13. SEGMENT REPORTING

Through December 31, 2025, the Company has the following two reportable and operating segments: (i) International Telecom and (ii) US Telecom.

Operating income is the segment measure of profit or loss reported to the chief operating decision maker for purposes of assessing the segments' performance and making capital allocation decisions. The Company believes operating income is a useful measure of its operating results as it provides relevant and useful information to investors and other users of the Company’s financial data in evaluating the effectiveness of the Company’s operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. The Company’s chief operating decision maker is the Company’s Chief Executive Officer.

The following tables provide information for each operating segment (in thousands):


For the Year Ended December 31, 2025

		International			US			Corporate and
		Telecom			Telecom			Other (1)			Consolidated
Revenue
Communication Services
Mobility - Business		$	20,176		$	66		$	—		$	20,242
Mobility - Consumer			87,432			(38)			—			87,394
Total Mobility			107,608			28			—			107,636
Fixed - Business			74,077			118,043			—			192,120
Fixed - Consumer			171,742			90,042			—			261,784
Total Fixed			245,819			208,085			—			453,904
Carrier Services			13,665			121,149			—			134,814
Other			9,413			472			—			9,885
Total Communication Services Revenue			376,505			329,734			—			706,239
Construction			—			4,825			—			4,825
Other
Managed Services			5,376			11,535			—			16,911
Total Other Revenue			5,376			11,535			—			16,911
Total Revenue			381,881			346,094			—			727,975

Operating Expenses
Cost of communication services and other			139,584			173,544			—			313,128
Cost of construction revenue			—			5,264			—			5,264
Selling, general and administrative			110,662			88,750			20,128			219,540
Stock-based compensation			639			183			7,721			8,543
Transaction-related charges			—			—			3,576			3,576
Restructuring and reorganization expenses			3,805			4,928			1,424			10,157
Depreciation and amortization			58,026			71,569			3,381			132,976
Amortization of intangibles from acquisitions			1,004			3,904			—			4,908
(Gain) loss on disposition of assets, transfers and contingent consideration			1,188			(333)			594			1,449
Total Operating Expenses			314,908			347,809			36,824			699,541
Income (loss) from operations			66,973			(1,715)			(36,824)			28,434
Other income (expenses)
Interest income												702
Interest expense												(47,822)
Other expense												(9,067)
Other expense												(56,187)
Loss before income taxes												(27,753)

Other segment disclosures:
		International			US			Corporate and
		Telecom			Telecom			Other (1)			Consolidated
Net (income) loss attributable to non-controlling interests			(6,238)			14,854			—			8,616


For the Year Ended December 31, 2024

		International			US			Corporate and
		Telecom			Telecom			Other (1)			Consolidated
Revenue
Communication Services
Mobility - Business		$	19,794		$	277		$	—		$	20,071
Mobility - Consumer			87,407			2,494			—			89,901
Total Mobility			107,201			2,771			—			109,972
Fixed - Business			74,087			125,439			—			199,526
Fixed - Consumer			172,078			86,760			—			258,838
Total Fixed			246,165			212,199			—			458,364
Carrier Services			13,724			119,561			—			133,285
Other			4,680			1,457			—			6,137
Total Communication Services Revenue			371,770			335,988			—			707,758
Construction			—			3,900			—			3,900
Other
Managed Services			5,693			11,724			—			17,417
Total other revenue			5,693			11,724			—			17,417
Total Revenue			377,463			351,612			—			729,075

Operating Expenses
Cost of communication services and other			136,137			176,268			(149)			312,256
Cost of construction revenue			—			3,866			—			3,866
Selling, general and administrative			114,175			91,650			23,044			228,869
Stock-based compensation			354			621			7,262			8,237
Transaction-related charges			—			3,789			1,058			4,847
Restructuring and reorganization expenses			1,489			1,167			879			3,535
Depreciation and amortization			63,708			73,994			633			138,335
Amortization of intangibles from acquisitions			1,006			6,901			—			7,907
(Gain) loss on disposition of assets, transfers and contingent consideration			(15,179)			2,529			(601)			(13,251)
Goodwill impairment			—			35,269			—			35,269
Total Operating Expenses			301,690			396,054			32,126			729,870
Income (loss) from operations			75,773			(44,442)			(32,126)			(795)
Other income (expenses)
Interest income												1,186
Interest expense												(49,548)
Other expense												(1,809)
Other expense												(50,171)
Loss before income taxes												(50,966)

Other segment disclosures:
		International			US			Corporate and
		Telecom			Telecom			Other (1)			Consolidated
Net (income) loss attributable to non-controlling interests			(12,844)			18,267			—			5,423


