ATN International (ATNI) risk factors, FY2025 10-K

ATN International's FY2025 10-K, filed Mar 16, 2026, lists 26 risk factors in 4 groups. Against the prior year's 23: 7 new, 4 dropped, 11 substantially reworded.

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Risk factors listed
264 groups
New this year
7vs 23 last year
Dropped
4since the prior 10-K
Substantially reworded
11of those kept
Section length
6k wordsItem 1A

What the changes say

  • Permitting delays from government shutdowns and FCC actions threaten operations.
  • Geopolitical instability in the Caribbean threatens infrastructure and subsea cables.
  • The proposed sale of southwestern US towers to EIP Holdings creates closing and leaseback dependencies.

What changed since the prior 10-K

New

  • NewOperational Risks

    shutdown in 2025, as well as the decrease in federal workers to process easement and other necessary permitting, continues to have impacts on the operations of our Company with respect to backlog in permitting that accumulated during the shutdown

    Federal worker shortages from government shutdowns create permitting delays, while FCC rule changes or equipment restrictions could impact funding or operations.

  • NewOperational Risks

    Geopolitical instability and US military presence in the Caribbean may impact our operations

    Increased US military presence and geopolitical instability in the Caribbean threaten our subsea cables, infrastructure, and operations in Trinidad and Tobago.

  • NewOperational Risks

    well as a financial disadvantage in terms of the ability to achieve economies of scale and receive commensurate discounts that may be available to our competitors

    Importing a large portion of our equipment exposes us to new or increased tariffs, unfavorable tax changes, and disadvantages in achieving economies of scale.

  • NewStrategic Risks

    We may not be able to close our sale of US towers

    Our pending sale of the southwestern US Tower Portfolio to EIP Holdings IV depends on third-party consents, HSR Act waiting periods, and remedying site conditions.

  • NewStrategic Risks

    negatively harm our financial position, results of operations and liquidity. In addition, the Leaseback may result in higher overall costs and increase the Company’s operating expenses

    If we cannot close the Tower Portfolio Transaction or operate economically under the leaseback, our financial results and stock price could suffer.

  • NewRegulatory Risks

    The tightening of access to and cost of capital could adversely impact our business

    Tightened access to capital markets and rising capital costs, combined with inflationary cashflow squeezes, could limit our capital projects and inorganic growth.

  • NewRegulatory Risks

    interest rates and capital costs, supply shortages, increased costs of labor, components, manufacturing and shipping, as well as weakening exchange rates and other similar effects. Increased interest rates and additional debt have resulted in increased interest expenses

    Economic volatility, US tariffs on steel, aluminum, or copper, and oil price fluctuations in Alaska and Guyana can increase our network construction and operating costs.

Dropped

  • DroppedOperational Risks

    We are reliant on government funding to execute on the FCC’s Remove and Replace program

  • DroppedOperational Risks

    the Consent Decree and our ongoing RHC Program obligations, any violation of the Consent Decree or other compliance failures may result in additional penalties

  • DroppedRegulatory Risks

    FCC regulatory activity has increased since 2023, particularly in connection with broadband. We cannot predict how increased regulatory activity at the FCC will impact our businesses

  • DroppedRegulatory Risks

    Availability and cost of capital

Reworded

  • 91% rewrittenRegulatory Risks

    General economic factors, such as inflation and a potential economic downturn, domestically and internationally, may adversely affect our business, financial condition and results of operations

    Added specific risks regarding uncertainty with respect to tariffs and trade relations.

  • 61% rewrittenOperational Risks

    We are reliant on government funding that could change as a result of changes to governmental policies and programs

    Added participation in the FCC Remove and Replace Program and explicit clawback risks if award terms are unmet.

    Was: We are reliant on government funding which brings compliance obligations and risk of change in federal or state funding, including as a result of changes to governmental policies and programs

  • 60% rewrittenRegulatory Risks

    Regulatory changes may impose restrictions that adversely affect us or cause us to incur significant unplanned costs in modifying our business plans or operations

    Updated regulatory change language to include laws being enacted, amended, or abolished rather than referencing a new US administration.

  • 56% rewrittenOperational Risks

    We rely on a limited number of key suppliers and vendors and if our relationships with them are interrupted it could adversely impact our business

    Added a disclosure that our smaller relative size puts us at a disadvantage in accessing the newest supplier technologies.

    Was: We rely on a limited number of key suppliers and vendors

  • 54% rewrittenOperational Risks

    Network outages and rising energy costs could have an adverse effect on our business

    Added risks from cyber-attacks, high energy costs in rural and island locations, and frequent power grid outages causing service disruptions.

