Strategic Leadership Transition and Succession Planning
Chris French announced his transition from CEO to Executive Chairman effective September 1, with Ed McKay promoted to CEO, supported by a deliberate succession plan developed over several years.
French emphasized the importance of leadership continuity during a period of rapid fiber network expansion and growth.
The leadership change is positioned as a strategic move to support the company's fiber-first growth trajectory and operational execution.
Adjusted EBITDA grew $5.1 million or 21.9% to $28.4 million, driven by revenue growth and $2.4 million in lower operating expenses.
Adjusted EBITDA margins increased from 27.1% in Q2 2024 to 32.1% in Q2 2025, driven by high incremental margin from Glo Fiber subscriber additions and synergies from Horizon Telecom acquisition.
Closed a small tuck-in fiber-to-the-home acquisition adding 1,500 passings and approximately 700 customers for $5 million, with an implied purchase price multiple of about 8x 2026 pro forma adjusted EBITDA.
Glo Fiber incremental margin was 71% in Q2 2025 compared to Q2 2024, highlighting strong operating leverage of the fiber network.
Glo Fiber revenue growth was partially offset by declines in incumbent broadband markets and commercial fiber revenue of $1.4 million and $1.2 million, respectively.
Liquidity was $266.7 million on June 30, including $29 million in cash, $143 million in revolver capacity, and $94.6 million in remaining government grant reimbursements.
Outstanding debt was $513 million with the first material maturity in July 2027.
Revenue grew 3.2% to $88.6 million, driven by strong Glo Fiber markets revenue growth of $5.7 million or 40.5%, driven by an increase in subscribers.
Dafinchi