Shentel is a regional broadband provider serving customers across eight states in the eastern U.S., owning approximately 19,000 route miles of fiber. The company operates through three segments: Glo Fiber Expansion Markets, Incumbent Broadband Markets, and Commercial Fiber. Glo Fiber is Shentel's growth engine — a fiber-to-the-home service built in smaller cities and suburbs where the primary competitor is typically an incumbent cable company using older hybrid fiber-coaxial technology. Shentel passes approximately 427,000 homes with Glo Fiber and had roughly 83,000 broadband subscribers as of Q3 2025. The Incumbent Broadband segment operates in mature cable and FTTH markets across portions of Virginia and Ohio, passing approximately 252,000 homes, with broadband penetration around 46%. Shentel also provides voice and DSL services as a rural local exchange carrier in Shenandoah County, Virginia and Ross County, Ohio. The Commercial Fiber segment sells Ethernet, dark fiber leasing, and managed network services to enterprise, government, and carrier customers across its eight-state footprint. Shentel's business model is built on recurring monthly subscription revenue, with profitability driven by subscriber penetration growth in Glo Fiber markets over a fixed fiber infrastructure base. The company is currently in a peak investment cycle, targeting approximately 550,000 total Glo Fiber passings by end of 2026, with CapEx expected to decline sharply thereafter and a free cash flow inflection targeted for full-year 2027. Shentel has also received approximately $150M in government grants to extend broadband into unserved rural areas.