  • 47% rewrittenStrategic Risks

    Increased competition may require increased capital expenditures or result in the loss of existing customers

    Retained prior year risk text with no material substantive changes.

  • 44% rewrittenOperational Risks

    Cybersecurity breaches could have an adverse effect on our business

    Expanded cybersecurity risks to explicitly include data encryption and ransom demands alongside general IT disruptions.

  • 37% rewrittenRegulatory Risks

    The loss of certain licenses could adversely affect our ability to provide wireless and broadband services

    Retained prior year wireless license renewal risks with minor wording refinements.

  • 33% rewrittenStrategic Risks

    Rapid and significant technological changes and advancements in the telecommunications industry may adversely affect us

  • 30% rewrittenStrategic Risks

    We may not be able to realize the benefits of our investments in our operating markets

  • 26% rewrittenOther Risks

    Low trading volume of our stock may limit our stockholders’ ability to sell shares and/or result in lower sale prices

All 26 risk factors

Headings as the filing states them, in filing order.

Operational Risks

  1. 01Cybersecurity breaches could have an adverse effect on our business44% rewritten
  2. 02Inclement weather, changes in meteorological conditions and other natural disasters may materially disrupt our operations
  3. 03Network outages and rising energy costs could have an adverse effect on our business54% rewritten
  4. 04We are reliant on government funding that could change as a result of changes to governmental policies and programs61% rewritten
  5. 05shutdown in 2025, as well as the decrease in federal workers to process easement and other necessary permitting, continues to have impacts on the operations of our Company with respect to backlog in permitting that accumulated during the shutdownNew
  6. 06Geopolitical instability and US military presence in the Caribbean may impact our operationsNew
  7. 07Our inability to recruit and retain experienced management and technical personnel could adversely affect our results of operations and our ability to maintain effective internal controls
  8. 08We rely on a limited number of key suppliers and vendors and if our relationships with them are interrupted it could adversely impact our business56% rewritten
  9. 09well as a financial disadvantage in terms of the ability to achieve economies of scale and receive commensurate discounts that may be available to our competitorsNew

Strategic Risks

  1. 10Increased competition may require increased capital expenditures or result in the loss of existing customers47% rewritten
  2. 11We may not be able to close our sale of US towersNew
  3. 12negatively harm our financial position, results of operations and liquidity. In addition, the Leaseback may result in higher overall costs and increase the Company’s operating expensesNew
  4. 13We may not be able to realize the benefits of our investments in our operating markets30% rewritten
  5. 14Rapid and significant technological changes and advancements in the telecommunications industry may adversely affect us33% rewritten

Regulatory Risks

  1. 15Regulatory changes may impose restrictions that adversely affect us or cause us to incur significant unplanned costs in modifying our business plans or operations60% rewritten
  2. 16The loss of certain licenses could adversely affect our ability to provide wireless and broadband services37% rewritten
  3. 17The tightening of access to and cost of capital could adversely impact our businessNew
  4. 18General economic factors, such as inflation and a potential economic downturn, domestically and internationally, may adversely affect our business, financial condition and results of operations91% rewritten
  5. 19interest rates and capital costs, supply shortages, increased costs of labor, components, manufacturing and shipping, as well as weakening exchange rates and other similar effects. Increased interest rates and additional debt have resulted in increased interest expensesNew
  6. 20Our debt instruments include restrictive and financial covenants that limit our operating flexibility
  7. 21Labor costs and the terms of collective bargaining agreements can negatively impact our ability to remain competitive, which could cause our financial performance to suffer
  8. 22Alaska Communications may incur substantial and unexpected liabilities arising out of its pension plans

Other Risks

  1. 23Our founder is our largest stockholder and could exert significant influence over us
  2. 24Low trading volume of our stock may limit our stockholders’ ability to sell shares and/or result in lower sale prices26% rewritten
  3. 25We may not pay dividends in the future
  4. 26The lack of liquidity of our privately held investments may adversely affect our business

Other ATN International 10-Ks

  • FY2024 10-K risk factors
    23 risks

    The company relies heavily on government funding and subsidies for rural and remote telecom buildouts in Alaska, the U.S. Virgin Islands, and the western United States. Acquisitions like Alaska Communications and Sacred Wind have increased corporate leverage and reduced cash reserves. Regional operations face intense direct competition from alternative delivery platforms such as Starlink.

    Filed Mar 17, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.