For the Year Ended December 31, 2023

		International			US			Corporate and
		Telecom			Telecom			Other (1)			Consolidated
Revenue
Communication Services
Mobility - Business		$	16,333		$	527		$	—		$	16,860
Mobility - Consumer			92,153			3,510			—			95,663
Total Mobility			108,486			4,037			—			112,523
Fixed - Business			71,215			143,322			—			214,537
Fixed - Consumer			167,953			90,283			—			258,236
Total Fixed			239,168			233,605			—			472,773
Carrier Services			14,686			128,195			—			142,881
Other			3,066			3,839			—			6,905
Total Communication Services Revenue			365,406			369,676			—			735,082
Construction			—			10,629			—			10,629
Other
Managed Services			5,327			11,178			—			16,505
Total Other Revenue			5,327			11,178			—			16,505
Total Revenue			370,733			391,483			—			762,216

Operating Expenses
Cost of communication services and other			141,771			178,829			(877)			319,723
Cost of construction revenue			—			10,345			—			10,345
Selling, general and administrative			113,007			102,375			27,315			242,697
Stock-based compensation			431			247			7,857			8,535
Transaction-related charges			—			172			379			551
Restructuring and reorganization expenses			3,491			7,737			—			11,228
Depreciation and amortization			57,420			81,594			2,613			141,627
Amortization of intangibles from acquisitions			1,253			11,383			—			12,636
(Gain) loss on disposition of assets, transfers and contingent consideration			(60)			4,323			(2,564)			1,699
Total Operating Expenses			317,313			397,005			34,723			749,041
Income from operations			53,420			(5,522)			(34,723)			13,175
Other income (expenses)
Interest income												476
Interest expense												(42,686)
Other income (expense)												1,496
Other (expense)												(40,714)
Loss before income taxes												(27,539)

Other segment disclosures:
		International			US			Corporate and
		Telecom			Telecom			Other (1)			Consolidated
Net (income) loss attributable to non-controlling interests			(7,105)			11,321			—			4,216


		International			US			Corporate and
		Telecom			Telecom			Other (1)			Consolidated
December 31, 2025
Cash, cash equivalents, and restricted cash		$	79,165		$	35,915		$	2,074		$	117,154
Total current assets			165,341			141,592			20,943			327,876
Fixed assets, net			451,303			533,443			7,021			991,767
Goodwill			4,835			—			—			4,835
Total assets			701,579			881,968			89,707			1,673,254
Total current liabilities			97,305			120,637			45,157			263,099
Total debt, including current portion			59,952			329,034			176,181			565,167
December 31, 2024
Cash, cash equivalents, and restricted cash		$	35,231		$	51,604		$	2,409		$	89,244
Total current assets			129,866			168,754			10,541			309,161
Fixed assets, net			466,861			565,625			7,707			1,040,193
Goodwill			4,835			—			—			4,835
Total assets			675,642			957,914			93,547			1,727,103
Total current liabilities			85,588			147,490			34,236			267,314
Total debt, including current portion			59,850			316,241			181,265			557,356

(1)

Corporate and other refers to corporate overhead expenses and consolidating adjustments.


	Capital Expenditures

		International		US		Corporate and
Year ended December 31,		Telecom		Telecom		Other (1)		Consolidated
2025	$	46,581	$	43,439	$	2	$	90,022
2024		56,693		53,652		29		110,374

(1)

Corporate and other refers to corporate overhead expenses and consolidating adjustments.

The table below identifies the Company’s revenues and long-lived assets by geographic location. The Company attributes revenue to geographic location based on location of the customer (in thousands):


	2025				2024				2023
			Long-Lived				Long-Lived				Long-Lived
	Revenues		Assets		Revenues		Assets		Revenues		Assets

US	$	347,775	$	809,370	$	353,277	$	872,515	$	391,870	$	938,650
Guyana		125,957		185,788		122,576		188,183		119,915		195,030
US Virgin Islands		90,422		205,484		92,104		208,059		95,129		213,553
Bermuda		118,998		91,497		117,845		97,310		114,096		102,227
Other Foreign Countries		44,823		53,240		43,273		51,877		41,206		52,982
	$	727,975	$	1,345,379	$	729,075	$	1,417,944	$	762,216	$	1,502,442

Historical Timeline

Fiscal Year	Filed
2025	Mar 16, 2026	Showing above
2024	Mar 17, 2025

2023	Mar 15, 2024

2022	Mar 15, 2023

2021	Mar 16, 2022

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

ATN International, Inc. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures