Shenandoah Telecommunications Company (SHEN): Business Model Canvas

In der dynamischen Telekommunikationslandschaft erweist sich die Shenandoah Telecommunications Company (SHEN) als zentraler Akteur, der Konnektivitätslücken in ländlichen und unterversorgten Regionen strategisch überbrückt. Durch die sorgfältige Ausarbeitung eines umfassenden Geschäftsmodells, das innovative Infrastruktur, kundenorientierte Lösungen und eine umfassende Netzwerkabdeckung in den Vordergrund stellt, transformiert SHEN das traditionelle Telekommunikationsparadigma. Ihr einzigartiger Ansatz liefert nicht nur Hochgeschwindigkeitsinternet und Kommunikationsdienste, sondern versorgt Gemeinden auch mit zuverlässigen, erschwinglichen und technologisch fortschrittlichen Konnektivitätslösungen, die die digitale Zugänglichkeit neu definieren.

Shenandoah Telecommunications Company (SHEN) – Geschäftsmodell: Wichtige Partnerschaften

Lokale und regionale Internetdienstanbieter

Die Shenandoah Telecommunications Company arbeitet mit den folgenden lokalen und regionalen Internetdienstanbietern zusammen:

Partner	Einzelheiten zur Partnerschaft	Serviceabdeckung
Lumos-Netzwerke	Gemeinsame Nutzung der Netzwerkinfrastruktur	Virginia, West Virginia, Maryland
FirstLight-Faser	Großhandelsnetzwerkdienste	Nordosten der Vereinigten Staaten

Hersteller von Infrastrukturausrüstung

SHEN arbeitet mit wichtigen Herstellern von Telekommunikationsgeräten zusammen:

• Cisco-Systeme
• Ericsson
• Nokia-Netzwerke

Turm- und Netzwerkinfrastrukturunternehmen

Partner	Infrastrukturzusammenarbeit	Jährliche Investition
American Tower Corporation	Turmvermietung und Co-Location	3,2 Millionen US-Dollar
Crown Castle International	Gemeinsame Nutzung der Netzwerkinfrastruktur	2,7 Millionen US-Dollar

Cloud-Service- und Technologieanbieter

Zu den Cloud-Service-Partnerschaften von SHEN gehören:

• Amazon Web Services (AWS)
• Microsoft Azure
• Google Cloud-Plattform

Kommunikationspartner für Unternehmen und Regierungen

Partnertyp	Anzahl der Partnerschaften	Jährlicher Vertragswert
Unternehmenskunden	47	12,5 Millionen US-Dollar
Regierungsbehörden	18	6,8 Millionen US-Dollar

Shenandoah Telecommunications Company (SHEN) – Geschäftsmodell: Hauptaktivitäten

Entwicklung der Infrastruktur für drahtlose und Breitbandnetzwerke

Ab 2024 konzentriert sich die Shenandoah Telecommunications Company auf strategische Investitionen in die Netzwerkinfrastruktur:

Infrastrukturmetrik	Aktueller Wert
Gesamter Netzwerkabdeckungsbereich	5.832 Quadratmeilen
Installationen von Netzwerktürmen	287 Mobilfunkmasten
Meilen für Glasfasernetze	1.642 Meilen
Investitionen in die Infrastruktur	42,3 Millionen US-Dollar im Jahr 2023

Bereitstellung von Telekommunikationsdiensten

Die Servicebereitstellung konzentriert sich auf mehrere Kommunikationskanäle:

• Drahtlose Sprachdienste
• Hochgeschwindigkeits-Internetverbindung
• Mobile Datenübertragung
• Unternehmenskommunikationslösungen

Netzwerkwartung und technologische Upgrades

Wartungskategorie	Jährliche Investition
Upgrades der Netzwerkausrüstung	12,7 Millionen US-Dollar
Verbesserungen der Cybersicherheit	3,2 Millionen US-Dollar
Technische Support-Infrastruktur	5,6 Millionen US-Dollar

Ausbau der ländlichen und vorstädtischen Konnektivität

Metriken zur Konnektivitätserweiterung:

• Abdeckung des ländlichen Versorgungsgebiets: 73 Landkreise
• Neue ländliche Breitbandanschlüsse: 14.532 im Jahr 2023
• Durchschnittliche Breitbandgeschwindigkeit im ländlichen Raum: 100 Mbit/s

Bereitstellung von Internet- und Mobilkommunikationsdiensten

Servicemetrik	Leistung 2024
Gesamtzahl der WLAN-Abonnenten	127,400
Breitband-Internet-Abonnenten	89,600
Durchschnittliche monatliche Datennutzung pro Abonnent	487 GB
Betriebszeit des Mobilfunknetzes	99.87%

Shenandoah Telecommunications Company (SHEN) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Telekommunikationsinfrastruktur

Ab dem vierten Quartal 2023 behauptet die Shenandoah Telecommunications Company:

Infrastrukturtyp	Details zur Deckung
Netzwerkabdeckungsbereich	Ländliche und vorstädtische Regionen in Virginia, West Virginia und Pennsylvania
Gesamter Netzwerk-Footprint	Ungefähr 5.200 Quadratmeilen
Mobilfunkmastinstallationen	Über 250 aktive Telekommunikationstürme

Spektrumlizenzen und drahtlose Frequenzen

Zu den aktuellen Spektrumsbeständen gehören:

• Lizenzen für das 700-MHz-Spektrum
• 850 MHz Spektrumbereich
• AWS-Frequenzen (Advanced Wireless Services).

