Shenandoah Telecommunications Company (SHEN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las telecomunicaciones, la Compañía de Telecomunicaciones de Shenandoah (SHEN) emerge como un jugador fundamental, que encierra estratégicamente las brechas de conectividad en las regiones rurales y desatendidas. Al crear meticulosamente un modelo comercial integral que prioriza la infraestructura innovadora, las soluciones centradas en el cliente y la cobertura de red expansiva, Shen transforma el paradigma tradicional de telecomunicaciones. Su enfoque único no solo ofrece servicios de comunicación y Internet de alta velocidad, sino que también permite a las comunidades a soluciones de conectividad confiables, asequibles y tecnológicamente avanzadas que redefinen la accesibilidad digital.

Shenandoah Telecommunications Company (Shen) - Modelo de negocios: asociaciones clave

Proveedores de servicios de Internet locales y regionales

Shenandoah Telecommunications Company colabora con los siguientes proveedores de servicios de Internet locales y regionales:

Pareja	Detalles de la asociación	Cobertura de servicio
Redes Lumos	Intercambio de infraestructura de red	Virginia, Virginia Occidental, Maryland
Fibra de primera luz	Servicios de red al por mayor	Noreste de los Estados Unidos

Fabricantes de equipos de infraestructura

Shen se asocia con fabricantes de equipos de telecomunicaciones clave:

• Sistemas de Cisco
• Ericsson
• Redes Nokia

Compañías de infraestructura de torre y red

Pareja	Colaboración de infraestructura	Inversión anual
American Tower Corporation	Arrendamiento y ubicación de la torre	$ 3.2 millones
Crown Castle International	Intercambio de infraestructura de red	$ 2.7 millones

Proveedores de servicios en la nube y tecnología

Las asociaciones de servicio en la nube de Shen incluyen:

• Servicios web de Amazon (AWS)
• Microsoft Azure
• Plataforma en la nube de Google

Socios empresariales y de comunicación gubernamental

Tipo de socio	Número de asociaciones	Valor anual del contrato
Clientes empresariales	47	$ 12.5 millones
Agencias gubernamentales	18	$ 6.8 millones

Shenandoah Telecommunications Company (Shen) - Modelo de negocios: actividades clave

Desarrollo de infraestructura de red inalámbrica y de banda ancha

A partir de 2024, la compañía de telecomunicaciones de Shenandoah se enfoca en inversiones de infraestructura de redes estratégicas:

Infraestructura métrica	Valor actual
Área total de cobertura de red	5.832 millas cuadradas
Instalaciones de la torre de red	287 torres celulares
Millas de red de fibra óptica	1.642 millas
Gasto de capital por infraestructura	$ 42.3 millones en 2023

Aprovisionamiento del servicio de telecomunicaciones

La entrega de servicios se centra en múltiples canales de comunicación:

• Servicios de voz inalámbricos
• Conectividad a Internet de alta velocidad
• Transmisión de datos móviles
• Soluciones de comunicación empresarial

Mantenimiento de la red y actualizaciones tecnológicas

Categoría de mantenimiento	Inversión anual
Actualizaciones de equipos de red	$ 12.7 millones
Mejoras de ciberseguridad	$ 3.2 millones
Infraestructura de soporte técnico	$ 5.6 millones

Expansión de conectividad rural y suburbana

Métricas de expansión de conectividad:

• Cobertura del área de servicio rural: 73 condados
• Nuevas conexiones de banda ancha rural: 14,532 en 2023
• Velocidad de banda ancha rural promedio: 100 Mbps

Entrega de servicios de comunicación móvil y Internet

Métrico de servicio	2024 rendimiento
Suscriptores inalámbricos totales	127,400
Suscriptores de Internet de banda ancha	89,600
Uso promedio de datos mensuales por suscriptor	487 GB
Tiempo de actividad de la red móvil	99.87%

Shenandoah Telecommunications Company (Shen) - Modelo de negocios: recursos clave

Infraestructura de telecomunicaciones extensa

A partir del cuarto trimestre de 2023, la compañía de telecomunicaciones de Shenandoah mantiene:

Tipo de infraestructura	Detalles de cobertura
Área de cobertura de red	Regiones rurales y suburbanas en Virginia, Virginia Occidental y Pensilvania
Huella total de la red	Aproximadamente 5,200 millas cuadradas
Instalaciones de la torre celular	Más de 250 torres de telecomunicaciones activas

Licencias de espectro y frecuencias inalámbricas

Las tenencias de espectro de corriente incluyen:

• Licencias de espectro de 700 MHz
• Rango de espectro de 850 MHz
• AWS (Servicios inalámbricos avanzados) Frecuencias

Experiencia técnica y fuerza laboral calificada

Métrica de la fuerza laboral	2023 datos
Total de empleados	432 profesionales a tiempo completo
Porcentaje de personal técnico	62% con experiencia especializada en telecomunicaciones
Experiencia técnica promedio	12.5 años en el sector de telecomunicaciones

Activos de red de fibra óptica e inalámbrica

Detalles de la infraestructura de red:

• Red de fibra óptica: 1.875 millas de cables de fibra óptica desplegada
• Red inalámbrica: Capacidades 4G LTE y 5G emergentes
• Cobertura de banda ancha: Atender aproximadamente 95,000 clientes residenciales y comerciales

Plataformas de tecnología de comunicación avanzada

Plataforma tecnológica	Presupuesto
Sistema de gestión de redes	Plataforma de gestión de telecomunicaciones integrada patentada
Tecnología de servicio al cliente	Sistema de gestión de relaciones con el cliente basado en la nube
Infraestructura de seguridad de red	Protocolos avanzados de ciberseguridad con monitoreo en tiempo real

Shenandoah Telecommunications Company (Shen) - Modelo de negocio: propuestas de valor

Internet confiable de alta velocidad en regiones rurales

Shenandoah Telecommunications Company ofrece servicios de Internet de banda ancha en 467 millas cuadradas en Virginia, West Virginia y Pensilvania. A partir del cuarto trimestre de 2023, la compañía atiende a aproximadamente 126,500 clientes de banda ancha con velocidades de descarga promedio de 100 Mbps.

Vía de Servício	Clientes de banda ancha	Velocidad de descarga promedio
Virginia rural	62,350	100 Mbps
Virginia Occidental Rural	41,750	100 Mbps
Rural Pennsylvania	22,400	100 Mbps

Soluciones integrales de telecomunicaciones

Shen ofrece una amplia gama de servicios de telecomunicaciones con $ 249.3 millones en ingresos totales para 2023.

• Infraestructura de red de fibra óptica
• Servicios de operador de red virtual móvil (MVNO)
• Soluciones de comunicación empresarial
• Arrendamiento de infraestructura de la torre

Servicios de conectividad asequibles

La estrategia de precios de la compañía se dirige a los consumidores rurales conscientes del presupuesto con tarifas competitivas. El costo promedio de suscripción mensual de banda ancha es de $ 59.99, que es un 15% más bajo que las tasas de mercado urbano.

Cobertura de red constante en áreas desatendidas

La cobertura de la red se extiende al 98.6% de los mercados rurales específicos, con 312 torres celulares y 1,247 millas de infraestructura de red de fibra óptica.

Tipo de infraestructura	Unidades totales	Cobertura geográfica
Torres celulares	312	98.6%
Red de fibra óptica	1,247 millas	95.3%

Ofertas integradas de tecnología de comunicación

Shen proporciona servicios agrupados con Tecnologías de comunicación integradas, incluido:

• Internet inalámbrico
• Servicios de voz móvil
• Soluciones de comunicación empresarial
• Servicios de infraestructura de red

Shenandoah Telecommunications Company (Shen) - Modelo de negocios: relaciones con los clientes

Ventas directas y canales de atención al cliente

A partir del cuarto trimestre de 2023, Shenandoah Telecommunications mantiene un enfoque de atención al cliente multicanal:

Canal	Método de contacto	Tiempo de respuesta promedio
Soporte telefónico	1-800-743-7638	12 minutos
Chat en línea	Portal de soporte del sitio web	8 minutos
Soporte por correo electrónico	customer.support@shentel.com	24 horas

Plataformas de gestión de cuentas en línea

Métricas de participación del cliente digital para 2023:

• Usuarios de aplicaciones móviles: 287,345
• Tasa de penetración de la cuenta en línea: 68.3%
• Transacciones de autoservicio: 1.2 millones por trimestre

