0000354963-26-000167 | 10-Q | XBRL Viewer | Shenandoah Telecommunications Cova

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Revenue from Contracts with Customers - Schedule of Contract Asset And Contract Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Contract assets
Prepaid expenses and other	$ 3,967	$ 3,818
Deferred charges and other	9,709	9,288
Total contract assets	13,676	13,106
Contract liabilities
Advanced billings and customer deposits	14,056	13,436
Other liabilities	11,296	11,139
Total contract liabilities	$ 25,352	$ 24,575

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 7, Leases. We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2029. From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedies ultimately resulting from such matters could reasonably have a material effect on the Company’s business, financial condition, results of operations, or cash flows will depend on a number of variables, including, for example, the timing and amount of such losses or damages (if any) and the structure and type of any such remedies. The Company’s management does not believe that the final outcome of any matters that we are currently involved in are reasonably likely to have a material adverse effect on our business, financial condition, results of operations or cash flows

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives	March 31, 2026		December 31, 2025
Land		$	4,493	$	4,498
Land improvements	10 years	3,630		3,699
Buildings and structures	10 - 45 years	54,539		54,562
Cable and fiber	12 - 30 years	1,570,116		1,519,669
Equipment and software	4 - 12 years	484,383		476,939
Total plant in service		2,117,161		2,059,367
Plant under construction		181,510		181,060
Total property, plant and equipment		2,298,671		2,240,427
Less: accumulated depreciation and amortization		(669,463)		(638,818)
Property, plant and equipment, net		$	1,629,208	$	1,601,609

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred revenue	$ 27,062	$ 27,246
Other	5,643	5,094
Other liabilities	$ 32,705	$ 32,340

Debt - Narrative (Details) $ in Thousands	3 Months Ended
Debt - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 20, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 05, 2025 USD ($)
Debt Instrument [Line Items]
Total debt	$ 707,405			$ 642,405
Commitment fees	300	$ 200
Shentel Issuer Class A-2 Notes
Debt Instrument [Line Items]
Total debt	$ 489,142			489,142
Additional stated interest rate (percent)	0.020
Shentel Issuer Class B Notes
Debt Instrument [Line Items]
Total debt	$ 78,263			78,263
Additional stated interest rate (percent)	0.024
Variable Funding Notes
Debt Instrument [Line Items]
Additional stated interest rate (percent)	0.050
Line of Credit \| Liquidity Funding Note
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 25,000
Notes Payable \| Shentel Issuer Class A-2 Notes
Debt Instrument [Line Items]
Total debt					489,100
Notes Payable \| Shentel Issuer Class B Notes
Debt Instrument [Line Items]
Total debt					78,300
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	$ 100,000			$ 75,000
Letters of credit outstanding	7,200
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 175,000
Revolving Credit Facility \| Line of Credit \| Variable Funding Notes
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 175,000
Proceeds from the issuance	40,000
Remaining borrowing capacity	17,800
Funding amounts due and payable for certain priority of payments					6.25
Revolving Credit Facility \| Line of Credit \| Shentel Broadband Operations LLC
Debt Instrument [Line Items]
Maximum borrowing capacity	150,000
Delayed Draw Term Loan (DDTL) \| Line of Credit \| Shentel Broadband Operations LLC
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 525,000

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 9,709	$ 9,288
Other	8,126	9,364
Deferred charges and other assets	$ 17,835	$ 18,652

Stock Compensation and Earnings (Loss) per Share - RSU & RTSR (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Stock Units (RSUs)
Number of Shares
Outstanding awards (in shares) \| shares	1,187
Granted (in shares) \| shares	664
Vested (in shares) \| shares	(421)
Forfeited (in shares) \| shares	(9)
Outstanding awards (in shares) \| shares	1,421
Weighted Average Grant Price
Outstanding awards (in usd per share) \| $ / shares	$ 15.39
Granted (in usd per share) \| $ / shares	13.18
Vested (in usd per share) \| $ / shares	15.93
Forfeited (in usd per share) \| $ / shares	15.63
Outstanding awards (in usd per share) \| $ / shares	$ 14.20
Relative Total Shareholder Return Awards
Number of Shares
Outstanding awards (in shares) \| shares	360
Granted (in shares) \| shares	118
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Outstanding awards (in shares) \| shares	478
Weighted Average Grant Price
Outstanding awards (in usd per share) \| $ / shares	$ 15.77
Granted (in usd per share) \| $ / shares	13.42
Vested (in usd per share) \| $ / shares	0
Forfeited (in usd per share) \| $ / shares	0
Outstanding awards (in usd per share) \| $ / shares	$ 15.19

Stock Compensation and Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock Compensation and Earnings (Loss) per Share

Activity related to the Company’s equity compensation, which includes the Company’s restricted stock units (“RSUs”) and performance stock units (“PSUs”), was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2025	1,187	$	15.39
Granted	664	13.18
Vested	(421)	15.93
Forfeited	(9)	15.63
Outstanding awards, March 31, 2026	1,421	$	14.20

The total fair value of RSUs vested was $5.5 million during the three months ended March 31, 2026.

Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2025	360	$	15.77
Granted	118	13.42
Vested	—	—
Forfeited	—	—
Outstanding awards, March 31, 2026	478	$	15.19

Stock-based compensation expense was as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Stock compensation expense	$	4,971	$	3,897
Capitalized stock compensation	(173)		(180)
Stock compensation expense, net	$	4,798	$	3,717

As of March 31, 2026, there was $12.0 million of total unrecognized compensation cost related to non-vested RSUs and RTSRs which is expected to be recognized over weighted average period of 2.7 years.

The following table indicates the computation of basic and diluted earnings (loss) per share:


	Three Months Ended March 31,
(in thousands, except per share amounts)	2026		2025
Calculation of net loss income per share:
Net loss	$	(15,751)	$	(9,132)

Amounts attributable to common shareholders
Net loss attributable to common shareholders	$	(17,328)	$	(10,604)

Basic and diluted weighted average shares outstanding	55,554		54,959

Per share amounts attributable to common shareholders
Net loss per share	$	(0.31)	$	(0.19)

The Company applies the two-class method when computing net loss per share attributable to common shareholders as the Company has issued preferred stock that meets the definition of a participating security. The Company considers Series A Preferred Stock to be a participating security as the holders are entitled to receive cumulative dividends.

The Company determines the dilutive impact of the Series A Preferred Stock (on an as-converted basis) and the equity awards by applying the if-converted method and the treasury stock method, respectively. The following table presents potentially dilutive instruments:


	Three Months Ended March 31,
(in thousands)	2026	2025
Potentially dilutive shares related to the Series A Preferred Stock	3,743	3,492
Potentially dilutive equity awards	687	450
Total potentially dilutive instruments	4,430	3,942

Potentially dilutive instruments were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company’s income loss for the periods.

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Reconciliation of Income Taxes

The effective tax rates for the three months ended March 31, 2026 and 2025, differ from the statutory U.S. federal income tax rate of 21% primarily due to the state income taxes, excess tax benefits and other discrete items.


	Three Months Ended March 31,
(in thousands)	2026		2025
Expected tax benefit at federal statutory rate	$	(4,170)	$	(2,153)
State income tax benefit, net of federal tax effect	(1,059)		(553)
Excess tax deficiency from share-based compensation and other expense, net	1,121		1,587
Income tax benefit	$	(4,108)	$	(1,119)

Leases - Other Information Related to Operating and Finance Leases (Details)	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Finance lease, weighted average remaining lease term	14 years 6 months	17 years 3 months 18 days
Finance lease, weighted average discount rate, percent	6.60%	6.50%
Operating lease, weighted average remaining lease term	8 years 7 months 6 days	8 years 4 months 24 days
Operating lease, weighted average discount rate, percent	6.40%	6.30%

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 24, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	000-09881
Entity Registrant Name	SHENANDOAH TELECOMMUNICATIONS COMPANY
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1162807
Entity Address, Address Line One	500 Shentel Way
Entity Address, City or Town	Edinburg
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22824
City Area Code	540
Local Phone Number	984-4141
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	SHEN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		55,322,001
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000354963
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

The Company leases various broadband network sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business.

