ATN’s foundational capabilities into the next stage of value creation. In my early weeks,

I have been actively engaging across our operations and working closely with our leadership teams to assess the business and identify

opportunities for simplification and optimization, while maintaining a disciplined approach to capital allocation,” said Naji Khoury,

ATN’s Chief Executive Officer.

Mr. Khoury concluded,

“I’m confident that my deep telecommunications industry experience, with a strong focus on operational and strategic execution,

positions us well to build on the progress and momentum reached in the second half of 2025 and into the first quarter of 2026.”

First Quarter

2026 Operating and Financial Highlights (as compared to the First Quarter 2025)

· High-speed

broadband homes passed of 523,300 expanded by 24% supported by fixed wireless deployments

in late 2025

· Total

high-speed broadband subscribers grew 3% to 142,500

· Revenue

increased 2% to $182 million, driven by modest growth in both the international and US segments

· Operating

income increased $9.0 million to $11.7 million, driven primarily by higher revenue, cost

containment efforts, and lower depreciation and amortization

· Net

cash provided by operating activities decreased $6.1 million, or 17%, to $29.8 million, reflecting

increased working capital requirements largely due to the timing of government payments

· Adjusted

EBITDA1 increased $4.3 million, or 10%, to $48.6 million

· Net

Debt Ratio3 improved to 2.30x from 2.52x

“Our first-quarter

results reflect solid performance across our business,” said ATN’s Chief Financial Officer, Carlos Doglioli. “The team

delivered year-over-year increases in total revenue, operating income and Adjusted EBITDA, reflecting steady execution across the entire

organization. Revenue increased in both our international and US segments, driven by high-value subscriber growth as well as increased

carrier services and ancillary products revenues, which offset expected declines in legacy revenue streams and the loss of US government

high-cost support subsidy in one of our markets.”

Mr. Doglioli added,

“We continue to benefit from our cost containment initiatives, which, combined with top-line growth, supported improved profitability

and margin expansion during the quarter. We remain focused on our financial priorities, including margin improvement, cash flow expansion,

and further strengthening the balance sheet.”

First Quarter

2026 Financial Results

Consolidated revenues

were $182.2 million, up $2.9 million, or 1.6% versus $179.3 million in the year-ago quarter. The increase was primarily driven by carrier

services revenues, which were up $3.0 million, or 8.9% year-over year, reflecting an increase in the number of completed sites in the

US segment and market demand in both the international and US segments. Additionally, ancillary service revenues in our international

segment were up $1.7 million, or 54.3% year-over-year.

Operating income

was $11.7 million, an increase of $9.0 million from the year-ago quarter. The improvement reflects the above-mentioned revenue growth,

combined with lower cost of services resulting from our cost containment efforts and lower depreciation and amortization expenses.

Net loss attributable

to ATN stockholders was $(2.8) million, or $(0.29) per share, versus a net loss of $(8.9) million, or $(0.69) per share, in the year-ago

quarter.

Adjusted EBITDA1

was $48.6 million, up $4.3 million, or 10%, from $44.3 million in the year-ago quarter and the Adjusted EBITDA Margin1 expanded

from 24.7% to 26.7% in the first quarter. The increase was primarily driven by higher revenues and lower costs.

US Tower

Portfolio Sale Update4

The Company continues

to expect the initial closing of the pending US tower portfolio sale to occur in the second quarter of 2026 (the “Initial Closing”)

generating gross proceeds of approximately $250 to $270 million. Subsequent closings, totaling approximately $27 to $47 million, are

anticipated to occur over the twelve months following the Initial Closing, subject to the achievement of specified construction and operational

milestones at designated sites within the tower portfolio.

2026 Full-Year Outlook:

The Company reaffirms

its previously announced financial outlook for full-year 2026 as follows:

· Adjusted

EBITDA2 expected to be in the range of $190 to $200 million, excluding the impact

of the pending US tower portfolio sale4

· The

initial closing of the US tower portfolio sale4 is expected to occur in the

second quarter of 2026, which we expect will reduce our 2026 Adjusted EBITDA2 outlook

by $6 million to $8 million

· Capital

expenditures are expected to be in the range of $105 to $115 million (net of reimbursable

expenditures)

ATN intends to reassess and update its

2026 full-year outlook as appropriate after the initial closing of the US tower portfolio sale4.

