WideOpenWest, Inc. (WOW): Business Model Canvas [Dec-2025 Updated]

You're looking at a legacy cable operator making a massive, necessary bet on the future, and honestly, the pivot is everything right now. WideOpenWest, Inc. (WOW) is deep into a fiber transition, which means heavy near-term spending-they are targeting \$60 million to \$70 million in capital expenditures for greenfield expansion in 2025 alone-to back up their promise of multi-gigabit speeds without the old contract headaches. With a major ownership shift underway involving DigitalBridge and Crestview Partners, understanding their new operating model is key to seeing where the value lies beyond the existing \$104.8 million in quarterly High-Speed Data revenue. Here is the nine-block breakdown of how WideOpenWest, Inc. (WOW) is restructuring its entire operation, from key activities like accelerating fiber buildout to its cost structure, to defintely win the fiber race.

WideOpenWest, Inc. (WOW) - Canvas Business Model: Key Partnerships

You're looking at the core relationships WideOpenWest, Inc. (WOW!) is relying on to execute its broadband-first strategy, especially as it transitions to private ownership. These partnerships are critical for capital access, technology deployment, and content delivery.

Acquisition Partners: DigitalBridge and Crestview Partners

The definitive agreement, announced on August 11, 2025, sets up a partnership with DigitalBridge Investments and Crestview Partners to take WideOpenWest, Inc. (WOW!) private in an all-cash transaction valued at an enterprise value of approximately \$1.5 billion. Public stockholders are set to receive \$5.20 per share in this deal. Crestview Partners, already WideOpenWest, Inc. (WOW!)'s largest stockholder, agreed to roll over all of its existing shares, which represented about 37% of outstanding shares prior to the deal. The transaction is expected to close by the end of 2025 or in the first quarter of 2026, pending regulatory and stockholder approvals. DigitalBridge manages \$106 billion of infrastructure assets on behalf of its limited partners and shareholders.

Here's a quick view of the deal metrics:

Technology Vendors: Network Evolution

WideOpenWest, Inc. (WOW!)'s network strategy relies on partnerships for both maintaining its existing Hybrid Fiber Coaxial (HFC) plant and aggressively building out new fiber. The company has deployed DOCSIS 3.1 across 99% of its network. For the HFC evolution, WideOpenWest, Inc. (WOW!) launched a pilot program in Panama City, Florida, testing DOCSIS 4.0 capabilities with speeds of 2 Gbps download and 200 Mbps upload. Conversely, its new all-fiber Greenfield markets offer symmetrical speeds up to 5 Gig.

The broader industry trend for fiber equipment, which WideOpenWest, Inc. (WOW!) is heavily investing in, shows XGS-PON as the default choice for new builds. The overall PON equipment market is projected to grow from roughly \$10.7 billion in 2024 to about \$12.6 billion by 2029.

• DOCSIS 3.1 Deployment: 99% of existing HFC network.
• DOCSIS 4.0 Pilot Speeds: 2 Gbps download / 200 Mbps upload.
• All-Fiber Network Speeds: Up to 5 Gbps symmetrical.
• Greenfield Homes Passed (as of Sept 2025): Over 100,000.

Content Providers: Strategic Shift to YouTube TV

WideOpenWest, Inc. (WOW!) has made a strategic shift to bundle Google's YouTube TV as its dedicated live television offering, discontinuing its own WOW! tv+ service. This move supports the broadband-first mandate by bundling YouTube TV with WideOpenWest, Inc. (WOW!) Internet on one bill. At the time of the transition, WideOpenWest, Inc. (WOW!) had approximately 117,100 remaining residential video customers who could migrate. YouTube TV itself is the largest vMVPD with over 5 million subscribers.

To incentivize the switch, WideOpenWest, Inc. (WOW!) offered promotional enticements, such as a \$10-a-month discount for one year on YouTube TV for new customers starting in August 2023. Existing customers switching could save, on average, as much as \$600 per year compared to a traditional cable subscription.

Local Municipalities: Greenfield Fiber Buildout

The partnership with local municipalities is centered on securing permits and access for WideOpenWest, Inc. (WOW!)'s greenfield fiber expansion strategy. The company's overall goal is to pass 400,000 homes in new communities by 2027. The initial goal was to pass 200,000 locations by 2025 at an approximate cost of \$160 million. As of March 31, 2025, the Greenfield markets passed 75,600 homes with a 16.3% penetration rate. By September 4, 2025, this milestone grew to surpass 100,000 fiber homes passed in Greenfield markets.