The components of lease costs were as follows:


	Classification	Three Months Ended March 31,
(in thousands)		2026		2025
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	189	$	188
Interest on lease liabilities	Interest expense	37		24
Operating lease cost	Operating expense1	1,015		1,164
Lease cost		$	1,241	$	1,376

_________________________________________

(1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities as of March 31, 2026:


(in thousands)	Operating Leases		Finance Leases		Total
2026 (remainder of the year)	$	2,738	$	417	$	3,155
2027	2,738		408		3,146
2028	2,181		364		2,545
2029	1,685		368		2,053
2030	1,430		368		1,798
2031 and thereafter	6,813		3,637		10,450
Total lease payments	17,585		5,562		23,147
Less: Interest	(4,639)		(2,530)		(7,169)
Present value of lease liabilities	$	12,946	$	3,032	$	15,978

Other information related to operating and finance leases was as follows:


	March 31, 2026		December 31, 2025
Finance leases
Weighted average remaining lease term (years)	14.5		17.3
Weighted average discount rate	6.6	%	6.5	%
Operating leases
Weighted average remaining lease term (years)	8.6		8.4
Weighted average discount rate	6.4	%	6.3	%


	Three Months Ended March 31,
(in thousands)	2026		2025
Cash paid for operating lease liabilities	$	1,112	$	1,264
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	731		51

The Company also has other operating lease arrangements which generate revenue from leasing the excess fiber capacity of its fiber network assets. Contract terms for these arrangements can range from 1 to 40 years and are billed monthly. Lease revenue from these arrangements was $1.7 million for both the three months ended March 31, 2026 and 2025. These amounts are presented in service revenue and other in the Company’s unaudited condensed consolidated statements of operations. Contractual minimum rental receipts expected under the lease agreements in place as of March 31, 2026 is as follows:


(in thousands)	Operating Leases
2026 (remainder of the year)	$	2,871
2027	3,650
2028	3,457
2029	3,303
2030	3,097
2031 and thereafter	14,921
Total	$	31,299

Leases

The Company leases various broadband network sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business.

The components of lease costs were as follows:


	Classification	Three Months Ended March 31,
(in thousands)		2026		2025
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	189	$	188
Interest on lease liabilities	Interest expense	37		24
Operating lease cost	Operating expense1	1,015		1,164
Lease cost		$	1,241	$	1,376

_________________________________________

(1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities as of March 31, 2026:


(in thousands)	Operating Leases		Finance Leases		Total
2026 (remainder of the year)	$	2,738	$	417	$	3,155
2027	2,738		408		3,146
2028	2,181		364		2,545
2029	1,685		368		2,053
2030	1,430		368		1,798
2031 and thereafter	6,813		3,637		10,450
Total lease payments	17,585		5,562		23,147
Less: Interest	(4,639)		(2,530)		(7,169)
Present value of lease liabilities	$	12,946	$	3,032	$	15,978

Other information related to operating and finance leases was as follows:


	March 31, 2026		December 31, 2025
Finance leases
Weighted average remaining lease term (years)	14.5		17.3
Weighted average discount rate	6.6	%	6.5	%
Operating leases
Weighted average remaining lease term (years)	8.6		8.4
Weighted average discount rate	6.4	%	6.3	%


	Three Months Ended March 31,
(in thousands)	2026		2025
Cash paid for operating lease liabilities	$	1,112	$	1,264
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	731		51


(in thousands)	Operating Leases
2026 (remainder of the year)	$	2,871
2027	3,650
2028	3,457
2029	3,303
2030	3,097
2031 and thereafter	14,921
Total	$	31,299

Leases

The Company leases various broadband network sites, fiber optic cable routes, warehouses, retail stores and office facilities for use in our business.

The components of lease costs were as follows:


	Classification	Three Months Ended March 31,
(in thousands)		2026		2025
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	189	$	188
Interest on lease liabilities	Interest expense	37		24
Operating lease cost	Operating expense1	1,015		1,164
Lease cost		$	1,241	$	1,376

_________________________________________

(1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities as of March 31, 2026:


(in thousands)	Operating Leases		Finance Leases		Total
2026 (remainder of the year)	$	2,738	$	417	$	3,155
2027	2,738		408		3,146
2028	2,181		364		2,545
2029	1,685		368		2,053
2030	1,430		368		1,798
2031 and thereafter	6,813		3,637		10,450
Total lease payments	17,585		5,562		23,147
Less: Interest	(4,639)		(2,530)		(7,169)
Present value of lease liabilities	$	12,946	$	3,032	$	15,978

Other information related to operating and finance leases was as follows:


	March 31, 2026		December 31, 2025
Finance leases
Weighted average remaining lease term (years)	14.5		17.3
Weighted average discount rate	6.6	%	6.5	%
Operating leases
Weighted average remaining lease term (years)	8.6		8.4
Weighted average discount rate	6.4	%	6.3	%


	Three Months Ended March 31,
(in thousands)	2026		2025
Cash paid for operating lease liabilities	$	1,112	$	1,264
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	731		51


(in thousands)	Operating Leases
2026 (remainder of the year)	$	2,871
2027	3,650
2028	3,457
2029	3,303
2030	3,097
2031 and thereafter	14,921
Total	$	31,299

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Government Grants	3 Months Ended
Government Grants	Mar. 31, 2026
Government Assistance [Abstract]
Government Grants	Government Grants The Company was awarded $152.4 million in grants to build broadband services to unserved residencies in Virginia, Maryland, West Virginia and Ohio and upgrade the middle mile network in Ohio. The Company has substantially completed its grant obligations in Virginia and expects to complete the remaining obligations in 2026. During the three months ended March 31, 2026, the Company was awarded additional grants of $1.1 million to build broadband services to additional unserved residences in Ohio. The purpose of the grant programs described above was to subsidize the expansion of the Company’s broadband network; therefore, most amounts recognized under these programs have been recorded as a reduction to the related property, plant and equipment and cash receipts are presented as cash flows from investing activities in the Company’s unaudited condensed consolidated statements of cash flows. One government grant allows reimbursements for direct capital expenditures and indirect operating expenses. The portion of government grant reimbursements related to indirect expenses are recorded as reductions of the related cost of service expense or selling, general and administrative expense in the Company’s unaudited condensed consolidated statements of operations and are presented as cash flows from operating activities in the Company’s unaudited condensed consolidated statements of cash flows. The Company recognizes grant receivables at the time it becomes probable that the Company will be eligible to receive the grant, which is estimated to correspond with the date when specified build-out milestones are achieved. As a result of these programs, the Company received $12.9 million and $6.9 million in cash receipts during the three months ended March 31, 2026 and 2025, respectively, and had approximately $5.1 million and $10.5 million in accounts receivable as of March 31, 2026 and December 31, 2025, respectively.

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

The Company files U.S. federal income tax returns and various state income tax returns. The Company is currently involved in one state income tax audit and no federal income tax audits as of March 31, 2026. The Company’s income tax returns are generally open to examination from 2022 forward. The net operating losses acquired from Horizon are open to examination from 2013 forward.


	Three Months Ended March 31,
(in thousands)	2026		2025
Expected tax benefit at federal statutory rate	$	(4,170)	$	(2,153)
State income tax benefit, net of federal tax effect	(1,059)		(553)
Excess tax deficiency from share-based compensation and other expense, net	1,121		1,587
Income tax benefit	$	(4,108)	$	(1,119)

The Company made no payments and received no refunds for income taxes during the three months ended March 31, 2026. The Company made no cash payments for income taxes owed during the three months ended March 31, 2025. The Company received $0.2 million in refunds for income taxes for the three months ended March 31, 2025.

- Definition

The entire disclosure for income tax.

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+ Details

Basis of Presentation and Other Information (Policies)	3 Months Ended
Basis of Presentation and Other Information (Policies)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Standards	New Accounting Standards In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, “Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission’s (“SEC”) Disclosure Update and Simplification Initiative,” (“ASU 2023-06”), which aligns the disclosure and presentation requirements of a variety of the FASB’s Accounting Standards Codification (“ASC”) Topics with the requirements described in the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 will become effective for each amendment on the effective date of the SEC’s corresponding disclosure rule changes; however, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company is currently assessing the impact of adopting ASU 2023-06 on the consolidated financial statements and related disclosures. In November 2024, FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)” (“ASU 2024-03”). This accounting update requires disclosure of disaggregated expense in prescribed categories underlying any relevant income statement expense caption. The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently assessing the impact of adopting ASU 2024-03 on the consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities” (“ASU 2025-10”). This accounting update establishes guidance for the recognition, measurement, presentation and disclosure of government grants. The updated requirements are effective for public business entities for annual reporting periods beginning after December 15, 2028, and interim periods therein, with early adoption permitted. The Company is currently assessing the impact of adopting ASU 2025-10 on its consolidated financial statements and related disclosures. There have been no additional material developments related to recently issued accounting standards beyond those noted above, including the expected dates of adoption and estimated effects on the Company’s unaudited condensed consolidated financial statements and note disclosures from those disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2025, that would be expected to impact the Company.
Investments	SERP investments at fair value: The fair value of the supplemental executive retirement plan (“SERP”) investments is based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy. Cost method investments: Shentel’s primary cost method investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $12.2 million and $12.6 million as of March 31, 2026 and December 31, 2025, respectively. As further described in Note 8, Debt, on December 5, 2025, Shentel completed a refinancing of the Company’s debt arrangements which resulted in the repayment of the outstanding long-term debt obligations under the Previous Credit Agreement. CoBank patronage income will no longer be earned beginning in 2026.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Stock Compensation and Earnings (Loss) per Share - Potentially Dilutive Instruments (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than)(in shares)	4,430	3,942
Series A Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than)(in shares)	3,743	3,492
Equity Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than)(in shares)	687	450

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The Company’s revenues by activity type were as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Residential & SMB - Incumbent Broadband Markets1	$	41,143	$	43,359
Residential & SMB - Glo Fiber Expansion Markets2	24,828		18,444
Commercial Fiber	20,542		19,612
RLEC & Other	5,640		6,483
Service revenue and other	$	92,153	$	87,898

_______________________________________________________

1.Revenue from residential and small and medium business (“SMB”) customers in Incumbent Broadband Markets is primarily earned through the Company’s provision of data, video and voice services over primarily HFC cable and to a lesser extent FTTH networks in incumbent markets.

