Shenandoah Telecommunications Company (SHEN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico de telecomunicações, a Shenandoah Telecommunications Company (Shen) surge como um jogador fundamental, acertando estrategicamente lacunas de conectividade em regiões rurais e carentes. Ao elaborar meticulosamente um modelo de negócios abrangente que prioriza a infraestrutura inovadora, soluções centradas no cliente e cobertura de rede expansiva, o Shen transforma o paradigma tradicional de telecomunicações. Sua abordagem exclusiva não apenas oferece serviços de alta velocidade na Internet e comunicação, mas também capacita as comunidades com soluções de conectividade confiáveis, acessíveis e tecnologicamente avançadas que redefinem a acessibilidade digital.

Shenandoah Telecommunications Company (Shen) - Modelo de negócios: Parcerias -chave

Provedores de serviços de Internet locais e regionais

A empresa de telecomunicações Shenandoah colabora com os seguintes provedores de serviços de Internet local e regional:

Parceiro	Detalhes da parceria	Cobertura de serviço
Redes Lumos	Compartilhamento de infraestrutura de rede	Virgínia, Virgínia Ocidental, Maryland
Fibra da primeira luz	Serviços de rede por atacado	Nordeste dos Estados Unidos

Fabricantes de equipamentos de infraestrutura

Shen faz parceria com os principais fabricantes de equipamentos de telecomunicações:

• Sistemas Cisco
• Ericsson
• Redes Nokia

Empresas de infraestrutura de torre e rede

Parceiro	Colaboração de infraestrutura	Investimento anual
American Tower Corporation	Leasing e co-localização de torre	US $ 3,2 milhões
Crown Castle International	Compartilhamento de infraestrutura de rede	US $ 2,7 milhões

Fornecedores de serviço em nuvem e tecnologia

As parcerias de serviço em nuvem de Shen incluem:

• Amazon Web Services (AWS)
• Microsoft Azure
• Plataforma do Google Cloud

Empresas e parceiros de comunicação do governo

Tipo de parceiro	Número de parcerias	Valor anual do contrato
Clientes corporativos	47	US $ 12,5 milhões
Agências governamentais	18	US $ 6,8 milhões

Shenandoah Telecommunications Company (Shen) - Modelo de negócios: Atividades -chave

Desenvolvimento de infraestrutura de rede sem fio e de banda larga

A partir de 2024, a empresa de telecomunicações Shenandoah se concentra em investimentos estratégicos de infraestrutura de rede:

Métrica de infraestrutura	Valor atual
Área total de cobertura da rede	5.832 milhas quadradas
Instalações da torre de rede	287 torres de celular
Miles de rede de fibra óptica	1.642 milhas
Despesas de capital para infraestrutura	US $ 42,3 milhões em 2023

Provisionamento de serviços de telecomunicações

A prestação de serviços se concentra em vários canais de comunicação:

• Serviços de voz sem fio
• Conectividade da Internet em alta velocidade
• Transmissão de dados móveis
• Soluções de comunicação corporativa

Manutenção de rede e atualizações tecnológicas

Categoria de manutenção	Investimento anual
Atualizações de equipamentos de rede	US $ 12,7 milhões
Aprimoramentos de segurança cibernética	US $ 3,2 milhões
Infraestrutura de suporte técnico	US $ 5,6 milhões

Expansão de conectividade rural e suburbana

Métricas de expansão de conectividade:

• Cobertura da área de serviço rural: 73 municípios
• Novas conexões de banda larga rural: 14.532 em 2023
• Velocidade média da banda larga rural: 100 Mbps

Entrega de serviço de internet e comunicação móvel

Métrica de serviço	2024 Performance
Total de assinantes sem fio	127,400
Assinantes de Internet de banda larga	89,600
Uso médio mensal de dados por assinante	487 GB
Tempo de atividade da rede móvel	99.87%

Shenandoah Telecommunications Company (SHEN) - Modelo de negócios: Recursos -chave

Extensa infraestrutura de telecomunicações

A partir do quarto trimestre 2023, a Shenandoah Telecommunications Company mantém:

Tipo de infraestrutura	Detalhes da cobertura
Área de cobertura da rede	Regiões rurais e suburbanas na Virgínia, Virgínia Ocidental e Pensilvânia
Pegada total da rede	Aproximadamente 5.200 milhas quadradas
Instalações da torre de celular	Mais de 250 torres de telecomunicações ativas