Paquetes de servicio personalizados

Nivel de servicio	Costo mensual	Características
Basic	$49.99	Internet estándar
De primera calidad	$79.99	Internet mejorado + seguridad
Empresa	$199.99	Servicios de clase comercial

Soporte técnico y servicios de solución de problemas

Métricas de rendimiento de soporte técnico:

• Tasa de resolución de primera llamada: 82.4%
• Duración promedio de llamadas de soporte técnico: 17 minutos
• Puntuación de satisfacción del cliente: 4.3/5

Estrategias de participación centradas en la comunidad

Estadísticas de participación comunitaria para 2023:

Canal de compromiso	Recuento de participantes	Frecuencia de interacción
Plataformas de redes sociales	45,672 seguidores	Actualizaciones semanales
Eventos comunitarios	12 eventos locales	Trimestral
Programas de comentarios de los clientes	3,456 participantes	Encuestas bianuales

Shenandoah Telecommunications Company (Shen) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Shenandoah Telecommunications mantiene un equipo de ventas directo con aproximadamente 127 representantes de ventas que cubren los mercados rurales y suburbanos en Virginia, Virginia Occidental y Pensilvania.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	127
Ingresos anuales promedio por representante	$342,000
Cobertura geográfica	3 estados

Sitio web en línea y plataformas digitales

Los canales digitales de Shen incluyen un sitio web integral con gestión de cuentas en línea y capacidades de pedido de servicios.

Métrica de plataforma digital	2024 estadísticas
Visitantes mensuales del sitio web	87,500
Transacciones de servicio en línea	42% de las transacciones totales
Tasa de autoservicio digital	63%

Ubicaciones de socios minoristas

Shen opera a través de asociaciones minoristas estratégicas para expandir la distribución de servicios.

• Ubicaciones totales de socios minoristas: 94
• Tipos de pareja:
  • Minoristas autorizados de telecomunicaciones
  • Tiendas de electrónica locales
  • Tiendas celulares regionales

Aplicación móvil

La aplicación móvil de Shen proporciona funciones integrales de gestión de servicios.

Módulo de aplicación móvil	2024 datos
Descargas totales de aplicaciones	126,500
Usuarios activos mensuales	78,300
Calificación de la tienda de aplicaciones	4.3/5

Centros de llamadas de servicio al cliente

Shen mantiene una infraestructura integral de atención al cliente.

Métrico del centro de llamadas	2024 estadísticas
Centros de llamadas totales	3
Volumen de llamadas anual	1,240,000 llamadas
Tiempo de respuesta promedio	2.7 minutos
Tasa de satisfacción del cliente	88%

Shenandoah Telecommunications Company (Shen) - Modelo de negocios: segmentos de clientes

Clientes residenciales rurales

A partir del cuarto trimestre de 2023, Shenandoah Telecommunications atiende a aproximadamente 132,000 clientes residenciales rurales en Virginia, Virginia Occidental y Pensilvania.

Categoría de clientes	Número de clientes	Ingresos mensuales promedio por cliente
Banda ancha residencial rural	98,500	$62.47
Teléfono residencial rural	33,500	$42.89

Empresas pequeñas a medianas

Shen se dirige a 4.200 clientes comerciales pequeños a medianos en sus regiones de servicio.

• Servicios comerciales de Internet: 3.100 clientes
• Soluciones de voz de negocios: 2.800 clientes
• Servicios de TI administrados: 1.200 clientes

Clientes corporativos empresariales

El segmento empresarial incluye 87 clientes corporativos con un valor total del contrato anual de $ 14.3 millones en 2023.

Tipo de cliente empresarial	Número de clientes	Valor anual promedio del contrato
Instituciones de atención médica	22	$385,000
Organizaciones educativas	35	$267,000
Empresas de fabricación	30	$412,000

Organizaciones gubernamentales e institucionales

Shen atiende a 42 clientes gubernamentales e institucionales con ingresos anuales totales de $ 8.7 millones en 2023.

• Agencias gubernamentales locales: 24 clientes
• Departamentos del gobierno estatal: 12 clientes
• Instituciones educativas: 6 clientes

Servicios de telecomunicaciones consumidores

Servicio de telecomunicaciones totales Base de consumidores de 215,000 en múltiples categorías de servicios.