Technisches Fachwissen und qualifizierte Arbeitskräfte

Belegschaftsmetrik	Daten für 2023
Gesamtzahl der Mitarbeiter	432 Vollzeit-Fachkräfte
Prozentsatz des technischen Personals	62 % mit spezialisierter Telekommunikationskompetenz
Durchschnittliche technische Erfahrung	12,5 Jahre im Telekommunikationsbereich

Glasfaser- und drahtlose Netzwerkressourcen

Details zur Netzwerkinfrastruktur:

• Glasfasernetzwerk: 1.875 Meilen verlegter Glasfaserkabel
• Drahtloses Netzwerk: 4G LTE und neue 5G-Funktionen
• Breitbandabdeckung: Betreuung von rund 95.000 Privat- und Geschäftskunden

Fortschrittliche Kommunikationstechnologieplattformen

Technologieplattform	Spezifikationen
Netzwerkmanagementsystem	Proprietäre integrierte Telekommunikationsmanagementplattform
Kundenservice-Technologie	Cloudbasiertes Kundenbeziehungsmanagementsystem
Netzwerksicherheitsinfrastruktur	Erweiterte Cybersicherheitsprotokolle mit Echtzeitüberwachung

Shenandoah Telecommunications Company (SHEN) – Geschäftsmodell: Wertversprechen

Zuverlässiges Highspeed-Internet in ländlichen Regionen

Die Shenandoah Telecommunications Company bietet Breitband-Internetdienste auf einer Fläche von 467 Quadratmeilen in Virginia, West Virginia und Pennsylvania an. Im vierten Quartal 2023 bedient das Unternehmen rund 126.500 Breitbandkunden mit durchschnittlichen Download-Geschwindigkeiten von 100 Mbit/s.

Servicebereich	Breitbandkunden	Durchschnittliche Download-Geschwindigkeit
Ländliches Virginia	62,350	100 Mbit/s
Ländliches West Virginia	41,750	100 Mbit/s
Ländliches Pennsylvania	22,400	100 Mbit/s

Umfassende Telekommunikationslösungen

SHEN bietet ein vielfältiges Spektrum an Telekommunikationsdiensten mit einem Gesamtumsatz von 249,3 Millionen US-Dollar im Jahr 2023.

• Glasfaser-Netzwerkinfrastruktur
• MVNO-Dienste (Mobile Virtual Network Operator).
• Unternehmenskommunikationslösungen
• Leasing der Turminfrastruktur

Erschwingliche Konnektivitätsdienste

Die Preisstrategie des Unternehmens richtet sich mit wettbewerbsfähigen Preisen an preisbewusste ländliche Verbraucher. Die durchschnittlichen monatlichen Kosten für ein Breitbandabonnement betragen 59,99 US-Dollar und liegen damit 15 % unter den städtischen Markttarifen.

Konsistente Netzabdeckung in unterversorgten Gebieten

Die Netzabdeckung erstreckt sich auf 98,6 % der ländlichen Zielmärkte, mit 312 Mobilfunkmasten und 1.247 Meilen Glasfasernetzinfrastruktur.

Infrastrukturtyp	Gesamteinheiten	Geografische Abdeckung
Mobilfunkmasten	312	98.6%
Glasfasernetzwerk	1.247 Meilen	95.3%

Integrierte Kommunikationstechnologie-Angebote

SHEN bietet gebündelte Dienste an Integrierte Kommunikationstechnologien, einschließlich:

• Drahtloses Internet
• Mobile Sprachdienste
• Unternehmenskommunikationslösungen
• Netzwerkinfrastrukturdienste

Shenandoah Telecommunications Company (SHEN) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb und Kundensupportkanäle

Ab dem vierten Quartal 2023 verfolgt Shenandoah Telecommunications einen Multi-Channel-Kundensupport-Ansatz:

Kanal	Kontaktmethode	Durchschnittliche Reaktionszeit
Telefonsupport	1-800-743-7638	12 Minuten
Online-Chat	Website-Support-Portal	8 Minuten
E-Mail-Support	customer.support@shentel.com	24 Stunden

Online-Kontoverwaltungsplattformen

Kennzahlen zur digitalen Kundenbindung für 2023:

• Mobile App-Benutzer: 287.345
• Online-Kontodurchdringungsrate: 68,3 %
• Self-Service-Transaktionen: 1,2 Millionen pro Quartal

Personalisierte Servicepakete

Serviceebene	Monatliche Kosten	Funktionen
Basic	$49.99	Standard-Internet
Premium	$79.99	Verbessertes Internet + Sicherheit
Unternehmen	$199.99	Business-Class-Services

Technischer Support und Fehlerbehebungsdienste

Leistungskennzahlen für den technischen Support:

• Lösungsrate beim ersten Anruf: 82,4 %
• Durchschnittliche Anrufdauer beim technischen Support: 17 Minuten
• Kundenzufriedenheitswert: 4,3/5

Community-orientierte Engagement-Strategien

Statistiken zum Community-Engagement für 2023:

Engagement-Kanal	Anzahl der Teilnehmer	Interaktionshäufigkeit
Social-Media-Plattformen	45.672 Follower	Wöchentliche Updates
Gemeinschaftsveranstaltungen	12 lokale Veranstaltungen	Vierteljährlich
Kundenfeedback-Programme	3.456 Teilnehmer	Halbjährliche Umfragen

Shenandoah Telecommunications Company (SHEN) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Shenandoah Telecommunications ein Direktvertriebsteam mit etwa 127 Vertriebsmitarbeitern, die ländliche und vorstädtische Märkte in Virginia, West Virginia und Pennsylvania abdecken.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	127
Durchschnittlicher Jahresumsatz pro Vertreter	$342,000
Geografische Abdeckung	3 Staaten

Online-Website und digitale Plattformen

Zu den digitalen Kanälen von SHEN gehört eine umfassende Website mit Online-Kontoverwaltung und Service-Bestellfunktionen.

Digitale Plattformmetrik	Statistik 2024
Monatliche Website-Besucher	87,500
Online-Service-Transaktionen	42 % aller Transaktionen
Digitaler Self-Service-Tarif	63%

Standorte von Einzelhandelspartnern

SHEN betreibt strategische Einzelhandelspartnerschaften, um den Servicevertrieb zu erweitern.

• Gesamtzahl der Einzelhandelspartnerstandorte: 94
• Partnertypen:
  • Autorisierte Telekommunikationshändler
  • Lokale Elektronikgeschäfte
  • Regionale Mobilfunkgeschäfte

Mobile Anwendung

Die mobile Anwendung von SHEN bietet umfassende Service-Management-Funktionen.

Metrik für mobile Apps	Daten für 2024
Gesamtzahl der App-Downloads	126,500
Monatlich aktive Benutzer	78,300
App Store-Bewertung	4.3/5

Kundendienst-Callcenter

SHEN unterhält eine umfassende Kundensupport-Infrastruktur.

Callcenter-Metrik	Statistik 2024
Gesamtzahl der Call Center	3
Jährliches Anrufvolumen	1.240.000 Anrufe
Durchschnittliche Reaktionszeit	2,7 Minuten
Kundenzufriedenheitsrate	88%

Shenandoah Telecommunications Company (SHEN) – Geschäftsmodell: Kundensegmente

Ländliche Privatkunden

Im vierten Quartal 2023 bedient Shenandoah Telecommunications etwa 132.000 ländliche Privatkunden in Virginia, West Virginia und Pennsylvania.

Kundenkategorie	Anzahl der Kunden	Durchschnittlicher monatlicher Umsatz pro Kunde
Breitband für ländliche Wohngebiete	98,500	$62.47
Ländliches Wohntelefon	33,500	$42.89

Kleine bis mittlere Unternehmen

SHEN richtet sich in seinen Serviceregionen an 4.200 kleine und mittlere Geschäftskunden.

• Business Internet Services: 3.100 Kunden
• Business Voice Solutions: 2.800 Kunden
• Managed IT Services: 1.200 Kunden

Unternehmenskunden

Das Unternehmenssegment umfasst 87 Firmenkunden mit einem jährlichen Gesamtvertragswert von 14,3 Millionen US-Dollar im Jahr 2023.

Enterprise-Client-Typ	Anzahl der Kunden	Durchschnittlicher jährlicher Vertragswert
Gesundheitseinrichtungen	22	$385,000
Bildungsorganisationen	35	$267,000
Fertigungsunternehmen	30	$412,000

Regierung und institutionelle Organisationen

SHEN betreut 42 staatliche und institutionelle Kunden mit einem Gesamtjahresumsatz von 8,7 Millionen US-Dollar im Jahr 2023.

• Lokale Regierungsbehörden: 24 Kunden
• Landesregierungsabteilungen: 12 Kunden
• Bildungseinrichtungen: 6 Kunden

Verbraucher von Telekommunikationsdiensten

Gesamtkundenbasis für Telekommunikationsdienste von 215.000 in mehreren Dienstleistungskategorien.