Licenças de espectro e frequências sem fio

As participações atuais do espectro incluem:

• Licenças de espectro de 700 MHz
• Faixa de espectro de 850 MHz
• AWS (Frequências Avançadas sem fio)

Experiência técnica e força de trabalho qualificada

Métrica da força de trabalho	2023 dados
Total de funcionários	432 profissionais em tempo integral
Porcentagem de pessoal técnico	62% com experiência especializada em telecomunicações
Experiência técnica média	12,5 anos no setor de telecomunicações

Ativos de rede de fibra óptica e sem fio

Detalhes da infraestrutura de rede:

• Rede de fibra óptica: 1.875 milhas de cabos de fibra óptica implantados
• Rede sem fio: 4G LTE e recursos emergentes 5G
• Cobertura de banda larga: Servindo aproximadamente 95.000 clientes residenciais e comerciais

Plataformas avançadas de tecnologia de comunicação

Plataforma de tecnologia	Especificações
Sistema de Gerenciamento de Rede	Plataforma de Gerenciamento de Telecomunicações Integradas Proprietárias
Tecnologia de atendimento ao cliente	Sistema de Gerenciamento de Relacionamento ao Cliente baseado em nuvem
Infraestrutura de segurança de rede	Protocolos avançados de segurança cibernética com monitoramento em tempo real

Shenandoah Telecommunications Company (Shen) - Modelo de negócios: proposições de valor

Internet de alta velocidade confiável em regiões rurais

A Shenandoah Telecommunications Company fornece serviços de Internet de banda larga em 467 milhas quadradas na Virgínia, Virgínia Ocidental e Pensilvânia. A partir do quarto trimestre 2023, a empresa atende aproximadamente 126.500 clientes de banda larga com velocidades médias de download de 100 Mbps.

Área de serviço	Clientes de banda larga	Velocidade média de download
Virgínia rural	62,350	100 Mbps
Virgínia Ocidental rural	41,750	100 Mbps
Pensilvânia rural	22,400	100 Mbps

Soluções abrangentes de telecomunicações

A Shen oferece uma gama diversificada de serviços de telecomunicações, com US $ 249,3 milhões em receita total para 2023.

• Infraestrutura de rede de fibra óptica
• Serviços de Operador de Rede Virtual Mobile (MVNO)
• Soluções de comunicação corporativa
• Leasing de infraestrutura de torre

Serviços de conectividade acessíveis

A estratégia de preços da empresa tem como alvo os consumidores rurais conscientes do orçamento com taxas competitivas. O custo médio da assinatura mensal de banda larga é de US $ 59,99, 15% menor que as taxas de mercado urbano.

Cobertura de rede consistente em áreas carentes

A cobertura da rede se estende a 98,6% dos mercados rurais direcionados, com 312 torres de células e 1.247 milhas de infraestrutura de rede de fibra óptica.

Tipo de infraestrutura	Unidades totais	Cobertura geográfica
Torres de celular	312	98.6%
Rede de fibra óptica	1.247 milhas	95.3%

Ofertas de tecnologia de comunicação integradas

Shen fornece serviços agrupados com Tecnologias de comunicação integradas, incluindo:

• Internet sem fio
• Serviços de voz móvel
• Soluções de comunicação corporativa
• Serviços de infraestrutura de rede

Shenandoah Telecommunications Company (Shen) - Modelo de negócios: Relacionamentos do cliente

Canais diretos de vendas e suporte ao cliente

A partir do quarto trimestre 2023, a Shenandoah Telecommunications mantém uma abordagem de suporte ao cliente multicanal:

Canal	Método de contato	Tempo médio de resposta
Suporte telefônico	1-800-743-7638	12 minutos
Chat online	Portal de suporte ao site	8 minutos
Suporte por e -mail	customer.support@shentel.com	24 horas

Plataformas de gerenciamento de contas online

Métricas de engajamento de clientes digitais para 2023:

• Usuários de aplicativos móveis: 287.345
• Taxa de penetração de conta on -line: 68,3%
• Transações de autoatendimento: 1,2 milhão por trimestre