2.Revenue from residential and SMB customers in Glo Fiber Expansion Markets is primarily earned through the Company’s provision of data, video and voice services over FTTH networks in new greenfield expansion markets.

Shentel had $20.3 million and $19.5 million of gross trade receivables from customers as of March 31, 2026 and December 31, 2025, respectively.

Contract Assets and Liabilities

The following table presents the Company’s contract asset and contract liability balances and their respective locations in the unaudited condensed consolidated balance sheets:


(in thousands)	March 31, 2026		December 31, 2025
Contract assets
Prepaid expenses and other	$	3,967	$	3,818
Deferred charges and other	9,709		9,288
Total contract assets	$	13,676	$	13,106

Contract liabilities
Advanced billings and customer deposits	$	14,056	$	13,436
Other liabilities	11,296		11,139
Total contract liabilities	$	25,352	$	24,575

The Company’s contract assets primarily include commissions incurred to acquire contracts with customers. The Company incurs commission expenses related to in-house and third-party vendors which are capitalized and amortized over the expected customer benefit period, which is approximately six years. The company incurred $1.1 million and $0.9 million in amortization of capitalized commission expenses during the three months ended March 31, 2026 and 2025, respectively. This expense is recorded in selling, general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations.

The Company’s contract liabilities include services that are billed in advance and recorded as deferred revenue, as well as installation fees that are charged upfront without transfer of commensurate goods or services to the customer. Shentel expects its current contract liability balances to be recognized as revenues during the twelve-month periods following the respective balance sheet dates. The majority of Shentel’s non-current contract liability balance is expected to be recognized as revenues within approximately 5 years. Revenues recognized related to contract liabilities existing at January 1, 2026 and 2025 were $10.7 million and $9.9 million for the three months ended March 31, 2026 and 2025, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Investments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	$ 3,056	$ 3,056
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value	$ 12,200	$ 12,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax benefit at federal statutory rate	$ (4,170)	$ (2,153)
State income tax benefit, net of federal tax effect	(1,059)	(553)
Excess tax deficiency from share-based compensation and other expense, net	1,121	1,587
Income tax benefit	$ (4,108)	$ (1,119)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Investments - Schedule of Other Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments [Abstract]
SERP investments at fair value	$ 3,056	$ 3,056
Cost method investments	12,852	13,250
Equity method investments	205	204
Total investments	$ 16,113	$ 16,510

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Selected Financial Data for Segments

The following table summarizes the Company’s revenue, loss from operations, Adjusted EBITDA and significant expenses:


	Three Months Ended March 31,
(in thousand)	2026		2025
Service revenue and other	$	92,153	$	87,898
Significant expenses and other items:
Cost of services exclusive of depreciation and amortization	31,824		33,030
Selling, general and administrative exclusive of stock-based compensation	28,589		27,275
Adjusted EBITDA	31,740		27,593
Stock-based compensation expense, net of amount capitalized	4,798		3,717
Restructuring, integration and acquisition	2,440		510
Depreciation and amortization	34,971		29,458
Interest expense	9,435		4,892
Other1	(45)		(733)
Income tax benefit	(4,108)		(1,119)
Net income (loss)	$	(15,751)	$	(9,132)

1 Other primarily includes patronage income, interest income, and benefit plan gains.

Other Assets and Accrued Liabilities - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 23, 2026	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring, integration and acquisition		$ 2,440	$ 510
Glo Fiber Construction Phase
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	10.00%
Restructuring, integration and acquisition		2,100
Payments for restructuring		$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Redeemable Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 01, 2024	Mar. 31, 2026	Oct. 24, 2023
Series A Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)		100,000
Preferred stock, shares outstanding (in shares)		81,000
Preferred stock, liquidation preference value		$ 91.7
Shentel Broadband Holding Inc. \| Energy Capital Partners
Redeemable Noncontrolling Interest [Line Items]
Convertible preferred stock, shares issued upon conversion (in shares)		3,743,003
Shentel Broadband Holding Inc. \| Series A Preferred Stock
Redeemable Noncontrolling Interest [Line Items]
Issuance of redeemable noncontrolling interest (in shares)	81,000
Dividend percentage	7.00%	7.00%
Issuance of redeemable noncontrolling interest	$ 81.0
Shentel Broadband Holding Inc. \| Series A Preferred Stock \| Energy Capital Partners
Redeemable Noncontrolling Interest [Line Items]
Purchase price (in dollars per share)	$ 1,000
Conversion price per share (in dollars per share)			$ 24.50

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Shares of Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2024	81,000
Beginning balance at Dec. 31, 2024	$ 82,464
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividends - paid in kind	$ 1,472
Ending balance (in shares) at Mar. 31, 2025	81,000
Ending balance at Mar. 31, 2025	$ 83,936
Beginning balance (in shares) at Dec. 31, 2024		54,605,000
Beginning balance at Dec. 31, 2024	918,583		$ 147,733	$ 768,997	$ 1,853
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(9,132)			(9,132)
Unrealized loss on interest rate hedge, net of tax	(222)				(222)
Amounts reclassified from accumulated other comprehensive income	(408)				(408)
Stock based compensation (in shares)		318,000
Stock-based compensation	3,897		3,897
Common stock issued (in shares)		1,000
Common stock issued	14		14
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(67,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(787)		(787)
Preferred stock dividends - paid in kind	(1,472)			(1,472)
Ending balance (in shares) at Mar. 31, 2025		54,857,000
Ending balance at Mar. 31, 2025	$ 910,473		150,857	758,393	1,223
Beginning balance (in shares) at Dec. 31, 2025	81,000
Beginning balance at Dec. 31, 2025	$ 88,506
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividends - paid in kind	$ 1,577
Ending balance (in shares) at Mar. 31, 2026	81,000
Ending balance at Mar. 31, 2026	$ 90,083
Beginning balance (in shares) at Dec. 31, 2025	54,899,000	54,899,000
Beginning balance at Dec. 31, 2025	$ 880,783		157,216	723,567	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(15,751)			(15,751)
Amounts reclassified from accumulated other comprehensive income	0
Stock based compensation (in shares)		516,000
Stock-based compensation	4,971		4,971
Common stock issued (in shares)		1,000
Common stock issued	14		14
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(114,000)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,482)		(1,482)
Preferred stock dividends - paid in kind	$ (1,577)			(1,577)
Ending balance (in shares) at Mar. 31, 2026	55,302,000	55,302,000
Ending balance at Mar. 31, 2026	$ 866,958		$ 160,719	$ 706,239	$ 0

Redeemable Noncontrolling Interest	3 Months Ended
Redeemable Noncontrolling Interest	Mar. 31, 2026
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest On October 24, 2023, Shentel Broadband Holding Inc. (“Shentel Broadband”), a wholly-owned subsidiary of Shentel, entered into an investment agreement (the “Investment Agreement”) with ECP Fiber Holdings, LP, a Delaware limited partnership (“ECP Investor”), and, solely for the limited purposes set forth therein, Hill City Holdings, LP, a Delaware limited partnership affiliated with ECP Investor. Subject to the terms and conditions set forth in the Investment Agreement, on April 1, 2024, Shentel Broadband issued to ECP Investor 81,000 shares of Shentel Broadband’s 7% Series A Participating Exchangeable Perpetual Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), at a purchase price of $1,000 per share in exchange for $81 million in cash. As of March 31, 2026, 100,000 shares of the Series A Preferred Stock were authorized for issuance and 81,000 shares of the Series A Preferred Stock were outstanding. The Series A Preferred Stock is exchangeable at the option of the Investor in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share, which may be adjusted pursuant to the terms of the Investment Agreement. As of March 31, 2026, the Series A Preferred Stock was exchangeable for 3,743,003 shares of Common Stock. Dividends on the Series A Preferred Stock accrue at 7% per annum compounded and payable quarterly in arrears, and, at Shentel’s option, may be paid in cash or in kind (such dividends paid in kind, “PIK Dividends”). The Company has historically elected to issue PIK Dividends which increase the liquidation preference of the Series A Preferred Stock. As of March 31, 2026, the Series A Preferred Stock had a liquidation preference of $91.7 million.

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

The Company operates as one segment. The accounting policies of the Company’s segment are the same as those described in the summary of significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2025.

The Company’s Chief Operating Decision Maker (“CODM”) assesses company performance at a consolidated level and decides how to allocate resources based on Earnings before Interest, Taxes, Depreciation and Amortization, as adjusted for certain non-recurring items, (“Adjusted EBITDA”) from operations of the Broadband business.

The measure of segment assets is reported on the balance sheet as total consolidated assets.

The CODM uses (loss) income from operations and Adjusted EBITDA to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the operations of the Company or for other purposes, such as for acquisitions or to pay dividends.

Adjusted EBITDA is used to monitor budget versus actual results. The CODM also uses Adjusted EBITDA to analyze the Company’s growth by monitoring current results versus prior year results. The analyses are used in assessing performance of the Company and in establishing management’s compensation.

Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as income or loss from operations calculated in accordance with GAAP, adjusted for the impact of depreciation and amortization, impairment expense, other income (expense) net, interest income, interest expense, income tax expense (benefit), stock compensation expense, transaction costs related to acquisition and disposition events (including professional advisory fees, integration costs, and related compensatory matters), restructuring expense, tax on equity award vesting and exercise events, and other non-comparable items. The Company believes that the exclusion of the expense and income items eliminated in calculating Adjusted EBITDA provides management and investors a useful measure for period-to-period comparisons of the Company’s core operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to the Company’s ongoing operations. Accordingly, the Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating the Company’s operating results.

The following table summarizes the Company’s revenue, loss from operations, Adjusted EBITDA and significant expenses:


	Three Months Ended March 31,
(in thousand)	2026		2025
Service revenue and other	$	92,153	$	87,898
Significant expenses and other items:
Cost of services exclusive of depreciation and amortization	31,824		33,030
Selling, general and administrative exclusive of stock-based compensation	28,589		27,275
Adjusted EBITDA	31,740		27,593
Stock-based compensation expense, net of amount capitalized	4,798		3,717
Restructuring, integration and acquisition	2,440		510
Depreciation and amortization	34,971		29,458
Interest expense	9,435		4,892
Other1	(45)		(733)
Income tax benefit	(4,108)		(1,119)
Net income (loss)	$	(15,751)	$	(9,132)

1 Other primarily includes patronage income, interest income, and benefit plan gains.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Debt - VIE Arrangements Included In The Company’s Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets [Abstract]
Restricted cash and cash equivalents	$ 27,311	$ 20,945
Accounts receivable	24,759	31,497
Prepaid expenses and other	15,843	15,198
Property, plant and equipment, net	1,629,208	1,601,609
Intangible assets, net	88,960	89,353
Operating lease right-of-use assets	19,084	19,657
Deferred charges and other assets	17,835	18,652
Total assets	1,952,962	1,910,762
Current liabilities:
Accounts payable	54,187	61,355
Advanced billings and customer deposits	14,056	13,436
Current operating lease liabilities	2,850	2,819
Accrued liabilities and other	14,325	14,079
Long-term debt, net of unamortized loan fees	693,887	628,237
Non-current operating lease liabilities	10,096	10,632
Other liabilities	32,705	32,340
Variable Interest Entity, Primary Beneficiary
Assets [Abstract]
Restricted cash and cash equivalents	27,311	20,945
Accounts receivable	10,319	12,580
Prepaid expenses and other	5,785	5,344
Property, plant and equipment, net	806,243	793,874
Intangible assets, net	8,017	8,234
Operating lease right-of-use assets	10,188	10,199
Deferred charges and other assets	128,022	129,635
Total assets	995,885	980,811
Current liabilities:
Accounts payable	7,876	7,561
Advanced billings and customer deposits	10,070	8,953
Current operating lease liabilities	1,333	1,236
Accrued liabilities and other	1,663	2,658
Long-term debt, net of unamortized loan fees	594,305	554,288
Non-current operating lease liabilities	4,843	4,925
Other liabilities	29,257	28,703
Total liabilities	$ 649,347	$ 608,324

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Activity Type

The Company’s revenues by activity type were as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Residential & SMB - Incumbent Broadband Markets1	$	41,143	$	43,359
Residential & SMB - Glo Fiber Expansion Markets2	24,828		18,444
Commercial Fiber	20,542		19,612
RLEC & Other	5,640		6,483
Service revenue and other	$	92,153	$	87,898

_______________________________________________________

Schedule of Contract Asset And Contract Liability

The following table presents the Company’s contract asset and contract liability balances and their respective locations in the unaudited condensed consolidated balance sheets:


(in thousands)	March 31, 2026		December 31, 2025
Contract assets
Prepaid expenses and other	$	3,967	$	3,818
Deferred charges and other	9,709		9,288
Total contract assets	$	13,676	$	13,106

Contract liabilities
Advanced billings and customer deposits	$	14,056	$	13,436
Other liabilities	11,296		11,139
Total contract liabilities	$	25,352	$	24,575

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consisted of the following:


($ in thousands)	Estimated Useful Lives	March 31, 2026		December 31, 2025
Land		$	4,493	$	4,498
Land improvements	10 years	3,630		3,699
Buildings and structures	10 - 45 years	54,539		54,562
Cable and fiber	12 - 30 years	1,570,116		1,519,669
Equipment and software	4 - 12 years	484,383		476,939
Total plant in service		2,117,161		2,059,367
Plant under construction		181,510		181,060
Total property, plant and equipment		2,298,671		2,240,427
Less: accumulated depreciation and amortization		(669,463)		(638,818)
Property, plant and equipment, net		$	1,629,208	$	1,601,609

Property, plant and equipment, net increased primarily due to capital expenditures to support the Company’s Glo Fiber market expansion. The Company’s accounts payable as of March 31, 2026 and December 31, 2025 included amounts associated with capital expenditures of approximately $48.4 million and $55.6 million, respectively. Depreciation and amortization expense was $31.7 million and $29.0 million during the three months ended March 31, 2026 and 2025, respectively. The Company wrote off $2.8 million plant under construction inventory assets during the three months ended March 31, 2026. The write-off primarily related to permitting and engineering costs for markets abandoned due to changing market returns. The amounts are presented in depreciation and amortization in the Company’s unaudited condensed consolidated statements of operations.

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
2026 (remainder of the year)	$ 2,871
2027	3,650
2028	3,457
2029	3,303
2030	3,097
2031 and thereafter	14,921
Total	$ 31,299

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (15,751)	$ (9,132)
Other comprehensive loss:
Net change in unrealized loss	0	(222)
Amounts reclassified from accumulated other comprehensive loss	0	(408)
Comprehensive loss	(15,751)	(9,762)
Dividends on redeemable noncontrolling interest	1,577	1,472
Comprehensive loss attributable to common shareholders	$ (17,328)	$ (11,234)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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Amount after tax of reclassification adjustments of other comprehensive income (loss).

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Stock Compensation and Earnings per Share - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 4,971	$ 3,897
Capitalized stock compensation	(173)	(180)
Stock compensation expense, net	$ 4,798	$ 3,717

Debt - Fair Value Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Shentel Issuer Class A-2 Notes
Debt Instrument [Line Items]
Fair value	$ 490,805	$ 494,278
Shentel Issuer Class B Notes
Debt Instrument [Line Items]
Fair value	$ 78,834	$ 77,676

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Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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Share-Based Payment Arrangement [Abstract]
Net loss	$ (15,751)	$ (9,132)
Net loss attributable to common shareholders	$ (17,328)	$ (10,604)
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Weighted average shares outstanding, diluted (in shares)	55,554	54,959
Basic - Net loss per share (in dollars per share)	$ (0.31)	$ (0.19)
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-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 2,298,671	$ 2,240,427
Less: accumulated depreciation and amortization	(669,463)	(638,818)
Property, plant and equipment, net	1,629,208	1,601,609
Total plant in service
Property, plant and equipment [Abstract]
Total property, plant and equipment	2,117,161	2,059,367
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 4,493	4,498
Land improvements
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Total property, plant and equipment	$ 3,630	3,699
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 54,539	54,562
Buildings and structures \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Buildings and structures \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	45 years
Cable and fiber
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,570,116	1,519,669
Cable and fiber \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	12 years
Cable and fiber \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	30 years
Equipment and software
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 484,383	476,939
Equipment and software \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	4 years
Equipment and software \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	12 years
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 181,510	$ 181,060

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Other Assets and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

Prepaid expenses and other, classified as current assets, included the following:


(in thousands)	March 31, 2026		December 31, 2025
Prepaid maintenance expenses	$	8,184	$	7,055
Broadband contract acquisition costs	3,967		3,818
Other	3,692		4,325
Prepaid expenses and other	$	15,843	$	15,198

Schedule of Other Assets, Noncurrent

Deferred charges and other assets, classified as long-term assets, included the following:


(in thousands)	March 31, 2026		December 31, 2025
Broadband contract acquisition costs	$	9,709	$	9,288
Other	8,126		9,364
Deferred charges and other assets	$	17,835	$	18,652

Schedule of Accrued Liabilities and Other

Accrued liabilities and other, classified as current liabilities, included the following:


(in thousands)	March 31, 2026		December 31, 2025
Accrued programming costs	$	3,405	$	3,232
Other	10,920		10,847
Accrued liabilities and other	$	14,325	$	14,079

Schedule of Other Noncurrent Liabilities

Other liabilities, classified as long-term liabilities, included the following:


(in thousands)	March 31, 2026		December 31, 2025
Noncurrent portion of deferred revenue	$	27,062	$	27,246
Other	5,643		5,094
Other liabilities	$	32,705	$	32,340

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 3,405	$ 3,232
Other	10,920	10,847
Accrued liabilities and other	$ 14,325	$ 14,079

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Amortization of leased assets	$ 189	$ 188
Interest on lease liabilities	37	24
Operating lease cost	1,015	1,164
Lease cost	$ 1,241	$ 1,376

Stock Compensation and Earnings (Loss) per Share - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation, nonvested awards, compensation cost not yet recognized	$ 12.0
Compensation, nonvested awards, cost not yet recognized, period for recognition	2 years 8 months 12 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested in period	$ 5.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt- Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
Debt- Interest Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Debt Disclosure [Abstract]
Interest expense	$ 11,126	$ 7,262
Less: capitalized interest	(1,691)	(2,370)
Interest expense, net of capitalized interest	$ 9,435	$ 4,892

Other Assets and Accrued Liabilities

3 Months Ended

Mar. 31, 2026

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

Prepaid expenses and other, classified as current assets, included the following:


(in thousands)	March 31, 2026		December 31, 2025
Prepaid maintenance expenses	$	8,184	$	7,055
Broadband contract acquisition costs	3,967		3,818
Other	3,692		4,325
Prepaid expenses and other	$	15,843	$	15,198

Deferred charges and other assets, classified as long-term assets, included the following:


(in thousands)	March 31, 2026		December 31, 2025
Broadband contract acquisition costs	$	9,709	$	9,288
Other	8,126		9,364
Deferred charges and other assets	$	17,835	$	18,652

Accrued liabilities and other, classified as current liabilities, included the following:


(in thousands)	March 31, 2026		December 31, 2025
Accrued programming costs	$	3,405	$	3,232
Other	10,920		10,847
Accrued liabilities and other	$	14,325	$	14,079

Other liabilities, classified as long-term liabilities, included the following:


(in thousands)	March 31, 2026		December 31, 2025
Noncurrent portion of deferred revenue	$	27,062	$	27,246
Other	5,643		5,094
Other liabilities	$	32,705	$	32,340

Reduction in Force

On February 23, 2026, the Company announced a reduction in force of approximately 10% of its employees to prepare and align the business with the wind-down of the Glo Fiber expansion phase that is expected to be substantially complete by end of 2026. During the three months ended March 31, 2026, Shentel recorded $2.1 million in expense primarily related to severance costs and retention bonuses, included in restructuring, integration and acquisition expense in the condensed consolidated statements of operations. No severance payments were made during this period.

Leases - Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Operating Lease (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Cash paid for operating lease liabilities	$ 1,112	$ 1,264
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	$ 731	$ 51

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 8,184	$ 7,055
Broadband contract acquisition costs	3,967	3,818
Other	3,692	4,325
Prepaid expenses and other	$ 15,843	$ 15,198

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Operating Leases
2026 (remainder of the year)	$ 2,738
2027	2,738
2028	2,181
2029	1,685
2030	1,430
2031 and thereafter	6,813
Total lease payments	17,585
Less: Interest	(4,639)
Present value of lease liabilities	12,946
Finance Leases
2026 (remainder of the year)	417
2027	408
2028	364
2029	368
2030	368
2031 and thereafter	3,637
Total lease payments	5,562
Less: Interest	(2,530)
Present value of lease liabilities	3,032
Total
2026 (remainder of the year)	3,155
2027	3,146
2028	2,545
2029	2,053
2030	1,798
2031 and thereafter	10,450
Total lease payments	23,147
Less: Interest	(7,169)
Present value of lease liabilities	$ 15,978

Investments

3 Months Ended

Mar. 31, 2026

Investments [Abstract]

Investments

Investments consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025
SERP investments at fair value	$	3,056	$	3,056
Cost method investments	12,852		13,250
Equity method investments	205		204
Total investments	$	16,113	$	16,510

SERP investments at fair value: The fair value of the supplemental executive retirement plan (“SERP”) investments is based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy.

Cost method investments: Shentel’s primary cost method investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $12.2 million and $12.6 million as of March 31, 2026 and December 31, 2025, respectively. As further described in Note 8, Debt, on December 5, 2025, Shentel completed a refinancing of the Company’s debt arrangements which resulted in the repayment of the outstanding long-term debt obligations under the Previous Credit Agreement. CoBank patronage income will no longer be earned beginning in 2026.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (15,751)	$ (9,132)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	34,543	28,984
Amortization of intangible assets	428	474
Stock-based compensation expense, net of amount capitalized	4,798	3,717
Deferred income taxes	(4,108)	(1,119)
Provision for credit losses	433	288
Other, net	1,427	480
Changes in assets and liabilities:
Accounts receivable	904	2,490
Current income taxes	0	164
Operating lease assets and liabilities, net	(18)	(135)
Other assets	298	(682)
Accounts payable	19	992
Other deferrals and accruals	1,398	(5,997)
Net cash provided by operating activities	24,371	20,524
Cash flows from investing activities:
Capital expenditures	(75,821)	(83,236)
Government grants received	11,548	6,929
Proceeds from sale of assets and other	163	47
Net cash used in investing activities	(64,110)	(76,260)
Cash flows from financing activities:
Proceeds from credit facility borrowings	65,000	100,000
Principal payments on long-term debt	0	(2,178)
Payments for debt issuance and amendment costs	(429)	0
Taxes paid for equity award issuances	(1,482)	(787)
Payments for financing arrangements and other	(476)	(24)
Net cash provided by financing activities	62,613	97,011
Net increase in cash and cash equivalents	22,874	41,275
Cash, cash equivalents, and restricted cash, beginning of period	48,204	46,272
Cash, cash equivalents, and restricted cash, end of period	71,078	87,547
Supplemental Disclosures of Cash Flow Information
Interest paid, net of amounts capitalized	(9,741)	(4,262)
Income tax refunds received	$ 0	$ 164

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Goodwill, gross	$ 67,538	$ 67,538
Goodwill, net	67,538	67,538
Non-amortizing intangibles	77,047	77,013
Gross carrying amount	43,549	43,549
Accumulated amortization and other	(31,636)	(31,209)
Total	11,913	12,340
Total intangible assets, gross carrying amount	120,596	120,562
Total intangible assets	88,960	89,353
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	43,012	43,012
Accumulated amortization and other	(31,213)	(30,792)
Total	11,799	12,220
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	537	537
Accumulated amortization and other	(423)	(417)
Total	114	120
Cable franchise rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	64,334	64,334
FCC Spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	12,122	12,122
Railroad crossing rights and other
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 591	$ 557

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Accounts payable	$ 54,187		$ 61,355
Depreciation and amortization	31,700	$ 29,000
Tangible asset impairment charges	2,800
Goodwill
Property, Plant and Equipment [Line Items]
Accounts payable	$ 48,400		$ 55,600

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 43,767	$ 27,259
Restricted cash and cash equivalents	27,311	20,945
Cash, cash equivalents, and restricted cash	$ 71,078	$ 48,204	$ 87,547	$ 46,272

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Resulting from Acquisition

Goodwill and intangible assets consisted of the following:


	March 31, 2026						December 31, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,538	$	—	$	67,538	$	67,538	$	—	$	67,538
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	591		—		591		557		—		557
Total indefinite-lived intangibles	77,047		—		77,047		77,013		—		77,013

Finite-lived intangibles:
Subscriber relationships	43,012		(31,213)		11,799		43,012		(30,792)		12,220
Other intangibles	537		(423)		114		537		(417)		120
Total finite-lived intangibles	43,549		(31,636)		11,913		43,549		(31,209)		12,340
Total intangible assets	$	120,596	$	(31,636)	$	88,960	$	120,562	$	(31,209)	$	89,353

Schedule of Finite-Lived Intangible Assets

Goodwill and intangible assets consisted of the following:


	March 31, 2026						December 31, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,538	$	—	$	67,538	$	67,538	$	—	$	67,538
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	591		—		591		557		—		557
Total indefinite-lived intangibles	77,047		—		77,047		77,013		—		77,013

Finite-lived intangibles:
Subscriber relationships	43,012		(31,213)		11,799		43,012		(30,792)		12,220
Other intangibles	537		(423)		114		537		(417)		120
Total finite-lived intangibles	43,549		(31,636)		11,913		43,549		(31,209)		12,340
Total intangible assets	$	120,596	$	(31,636)	$	88,960	$	120,562	$	(31,209)	$	89,353

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Shentel’s outstanding long-term debt obligations as of March 31, 2026 and December 31, 2025 are as follows:


(in thousands)	Interest Rates	March 31, 2026		December 31, 2025
Shentel Issuer Class A-2 Notes	5.64%	$	489,142	$	489,142
Shentel Issuer Class B Notes	6.03%	78,263		78,263
Shentel Issuer Variable Funding Note ("VFN")	Floating(1)	40,000		—
Shentel Broadband Revolving Credit Facility ("RCF")	Floating(2)	100,000		75,000
Total debt		707,405		642,405
Less: unamortized loan fees		(13,518)		(14,168)
Total debt, net of unamortized loan fees		$	693,887	$	628,237

(1) The VFN bears interest at one-month term SOFR plus a fixed margin. This interest rate was 5.41% at March 31, 2026.

(2) The RCF bears interest at one-month term SOFR plus a margin. The margin is variable and determined by the Company’s net leverage ratio. This interest rate was 6.16% at March 31, 2026 and 6.19% at December 31, 2025.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying amounts of the Company’s long-term debt under the Previous Credit Agreements, which had floating interest rates, approximated their fair values. Similarly, the carrying amount of the Company’s RCF, which has a floating interest rate, approximates its fair value. The estimated fair values of Shentel’s Class A-2 Notes and Class B Notes were based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities. The fair values of Shentel’s the Class A-2 Notes and Class B Notes were as follows:


(in thousands)	March 31, 2026		December 31, 2025
Shentel Issuer Class A-2 Notes	$	490,805	$	494,278
Shentel Issuer Class B Notes	78,834		77,676

Schedule of Interest Income and Interest Expense Disclosure

Interest expense recorded in Shentel’s unaudited condensed consolidated statements of operations consisted of the following:


	Three Months Ended March 31,
(in thousands)	2026		2025
Interest expense	$	11,126	$	7,262
Less: capitalized interest	(1,691)		(2,370)
Interest expense, net of capitalized interest	$	9,435	$	4,892

Schedule of Variable Interest Entities

The assets and liabilities related to Shentel’s VIE arrangements included in the Company’s unaudited condensed consolidated balance sheets were as follows:


(in thousands)	March 31, 2026		December 31, 2025
ASSETS
Restricted cash and cash equivalents	$	27,311	$	20,945
Accounts receivable	10,319		12,580
Prepaid expenses and other	5,785		5,344
Property, plant and equipment, net	806,243		793,874
Intangible assets, net	8,017		8,234
Operating lease right-of-use assets	10,188		10,199
Deferred charges and other assets	128,022		129,635
Total assets	$	995,885	$	980,811

LIABILITIES
Current liabilities:
Accounts payable	$	7,876	$	7,561
Advanced billings and customer deposits	10,070		8,953
Current operating lease liabilities	1,333		1,236
Accrued liabilities and other	1,663		2,658
Long-term debt, less current maturities, net of unamortized loan fees	594,305		554,288
Non-current operating lease liabilities	4,843		4,925
Other liabilities	29,257		28,703
Total liabilities	$	649,347	$	608,324

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Components of Lease Costs

The components of lease costs were as follows:


	Classification	Three Months Ended March 31,
(in thousands)		2026		2025
Finance lease cost
Amortization of leased assets	Depreciation and amortization	$	189	$	188
Interest on lease liabilities	Interest expense	37		24
Operating lease cost	Operating expense1	1,015		1,164
Lease cost		$	1,241	$	1,376

_________________________________________

(1)Operating lease expense is presented in cost of services or selling, general and administrative expense based on the use of the relevant facility.

Other information related to operating and finance leases was as follows:


	March 31, 2026		December 31, 2025
Finance leases
Weighted average remaining lease term (years)	14.5		17.3
Weighted average discount rate	6.6	%	6.5	%
Operating leases
Weighted average remaining lease term (years)	8.6		8.4
Weighted average discount rate	6.4	%	6.3	%


	Three Months Ended March 31,
(in thousands)	2026		2025
Cash paid for operating lease liabilities	$	1,112	$	1,264
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	731		51

Schedule of Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities as of March 31, 2026:


(in thousands)	Operating Leases		Finance Leases		Total
2026 (remainder of the year)	$	2,738	$	417	$	3,155
2027	2,738		408		3,146
2028	2,181		364		2,545
2029	1,685		368		2,053
2030	1,430		368		1,798
2031 and thereafter	6,813		3,637		10,450
Total lease payments	17,585		5,562		23,147
Less: Interest	(4,639)		(2,530)		(7,169)
Present value of lease liabilities	$	12,946	$	3,032	$	15,978

Schedule of Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities as of March 31, 2026:


(in thousands)	Operating Leases		Finance Leases		Total
2026 (remainder of the year)	$	2,738	$	417	$	3,155
2027	2,738		408		3,146
2028	2,181		364		2,545
2029	1,685		368		2,053
2030	1,430		368		1,798
2031 and thereafter	6,813		3,637		10,450
Total lease payments	17,585		5,562		23,147
Less: Interest	(4,639)		(2,530)		(7,169)
Present value of lease liabilities	$	12,946	$	3,032	$	15,978

Schedule of Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases

Contractual minimum rental receipts expected under the lease agreements in place as of March 31, 2026 is as follows:


(in thousands)	Operating Leases
2026 (remainder of the year)	$	2,871
2027	3,650
2028	3,457
2029	3,303
2030	3,097
2031 and thereafter	14,921
Total	$	31,299

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 43,767	$ 27,259
Restricted cash and cash equivalents	27,311	20,945
Accounts receivable, net of allowance for credit losses of $1,096 and $829, respectively	24,759	31,497
Income taxes receivable	2,544	2,544
Prepaid expenses and other	15,843	15,198
Total current assets	114,224	97,443
Investments	16,113	16,510
Property, plant and equipment, net	1,629,208	1,601,609
Goodwill	67,538	67,538
Intangible assets, net	88,960	89,353
Operating lease right-of-use assets	19,084	19,657
Deferred charges and other assets	17,835	18,652
Total assets	1,952,962	1,910,762
Current liabilities:
Accounts payable	54,187	61,355
Advanced billings and customer deposits	17,884	16,909
Accrued compensation	12,316	13,334
Current operating lease liabilities	2,850	2,819
Accrued liabilities and other	14,325	14,079
Total current liabilities	101,562	108,496
Long-term debt, net of unamortized loan fees	693,887	628,237
Other long-term liabilities:
Deferred income taxes	153,510	157,618
Benefit plan obligations	4,161	4,150
Non-current operating lease liabilities	10,096	10,632
Other liabilities	32,705	32,340
Total other long-term liabilities	200,472	204,740
Commitments and contingencies (Note 13)
Temporary equity:
Redeemable noncontrolling interest	90,083	88,506
Shareholders’ equity:
Common stock, no par value, authorized $96,000; $55,302 and $54,899 issued and outstanding at March 31, 2026 and December 31, 2025, respectively	0	0
Additional paid in capital	160,719	157,216
Retained earnings	706,239	723,567
Total shareholders’ equity	866,958	880,783
Total liabilities, temporary equity and shareholders’ equity	$ 1,952,962	$ 1,910,762

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Oct. 01, 2025
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 0.4	$ 0.5
Broadband Reporting Unit
Finite-Lived Intangible Assets [Line Items]
Estimated fair value of goodwill exceeded the carrying value, percentage			8.00%

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- Definition

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+ Details

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following:


	March 31, 2026						December 31, 2025
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill	$	67,538	$	—	$	67,538	$	67,538	$	—	$	67,538
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights and other	591		—		591		557		—		557
Total indefinite-lived intangibles	77,047		—		77,047		77,013		—		77,013

Finite-lived intangibles:
Subscriber relationships	43,012		(31,213)		11,799		43,012		(30,792)		12,220
Other intangibles	537		(423)		114		537		(417)		120
Total finite-lived intangibles	43,549		(31,636)		11,913		43,549		(31,209)		12,340
Total intangible assets	$	120,596	$	(31,636)	$	88,960	$	120,562	$	(31,209)	$	89,353

Amortization expense was $0.4 million and $0.5 million during the three months ended March 31, 2026 and 2025, respectively.