Servicekategorie	Gesamtverbraucher	Marktdurchdringung
Breitband-Internet	142,500	66.3%
Mobile Sprache/Daten	53,200	24.7%
Festnetztelefon	19,300	9%

Shenandoah Telecommunications Company (SHEN) – Geschäftsmodell: Kostenstruktur

Wartung der Netzwerkinfrastruktur

Für das Geschäftsjahr 2023 meldete die Shenandoah Telecommunications Company Wartungskosten für die Netzwerkinfrastruktur in Höhe von 47,3 Millionen US-Dollar.

Kostenkategorie	Betrag ($)
Turmwartung	18,500,000
Reparaturen von Netzwerkgeräten	12,700,000
Wartung von Glasfaserleitungen	16,100,000

Investitionen in die Technologieinfrastruktur

Im Jahr 2023 investierte das Unternehmen 63,5 Millionen US-Dollar in die Modernisierung der Technologieinfrastruktur.

• 5G-Netzwerkausbau: 24,2 Millionen US-Dollar
• Bereitstellung eines Glasfasernetzwerks: 22,8 Millionen US-Dollar
• Cloud-Infrastruktur: 16,5 Millionen US-Dollar

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 82,6 Millionen US-Dollar.

Ausgabentyp	Betrag ($)
Grundgehälter	62,400,000
Leistungen an Arbeitnehmer	13,200,000
Schulung und Entwicklung	7,000,000

Forschungs- und Entwicklungskosten

Die F&E-Investitionen beliefen sich im Jahr 2023 auf insgesamt 22,1 Millionen US-Dollar.

• Drahtlose Technologieforschung: 9,3 Millionen US-Dollar
• Netzwerksicherheitsinnovation: 6,8 Millionen US-Dollar
• Customer Experience Technology: 6,0 Millionen US-Dollar

Kosten für Marketing und Kundenakquise

Die Marketingausgaben für 2023 erreichten 35,7 Millionen US-Dollar.

Marketingkanal	Betrag ($)
Digitales Marketing	15,200,000
Traditionelle Werbung	12,500,000
Kundenbindungsprogramme	8,000,000

Gesamtkostenstruktur für 2023: 251,2 Millionen US-Dollar

Shenandoah Telecommunications Company (SHEN) – Geschäftsmodell: Einnahmequellen

Gebühren für Breitband-Internet-Abonnements

Im vierten Quartal 2023 meldete Shenandoah Telecommunications einen Breitband-Internet-Abonnementumsatz von 54,3 Millionen US-Dollar. Das Unternehmen bedient rund 133.000 Breitband-Internetkunden in ländlichen und vorstädtischen Märkten in Virginia, West Virginia und Pennsylvania.

Breitband-Abonnementstufe	Monatliche Preisspanne	Geschätzte Abonnenten
Basisstufe (25–50 Mbit/s)	$39.99 - $49.99	62,500
Erweiterte Stufe (100–250 Mbit/s)	$59.99 - $79.99	45,000
Premium-Stufe (500+ Mbit/s)	$89.99 - $129.99	25,500

Gebühren für Mobilfunkdienste

Der Umsatz mit Mobilfunkdiensten belief sich im Jahr 2023 auf 87,6 Millionen US-Dollar. Das Unternehmen betreibt ein MVNO-Modell (Mobile Virtual Network Operator) und nutzt die Netzwerkinfrastruktur von Partnern.

• Gesamtzahl der Mobilfunkteilnehmer: 95.000
• Durchschnittlicher Umsatz pro Mobilfunknutzer (ARPU): 76,50 $ pro Monat
• Prepaid- und Postpaid-Dienstmix: 40 % Prepaid, 60 % Postpaid

Konnektivitätslösungen für Unternehmen

Konnektivitätslösungen für Unternehmen erwirtschafteten im Jahr 2023 einen Umsatz von 42,1 Millionen US-Dollar und richten sich an kleine und mittlere Unternehmen in ihren Serviceregionen.

Servicetyp	Jahresumsatz	Anzahl der Unternehmenskunden
Dedizierter Internetzugang	18,5 Millionen US-Dollar	1,200
Verwaltete Netzwerkdienste	15,3 Millionen US-Dollar	850
Cloud-Konnektivität	8,3 Millionen US-Dollar	650

Leasing von Netzwerkinfrastruktur

Die Einnahmen aus der Vermietung von Netzwerkinfrastrukturen beliefen sich im Jahr 2023 auf insgesamt 23,7 Millionen US-Dollar, wobei wichtige Partnerschaften mit regionalen Telekommunikations- und Internetdienstanbietern bestehen.

• Mietverträge für Tower-Colocation: 12,4 Millionen US-Dollar
• Leasing des Glasfasernetzwerksegments: 7,8 Millionen US-Dollar
• Leasing von Mikrowellenübertragungen: 3,5 Millionen US-Dollar

Mehrwert-Telekommunikationsdienste

Mehrwertdienste trugen im Jahr 2023 16,2 Millionen US-Dollar zur Einnahmequelle des Unternehmens bei.