Pacotes de serviço personalizados

Nível de serviço	Custo mensal	Características
Basic	$49.99	Internet padrão
Premium	$79.99	Internet aprimorada + segurança
Empresa	$199.99	Serviços de classe empresarial

Suporte técnico e serviços de solução de problemas

Métricas de desempenho de suporte técnico:

• Taxa de resolução de primeira ligação: 82,4%
• Suporte técnico médio Duração da chamada: 17 minutos
• Pontuação de satisfação do cliente: 4,3/5

Estratégias de engajamento focadas na comunidade

Estatísticas de engajamento da comunidade para 2023:

Canal de engajamento	Contagem de participantes	Frequência de interação
Plataformas de mídia social	45.672 seguidores	Atualizações semanais
Eventos da comunidade	12 eventos locais	Trimestral
Programas de feedback do cliente	3.456 participantes	Pesquisas semestrais

Shenandoah Telecommunications Company (Shen) - Modelo de Negócios: Canais

Equipe de vendas diretas

Em 2024, a Shenandoah Telecommunications mantém uma equipe de vendas direta com aproximadamente 127 representantes de vendas que cobrem mercados rurais e suburbanos na Virgínia, Virgínia Ocidental e Pensilvânia.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	127
Receita anual média por representante	$342,000
Cobertura geográfica	3 estados

Site online e plataformas digitais

Os canais digitais de Shen incluem um site abrangente com recursos de gerenciamento de contas on -line e recursos de pedidos de serviço.

Métrica da plataforma digital	2024 Estatísticas
Visitantes mensais do site	87,500
Transações de serviço online	42% do total de transações
Taxa de autoatendimento digital	63%

Locais de parceiros de varejo

O Shen opera através de parcerias estratégicas de varejo para expandir a distribuição de serviços.

• Locais totais de parceiros de varejo: 94
• Tipos de parceiros:
  • Varejistas de telecomunicações autorizados
  • Lojas eletrônicas locais
  • Lojas de celular regionais

Aplicativo móvel

O aplicativo móvel da Shen fornece recursos abrangentes de gerenciamento de serviços.

Métrica de aplicativo móvel	2024 dados
Downloads de aplicativos totais	126,500
Usuários ativos mensais	78,300
App Store Classificação	4.3/5

Centros de atendimento ao cliente

Shen mantém uma infraestrutura abrangente de suporte ao cliente.

Métrica de call center	2024 Estatísticas
Tota de call centers	3
Volume anual de chamada	1.240.000 ligações
Tempo médio de resposta	2,7 minutos
Taxa de satisfação do cliente	88%

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

Clientes residenciais rurais

A partir do quarto trimestre de 2023, a Shenandoah Telecommunications atende a aproximadamente 132.000 clientes residenciais rurais em toda a Virgínia, Virgínia Ocidental e Pensilvânia.

Categoria de cliente	Número de clientes	Receita mensal média por cliente
Banda larga residencial rural	98,500	$62.47
Telefone residencial rural	33,500	$42.89

Pequenas e médias empresas

O Shen tem como alvo 4.200 clientes comerciais pequenos e médios em suas regiões de serviço.

• Serviços de Internet de Negócios: 3.100 clientes
• Business Voice Solutions: 2.800 clientes
• Serviços de TI gerenciados: 1.200 clientes

Clientes corporativos corporativos

O segmento corporativo inclui 87 clientes corporativos com valor total de contrato anual de US $ 14,3 milhões em 2023.

Tipo de cliente corporativo	Número de clientes	Valor médio anual do contrato
Instituições de Saúde	22	$385,000
Organizações educacionais	35	$267,000
Empresas de fabricação	30	$412,000

Organizações governamentais e institucionais

Shen atende a 42 clientes governamentais e institucionais com receita anual total de US $ 8,7 milhões em 2023.

• Agências do governo local: 24 clientes
• Departamentos do Governo do Estado: 12 clientes
• Instituições educacionais: 6 clientes

Consumidores de serviço de telecomunicações

Total de telecomunicações Base de consumidores de 215.000 em várias categorias de serviço.

