Oct 28, 2026 earnings call — Glo Fiber expansion and margin outlook
Glo Fiber surpassed 0.5 million passings and total revenue was $93.9 million.
Revenue $0.1B (est $0.1B) · EPS $-0.19 (est $-0.23) · Next-quarter revenue outlook $0.4B–$0.4B
Key quotes
"For the third quarter, Glo Fiber surpassed 0.5 million passings, an important milestone as we move closer to completing our planned expansion."
"We added 8,600 Glo Fiber data customers, a record quarter for net additions, and ended the quarter with approximately 109,000 data customers, up 32% year-over-year."
"For our capital expenditures outlook, we are increasing our guidance to a range of $255 million to $275 million from our prior guidance of $220 million to $250 million."
Analyst Q&A 3
Adding fiber customers and competition
Q (Hamed Khorsand · BWS Financial): He asked if adding new Glo Fiber subscribers is getting harder or still easy. He also asked if there are any competitive threats and whether ARPU changes reflect recent price cards.
A: Management said they are still having significant success adding Glo Fiber customers and net adds in Q3 were up 48% versus last year. They said penetration is still below 22% with a midterm target of 37%, so there is a lot of runway. On competition, they see little change and only some DSL-to-fiber upgrades in certain areas; on ARPU the 5-year rate card reduced ARPU by about 1% and incumbent markets had targeted rate updates to balance lifetime value and adds.
"I would say we are still having significant success adding Glo Fiber customers." — Edward McKay (CEO)
Hyperscaler deals and customer value
Q (Benjamin Taxdahl · Craig-Hallum): He asked for any update on hyperscaler AI data center customers across their footprint. He also asked how they calculate returns or value for these customers and the cost breakdown of the extra CapEx.
A: They said negotiations with major hyperscalers take time, discussions are ongoing, and they see it as a significant growth opportunity but have nothing new to announce now. They said they use customer lifetime value calculations; for Glo Fiber that value comes out to a couple of thousand dollars per customer and they view churn at 1.1% equating to almost 100 months or 8-plus years. For the CapEx increase, about $10 million is for the 7,000 additional passings, about $15 million relates to government grant timing, and $5 million is other smaller items; they underwrite Glo Fiber markets to an IRR of 15%.
"So I'll say it takes time to negotiate contracts with these major hyperscalers." — Edward McKay (CEO)
When ARPU stabilizes and leverage targets
Q (Vikash Harlalka · New Street): He asked when broadband ARPU will stabilize and start to grow. He also asked about long-term leverage targets, timing to get there, and what they will do with excess cash.
A: They expect net leverage at the end of the year to be about 5.7 to 5.8x EBITDA, to be below 5x by the end of 2027, and below 4x by 2029. On ARPU, Glo Fiber had a small expected 1% impact from the 5-year plans and equipment timing; they expect a small decline from Q3 to Q4 but starting in '27 ARPU should be flat to slightly rising. For incumbent markets they plan a new rate card in early 2027 that should raise lifetime value; ARPU may still slightly decline but likely less than 1% in 2027 and the following years.
"We expect net leverage at the end of the year to be about 5.7 to 5.8x EBITDA." — James Volk (CFO)