As of October 1, 2025, management concluded that the estimated fair value of the broadband reporting unit exceeded the carrying value by 8%. During the three months ended March 31, 2026, the Company performed goodwill impairment monitoring procedures and identified no indicators of impairment or triggering events. The Company will continue to monitor its reporting unit for any triggers that could impact recoverability of goodwill.

Basis of Presentation and Other Information	3 Months Ended
Basis of Presentation and Other Information	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Other Information	Basis of Presentation and Other Information Shenandoah Telecommunications Company and its subsidiaries (collectively, “Shentel”, “we”, “our”, “us”, or the “Company”) provide broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana, via fiber optic and hybrid fiber coaxial (“HFC”) cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. Shentel’s Broadband business also provides voice and digital subscriber line (“DSL”) services as a Rural Local Exchange Carrier (“RLEC”) to customers in Shenandoah County and portions of adjacent counties in Virginia, and in Ross County and portions of adjacent counties in Ohio. These integrated networks are connected by a fiber network. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2025. The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an on-going basis we evaluate estimates and assumptions, including, but not limited to, revenue recognition, stock-based compensation, estimated useful lives of assets, impairment of goodwill and indefinite-lived intangible assets, realizability of intangible assets subject to amortization and the computation of income taxes. Future events and their effects cannot be predicted with certainty; accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as additional information is obtained, and as the Company’s operating environment changes. Management evaluates and updates assumptions and estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. New Accounting Standards In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, “Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission’s (“SEC”) Disclosure Update and Simplification Initiative,” (“ASU 2023-06”), which aligns the disclosure and presentation requirements of a variety of the FASB’s Accounting Standards Codification (“ASC”) Topics with the requirements described in the SEC’s Disclosure Update and Simplification Initiative. ASU 2023-06 will become effective for each amendment on the effective date of the SEC’s corresponding disclosure rule changes; however, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company is currently assessing the impact of adopting ASU 2023-06 on the consolidated financial statements and related disclosures. In November 2024, FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)” (“ASU 2024-03”). This accounting update requires disclosure of disaggregated expense in prescribed categories underlying any relevant income statement expense caption. The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently assessing the impact of adopting ASU 2024-03 on the consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities” (“ASU 2025-10”). This accounting update establishes guidance for the recognition, measurement, presentation and disclosure of government grants. The updated requirements are effective for public business entities for annual reporting periods beginning after December 15, 2028, and interim periods therein, with early adoption permitted. The Company is currently assessing the impact of adopting ASU 2025-10 on its consolidated financial statements and related disclosures. There have been no additional material developments related to recently issued accounting standards beyond those noted above, including the expected dates of adoption and estimated effects on the Company’s unaudited condensed consolidated financial statements and note disclosures from those disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2025, that would be expected to impact the Company.

Stock Compensation and Earnings (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of restricted stock shares activity

Activity related to the Company’s equity compensation, which includes the Company’s restricted stock units (“RSUs”) and performance stock units (“PSUs”), was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2025	1,187	$	15.39
Granted	664	13.18
Vested	(421)	15.93
Forfeited	(9)	15.63
Outstanding awards, March 31, 2026	1,421	$	14.20

Activity related to the Company’s Relative Total Shareholder Return RSUs (“RTSRs”) was as follows:


(in thousands, except weighted average grant price)	Number of Shares	Weighted Average Grant Price
Outstanding awards, December 31, 2025	360	$	15.77
Granted	118	13.42
Vested	—	—
Forfeited	—	—
Outstanding awards, March 31, 2026	478	$	15.19

Schedule of stock compensation expense

Stock-based compensation expense was as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Stock compensation expense	$	4,971	$	3,897
Capitalized stock compensation	(173)		(180)
Stock compensation expense, net	$	4,798	$	3,717

Schedule of Earnings Per Share, Basic and Diluted

The following table indicates the computation of basic and diluted earnings (loss) per share:


	Three Months Ended March 31,
(in thousands, except per share amounts)	2026		2025
Calculation of net loss income per share:
Net loss	$	(15,751)	$	(9,132)

Amounts attributable to common shareholders
Net loss attributable to common shareholders	$	(17,328)	$	(10,604)

Basic and diluted weighted average shares outstanding	55,554		54,959

Per share amounts attributable to common shareholders
Net loss per share	$	(0.31)	$	(0.19)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents potentially dilutive instruments:


	Three Months Ended March 31,
(in thousands)	2026	2025
Potentially dilutive shares related to the Series A Preferred Stock	3,743	3,492
Potentially dilutive equity awards	687	450
Total potentially dilutive instruments	4,430	3,942

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income taxes paid, net	$ 0	$ 0
Income tax refunds	$ 0	$ 200

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments [Abstract]

Schedule of Other Investments

Investments consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025
SERP investments at fair value	$	3,056	$	3,056
Cost method investments	12,852		13,250
Equity method investments	205		204
Total investments	$	16,113	$	16,510

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Gross trade receivables	$ 20.3		$ 19.5
Weighted-average customer benefit period	6 years
Amortization of capitalized commission expense	$ 1.1	$ 0.9
Expected timing to be recognized as revenue	5 years
Contract with customer, liability, revenue recognized	$ 10.7	$ 9.9

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service revenue and other [Member]	Service revenue and other [Member]
Service revenue and other	$ 92,153	$ 87,898
Operating expenses:
Cost of services, exclusive of depreciation and amortization	31,824	33,030
Selling, general and administrative	33,387	30,992
Restructuring, integration and acquisition	2,440	510
Depreciation and amortization	34,971	29,458
Total operating expenses	102,622	93,990
Operating loss	(10,469)	(6,092)
Other (expense) income:
Interest expense	(9,435)	(4,892)
Other income, net	45	733
Loss before income taxes	(19,859)	(10,251)
Income tax benefit	(4,108)	(1,119)
Net loss	(15,751)	(9,132)
Dividends on redeemable noncontrolling interest	1,577	1,472
Net loss attributable to common shareholders	$ (17,328)	$ (10,604)
Net loss per share attributable to common shareholders, basic and diluted:
Basic - Net loss per share (in dollars per share)	$ (0.31)	$ (0.19)
Diluted - Net loss per share (in dollars per share)	$ (0.31)	$ (0.19)
Weighted average shares outstanding, basic (in shares)	55,554	54,959
Weighted average shares outstanding, diluted (in shares)	55,554	54,959

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,096	$ 829
Common stock, shares authorized (in shares)	96,000,000	96,000,000
Common stock, shares issued (in shares)	55,302,000	54,899,000
Common stock, shares, outstanding (in shares)	55,302,000	54,899,000

Government Grants (Details) - USD ($) $ in Thousands	3 Months Ended
Government Grants (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Government Assistance [Line Items]
Government grants received	$ 11,548	$ 6,929
Grants receivable	5,100		$ 10,500
Broadband Network Grants
Government Assistance [Line Items]
Increase (decrease) in grants receivable, net	152,400
Increase (decrease) in grants receivable	1,100
Government grants received	$ 12,900	$ 6,900

Revenue from Contracts with Customers - Revenues By Activity Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Service revenue and other	$ 92,153	$ 87,898
Residential & SMB - Incumbent Broadband Markets
Disaggregation of Revenue [Line Items]
Service revenue and other	41,143	43,359
Residential & SMB - Glo Fiber Expansion Markets
Disaggregation of Revenue [Line Items]
Service revenue and other	24,828	18,444
Commercial Fiber
Disaggregation of Revenue [Line Items]
Service revenue and other	20,542	19,612
RLEC & Other
Disaggregation of Revenue [Line Items]
Service revenue and other	$ 5,640	$ 6,483

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Sublease income	$ 1.7	$ 1.7
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Lessor contract term	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Lessor contract term	40 years

Segment Information - Schedule of Selected Financial Data for Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting, Asset Reconciling Item [Line Items]
Service revenue and other	$ 92,153	$ 87,898
Cost of services exclusive of depreciation and amortization	31,824	33,030
Selling, general and administrative exclusive of stock-based compensation	33,387	30,992
Stock-based compensation expense, net of amount capitalized	4,798	3,717
Restructuring, integration and acquisition	2,440	510
Depreciation and amortization	34,971	29,458
Interest expense	9,435	4,892
Other	(45)	(733)
Income tax benefit	(4,108)	(1,119)
Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Service revenue and other	92,153	87,898
Cost of services exclusive of depreciation and amortization	31,824	33,030
Selling, general and administrative exclusive of stock-based compensation	28,589	27,275
Adjusted EBITDA	31,740	27,593
Stock-based compensation expense, net of amount capitalized	4,798	3,717
Restructuring, integration and acquisition	2,440	510
Depreciation and amortization	34,971	29,458
Interest expense	9,435	4,892
Other	(45)	(733)
Income tax benefit	(4,108)	(1,119)
Net income (loss)	$ (15,751)	$ (9,132)