Categoria de serviço	Total de consumidores	Penetração de mercado
Internet de banda larga	142,500	66.3%
Voz/dados móveis	53,200	24.7%
Telefone fixo	19,300	9%

Shenandoah Telecommunications Company (Shen) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de rede

Para o ano fiscal de 2023, a Shenandoah Telecommunications Company relatou custos de manutenção de infraestrutura de rede de US $ 47,3 milhões.

Categoria de custo	Valor ($)
Manutenção da torre	18,500,000
Reparos de equipamentos de rede	12,700,000
Manutenção de linha de fibra óptica	16,100,000

Investimentos de infraestrutura de tecnologia

Em 2023, a empresa investiu US $ 63,5 milhões em atualizações de infraestrutura de tecnologia.

• Expansão da rede 5G: US $ 24,2 milhões
• Implantação de rede de fibra óptica: US $ 22,8 milhões
• Infraestrutura em nuvem: US $ 16,5 milhões

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 82,6 milhões.

Tipo de despesa	Valor ($)
Salários da base	62,400,000
Benefícios dos funcionários	13,200,000
Treinamento e desenvolvimento	7,000,000

Despesas de pesquisa e desenvolvimento

Os investimentos em P&D totalizaram US $ 22,1 milhões em 2023.

• Pesquisa de tecnologia sem fio: US $ 9,3 milhões
• Inovação de segurança de rede: US $ 6,8 milhões
• Tecnologia da experiência do cliente: US $ 6,0 milhões

Custos de marketing e aquisição de clientes

As despesas de marketing para 2023 atingiram US $ 35,7 milhões.

Canal de marketing	Valor ($)
Marketing digital	15,200,000
Publicidade tradicional	12,500,000
Programas de retenção de clientes	8,000,000

Estrutura de custo total para 2023: US $ 251,2 milhões

Shenandoah Telecommunications Company (Shen) - Modelo de negócios: fluxos de receita

Taxas de assinatura da Internet de banda larga

A partir do quarto trimestre de 2023, a Shenandoah Telecommunications relatou receita de assinatura da Internet de banda larga de US $ 54,3 milhões. A empresa atende a aproximadamente 133.000 clientes da Internet de banda larga nos mercados rurais e suburbanos da Virgínia, Virgínia Ocidental e Pensilvânia.

Camada de assinatura de banda larga	Faixa de preço mensal	Assinantes estimados
Nível básico (25-50 Mbps)	$39.99 - $49.99	62,500
Camada avançada (100-250 Mbps)	$59.99 - $79.99	45,000
Nível Premium (mais de 500 Mbps)	$89.99 - $129.99	25,500

Cobranças de serviço de comunicação móvel

A receita do serviço de comunicação móvel para 2023 atingiu US $ 87,6 milhões. A empresa opera um modelo de operador de rede virtual móvel (MVNO), utilizando infraestrutura de rede de parceiros.

• Total de assinantes móveis: 95.000
• Receita média por usuário móvel (ARPU): US $ 76,50 por mês
• Mix de serviços pré -pago e pós -pago: 40% pré -pago, 60% pós -pago

Soluções de conectividade corporativa

A Enterprise Connectivity Solutions gerou US $ 42,1 milhões em receita durante 2023, visando pequenas e médias empresas em suas regiões de serviço.

Tipo de serviço	Receita anual	Número de clientes corporativos
Acesso dedicado à Internet	US $ 18,5 milhões	1,200
Serviços de rede gerenciados	US $ 15,3 milhões	850
Conectividade em nuvem	US $ 8,3 milhões	650

Leasing de infraestrutura de rede

A receita de leasing de infraestrutura de rede totalizou US $ 23,7 milhões em 2023, com parcerias importantes envolvendo provedores regionais de telecomunicações e serviços de Internet.

• Arrendamentos de colocação de torre: US $ 12,4 milhões
• Leasing de segmento de rede de fibra: US $ 7,8 milhões
• Leasing de transmissão de microondas: US $ 3,5 milhões

Serviços de telecomunicações de valor agregado

Os serviços de valor agregado contribuíram com US $ 16,2 milhões para o fluxo de receita da empresa em 2023.

Categoria de serviço	Receita anual	Porcentagem da receita total
Serviços de segurança	US $ 6,5 milhões	40%
Voice sobre IP	US $ 4,8 milhões	30%
Ferramentas de comunicação em nuvem	US $ 4,9 milhões	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.