Shenandoah Telecommunications Company (Shen): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des télécommunications, Shenandoah Telecommunications Company (Shen) émerge comme un acteur pivot, combler stratégiquement les lacunes de connectivité dans les régions rurales et mal desservies. En élaborant méticuleusement un modèle commercial complet qui priorise l'infrastructure innovante, les solutions centrées sur le client et la vaste couverture du réseau, Shen transforme le paradigme traditionnel des télécommunications. Leur approche unique fournit non seulement des services Internet et de communication haut débit, mais donne également aux communautés des solutions de connectivité fiables, abordables et technologiquement avancées qui redéfinissent l'accessibilité numérique.

Shenandoah Telecommunications Company (Shen) - Modèle commercial: Partenariats clés

Fournisseurs de services Internet locaux et régionaux

La société de télécommunications de Shenandoah collabore avec les fournisseurs de services Internet locaux et régionaux suivants:

Partenaire	Détails du partenariat	Couverture de service
Réseaux Lumos	Partage d'infrastructure réseau	Virginie, Virginie-Occidentale, Maryland
Fibre Firstlight	Services de réseau en gros	Nord-Est des États-Unis

Fabricants d'équipements d'infrastructure

Shen s'associe aux principaux fabricants d'équipements de télécommunications:

• Systèmes Cisco
• Éricson
• Réseaux Nokia

Sociétés d'infrastructure de tour et de réseau

Partenaire	Collaboration des infrastructures	Investissement annuel
American Tower Corporation	Location de tour et colocation	3,2 millions de dollars
Crown Castle International	Partage d'infrastructure réseau	2,7 millions de dollars

Fournisseurs de services cloud et de technologie

Les partenariats de service cloud de Shen comprennent:

• Amazon Web Services (AWS)
• Microsoft Azure
• Google Cloud Platform

Partners de communication d'entreprise et de gouvernement

Type de partenaire	Nombre de partenariats	Valeur du contrat annuel
Clients de l'entreprise	47	12,5 millions de dollars
Agences gouvernementales	18	6,8 millions de dollars

Shenandoah Telecommunications Company (Shen) - Modèle d'entreprise: activités clés

Développement d'infrastructures de réseau sans fil et à large bande

En 2024, la Shenandoah Telecommunications Company se concentre sur les investissements stratégiques des infrastructures de réseau:

Métrique d'infrastructure	Valeur actuelle
Zone totale de couverture du réseau	5 832 milles carrés
Installations de tour réseau	287 tours cellulaires
Miles du réseau à fibre optique	1 642 miles
Dépenses en capital pour les infrastructures	42,3 millions de dollars en 2023

Provisioning de services de télécommunications

La prestation de services se concentre sur plusieurs canaux de communication:

• Services vocaux sans fil
• Connectivité Internet à grande vitesse
• Transmission de données mobiles
• Solutions de communication d'entreprise

Maintenance du réseau et mises à niveau technologique

Catégorie de maintenance	Investissement annuel
Mises à niveau des équipements de réseau	12,7 millions de dollars
Améliorations de la cybersécurité	3,2 millions de dollars
Infrastructure de support technique	5,6 millions de dollars

Extension de connectivité rurale et suburbaine

Métriques d'extension de la connectivité:

• Couverture de la zone de service rural: 73 comtés
• Nouvelles connexions rurales à large bande: 14 532 en 2023
• Vitesse moyenne rurale rurale: 100 Mbps

Livraison de services de communication Internet et mobile

Métrique de service	2024 performance
Abonnés sans fil	127,400
Abonnés Internet à large bande	89,600
Utilisation mensuelle moyenne des données par abonné	487 Go
Time de disponibilité du réseau mobile	99.87%

Shenandoah Telecommunications Company (Shen) - Modèle commercial: Ressources clés

Infrastructure de télécommunications approfondie

Au quatrième trimestre 2023, la Shenandoah Telecommunications Company maintient:

Type d'infrastructure	Détails de la couverture
Zone de couverture du réseau	Régions rurales et suburbaines en Virginie, en Virginie-Occidentale et en Pennsylvanie
Empreinte totale du réseau	Environ 5 200 milles carrés
Installations de tour cellulaire	Plus de 250 tours de télécommunications actives

Licences de spectre et fréquences sans fil

Les exploitations actuelles du spectre comprennent:

• Licences de spectre de 700 MHz
• Plage de spectres de 850 MHz
• Fréquences AWS (Advanced Wireless Services)

Expertise technique et main-d'œuvre qualifiée

Métrique de la main-d'œuvre	2023 données
Total des employés	432 professionnels à temps plein
Pourcentage de personnel technique	62% avec une expertise spécialisée des télécommunications
Expérience technique moyenne	12,5 ans dans le secteur des télécommunications

Actifs de réseau en fibre optique et sans fil

Détails de l'infrastructure réseau:

• Réseau de fibres optiques: 1 875 miles de câbles en fibre optique déployés
• Réseau sans fil: 4G LTE et capacités 5G émergentes
• Couverture à large bande: Servant environ 95 000 clients résidentiels et commerciaux

Plateformes de technologie de communication avancée

Plate-forme technologique	Caractéristiques
Système de gestion de réseau	Plateforme de gestion des télécommunications intégrées propriétaires
Technologie de service client	Système de gestion de la relation client basée sur le cloud
Infrastructure de sécurité du réseau	Protocoles avancés de cybersécurité avec surveillance en temps réel

Shenandoah Telecommunications Company (Shen) - Modèle d'entreprise: propositions de valeur

Internet haute vitesse fiable dans les régions rurales

Shenandoah Telecommunications Company fournit des services Internet à large bande sur 467 milles carrés en Virginie, en Virginie-Occidentale et en Pennsylvanie. Au quatrième trimestre 2023, la société dessert environ 126 500 clients à large bande avec des vitesses de téléchargement moyens de 100 Mbps.

Aire de service	Clients à large bande	Vitesse de téléchargement moyenne
Virginie rurale	62,350	100 Mbps
Virginie-Occidentale rurale	41,750	100 Mbps
Pennsylvanie rurale	22,400	100 Mbps

Solutions complètes de télécommunications

Shen offre une gamme diversifiée de services de télécommunications avec 249,3 millions de dollars de revenus totaux pour 2023.

• Infrastructure de réseau à fibre optique
• Services opérateurs de réseau virtuel mobile (MVNO)
• Solutions de communication d'entreprise
• Location d'infrastructures de tour

Services de connectivité abordables

La stratégie de tarification de l'entreprise cible les consommateurs ruraux soucieux du budget avec des taux compétitifs. Le coût d'abonnement mensuel moyen à large bande est de 59,99 $, soit 15% inférieur aux taux du marché urbain.

Couverture réseau cohérente dans les zones mal desservies

La couverture du réseau s'étend à 98,6% des marchés ruraux ciblés, avec 312 tours cellulaires et 1 247 miles d'infrastructure de réseau en fibre optique.

Type d'infrastructure	Total des unités	Couverture géographique
Tours de cellules	312	98.6%
Réseau de fibres optiques	1 247 miles	95.3%

Offres de technologie de communication intégrée

Shen fournit des services groupés avec technologies de communication intégrées, y compris:

• Internet sans fil
• Services vocaux mobiles
• Solutions de communication d'entreprise
• Services d'infrastructure réseau

Shenandoah Telecommunications Company (Shen) - Modèle d'entreprise: relations avec les clients

Ventes directes et canaux de support client

Depuis le quatrième trimestre 2023, les télécommunications Shenandoah maintiennent une approche de support client multicanal:

Canal	Méthode de contact	Temps de réponse moyen
Support téléphonique	1-800-743-7638	12 minutes
Chat en ligne	Portail de support du site Web	8 minutes
Assistance par e-mail	customer.support@shentel.com	24 heures

Plateformes de gestion de compte en ligne

Mesures numériques de l'engagement client pour 2023:

• Utilisateurs d'applications mobiles: 287 345
• Taux de pénétration du compte en ligne: 68,3%
• Transactions en libre-service: 1,2 million par trimestre

Packages de services personnalisés

Niveau de service	Coût mensuel	Caractéristiques
Basic	$49.99	Internet standard
Prime	$79.99	Internet amélioré + sécurité
Entreprise	$199.99	Services de classe commerciale

Services techniques de support et de dépannage

Métriques de performance du support technique:

• Taux de résolution du premier appel: 82,4%
• Durée moyenne d'appel technique: 17 minutes
• Score de satisfaction du client: 4.3 / 5

Stratégies d'engagement axées sur la communauté

Statistiques de l'engagement communautaire pour 2023:

Canal de fiançailles	Comptage des participants	Fréquence d'interaction
Plateformes de médias sociaux	45 672 abonnés	Mises à jour hebdomadaires
Événements communautaires	12 événements locaux	Trimestriel
Programmes de commentaires des clients	3 456 participants	Enquêtes bisanales

Shenandoah Telecommunications Company (Shen) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Shenandoah Telecommunications maintient une équipe de vente directe avec environ 127 représentants commerciaux couvrant les marchés ruraux et suburbains en Virginie, en Virginie-Occidentale et en Pennsylvanie.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	127
Revenu annuel moyen par représentant	$342,000
Couverture géographique	3 États

Site Web en ligne et plateformes numériques

Les canaux numériques de Shen comprennent un site Web complet avec des capacités de gestion des comptes en ligne et de commande de services.

Métrique de la plate-forme numérique	2024 statistiques
Visiteurs mensuels du site Web	87,500
Transactions de service en ligne	42% du total des transactions
Taux de libre-service numérique	63%

Emplacements de partenaires de vente au détail

Shen opère grâce à des partenariats de vente au détail stratégiques pour étendre la distribution des services.

• Emplacements totaux de partenaires de vente au détail: 94
• Types de partenaires:
  • Détaillants de télécommunications autorisés
  • Magasins électroniques locaux
  • Boutiques cellulaires régionales

Application mobile

L'application mobile de Shen offre des fonctionnalités complètes de gestion des services.

Métrique de l'application mobile	2024 données
Total des téléchargements d'applications	126,500
Utilisateurs actifs mensuels	78,300
Note de l'App Store	4.3/5

Centres d'appels de service client

Shen maintient une infrastructure complète de support client.

Métrique du centre d'appel	2024 statistiques
Centres d'appels totaux	3
Volume d'appel annuel	1 240 000 appels
Temps de réponse moyen	2,7 minutes
Taux de satisfaction client	88%

Shenandoah Telecommunications Company (Shen) - Modèle d'entreprise: segments de clientèle

Clients résidentiels ruraux

Au quatrième trimestre 2023, les télécommunications Shenandoah desservent environ 132 000 clients résidentiels ruraux à travers la Virginie, la Virginie-Occidentale et la Pennsylvanie.

Catégorie client	Nombre de clients	Revenus mensuels moyens par client
Haut débit résidentiel rural	98,500	$62.47
Téléphone résidentiel rural	33,500	$42.89

Petites et moyennes entreprises

Shen cible 4 200 clients commerciaux de petite à moyenne taille dans ses régions de service.

• Services Internet d'entreprise: 3 100 clients
• Business Voice Solutions: 2 800 clients
• Services informatiques gérés: 1 200 clients

Clients d'entreprise d'entreprise

Le segment de l'entreprise comprend 87 clients d'entreprise avec une valeur totale de contrat annuel de 14,3 millions de dollars en 2023.

Type de client d'entreprise	Nombre de clients	Valeur du contrat annuel moyen
Institutions de soins de santé	22	$385,000
Organisations éducatives	35	$267,000
Entreprises de fabrication	30	$412,000

Organisations gouvernementales et institutionnelles

Shen dessert 42 clients gouvernementaux et institutionnels avec un chiffre d'affaires annuel total de 8,7 millions de dollars en 2023.

• Agences gouvernementales locales: 24 clients
• Départements du gouvernement de l'État: 12 clients
• Institutions éducatives: 6 clients

Consommateurs de services de télécommunications

Total des services de télécommunications Base de consommation de 215 000 personnes dans plusieurs catégories de services.

Catégorie de service	Total des consommateurs	Pénétration du marché
Internet à large bande	142,500	66.3%
Voix mobile / données	53,200	24.7%
Téléphone fixe	19,300	9%

Shenandoah Telecommunications Company (Shen) - Modèle d'entreprise: Structure des coûts

Maintenance d'infrastructure réseau

Pour l'exercice 2023, la société de télécommunications Shenandoah a déclaré des coûts de maintenance des infrastructures réseau de 47,3 millions de dollars.

Catégorie de coûts	Montant ($)
Entretien de la tour	18,500,000
Réparations de l'équipement du réseau	12,700,000
Maintenance de la ligne de fibre optique	16,100,000

Investissements infrastructures technologiques

En 2023, la société a investi 63,5 millions de dollars dans les mises à niveau des infrastructures technologiques.

• Extension du réseau 5G: 24,2 millions de dollars
• Déploiement du réseau à fibre optique: 22,8 millions de dollars
• Infrastructure cloud: 16,5 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 82,6 millions de dollars.

Type de dépenses	Montant ($)
Salaires de base	62,400,000
Avantages sociaux	13,200,000
Formation et développement	7,000,000

Frais de recherche et de développement

Les investissements en R&D ont totalisé 22,1 millions de dollars en 2023.

• Recherche de technologie sans fil: 9,3 millions de dollars
• Innovation de sécurité du réseau: 6,8 millions de dollars
• Technologie de l'expérience client: 6,0 millions de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 ont atteint 35,7 millions de dollars.

Canal de marketing	Montant ($)
Marketing numérique	15,200,000
Publicité traditionnelle	12,500,000
Programmes de rétention à la clientèle	8,000,000

Structure totale des coûts pour 2023: 251,2 millions de dollars

Shenandoah Telecommunications Company (Shen) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement Internet à large bande

Au quatrième trimestre 2023, les télécommunications Shenandoah ont déclaré un chiffre d'affaires à large bande sur Internet de 54,3 millions de dollars. La société dessert environ 133 000 clients Internet à large bande sur les marchés ruraux et suburbains en Virginie, en Virginie-Occidentale et en Pennsylvanie.

Niveau d'abonnement à large bande	Fourchette de prix mensuelle	Abonnés estimés
Tier de base (25-50 Mbps)	$39.99 - $49.99	62,500
Tier avancé (100-250 Mbps)	$59.99 - $79.99	45,000
Niveau premium (500+ Mbps)	$89.99 - $129.99	25,500

Frais de service de communication mobile

Les revenus des services de communication mobile pour 2023 ont atteint 87,6 millions de dollars. La société exploite un modèle Mobile Virtual Network Operator (MVNO), en utilisant l'infrastructure du réseau partenaire.

• Total des abonnés mobiles: 95 000
• Revenu moyen par utilisateur mobile (ARPU): 76,50 $ par mois
• Mélange de services prépayés et postpayés: 40% prépayé, 60% postpayé

Solutions de connectivité d'entreprise

Enterprise Connectivity Solutions a généré 42,1 millions de dollars de revenus en 2023, ciblant les petites et moyennes entreprises dans leurs régions de service.

Type de service	Revenus annuels	Nombre de clients d'entreprise
Accès Internet dédié	18,5 millions de dollars	1,200
Services de réseau gérés	15,3 millions de dollars	850
Connectivité cloud	8,3 millions de dollars	650

Location d'infrastructure réseau

Les revenus de location des infrastructures réseau ont totalisé 23,7 millions de dollars en 2023, avec des partenariats clés impliquant des télécommunications régionales et des fournisseurs de services Internet.

• Tower Colocation Laux: 12,4 millions de dollars
• Location du segment du réseau de fibres: 7,8 millions de dollars
• Location de transmission micro-ondes: 3,5 millions de dollars

Services de télécommunications à valeur ajoutée

Les services à valeur ajoutée ont contribué 16,2 millions de dollars à la source de revenus de la société en 2023.

Catégorie de service	Revenus annuels	Pourcentage du total des revenus
Services de sécurité	6,5 millions de dollars	40%
Voix sur ip	4,8 millions de dollars	30%
Outils de communication cloud	4,9 millions de dollars	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.