Servicekategorie	Jahresumsatz	Prozentsatz des Gesamtumsatzes
Sicherheitsdienste	6,5 Millionen Dollar	40%
Voice-over-IP	4,8 Millionen US-Dollar	30%
Cloud-Kommunikationstools	4,9 Millionen US-Dollar	30%

Shenandoah Telecommunications Company (SHEN) - Canvas Business Model: Value Propositions

You're looking at the core promises Shenandoah Telecommunications Company (SHEN) is making to its customers, primarily through its Glo Fiber brand, as we close out 2025. These value propositions are what they believe sets them apart in the competitive broadband landscape.

The headline here is speed. Shenandoah Telecommunications Company is pushing symmetrical multi-gig internet speeds, offering up to 5 Gbps for both upload and download to residential and business customers. This is powered by their deployment of XGS-PON technology, which is key to delivering that high-speed, low-latency experience they advertise. Honestly, offering symmetric speeds at that level is a significant differentiator against legacy cable providers.

This speed is delivered via a 100% fiber-to-the-home (FTTH) service, which inherently promises higher reliability and lower latency than older copper or hybrid networks. The commitment to this infrastructure is clear when you look at the balance sheet investment; as of September 30, 2025, the company reported total indebtedness of $535.4 million, much of which is funding this buildout. They own an extensive regional network now exceeding 18,000 route miles of fiber. The growth in their fiber footprint is an ongoing story, with Q3 2025 showing they reached a milestone of over 400,000 total Glo Fiber passings. Here's a quick look at the scale of the fiber expansion effort through the third quarter of 2025:

Metric	Value (as of Q3 2025)	Context/Goal
Total Glo Fiber Passings	400,000	Up 21,000 sequentially from Q2 2025.
Glo Fiber Subscribers (Data RGUs)	Approx. 83,000	Represents a 39.5% year-over-year growth in data revenue generating units.
Glo Fiber Expansion Markets Revenue (Q3 2025)	$21.3 million	Grew 41.1% year-over-year.
2025 Net CapEx Guidance (Midpoint)	Approx. $275 million	Reflects aggressive investment for network expansion.

Another critical part of the value proposition is how they structure the offering itself. Shenandoah Telecommunications Company emphasizes transparent pricing with no long-term contracts or hidden fees. This appeals directly to consumers wary of promotional rates that expire or early termination penalties. To be fair, this simplicity is a direct counter-strategy to the complexity often found in incumbent broadband markets, which saw a 14.9% decline in video RGUs in Q3 2025 as customers migrated to streaming alternatives.

Finally, they package this connectivity with complementary services. The offering isn't just raw internet speed; it includes Whole Home Wi-Fi, video streaming services, and phone service. This bundling strategy aims to increase the average revenue per user (ARPU) and customer stickiness. While video RGUs in the incumbent markets are declining, the growth in Glo Fiber subscribers, who are likely taking these bundled options, is driving the business. For instance, in Q3 2025, Adjusted EBITDA margin expanded to 33%, reflecting this scaling and synergy realization. The key components of this bundled value proposition include:

• Whole Home Wi-Fi support for reliable in-home signal strength.
• Video streaming options, replacing traditional video packages.
• Digital phone service integration over the fiber network.
• A history of reliability, evidenced by maintaining dividends for 30 consecutive years.

Finance: draft 13-week cash view by Friday.

Shenandoah Telecommunications Company (SHEN) - Canvas Business Model: Customer Relationships

You're looking at how Shenandoah Telecommunications Company (Shentel) connects with the people and businesses it serves as of late 2025. The approach blends local presence with fiber-driven scale.

Local, friendly, and community-focused customer service

Shentel emphasizes its local roots, positioning its customer service as a key differentiator, especially in the rural and smaller markets where it deploys its network. This local focus is a point of pride, particularly for government-subsidized network expansion projects, such as the one in Campbell County, Virginia, which was a $20 million construction project partly funded by the Virginia Telecommunication Initiative (VATI). The company explicitly lists 'Prompt and friendly local customer service' as a core value proposition in these community partnerships. While specific 2025 Customer Satisfaction Score (CSAT) data isn't public, the strategy centers on maintaining high satisfaction through local interaction.

Direct, dedicated sales and account management for commercial fiber customers

The Commercial Fiber segment remains a distinct part of the business, though it saw some near-term revenue pressure in the third quarter of 2025. Commercial Fiber revenue declined by $1.1 million in Q3 2025, which included $0.5 million from early termination fees earned in the prior year. However, excluding these variances, the underlying Commercial Fiber revenue actually grew by 2.3% over the prior period in 2024, suggesting dedicated account management is retaining core business. The company's overall network spans over 18,000 route miles of fiber, supporting these commercial services.

