Quarter Comparison
Revenue
Operating Income
Net Margin
Income Statement
Balance Sheet
Operating metrics disclosed this quarter
Read from the filing itself — XBRL does not carry these, so no standard financial dataset has them.
Remaining Performance Obligations
$529
Remaining Performance Obligations Remaining performance obligations represent the transaction price allocated to unsatisfied performance obligations of certain multiyear Mobility and Fixed communication services contracts, Managed Services contracts, and the Company’s Carrier Services construction and service contracts. The transaction price allocated to unsatisfied performance obligations was $529 million at June 30, 2026. The Company expects to satisfy approximately 50% of the remaining performance obligations and recognize the transaction price within 24 months and approximately $57 million annually from 2028 through 2032. The Company omits performance obligations associated with a contract with a duration of one year or less and variable consideration under the right to invoice or wholly unsatisfied performance obligation practical expedients from this disclosure.
Construction Grant Program Capital Expenditures Disbursed
$9.5
During the six months ended June 30, 2026, the Company disbursed capital expenditures of $9.5 million under these programs and received reimbursement of $8.1 million. These cash flows are classified as investing activities in the Company’s statement of cash flows.
New Construction Grant Awards
$2.04
The Company is currently reviewing funding available under the BEAD grant program. A roll forward of the Company’s grant awards is below (in thousands). Amount Grants awarded, December 31, 2025 $ 98,826 New grants 2,041 Construction complete — Grants awarded, June 30, 2026 $ 100,867
Construction Grants Awarded and Pending Completion
$100.87
Construction Grants The Company has also been awarded construction grants to build network connectivity for eligible communities. The funding of these grants, used to reimburse the Company for its construction costs, is generally distributed upon completion of a project. Once these projects are constructed, the Company is obligated to provide service to the participants. The Company expects to meet all requirements associated with these grants. The Company is currently reviewing funding available under the BEAD grant program. A roll forward of the Company’s grant awards is below (in thousands). Amount Grants awarded, December 31, 2025 $ 98,826 New grants 2,041 Construction complete — Grants awarded, June 30, 2026 $ 100,867
Construction Grant Program Reimbursements Received
$8.1
During the six months ended June 30, 2026, the Company disbursed capital expenditures of $9.5 million under these programs and received reimbursement of $8.1 million. These cash flows are classified as investing activities in the Company’s statement of cash flows.
Tribal Broadband Grant Construction Spend to Date
$45
Through June 30, 2026, the Company has received $41.8 million of funding under these programs and spent $45.0 million on construction obligations. These amounts are recorded as operating cash flows in the Company’s statement of cash flows.
Tribal Broadband Grant Funding Received to Date
$41.8
Through June 30, 2026, the Company has received $41.8 million of funding under these programs and spent $45.0 million on construction obligations. These amounts are recorded as operating cash flows in the Company’s statement of cash flows.
Tribal Broadband Grant Subrecipient Awards
$239
In addition, the Company partners with tribal governments to obtain grants under various government grant programs including, but not limited to, the Tribal Broadband Connectivity Program (“TBCP”) and the Rural Development Broadband ReConnect Program (“ReConnect”). These programs are administered by US government agencies to deploy broadband connectivity in certain underserved areas. The Company was identified as a sub recipient of grants under these programs totaling $239.0 million as of June 30, 2026. Under these grants the Company expects to enter into agreements to construct and operate the networks for the grant recipient. Once construction is complete the Company will hold a long-term lease to operate the network. The operating agreement will require the Company to meet certain minimum service requirements. Through June 30, 2026, the Company has received $41.8 million of funding under these programs and spent $45.0 million on construction obligations. These amounts are recorded as operating cash flows in the Company’s statement of cash flows.
Replace and Remove Program Amount Pending Reimbursement
$22.34
Total reimbursements, June 30, 2026 $ (177,458) $ (40,222) $ (217,680) Amount pending reimbursement $ 20,893 $ 1,446 $ 22,339 At June 30, 2026, $12.5 million of the capital expenditures spent under the Replace and Remove Program were accrued and unpaid. Amounts identified as capital are recorded as investing cash flows and amounts identified as operating are recorded as operating cash flows in the Company’s statement of cash flows. During the six months ended June 30, 2026, the Company determined that reimbursement was not probable for $9.0 million of capital expenditures incurred under the Replace and Remove Program. As a result, the Company transferred $9.0 million to fixed assets. Except for this $9.0 million, the Company expects to be reimbursed, within the next twelve months, for all amounts spent.
Replace and Remove Program Total Spend
$240.02
A summary of the amounts spent and reimbursed under the Replace and Remove Program is below (in thousands): Capital Operating Total Total spend, December 31, 2025 $ 194,897 $ 38,799 $ 233,696 Amounts spent 12,484 2,869 15,353 Amounts transferred (9,030) — (9,030) Total spend, June 30, 2026 $ 198,351 $ 41,668 $ 240,019
Replace and Remove Program Allocation
$517
In July 2022, the Company was approved to participate in the FCC’s Secure and Trusted Communications Networks Reimbursement Program (the “Replace and Remove Program”), designed to reimburse providers of advanced communications services for reasonable costs incurred in the required removal, replacement, and disposal of communications equipment and services in their networks that has been deemed to pose a national security risk. Pursuant to the Replace and Remove Program, the Company’s eligible subsidiaries were initially allocated up to approximately $207 million to replace, remove and securely destroy such communications equipment and services in the Company’s networks in the western US and in the US Virgin Islands; however, in December 2024, this program was fully funded for an increased allocation to the Company of an aggregate amount of approximately $517 million. The Replace and Remove Program requires each of the Company’s participating subsidiaries to complete the project no later than a specified deadline, which was recently extended through early November 2026.
Alaska Connect Fund Annual Support Rate
$25.6
● The Company receives federal Universal Service Fund (“USF”) support under the Alaska Connect Fund (“ACF”). Beginning January 1, 2025, the Company began receiving $25.6 million per year and expects to continue receiving such annual funding until December 31, 2028. Beginning in 2029 and continuing through 2034, the amount of ACF support will be determined by the Federal Communications Commission (“FCC”) staff taking into consideration broadband deployment funded through the Broadband Equity Access and Deployment Program;
Alaska State USF Annual Support Rate
$2.5
● The Company receives state USF support in Alaska of approximately $2.5 million annually.
Rural Southwest CAF II Annual Support Rate
$8
● The Company receives $8.0 million per year in Connect America Fund II (“CAF II”) support in the rural southwest until July 2028;
Rural Health Care Program Funding Received
$12.9
The company participates in the FCC’s Rural Health Care Universal Service Support Mechanism (“RHC Program”). During the three months ended June 30, 2026 and 2025, the Company received $6.6 million and $4.4 million, respectively, related to RHC Program funding. During the six months ended June 30, 2026 and 2025, the Company received $12.9 million and $8.7 million, respectively, related to RHC Program funding.