WideOpenWest, Inc. (WOW!) passes nearly 2 million residential, business, and wholesale consumers across its footprint in total. The company provides services in 20 markets, primarily in the Midwest and Southeast. In the third quarter of 2025, WideOpenWest, Inc. (WOW!) built out to an additional 19,200 locations in its expansion footprint, with 15,200 of those being greenfield builds.

Here are the key expansion numbers as of the latest reported periods:

Finance: draft 13-week cash view by Friday.

WideOpenWest, Inc. (WOW) - Canvas Business Model: Key Activities

You're focused on how WideOpenWest, Inc. (WOW) is actually operating right now, late in 2025, especially with that acquisition offer on the table. The key activities boil down to aggressively building the future while managing the decline of the past. It's a balancing act, for sure.

Accelerating fiber-to-the-home (FTTH) network construction

The main push is clearly fiber expansion, both in brand-new areas (Greenfield) and by overbuilding into adjacent legacy areas (Edge-out). This is where the capital is flowing, supported by the $200 million super priority term loan secured in October 2024 to fuel this growth. Management guided to spend between $60 million and $70 million on greenfield expansion CapEx for the full year 2025. You can see the physical progress stacking up quarter-over-quarter:

• Passed approximately 13,700 new homes in Greenfield markets in Q1 2025.
• Passed an additional 15,500 new homes in Greenfield markets in Q2 2025.
• Passed another 15,500 new homes in Greenfield markets in Q3 2025.

By the end of Q3 2025, the total homes passed in Greenfield markets reached 106,600, maintaining a penetration rate around 16.0%. The Edge-out projects are also showing strong initial uptake; for instance, the 2025 Edge-out projects showed a penetration rate of 29.9% as of Q3 2025. This buildout is crucial because the total network footprint passes nearly 2.0 million residential, business, and wholesale consumers across their service areas. This fiber build is the future value proposition.

Managing and upgrading existing Hybrid Fiber-Coaxial (HFC) plant

While the focus is fiber, the bulk of the customer base still relies on the legacy HFC plant, which needs maintenance and strategic optimization. The company passes nearly 2.0 million consumers in total, and managing this existing asset base while diverting capital to fiber is a core activity. The Q4 2024 earnings call mentioned $2.5 million on Edge-Out CapEx in that quarter, showing continued investment even outside the pure Greenfield push. The success in the new fiber markets, however, is helping offset the strain on the legacy side, evidenced by Adjusted EBITDA margins hitting a record 51.1% in Q1 2025, driven by cost efficiencies across the board.

High-Speed Data (HSD) subscriber acquisition and retention

Acquiring HSD subscribers is happening primarily in the new fiber builds, where penetration is growing, but retention in the legacy HFC footprint remains a challenge, leading to net losses in the core business. The strategy is clearly to trade lower-value legacy subscribers for higher-value fiber customers. Here's the quick math on the HSD RGU (Revenue Generating Unit) movement:

What this estimate hides is that the Greenfield markets are adding subscribers-2,500 in Q3 2025 alone-which means the legacy HFC base is losing subscribers at a much faster clip. The focus on maximizing revenue from the existing base is working on a per-user basis, with Q2 2025 HSD ARPU reaching a record $75.30, up 4.9% year-over-year. Still, the overall subscriber count dropped 5% year-over-year to approximately 464,500 as of September 30, 2025.

Streamlining operations by phasing out legacy video services

This is a necessary, if painful, activity to improve margins and free up capacity for broadband. The decline in video is stark, which directly impacts the overall revenue picture, though it helps the Adjusted EBITDA margin. For example, in Q2 2025, the drop in traditional video subscribers was 40.6% year-over-year. This shift in service mix is significant; in Q3 2025, the total subscription revenue decrease was primarily driven by a $10.6 million shift away from video and other legacy services compared to Q3 2024. The company is definitely shedding these lower-margin, high-touch services to focus on HSD, which generated $106.6 million in Q3 2025 revenue, representing the core of the business.

Finance: draft 13-week cash view by Friday.

WideOpenWest, Inc. (WOW) - Canvas Business Model: Key Resources

You're looking at the core assets WideOpenWest, Inc. (WOW) relies on to deliver service and execute its growth strategy, especially with that pending take-private transaction anchoring the near-term future. These aren't just line items; they are the physical and intellectual foundation of the business.

Network Infrastructure and Footprint

The primary physical resource is the network itself. WOW! maintains an extensive Hybrid Fiber-Coaxial (HFC) network that serves as the backbone for its legacy operations, while aggressively expanding its all-fiber footprint.

As of the third quarter of 2025, the total network passes nearly 2.0 million residential, business, and wholesale consumers across its service areas. The growth engine is clearly the Fiber-to-the-Home (FTTH) buildout in Greenfield markets.

Here's a snapshot of the network scale and recent build activity as of September 30, 2025:

The company also holds necessary spectrum licenses and rights-of-way to operate its HFC network across these 20 US markets, primarily located in the Midwest and Southeast, including states like Michigan, Alabama, Tennessee, South Carolina, Georgia, and Florida.

Financial Liquidity and Capital Structure

Executing a massive fiber expansion requires significant capital, so liquidity is a critical resource. While the company has debt, its available cash and credit facilities provide the necessary runway, especially considering the pending acquisition.

The reported cash position as of Q3 2025 shows the immediate funds available for operations and ongoing build activities. Honestly, that cash balance relative to the enterprise value tells you a lot about the leverage profile.

• Cash on hand as of Q3 2025: \$22.9 million.
• Revolving Credit Facility maturity was extended to June 30, 2027, providing a liquidity runway ahead of the anticipated transaction close.
• The company announced an agreement in August 2025 to be taken private for an enterprise value of approximately \$1.5 billion.

The Q3 2025 financial performance also reflects the strength of the core business supporting these resources:

Human Capital and Expertise

The ability to build and maintain a complex network, especially the new all-fiber infrastructure, depends entirely on skilled people. This includes the field technicians who physically deploy the fiber and the engineers who design and manage the network architecture.

While specific headcount numbers aren't always public, WOW! points to its sustained commitment to its workforce as a key intangible asset, which helps in retaining the specialized talent needed for network deployment and service delivery. For example, the company's reputation in this area is noted by:

• Recognition as a Best & Brightest Company to Work For in the Nation 12 times.
• Winning that award for the last eight consecutive years.
• Making the 2024 Top 101 National Winners list.

This focus on human resources practices helps ensure they have the necessary field technicians and engineering expertise to execute the ongoing buildout in Greenfield and Edge-out expansion areas.

WideOpenWest, Inc. (WOW) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose WideOpenWest, Inc. (WOW) over the competition as of late 2025. The value proposition centers on superior speed, transparent terms, and a focus on fiber expansion.

High-speed internet with no contracts and no data caps remains a cornerstone, particularly in the newer build areas. For customers in the growing Greenfield and Edge-out fiber markets, WideOpenWest, Inc. (WOW) explicitly offers its network with no annual contracts and no data caps at one easy-to-understand price. This commitment to straightforward service terms is also reflected in their legacy HFC (Hybrid Fiber-Coaxial) offerings, which similarly feature no data caps and no contracts. This is a direct counter to industry practices that often rely on multi-year commitments.

The push for fast, reliable, and affordable broadband solutions is evident in the company's aggressive fiber build-out strategy. As of the third quarter of 2025, WideOpenWest, Inc. (WOW) counted 464,500 total broadband subscribers, while continuing to add fiber subscribers even as legacy footprint losses occurred. The company reported adding 2,300 subscribers in Greenfield markets in Q2 2025, with a penetration rate of 16.0% in those markets as of June 30, 2025. The CEO noted 'low-churn' in the first quarter of 2025, suggesting these value drivers are resonating with the customer base.

WideOpenWest, Inc. (WOW) is heavily promoting its multi-gigabit speed tiers (10-gig ready fiber network), especially in the new construction areas. The underlying fiber network architecture is designed to be 10-gig ready on day one and scalable up to 50 Gbps. In the Greenfield markets, customers can access up to 5 Gig internet speeds. This positions WideOpenWest, Inc. (WOW) to compete on pure speed against incumbents in those targeted areas. The total homes passed across the entire network was approaching 2.0 million as of early 2025.

The focus on a simplified pricing structure to reduce customer confusion and churn is most pronounced in the fiber expansion areas, where pricing is marketed as 'simplified, all-in pricing.' This contrasts with the legacy HFC plans, which, while competitive, still have component pricing like a $10 monthly charge for 'Whole-Home Wi-Fi' via mesh router rental. The company is actively managing its service mix, with video RGUs (Revenue Generating Units) falling from 90,800 to 60,600 year-over-year, signaling a deliberate shift to a simpler, broadband-centric offering.

Here's a look at the advertised speed tiers and associated characteristics based on the latest available data:

The company's strategic investments are focused on these high-value propositions. WideOpenWest, Inc. (WOW) planned to spend between $60 million and $70 million on greenfield expansion Capital Expenditures in 2025. This investment is aimed at growing the fiber footprint, which had reached 75,600 homes passed in Greenfield markets by March 31, 2025, and subsequently surpassed 100,000 fiber homes passed by September 2025.

You can see the commitment to high-speed, no-strings-attached service in the following areas:

• Fiber network is architecturally capable of speeds up to 50 Gbps.
• Greenfield penetration rate reached 16.3% as of March 31, 2025.
• Legacy 1 Gig HFC plan cost per Mbps was calculated at just 6 cents.
• The company is actively reducing video services, which dropped from 90,800 RGUs to 60,600 year-over-year.

Finance: draft 13-week cash view by Friday.

WideOpenWest, Inc. (WOW) - Canvas Business Model: Customer Relationships

You're looking at how WideOpenWest, Inc. (WOW!) keeps its customers engaged, especially as it shifts its focus heavily toward fiber expansion. The core relationship strategy hinges on making the service proposition clear and reliable, which is key when legacy subscriber counts are still declining.

The low-churn strategy is explicitly mentioned by management as a driver, supported by efforts to enhance the value proposition. This is evidenced by the focus on High-Speed Data (HSD) Average Revenue Per Unit (ARPU), which hit a record in Q2 2025, partly due to rate increases implemented in late 2024 and early 2025. The company also acknowledged using pricing and its Youtube TV partnership as tools to lower churn, suggesting a segmented approach to retention efforts. The overall subscriber base as of the third quarter ended September 30, 2025, stood at approximately 464,500, representing a 5% year-over-year decline, which frames the importance of this low-churn focus.

Here's a quick look at the operational metrics around that time:

For dedicated customer support, the investment in the workforce itself reflects a commitment to service quality. WOW! has been recognized 11 times by the National Association for Business Resources as a Best & Brightest Company to Work For in the Nation, winning that award for the last seven consecutive years as of May 2025. This suggests a focus on employee retention translates to better customer-facing interactions. Furthermore, the company reportedly has customer service teams available 24/7 to help with issues or concerns, which supports both residential and business segments.

• Customer service teams reportedly available 24/7.
• Focus on network upgrades to enhance speed and reliability.
• Recognized as a Best & Brightest Company to Work For 11 times.

The push for simplified pricing is most clearly articulated in the new fiber build-out areas. Residents and businesses in WOW!'s Greenfield markets can experience services with simplified pricing, importantly with no annual contracts and no data caps. While specific usage statistics for online billing and account management portals aren't public, the move to simplified pricing is a direct lever to reduce customer service calls related to billing complexity.

The direct sales effort is heavily concentrated on new market penetration, which is the primary growth vector for WideOpenWest, Inc. (WOW). The company is aggressively building out its all-fiber network in Greenfield markets, which is where direct sales teams are focused on securing initial take-rates. As of September 30, 2025, Greenfield markets passed a total of 106.6 thousand homes, achieving a 16.0% penetration rate. During that third quarter alone, the company added approximately 2,500 new Greenfield HSD fiber subscribers from passing approximately 15,500 new homes. This Greenfield expansion is part of a larger goal to pass 400,000 fiber homes by 2027.

Here's the breakdown of the Greenfield build-out momentum as of late 2025:

WideOpenWest, Inc. (WOW) - Canvas Business Model: Channels

You're looking at how WideOpenWest, Inc. (WOW) gets its services-Internet, TV, and phone-into the hands of its customers as of late 2025. The channels are a mix of traditional sales efforts and the physical network itself, which is undergoing a significant upgrade.

Direct sales force for residential and business services

WOW! maintains a direct sales force to reach both residential customers and the business segment, which includes data, voice, and cloud services. While specific employee counts for the sales teams aren't public, the focus on business services is clear, as Other Business Services Revenue was reported at $4.9 million for the quarter ended September 30, 2025. This channel is critical for securing the higher-value commercial contracts.

Company website and online self-service portals

The company directs customers to its website, wowway.com, for information and service sign-ups. Self-service capabilities are implied by the ongoing operational efficiency, but specific metrics like digital transaction volume or portal adoption rates for the roughly 464,500 total subscribers as of September 30, 2025, aren't broken out in the latest filings. The push for simplified, all-in pricing in newer fiber markets suggests an intent to streamline the customer journey, likely heavily supported by online tools.

Existing Hybrid Fiber-Coaxial (HFC) network infrastructure

The legacy HFC network remains the backbone for the majority of WideOpenWest, Inc. (WOW) service areas. As of the second quarter of 2025, the network passed nearly 2.0 million residential, business, and wholesale consumers, though the latest report indicates the footprint is now 1.9 million passings as of late 2025. This infrastructure is being maintained and upgraded to compete with pure-fiber offerings.

• DOCSIS 3.1 deployment reached 99% of the existing HFC network, providing a strong capacity foundation.
• The company plans to leverage DOCSIS 4.0 technology in the coming years to further boost capacity on this existing plant.

New fiber-to-the-home (FTTH) network infrastructure

The FTTH build-out, referred to as Greenfield expansion, is a primary channel for new customer acquisition and growth. This strategy is supported by dedicated capital allocation, with management planning to spend $60 million to $70 million on Greenfield expansion CapEx for the full year 2025. The fiber network is designed for future-proofing, with the CTO noting it will be 10-gig ready on day one and scalable up to 50 Gbps.

The progress in these new fiber markets shows strong initial uptake, with penetration rates consistently around 16.0% as of the third quarter of 2025. This contrasts with the higher penetration seen in the smaller, earlier Edge-out projects.

Here's a look at the build progress across the new fiber channels through the third quarter of 2025:

The Edge-out projects, which are smaller, targeted expansions, demonstrate a higher initial conversion efficiency, reporting a 29.9% penetration rate as of September 30, 2025, compared to the 16.0% in the larger Greenfield areas.

• Total Subscribers as of September 30, 2025, stood at 464,500.
• High-Speed Data (HSD) RGUs were 457,100 at the end of Q3 2025.
• The company is being acquired for $5.20 per share in cash.

WideOpenWest, Inc. (WOW) - Canvas Business Model: Customer Segments

You're looking at the core customer base WideOpenWest, Inc. (WOW!) serves across its footprint as of late 2025. This is a mix of established customers and new build-outs, all relying on that network infrastructure.

Residential consumers in 20 US markets (Midwest and Southeast)

WOW! serves customers across 20 markets, primarily situated in the Midwest and Southeast regions, including states like Michigan, Alabama, Tennessee, South Carolina, Georgia, and Florida. As of September 30, 2025, the company reported approximately 464,500 Total Subscribers across all services. The core broadband offering, represented by High-Speed Data (HSD) Revenue Generating Units (RGUs), stood at 457,100 as of that same date. The network passes nearly 2.0 million residential, business, and wholesale consumers in total.

Small to medium-sized business (SMB) customers

The business segment is served alongside residential users within the existing 20 markets. While a specific SMB customer count isn't broken out in the latest reports, the revenue generated from these operations gives you a sense of scale. Other Business Services Revenue for the second quarter ended June 30, 2025, totaled $4.9 million. The company's strategy focuses on driving growth in HSD, which is the primary service for both residential and business users.

Wholesale customers utilizing network capacity

Wholesale customers are part of the total network capacity utilization. The network passes nearly 2.0 million residential, business, and wholesale consumers as of the second quarter of 2025.

Here's a quick look at the subscriber base metrics as of the third quarter of 2025:

New greenfield market residents (e.g., Central Florida, Greenville County, SC)

WOW! is actively building out all-fiber networks in new greenfield areas. These markets include Central Florida, Hernando County, Florida, Greenville County, South Carolina, and Livingston County, Michigan. The momentum in these new areas is a key focus for the company. As of September 30, 2025, the Greenfield markets collectively passed 106,600 homes and served 17,100 subscribers. This resulted in a penetration rate of 16.0% across those new fiber footprints. During the third quarter of 2025 alone, the company added approximately 15,500 new homes passed in these Greenfield markets.

• Greenfield Homes Passed (Q3 2025): 106,600
• Greenfield Subscribers (Q3 2025): 17,100
• Greenfield Penetration Rate: 16.0%
• New Homes Passed in Q3 2025: 15,500

The 2025 Edge-out projects, which extend service near existing areas, passed 8,700 new homes in Q3 2025, achieving a 29.9% penetration rate for that vintage. It's defintely clear that expansion is a major driver.

Finance: draft 13-week cash view by Friday.

WideOpenWest, Inc. (WOW) - Canvas Business Model: Cost Structure

You're looking at the core outflows WideOpenWest, Inc. (WOW) faces to keep the lights on and build out the next generation of its network. Honestly, for a company in a heavy build-out phase, the cost structure is dominated by upfront investment and the ongoing cost of content.

High Capital Expenditures (CapEx) for Greenfield Expansion

The commitment to fiber-to-the-home expansion is a major cost driver. For the full 2025 fiscal year, WideOpenWest, Inc. (WOW) has set guidance targeting capital expenditures for greenfield expansion between \$60 million and \$70 million. This aggressive spend is front-loaded to secure future high-speed data (HSD) revenue streams. For context, in the second quarter of 2025, the company spent \$14.1 million specifically on greenfields, and in the third quarter of 2025, total Capital Expenditures were \$52.5 million, up \$12.0 million from the prior year, reflecting these expansion initiatives.

Operating Expenses (OpEx) for Network Maintenance and Personnel

Operating expenses, which cover the day-to-day running of the existing network and staffing, show a trend of reduction, largely due to the strategic shift away from video. For the quarter ended September 30, 2025, Operating Expenses, excluding Depreciation and Amortization, totaled \$53.9 million. This was down 13.9% compared to the same period in 2024. Selling, General, and Administrative expenses for that same quarter were \$38.1 million.

Debt Servicing Costs

Servicing the balance sheet is a fixed, non-negotiable cost. As of the third quarter of 2025, WideOpenWest, Inc. (WOW) reported total outstanding long-term debt and finance lease obligations of \$1,065.5 million. You have to factor in the interest payments on that principal load, which is a significant, recurring cash outflow separate from the principal repayment schedule.

Programming Costs for Video Services

The strategic pivot to prioritize broadband means video costs are actively being managed down. This is one of the clearest cost savings you can see in the recent financials. The reduction in programming expenses directly aligns with the reduction in Video Revenue Generating Units (RGUs). Here's a quick look at the quarterly savings:

• Programming expense reduction in Q3 2025 versus Q3 2024: \$8.3 million.
• Programming expense reduction in Q2 2025 versus Q2 2024: \$9.2 million.
• Programming expense reduction in Q1 2025 versus Q1 2024: \$8.1 million.

To put the key cost components into perspective for the latest reported quarter, here's the breakdown:

Finance: draft 13-week cash view by Friday.

WideOpenWest, Inc. (WOW) - Canvas Business Model: Revenue Streams

When you look at the revenue streams for WideOpenWest, Inc. (WOW) as of Q2 2025, it's clear the business model is heavily reliant on one core offering, even as the legacy services continue to shrink. Total Revenue for the second quarter ended June 30, 2025, clocked in at \$144.2 million. The story here is the pivot, or perhaps the slow transition, away from traditional bundles toward pure high-speed data.

Here's a breakdown of how that \$144.2 million was generated in the quarter:

The HSD segment is the engine, representing 72.7% of the total revenue for the quarter. Honestly, the fact that HSD revenue only dipped by 0.2% year-over-year to \$104.8 million, especially when the overall subscription base is shrinking, shows the pricing power they've managed to extract through rate increases.

Subscription revenue from video and telephony services is definitely in decline, which is a trend you see across the industry. You can see the pressure in the year-over-year comparisons for Q2 2025:

• Video revenue dropped by 39.9%.
• Telephony revenue dropped by 10.3%.

This decline across legacy video and phone services is what's driving the overall Total Subscription Revenue down by 9.3% to \$132.9 million for the period. They are clearly shedding these lower-margin, legacy products.

For the business services side, which includes data, voice, and cloud services, the revenue was \$4.9 million in Q2 2025, a slight dip of 2.0% compared to the prior year, mainly due to lower data center revenue. Then you have the 'Other Revenue' bucket, which covers things like advertising and paper statement fees. That stream brought in \$6.4 million for the quarter, marking a more significant drop of 12.3%, again pointing to reduced advertising and paper statement activity. If onboarding takes 14+ days, churn risk rises, but here, the risk is in these smaller, declining revenue sources.