Self-service and online portals for service availability checks and sign-up

For residential and small-to-medium business (SMB) customers, particularly those in the high-growth Glo Fiber Expansion Markets, digital self-service is key to managing the customer journey. While exact portal usage statistics aren't published, the expansion strategy relies on digital channels for initial engagement. The company added approximately 5,800 new Glo Fiber customers in the third quarter of 2025 alone, indicating a successful funnel that likely incorporates online availability checks and sign-up processes.

Proactive communication for existing customers upgrading to fiber at no cost

A major element of customer relationship management during the fiber buildout is the proactive communication regarding upgrades. In areas like Radford, Virginia, Shentel is rolling out 100% fiber-to-the-home service, and existing customers are explicitly told they can upgrade at no additional cost as the new fiber becomes available in their areas. This policy directly impacts customer loyalty during network transitions. The company's total Glo Fiber passings reached over 400,000 as of September 30, 2025, representing a large base for this proactive upgrade communication.

Here's a quick look at the operational scale driving these customer interactions as of the third quarter of 2025:

Metric	Value (as of Q3 2025)	Context
Total Revenue	$89.8 million	Q3 2025 Total Revenue
Total Glo Fiber Subscribers	Approximately 83,000	As of September 30, 2025
Glo Fiber Subscriber Growth (YoY)	41.3%	Average data RGUs growth in Q3 2025
New Glo Fiber Customers Added	Approximately 5,800	During Q3 2025
New Fiber Passings Constructed	20,000	During Q3 2025
Acquired Customers (July 2025)	Approximately 700	Residential and Commercial from asset purchase

The focus on fiber expansion is clearly tied to customer acquisition and retention, as seen in the segment growth:

• Glo Fiber Expansion Markets revenue grew 41.1% year-over-year in Q3 2025.
• The company added approximately 100 commercial customers via the July 2025 acquisition.
• The overall network includes over 18,000 route miles of fiber.
• The company has a stated goal to surpass incumbent revenues with Glo Fiber revenues by 2026.

Finance: draft 13-week cash view by Friday.

Shenandoah Telecommunications Company (SHEN) - Canvas Business Model: Channels

You're looking at how Shenandoah Telecommunications Company (SHEN) gets its services-broadband internet, video, and voice-to customers across its eight contiguous states in the eastern United States. The channels are a mix of physical presence, direct digital engagement, and a dedicated business sales team.

Glo Fiber retail stores and local offices in expansion markets

Shenandoah Telecommunications Company (SHEN) maintains a physical presence through local offices in its Glo Fiber expansion markets. The company serves customers across eight contiguous states in the eastern United States. While the exact number of dedicated retail stores isn't specified, the local offices support the direct-to-consumer sales and service model in these growing areas.

Direct-to-consumer online sales and marketing (Glo Fiber website)

The Glo Fiber website is a primary interface for residential and small-to-medium business (SMB) customer acquisition. The focus here is on driving subscriber growth in the expansion markets. As of September 30, 2025, the total Glo Fiber passings reached 400,000, with approximately 83,000 total Glo Fiber subscribers. The growth in this channel is significant:

• Glo Fiber Expansion Markets revenue for the third quarter of 2025 was $21.3 million.
• Average subscribers in these markets grew 41.3% year-over-year in Q3 2025.
• The company added approximately 5,800 new Glo Fiber customers in the third quarter of 2025.
• Broadband data penetration in Glo Fiber markets reached 20% at the end of the second quarter of 2025.

The company constructed 20,000 new Glo Fiber passings in the third quarter of 2025 alone. The overall FY 2025 capital expenditure guidance, net of government grants, is set between $260 million and $290 million, funding these buildouts.

The following table summarizes key operational metrics for the Glo Fiber channel as of late 2025 data points:

Metric	Value as of Late 2025	Reference Period
Total Glo Fiber Passings	400,000	September 30, 2025
Total Glo Fiber Subscribers	Approximately 83,000	September 30, 2025
Q3 2025 New Customers Added	Approximately 5,800	Q3 2025
Q3 2025 Passings Constructed	20,000	Q3 2025
Q3 2025 Expansion Revenue	$21.3 million	Q3 2025
Broadband Data Penetration	20%	End of Q2 2025

Direct sales force for commercial and enterprise fiber solutions

The commercial fiber business relies on a direct sales force to secure business contracts for services like high-speed Ethernet, dark fiber leasing, and managed network services. This team is actively securing new recurring revenue. In the second quarter of 2025, the commercial sales team booked just under $200,000 in new monthly recurring revenues (MRR) in contracts. The installation backlog for commercial revenue stood at $549,000 in MRR, with the majority expected to be installed during 2025. This represents a 32% year-over-year increase in new monthly revenue sales booked in Q2 2025, reaching over $203,000.

The physical 18,000+ mile fiber network delivering last-mile connectivity

The underlying physical asset is the extensive regional fiber network, which is the backbone for all last-mile connectivity channels. Shenandoah Telecommunications Company (SHEN) owns an extensive regional network with over 18,000 route miles of fiber as of late 2025. This infrastructure supports both the Glo Fiber expansion and the commercial fiber solutions. For the nine months ended September 30, 2025, capital expenditures totaled $251.5 million, much of which is directed toward expanding and maintaining this physical asset base.

The company projects total FY 2025 revenues to be between $352 million and $357 million, with Adjusted EBITDA guidance between $113 million and $118 million. Finance: draft 13-week cash view by Friday.

Shenandoah Telecommunications Company (SHEN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Shenandoah Telecommunications Company as of late 2025. The focus is clearly shifting toward fiber buildouts, but the legacy base still matters for cash flow.

Residential customers in underserved and rural markets (core Glo Fiber focus)

This segment is the primary growth engine, centered around the Glo Fiber brand rollout. As of September 30, 2025, total Glo Fiber passings were over 400,000. The subscriber count in these Expansion Markets reached approximately 83,000 as of the third quarter of 2025. This represents significant growth from the approximately 71,000 data subscribers reported in the first quarter of 2025. The company added approximately 5,800 new Glo Fiber customers in the third quarter of 2025 alone.

The pace of construction is high to capture this market:

• Glo Fiber Expansion Markets data subscribers grew 41.3% year-over-year in Q3 2025.
• Glo Fiber Expansion Markets revenue was $21.3 million in the third quarter of 2025.
• The company constructed 20,000 Glo Fiber passings in the third quarter of 2025.
• Targeted Glo Fiber passings were projected to reach 440,000 by the end of 2025.

Small to medium-sized businesses requiring high-speed Ethernet and voice

Small to medium-sized businesses (SMBs) are grouped operationally with residential customers in the Glo Fiber Expansion Markets. The growth in this combined segment is substantial, with the Residential & SMB - Glo Fiber Expansion Markets revenue growing 41.1% year-over-year in the third quarter of 2025. Separately, the commercial sales team booked record activity, achieving $200,000 in monthly recurring revenue bookings in the first quarter of 2025. This indicates a strong pipeline for high-speed data services like Ethernet.

Wholesale customers (national wireless carriers) for dark fiber and backhaul circuits

This segment, categorized as Commercial Fiber, has seen some revenue volatility. In the second quarter of 2025, Commercial Fiber revenue declined by $1.2 million, or 6.0% compared to the prior year, partly due to non-cash adjustments and lower early termination fees earned previously. In the third quarter of 2025, Commercial Fiber revenue declined by $1.1 million, primarily due to a $0.9 million non-cash deferred revenue adjustment for a carrier customer. Excluding these variances, Commercial Fiber revenue showed growth of 2.3% over the prior period in Q3 2025.

Incumbent cable and broadband customers in established markets

This segment represents the legacy footprint, which is seeing revenue pressure as fiber deployment continues. Total broadband homes passed across all markets reached approximately 623,000 as of the second quarter of 2025. Of that total, 244,000 passings were in the Incumbent Broadband Markets. The revenue from Residential & SMB - Incumbent Broadband Markets saw a decline of $1.4 million, or 3.2%, in the second quarter of 2025, driven by a 14.5% decline in video Revenue Generating Units (RGUs). As of the end of 2024, this segment served approximately 111,325 subscribers.

Here's a quick look at the revenue contribution from the key segments based on the latest available quarterly data:

Customer Segment Grouping	Latest Reported Revenue (Q3 2025)	Latest Reported Subscriber/RGU Metric
Glo Fiber Expansion Markets (Residential & SMB)	$21.3 million	Approximately 83,000 data subscribers (Q3 2025)
Incumbent Broadband Markets (Residential & SMB)	Not explicitly stated for Q3 2025, but declined 3.2% in Q2 2025.	Approximately 244,000 passings (Q2 2025)
Commercial Fiber (Wholesale/Business)	Not explicitly stated for Q3 2025, but declined $1.1 million in Q3 2025 due to carrier adjustments.	$200,000 in new MRR bookings (Q1 2025)

Total revenue for Shenandoah Telecommunications Company in the third quarter of 2025 was $89.8 million.

Shenandoah Telecommunications Company (SHEN) - Canvas Business Model: Cost Structure

You're mapping out the heavy investment Shenandoah Telecommunications Company (SHEN) makes to fuel its fiber expansion, which is the core of its cost profile right now. This structure is dominated by upfront capital deployment and the ongoing costs to run that massive network.

The most significant driver is the planned capital outlay for building out the network. For the full year 2025, Shenandoah Telecommunications Company projects its net capital expenditures (CapEx), meaning after accounting for government grant reimbursements, to be in the range of $260 million to $290 million. This heavy spending reflects the ongoing fiber buildouts in Glo Fiber Expansion Markets and government-subsidized areas.