Categoría de servicio	Total de los consumidores	Penetración del mercado
Internet de banda ancha	142,500	66.3%
Voz móvil/datos	53,200	24.7%
Teléfono fijo	19,300	9%

Shenandoah Telecommunications Company (Shen) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de red

Para el año fiscal 2023, la compañía de telecomunicaciones de Shenandoah informó costos de mantenimiento de infraestructura de red de $ 47.3 millones.

Categoría de costos	Monto ($)
Mantenimiento de la torre	18,500,000
Reparaciones de equipos de red	12,700,000
Mantenimiento de la línea de fibra óptica	16,100,000

Inversiones de infraestructura tecnológica

En 2023, la compañía invirtió $ 63.5 millones en actualizaciones de infraestructura tecnológica.

• Expansión de la red 5G: $ 24.2 millones
• Implementación de la red de fibra óptica: $ 22.8 millones
• Infraestructura en la nube: $ 16.5 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 82.6 millones.

Tipo de gasto	Monto ($)
Salarios base	62,400,000
Beneficios para empleados	13,200,000
Capacitación y desarrollo	7,000,000

Gastos de investigación y desarrollo

Las inversiones de I + D totalizaron $ 22.1 millones en 2023.

• Investigación de tecnología inalámbrica: $ 9.3 millones
• Innovación de seguridad de red: $ 6.8 millones
• Tecnología de experiencia del cliente: $ 6.0 millones

Costos de marketing y adquisición de clientes

Los gastos de marketing para 2023 alcanzaron $ 35.7 millones.

Canal de marketing	Monto ($)
Marketing digital	15,200,000
Publicidad tradicional	12,500,000
Programas de retención de clientes	8,000,000

Estructura de costos totales para 2023: $ 251.2 millones

Shenandoah Telecommunications Company (SHEN) - Modelo de negocios: flujos de ingresos

Tarifas de suscripción a Internet de banda ancha

A partir del cuarto trimestre de 2023, las telecomunicaciones de Shenandoah informaron ingresos por suscripción de Internet de banda ancha de $ 54.3 millones. La compañía atiende a aproximadamente 133,000 clientes de Internet de banda ancha en los mercados rurales y suburbanos en Virginia, West Virginia y Pensilvania.

Nivel de suscripción de banda ancha	Rango de precios mensual	Suscriptores estimados
Nivel básico (25-50 Mbps)	$39.99 - $49.99	62,500
Nivel avanzado (100-250 Mbps)	$59.99 - $79.99	45,000
Nivel premium (más de 500 Mbps)	$89.99 - $129.99	25,500

Cargos de servicio de comunicación móvil

Los ingresos del servicio de comunicación móvil para 2023 alcanzaron $ 87.6 millones. La compañía opera un modelo de operador de red virtual móvil (MVNO), utilizando infraestructura de red de socios.

• Total de suscriptores móviles: 95,000
• Ingresos promedio por usuario móvil (ARPU): $ 76.50 por mes
• Mezcla de servicio prepago y pospago: 40% prepago, 60% Postpago

Soluciones de conectividad empresarial

Las soluciones de conectividad empresarial generaron $ 42.1 millones en ingresos durante 2023, dirigidos a pequeñas y medianas empresas en sus regiones de servicio.

Tipo de servicio	Ingresos anuales	Número de clientes empresariales
Acceso a Internet dedicado	$ 18.5 millones	1,200
Servicios de red administrados	$ 15.3 millones	850
Conectividad en la nube	$ 8.3 millones	650

Arrendamiento de infraestructura de red

Los ingresos por arrendamiento de infraestructura de red totalizaron $ 23.7 millones en 2023, con asociaciones clave que involucran telecomunicaciones regionales y proveedores de servicios de Internet.

• Arrendamientos de colocación de la torre: $ 12.4 millones
• Arrendamiento del segmento de red de fibra: $ 7.8 millones
• Arrendamiento de transmisión de microondas: $ 3.5 millones

Servicios de telecomunicaciones de valor agregado

Los servicios de valor agregado contribuyeron con $ 16.2 millones al flujo de ingresos de la compañía en 2023.

Categoría de servicio	Ingresos anuales	Porcentaje de ingresos totales
Servicios de seguridad	$ 6.5 millones	40%
Voz sobre IP	$ 4.8 millones	30%
Herramientas de comunicación en la nube	$ 4.9 millones	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.