Segment Operating

Results (in Thousands)

The Company recorded

financial results in three categories: (i) International Telecom; (ii) US Telecom; and (iii) Corporate and Other.

For

Three Months Ended March 31, 2026 and 2025

2026

2025

2026

2025

2026

2025

2026

2025

International

Corporate

and

Corporate

and

Total

Telecom

Other*

ATN

Total

Revenue:

$ 96,058

$ 94,496

$ 86,160

$ 84,798

$ -

$ 182,218

$ 179,294

Mobility

26,359

26,041

26,359

26,080

Fixed

60,587

61,365

52,081

51,659

112,668

113,024

Carrier

Services

4,197

3,904

31,888

29,227

36,085

33,131

Construction

1,046

All

other

4,915

3,186

2,191

2,827

7,106

6,013

Operating

Income (Loss)

$ 19,223

$ 14,750

$ 1,739

$ (2,415 )

$ (9,272 )

$ (9,668 )

$ 11,690

$ 2,667

EBITDA (1)

$ 33,038

$ 30,378

$ 18,852

$ 16,844

$ (8,548 )

$ (8,803 )

$ 43,342

$ 38,419

Adjusted

EBITDA (1)

$ 34,288

$ 32,390

$ 19,492

$ 17,515

$ (5,163 )

$ (5,566 )

$ 48,617

$ 44,339

Capital

Expenditures**

$ 8,261

$ 10,804

$ 12,756

$ 10,026

$ -

$ 2

$ 21,017

$ 20,832

* Corporate and Other refer to corporate

overhead expenses and consolidating adjustments.

** Excludes reimbursable government

capital program amounts.

Operating Metrics

Operating

Metrics

2026

2025

2026

vs.

Q1 2025

High-Speed* Broadband

Homes Passed

523,300

522,900

512,300

432,300

423,700

24 %

High-Speed* Broadband Customers

142,500

142,900

139,300

139,400

138,900

3 %

Fiber Route Miles

12,218

12,210

12,062

11,957

11,944

2 %

International Mobile Subscribers

Pre-Paid

324,000

331,200

325,900

326,000

-1 %

Post-Paid

62,400

61,700

61,200

60,200

59,600

5 %

Total

386,400

392,900

387,100

386,200

385,600

0.2 %

Mobile Blended

Churn

3.86 %

2.97 %

3.19 %

3.09 %

3.32 %

*High-Speed Broadband is defined

as download speeds 100 Mbps or greater and High-Speed Broadband Customers as subscribers connected to our high-speed networks regardless

of the speed of plan selected.

Note: Data presented may differ from

prior periods to reflect more accurate data and/or changes in calculation methodology and process.

Balance Sheet and Cash Flow Highlights

As of March 31,

2026, cash, cash equivalents, and restricted cash totaled $123.5 million versus $117.2 million as of December 31, 2025. Total debt was

$570.2 million on March 31, 2026, compared to $565.2 million on December 31, 2025. The Company’s Net Debt Ratio3 was

2.30x on March 31, 2026.

Net cash provided

by operating activities was $29.8 million for the quarter ending March 31, 2026, compared to net cash provided by operating activities

of $35.9 million in the same period last year. The year-over-year decrease is primarily due to higher working capital requirements largely

due to the timing of government payments.

Capital expenditures

were $21.0 million, net of $13.5 million of reimbursable capital expenditures, for the quarter ended March 31, 2026, as compared to $20.8

million, net of $22.4 million of reimbursable capital expenditures, in the same period last year.

Quarterly Dividends and Share

Repurchases

On April 10, 2026,

the Company paid a quarterly dividend of $0.275 per share, on all shares of common stock outstanding to stockholders of record as of

March 31, 2026.

The Company did

not repurchase any shares during the first quarter ended March 31, 2026.

2026 First Quarter Earnings Conference

Call

The Company will

host a conference call at 10:00 a.m. Eastern Time on Thursday, May 7, 2026, to discuss financial and operating results for the first

quarter ended March 31, 2026. A live webcast of the conference call will be available via this webcast link: https://edge.media-server.com/mmc/p/5wkpr8dz

Investors can listen

to a live audio webcast of the conference call by either visiting the “Webcast Link” above or the "Events & Presentations"

section of the Company's Investor Relations website at https://ir.atni.com/events-and-presentations. A conference call replay will be

available at the same locations beginning at approximately 1:00 p.m. Eastern Time on the same day. The Company also will provide an investor

presentation as a supplement to the call on the “Events & Presentations” section of its Investor Relations website

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see “Use of Non-GAAP Financial Measures”

below for full definitions of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, and see Table 5 for reconciliations of Operating Income

to EBITDA and Operating Income to Adjusted EBITDA, non-GAAP measures.

For the Company’s Adjusted EBITDA guidance, the Company is not able to provide without unreasonable effort the most directly comparable

GAAP financial measures, or reconciliations to such GAAP financial measures, on a forward-looking basis. Please see “Use of Non-GAAP

Financial Measures” below for a description of items excluded from the Company’s expected Adjusted EBITDA.

Net Debt and Net Debt Ratio are Non-GAAP financial measures. Please see “Use of Non-GAAP Financial Measures” below for full

definitions of Net Debt and Net Debt Ratio and see Table 5 for reconciliations of Operating Income to Adjusted EBITDA and Table 6 for

the reconciliations of Total Debt to Net Debt.

As previously disclosed, on February 11, 2026, certain subsidiaries of the Company entered into that certain Purchase and Sale Agreement

with EIP Holdings, IV, LLC, an affiliate of Everest Infrastructure Partners, Inc., to sell approximately 214 tower portfolio

sites in the southwest US for up to $297 million in cash consideration (the “US tower portfolio sale”).

About ATN

ATN International,

Inc. (Nasdaq: ATNI), headquartered in Beverly, Massachusetts, is a leading provider of digital infrastructure and communications services

for all. The Company operates in the United States and internationally, including the Caribbean region, with a focus on rural and remote

markets with a growing demand for infrastructure investments. The Company’s operating subsidiaries today primarily provide: (i)

advanced wireless and wireline connectivity to residential, business, and government customers, including a range of high-speed Internet

and data services, fixed and mobile wireless solutions, and video and voice services; and (ii) carrier and enterprise communications

services, such as terrestrial and submarine fiber optic transport, and communications tower facilities. For more information, please

visit www.atni.com.

Use of Non-GAAP

Financial Measures and Definition of Terms

In addition to

financial measures prepared in accordance with generally accepted accounting principles (“GAAP”), this press release also

contains non-GAAP financial measures. Specifically, the Company has included EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Net Debt,

and Net Debt Ratio in this release and the tables included herein.

EBITDA is defined

as Operating income (loss) before depreciation and amortization expense.

Adjusted EBITDA

is defined as Operating income (loss) before depreciation and amortization expense, transaction-related charges, restructuring and reorganization

expenses, the loss on dispositions, transfers and contingent consideration, and non-cash stock-based compensation.

Adjusted EBITDA

Margin is defined as Adjusted EBITDA divided by total revenue

Net Debt is defined

as total debt less cash and cash equivalents and restricted cash.

Net Debt Ratio

is defined as Net Debt divided by the trailing four quarters ended total Adjusted EBITDA at the measurement date.

The Company believes

that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of the Company's core operating

results and enhances the usefulness of comparing such performance with prior periods. Management uses these non-GAAP measures, in addition

to GAAP financial measures, as the basis for measuring the Company’s core operating performance and comparing such performance

to that of prior periods. The non-GAAP financial measures included in this press release are not meant to be considered superior to or

a substitute for results of operations prepared in accordance with GAAP and should be used supplementally to the Company’s GAAP

financial results. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are set

forth in the text of, and the accompanying tables to, this press release. While non-GAAP financial measures are an important tool for

financial and operational decision-making and for evaluating the Company’s own operating results over different periods of time,

the Company urges investors to review the reconciliations of these financial measures to the comparable GAAP financial measures included

below, and not to rely on any single financial measure to evaluate its business. Additionally, these non-GAAP financial measures may

not be calculated in the same manner as similar measures presented by other companies. In addition, the forward-looking Adjusted EBITDA

for the full-year 2026 excludes potential charges or gains that may be recorded during the fiscal year, including among other things

such as restructuring and reorganization expenses, transaction-related expenses and gains or losses on dispositions, transfers and contingent

consideration. The Company has not attempted to provide reconciliations of such forward-looking non-GAAP earnings guidance to the comparable

GAAP measure, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K, because of the impact and timing of these potential charges or gains

is inherently uncertain and difficult to predict and is unavailable without reasonable efforts. In addition, the Company believes such

reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial

impact on GAAP measures of the Company’s financial performance.

Cautionary

Language Concerning Forward-Looking Statements

This press release

contains forward-looking statements relating to, among other matters, the Company’s future financial performance, business goals

and objectives, and results of operations, its future revenues, operating income, cash flows, network and operating costs, Adjusted EBITDA,

and capital investments; the closing of the pending US tower portfolio transaction and the timing thereof; the Company’s liquidity;

receipt of certain government grants; and management’s plans and strategy for the future. These forward-looking statements are

based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and

results could differ materially from the events and results indicated in these statements as a result of many factors, including, among

others: (1) the general performance of the Company’s operations, including operating margins, revenues, capital expenditures, the

impact of cost savings initiatives, and the retention of and future growth of the Company’s subscriber base and average revenue

per user; (2) our ability to receive the requisite regulatory consents and approvals and satisfy other conditions to complete the pending

US tower portfolio sale and realize the benefits thereof; (3) government regulation of the Company’s businesses, which may impact

the Company’s telecommunications licenses, the Company’s revenue and the Company’s operating costs; (4) the timeliness,

availability and administration of government program funding, permitting and approvals during any US government shutdown; (5) the impact

(if any) of geopolitical instability and U.S. military presence in the Caribbean; (6) management transitions, and the loss of, or an

inability to recruit skilled personnel in the Company’s various jurisdictions, including key members of management; (7) the Company’s

reliance on a limited number of key suppliers and vendors for timely and cost-effective supply of equipment and services relating to

the Company’s network infrastructure; (8) the Company’s ability to satisfy the needs and demands of the Company’s major

carrier customers; (9) the Company’s ability to realize expansion plans for its fiber markets; (10) the adequacy and expansion

capabilities of the Company’s network capacity and customer service system to support the Company’s customer growth; (11)

the Company’s ability to efficiently and cost-effectively upgrade the Company’s networks and information technology platforms

to address rapid and significant technological changes in the telecommunications industry; (12) the Company’s continued access

to capital and credit markets on terms it deems favorable; (13) the Company’s ability to successfully replace revenue declines

in its US Telecom businesses as a result of the pending US tower portfolio sale through carrier, enterprise broadband, and consumer-based

broadband services; (14) ongoing risk of an economic downturn, political, geopolitical and other risks and opportunities impacting the

Company’s operations, including those resulting from changes and uncertainties related to trade policies and tariff regulations,

financial market volatility and disruption, uncertain economic conditions in the U.S. and abroad, inflationary concerns, and other macroeconomic

headwinds including increased costs and supply chain disruptions; (15) with respect to the use of proceeds resulting from the US tower

portfolio sale, the timing, manner and extent to which such proceeds are deployed may be affected by future market conditions, potential

changes in tax laws and the Company's ability to develop corporate investment and strategic opportunities; (16) the occurrence of weather

events and natural catastrophes and the Company’s ability to secure the appropriate level of insurance coverage for these assets;

and (17) increased competition. These and other additional factors that may cause actual future events and results to differ materially

from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors”

of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission

(“SEC”) on March 16, 2026 and the other reports the Company files from time to time with the SEC. The Company undertakes

no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions, or changes

in other factors that may affect such forward-looking statements, except as required by applicable law.

Company Contact:

Investor Relations Contact:

Michele Satrowsky

Joe Noyons or Kelley Buchhorn

SVP, Head of IR & Treasury

Three Part Advisors, LLC

ATN International Inc.

jnoyons@threepa.com;

ir@atni.com

kbuchhorn@threepa.com

Table 1

ATN International, Inc.

Unaudited Condensed Consolidated Balance Sheets

(in Thousands)

March 31,

2026

December 31,

2025

Assets:

Cash and cash equivalents

108,831

102,491

Restricted cash

14,659

14,663

Customer receivable

9,365

8,783

Assets held-for-sale

8,600

11,200

Other current assets

193,670

190,739

Total current assets

335,125

327,876

Property, plant and equipment, net

954,823

991,767

Operating lease right-of-use assets

92,206

98,158

Customer receivable - long term

32,333

35,128

Assets held-for-sale, net of current portion

39,313

Goodwill and other intangible assets, net

117,356

117,770

Other assets

103,497

102,555

Total assets

1,674,653

1,673,254

Liabilities, redeemable non-controlling interests and stockholders’ equity:

Current portion of long-term debt

21,623

15,846

Current portion of customer receivable credit facility

8,892

8,784

Taxes payable

11,306

7,596

Current portion of lease liabilities

14,095

13,891

Liabilities held-for-sale

1,250

Other current liabilities

219,729

216,982

Total current liabilities

276,895

263,099

Long-term debt, net of current portion

548,537

549,321

Customer receivable credit facility, net of current portion

28,513

30,834

Lease liabilities

70,935

75,277

Liabilities held-for-sale, net of current portion

6,101

Other long-term liabilities

109,682

113,923

Total liabilities

1,040,663

1,032,454

Redeemable non-controlling interests

88,415

86,821

Stockholders' equity:

Total ATN International, Inc.’s stockholders’ equity

433,579

444,292

Non-controlling interests

111,996

109,687

Total stockholders' equity

545,575

553,979

Total liabilities, redeemable non-controlling interests and stockholders’ equity

1,674,653

1,673,254

Table

ATN International, Inc.

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, Except per Share Data)

Three Months Ended,

March 31,

2026

2025

Revenues:

Communications services

178,458

174,031

Construction

1,046

Other

3,761

4,217

Total revenue

182,219

179,294

Operating expenses (excluding depreciation and amortization unless otherwise indicated):

Cost of services and other

77,426

78,224

Cost of construction revenue

1,501

Selling, general and administrative

56,176

55,228

Stock-based compensation

1,935

1,905

Transaction-related charges

833

1,436

Restructuring and reorganization expenses

1,725

1,830

Depreciation

31,156

34,527

Amortization of intangibles from acquisitions

496

1,226

Loss on dispositions, transfers and contingent consideration

782

750

Total operating expenses

170,529

176,627

Operating income

11,690

2,667

Other expense:

Interest expense, net

(10,346

)

(11,678

)

Other expense

(3,232

)

(2,568

)

Other expense

(13,578

)

(14,246

)

Loss before income taxes

(1,888

)

(11,579

)

Income tax expense (benefit)

1,586

(192

)

Net loss

(3,474

)

(11,387

)

Net loss attributable to non-controlling interests, net

677

2,459

Net loss attributable to ATN International, Inc. stockholders

(2,797

)

(8,928

)

Net loss per weighted average share attributable to ATN International, Inc. stockholders:

Basic

(0.29

)

(0.69

)

Diluted

(0.29

)

(0.69

)

Weighted average common shares outstanding:

Basic

15,283

15,131

Diluted

15,283

15,131

Table 3

ATN International, Inc.

Unaudited Condensed Consolidated Cash Flow Statements

(in Thousands)

Three Months Ended March 31,

2026

2025

Net loss

$ (3,474 )

$ (11,387 )

Depreciation

31,156

34,527

Amortization of intangibles from acquisitions

496

1,226

Provision for doubtful accounts

2,156

1,854

Amortization of debt discount and debt issuance costs

719

716

Loss on dispositions, transfers and contingent consideration

782

750

Stock-based compensation

1,935

1,905

Deferred income taxes

(1,239 )

(2,520 )

Loss on equity investments

2,620

Decrease in customer receivable

2,213

1,015

Change in prepaid and accrued income taxes

4,729

2,223

Change in other operating assets and liabilities

(12,312 )

5,592

Net cash provided by operating activities

29,781

35,905

Capital expenditures

(21,017 )

(20,832 )

Government capital programs:

Amounts disbursed

(13,528 )

(22,445 )

Amounts received

13,299

17,281

Net proceeds from sale of assets

500

141

Purchases and sales of employee benefit plan investments

(14 )

715

Net cash used in investing activities

(20,760 )

(25,140 )

Dividends paid on common stock

(4,196 )

(3,627 )

Finance lease payments

(187 )

(494 )

Term loan - repayments

(2,499 )

(1,653 )

Payment of debt issuance costs

(13 )

(172 )

Revolving credit facilities – borrowings

26,600

13,000

Revolving credit facilities – repayments

(19,750 )

(7,000 )

Repayment of customer receivable credit facility

(2,242 )

(2,030 )

Purchases of common stock - stock-based compensation

(1,863 )

(730 )

Purchases of noncontrolling interests

(210 )

(44 )

Funds payable and amounts due to customers

1,675

Net cash used in financing activities

(2,685 )

(2,750 )

Net change in total cash, cash equivalents and restricted cash

6,336

8,015

Total cash, cash equivalents and restricted cash, beginning of period

117,154

89,244

Total cash, cash equivalents and restricted cash, end of period

$ 123,490

$ 97,259

Table

ATN International, Inc.

Selected Segment Financial Information

(In Thousands)

For the three months ended March 31, 2026 is as follows:

International

Telecom

US Telecom

Corporate and

Other *

Total

Statement of Operations Data:

Revenue

Mobility

Business

$ 5,176

$ -

$ 5,176

Consumer

21,183

Total

$ 26,359

$ -

$ 26,359

Fixed

Business

$ 18,747

$ 29,927

$ -

$ 48,674

Consumer

41,840

22,154

63,994

Total

$ 60,587

$ 52,081

$ -

$ 112,668

Carrier Services

$ 4,197

$ 31,888

$ -

$ 36,085

Other

3,194

151

3,345

Total Communications Services

$ 94,337

$ 84,120

$ -

$ 178,457

Construction

$ -

Managed services

$ 1,721

$ 2,040

$ -

$ 3,761

Total Other

$ 1,721

$ 2,040

$ -

$ 3,761

Total Revenue

$ 96,058

$ 86,160

$ -

$ 182,218

Depreciation

$ 13,574

$ 16,858

$ 724

$ 31,156

Amortization of intangibles from acquisitions

$ 241

$ 255

$ -

$ 496

Total operating expenses

$ 76,835

$ 84,421

$ 9,272

$ 170,528

Operating income (loss)

$ 19,223

$ 1,739

$ (9,272 )

$ 11,690

Net (income) loss attributable to non-controlling interests

$ (2,606 )

$ 3,283

$ -

$ 677

Non GAAP measures:

EBITDA (2)

$ 33,038

$ 18,852

$ (8,548 )

$ 43,342

Adjusted EBITDA (1)

$ 34,288

$ 19,492

$ (5,163 )

$ 48,617

Balance Sheet Data (at March 31, 2026):

Cash, cash equivalents and restricted cash

$ 90,904

$ 32,110

$ 476

$ 123,490

Total current assets

179,405

136,978

18,742

335,125

Fixed assets, net

444,678

503,235

6,910

954,823

Total assets

707,281

878,236

89,136

1,674,653

Total current liabilities

109,039

120,212

47,644

276,895

Total debt, including current portion

61,943

335,622

172,596

570,161

*Corporate and Other refer to corporate overhead

expenses and consolidating adjustments

Table

4 (continued)

ATN International, Inc.

Selected Segment Financial Information

(In Thousands)

For the three months ended March 31, 2025 is as follows:

International

Telecom

US Telecom

Corporate and

Other *

Total

Statement of Operations Data:

Revenue

Mobility

Business

$ 4,849

$ 39

$ -

$ 4,888

Consumer

21,192

Total

$ 26,041

$ 39

$ -

$ 26,080

Fixed

Business

$ 18,493

$ 29,244

$ -

$ 47,737

Consumer

42,872

22,415

65,287

Total

$ 61,365

$ 51,659

$ -

$ 113,024

Carrier Services

$ 3,904

$ 29,227

$ -

$ 33,131

Other

1,740

1,796

Total Communications Services

$ 93,050

$ 80,981

$ -

$ 174,031

Construction

$ -

$ 1,046

$ -

$ 1,046

Managed services

$ 1,446

$ 2,771

$ -

$ 4,217

Total Other

$ 1,446

$ 2,771

$ -

$ 4,217

Total Revenue

$ 94,496

$ 84,798

$ -

$ 179,294

Depreciation

$ 15,377

$ 18,284

$ 865

$ 34,526

Amortization of intangibles from acquisitions

$ 251

$ 975

$ -

$ 1,226

Total operating expenses

$ 79,746

$ 87,213

$ 9,668

$ 176,627

Operating income (loss)

$ 14,750

$ (2,415 )

$ (9,668 )

$ 2,667

Net (income) loss attributable to non-controlling interests

$ (1,474 )

$ 3,933

$ -

$ 2,459

Non GAAP measures:

EBITDA (2)

$ 30,378

$ 16,844

$ (8,803 )

$ 38,419

Adjusted EBITDA (1)

$ 32,390

$ 17,515

$ (5,566 )

$ 44,339

Balance Sheet Data (at December 31, 2025):

Cash, cash equivalents and restricted cash

$ 79,165

$ 35,915

$ 2,074

$ 117,154

Total current assets

165,341

141,592

20,943

327,876

Fixed assets, net

451,303

533,443

7,021

991,767

Total assets

701,579

881,968

89,707

1,673,254

Total current liabilities

97,305

120,535

45,259

263,099

Total debt, including current portion

59,952

329,036

176,180

565,168

(1) See Table 5 for reconciliation of Operating

Income to Adjusted EBITDA

(2) See Table 5 for reconciliation of Operating Income to EBITDA

*Corporate and Other refer to corporate overhead expenses and consolidating adjustments

Table 5

ATN International, Inc.

Reconciliation of Non-GAAP Measures

(In Thousands)

For the three months ended March 31, 2026 is as follows:

International

Telecom

US Telecom

Corporate and

Other *

Total

Operating income (loss)

$ 19,223

$ 1,739

$ (9,272 )

$ 11,690

Depreciation expense

13,574

16,858

724

31,156

Amortization of intangibles from acquisitions

241

255

496

EBITDA

$ 33,038

$ 18,852

$ (8,548 )

$ 43,342

Stock-based compensation

127

1,780

1,935

Transaction-related charges

816

833

Restructuring and reorganization expenses

745

191

789

1,725

Loss on dispositions, transfers and contingent consideration

378

404

782

ADJUSTED EBITDA

$ 34,288

$ 19,492

$ (5,163 )

$ 48,617

Total revenue

$ 96,058

$ 86,160

$ -

$ 182,218

ADJUSTED EBITDA MARGIN

35.7 %

22.6 %

26.7 %

For the three months March 31, 2025 is as follows:

International

Telecom

US Telecom

Corporate and

Other *

Total

Operating income (loss)

$ 14,750

$ (2,415 )

$ (9,668 )

$ 2,667

Depreciation expense

15,377

18,284

865

34,526

Amortization of intangibles from acquisitions

251

975

1,226

EBITDA

$ 30,378

$ 16,844

$ (8,803 )

$ 38,419

Stock-based compensation

215

1,611

1,904

Transaction-related charges

1,436

Restructuring and reorganization expenses

1,506

134

190

1,830

Loss on dispositions, transfers and contingent consideration

291

459

750

ADJUSTED EBITDA

$ 32,390

$ 17,515

$ (5,566 )

$ 44,339

Total revenue

$ 94,496

$ 84,798

$ -

$ 179,294

ADJUSTED EBITDA MARGIN

34.3 %

20.7 %

24.7 %

Table 6

ATN International, Inc.

Non GAAP Measure - Net Debt Ratio

(in Thousands)

March 31, 2026

December 31, 2025

Current portion of long-term debt *

$ 21,623

$ 15,846

Long-term debt, net of current portion *

548,537

549,321

Total debt

$ 570,160

$ 565,167

Less: Cash, cash equivalents and restricted cash

123,490

117,154

Net Debt

$ 446,670

$ 448,013

Adjusted EBITDA - for the four quarters ended

$ 194,324

$ 190,044

Net Debt Ratio

2.30

2.36

* Excludes Customer receivable credit facility

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