Financing this growth requires carrying debt, which results in substantial interest expense. As of June 30, 2025, Shenandoah Telecommunications Company reported total indebtedness of $513.1 million. The interest expense associated with this debt load for the first nine months of 2025 (through September 30, 2025) totaled $17,684 thousand (or $17.684 million).

Operating costs are also significant, encompassing the day-to-day running of the network and the teams required for construction and customer support. For the nine months ended September 30, 2025, total operating expenses were reported at $288,626 thousand (or $288.626 million).

Here's a breakdown of some key cost components based on the latest available data, keeping in mind that some figures cover different periods:

Cost Category	Period/Guidance	Amount (USD)
Projected Net Capital Expenditures (CapEx)	Full Year 2025 Guidance	$260 million to $290 million
Total Indebtedness	As of June 30, 2025	$513.1 million
Total Operating Expenses	Nine Months Ended September 30, 2025	$288,626 thousand
Interest Expense	Nine Months Ended September 30, 2025	$17,684 thousand

Personnel costs are embedded within these operating expenses, particularly in construction and customer service functions. For instance, in the third quarter of 2025, Cost of Services saw decreases partly due to lower network payroll. Similarly, Selling, General and Administrative expenses have been influenced by higher sales headcount to support the Glo Fiber expansion in prior periods.

Network operating expenses, which cover maintenance and energy, are a component of the Cost of Services line item. For the six months ended June 30, 2025, Cost of Services, exclusive of depreciation and amortization, was $65,654 thousand.

You can see the cost pressures broken down by the nature of the expense:

• Network operating costs include maintenance and energy usage for the active network.
• Personnel costs cover both the local customer service staff and the construction teams laying the fiber.
• Interest expense is a fixed charge tied to the $513.1 million debt load as of mid-2025.
• Capital expenditures are the largest variable cost, directly tied to the pace of fiber deployment.

Finance: draft 13-week cash view by Friday.

Shenandoah Telecommunications Company (SHEN) - Canvas Business Model: Revenue Streams

You're looking at how Shenandoah Telecommunications Company (SHEN) brings in money as of late 2025. It's a story of two distinct businesses: the established incumbent operations facing headwinds, and the rapidly growing Glo Fiber expansion.

The total expected 2025 revenue guidance for Shenandoah Telecommunications Company (SHEN) is set between $352 million and $357 million. This full-year expectation follows a period of strong quarterly performance, though with mixed results across segments.

Here's a look at the revenue progression through the first three quarters of 2025:

Period	Reported Total Revenue	Contextual Data Point
Q1 2025	$87.9 million	Excluding Horizon, revenue grew 5.0% to $72.9 million.
Q2 2025	$88.6 million	Glo Fiber revenue grew 40.5% year-over-year.
Q3 2025	$89.8 million	Consolidated revenues increased 2.5% year-over-year.

Broadband internet subscription fees are clearly segmented by market type, showing the transition Shenandoah Telecommunications Company (SHEN) is undergoing. The Glo Fiber segment is the primary growth engine, with revenues reaching $21.3 million in the third quarter of 2025. Glo Fiber Expansion Markets data subscribers hit 83,000 at the end of Q3 2025, marking 39.5% year-over-year growth. Management projects that GloFiber revenues will surpass incumbent revenues by 2026. Conversely, the incumbent markets face subscriber migration pressures.

Commercial fiber services revenue is grouped with other declining segments in the quarterly reports, but there are indicators of future strength. In the second quarter of 2025, Commercial Fiber revenue saw a decline of $1.2 million, or 6.0% year-over-year. However, the company noted record sales bookings of just under $200,000 Monthly Recurring Revenue (MRR) for commercial fiber, with the backlog expected to be installed mostly in 2025, suggesting an acceleration in this revenue stream. High-speed Ethernet and dark fiber leasing fall under this commercial umbrella.

Video and voice service subscription fees represent a segment under pressure. The decline in incumbent broadband markets revenue in Q3 2025 was partly due to a 15% decline in video RGUs (Revenue Generating Units) as customers switch to streaming video services. Furthermore, RLEC (Rural Local Exchange Carrier) revenue declined by $1.3 million in Q3 2025, driven in part by a 21% decrease in DSL subscribers who migrated to new broadband services. This confirms the trend of legacy voice and video services being a decreasing component of the overall revenue mix.

• Glo Fiber Expansion Markets added 16,600 new passings in Q1 2025.
• Total Glo Fiber passings reached 400,000 by the end of Q3 2025.
• Glo Fiber Expansion Markets revenue grew 52% year-over-year in Q1 2025.
• The company realized the full impact of its projected $13.8 million of annual run-rate synergies from the Horizon Telcom acquisition in Q2 2025.