Debt - Schedule of Credit Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt	$ 707,405	$ 642,405
Less: unamortized loan fees	(13,518)	(14,168)
Total debt, net of unamortized loan fees	693,887	628,237
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	$ 100,000	$ 75,000
Interest rate	6.16%	6.19%
Shentel Issuer Class A-2 Notes
Debt Instrument [Line Items]
Interest rate	5.64%
Total debt	$ 489,142	$ 489,142
Shentel Issuer Class B Notes
Debt Instrument [Line Items]
Interest rate	6.03%
Total debt	$ 78,263	78,263
Variable Funding Note
Debt Instrument [Line Items]
Total debt	$ 40,000	$ 0
Weighted-average interest rate	5.41%

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Shentel’s outstanding long-term debt obligations as of March 31, 2026 and December 31, 2025 are as follows:


(in thousands)	Interest Rates	March 31, 2026		December 31, 2025
Shentel Issuer Class A-2 Notes	5.64%	$	489,142	$	489,142
Shentel Issuer Class B Notes	6.03%	78,263		78,263
Shentel Issuer Variable Funding Note ("VFN")	Floating(1)	40,000		—
Shentel Broadband Revolving Credit Facility ("RCF")	Floating(2)	100,000		75,000
Total debt		707,405		642,405
Less: unamortized loan fees		(13,518)		(14,168)
Total debt, net of unamortized loan fees		$	693,887	$	628,237

(1) The VFN bears interest at one-month term SOFR plus a fixed margin. This interest rate was 5.41% at March 31, 2026.

Refinancing Activities

Shentel Broadband, an indirect wholly owned subsidiary of Shentel, had a credit agreement which contained (i) a $150 million revolving credit facility (the “Revolver”) and $525 million in delayed draw amortizing term loans (the “Term Loans” and collectively with Revolver, the “Previous Credit Agreement”). On December 5, 2025, Shentel completed a refinancing of the Previous Credit Agreement with an Asset Backed Securitization (“ABS”) financing, secured by most of our fiber businesses, which resulted in the issuance of the Class A-2 Notes, Class B notes, and the VFN (collectively, the “ABS Notes”) and the RCF loans and the repayment of the outstanding long-term debt obligation under the Previous Credit Agreement. The ABS Notes include $489.1 million and $78.3 million in borrowed Class A-2 Notes and Class B Notes, respectively. In connection with the same ABS Indenture, Shentel Issuer issued the VFN which has a borrowing capacity of $175.0 million, of which Shentel has borrowed $40.0 million in the quarter ended March 31, 2026. As of March 31, 2026, the available capacity of the VFN was $17.8 million. The available capacity of the VFN will increase based on the secured fiber network revenue growth from Shentel Asset Entity I LLC and Shentel Asset Entity II LLC (each a bankruptcy-remote subsidiary of the Company), multiplied by (i) a margin as defined in the agreements governing the VFN (the “ABS Indenture”) and (ii) 6.25x multiple. Also, in connection with the same ABS Indenture, Shentel Issuer issued the Liquidity Funding Note (“LFN”) which has an undrawn borrowing commitment of $25.0 million. Shentel Issuer may draw on the LFN solely for the purpose of funding amounts due and payable for certain Priority of Payments as defined in the ABS Indenture and when restricted cash funds required by ABS Indenture are insufficient. The RCF, as amended March 20, 2026, has a borrowing capacity of $175.0 million, of which Shentel has borrowed $100.0 million as of March 31, 2026.

Fair Values


(in thousands)	March 31, 2026		December 31, 2025
Shentel Issuer Class A-2 Notes	$	490,805	$	494,278
Shentel Issuer Class B Notes	78,834		77,676

Commitment Fees

Shentel is charged commitment fees on unutilized portions of its debt. The Company recorded $0.3 million and $0.2 million related to these fees for the three months ended March 31, 2026 and 2025, respectively, which are included in interest expense in the unaudited condensed consolidated statements of operations.

Interest Expense

Shentel pays interest on a monthly basis. Interest expense recorded in Shentel’s unaudited condensed consolidated statements of operations consisted of the following:


	Three Months Ended March 31,
(in thousands)	2026		2025
Interest expense	$	11,126	$	7,262
Less: capitalized interest	(1,691)		(2,370)
Interest expense, net of capitalized interest	$	9,435	$	4,892

Maturity Dates and Other Information

Shentel Broadband’s debt includes various covenants, including total net leverage ratio and debt service coverage ratio financial covenants.

The ABS Notes have a contractually stated anticipated repayment date (“ARD”) of December 2030 with the exception of the VFN described below. The legal final maturity date of each class of the ABS Notes is in December 2055. If Shentel has not repaid or refinanced any of the ABS Notes prior to the relevant ARD, the ABS Indenture requires mandatory prepayment of Note principle on each payment date on a pro-rata basis based on the alphanumerical designation of each class of Notes and additional interest (2.0% per annum on Class A-2 Notes, 2.4% per annum on Class B Notes, and 5.0% per annum on VFN) will be charged until the Notes are refinanced or fully redeemed. Amortization on Shentel Issuer’s ABS Notes could be required prior to ARD if Shentel Issuer’s debt service coverage ratio is below certain thresholds in the ABS Indenture.

Shentel Issuer has not made any borrowings under its LFN as of March 31, 2026. Amounts borrowed under the LFN do not have an anticipated repayment date and have a final maturity date of December 2055.

Shentel Issuer’s VFN matures on December 5, 2029 which may be extended, at the option of Shentel, to December 5, 2030, subject to the satisfaction of certain conditions. No principal payments on Shentel’s VFN are required prior to the final maturity date.

Shentel Broadband’s RCF matures on December 5, 2030. No principal payments on Shentel Broadband’s RCF are required prior to the final maturity date.

Shentel has executed letter of credit arrangements totaling $7.2 million that reduce the available balance of the RCF. The letter of credit arrangements were executed primarily pursuant to the requirements of the National Telecommunications and Information government grant program, discussed further in Note 12, Government Grants. These amounts are not considered borrowed, as no cash has been disbursed to Shentel or other parties.

The ABS Notes and the VFN are guaranteed by Shentel Asset Entity I LLC, Shentel Asset Entity II LLC and the ABS Issuer’s parent, Shentel Guarantor LLC (each, a “Notes Guarantor” and together with Shentel Issuer LLC, the “ABS Entities”), and such guarantees and the ABS Notes are secured by security interests in the equity interests the ABS Issuer and substantially all of the assets of the ABS Issuer and the other ABS Entities. The ABS Entities are not in any way liable for the obligations of Shentel Broadband or its non-ABS Entities. Likewise, Shentel and its non-ABS Entities have no recourse to the loans of the ABS Entities.

The RCF is fully secured by a pledge and unconditional guarantee from substantially all of Shentel Broadband’s subsidiaries, excluding the ABS Entities. This provides the lenders a security interest in substantially all of the assets of the Company, excluding assets held by the ABS Entities.

Variable Interest Entities

Under the ASC 810, Consolidation (“ASC 810”), the ABS Entities are considered, as a whole, a variable interest entity (“VIE”) and are consolidated in Shentel’s consolidated financial statements because the Company is the primary beneficiary with both the power to direct the activities of the entity that most significantly impact the entity’s performance and the obligation to absorb losses or the right to receive benefits of the entity. Therefore, the assets and liabilities owned by the ABS Entities and related to Shentel’s VIE arrangements are used to service the obligations under Shentel's ABS Notes and may not be freely transferred to the Non-ABS Entities. Additionally, certain cash and cash equivalent amounts may be restricted from general use by Shentel based on covenants related to the ABS Notes.

The assets and liabilities related to Shentel’s VIE arrangements included in the Company’s unaudited condensed consolidated balance sheets were as follows:


(in thousands)	March 31, 2026		December 31, 2025
ASSETS
Restricted cash and cash equivalents	$	27,311	$	20,945
Accounts receivable	10,319		12,580
Prepaid expenses and other	5,785		5,344
Property, plant and equipment, net	806,243		793,874
Intangible assets, net	8,017		8,234
Operating lease right-of-use assets	10,188		10,199
Deferred charges and other assets	128,022		129,635
Total assets	$	995,885	$	980,811

LIABILITIES
Current liabilities:
Accounts payable	$	7,876	$	7,561
Advanced billings and customer deposits	10,070		8,953
Current operating lease liabilities	1,333		1,236
Accrued liabilities and other	1,663		2,658
Long-term debt, less current maturities, net of unamortized loan fees	594,305		554,288
Non-current operating lease liabilities	4,843		4,925
Other liabilities	29,257		28,703
Total liabilities	$	649,347	$	608,324

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
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+ Details