ATN International, Inc. reported a decline in financial performance for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, total revenue was $178.5 million, down 6.6% from $191.0 million in the prior year. For the nine months ended September 30, 2024, total revenue decreased to $548.5 million from $563.3 million, reflecting a 2.6% decline. The decrease in revenue was primarily attributed to reduced mobility and carrier services revenues, particularly in the US Telecom segment, which faced challenges due to the conclusion of the Emergency Connectivity Fund.

Operating expenses for the third quarter increased significantly to $216.8 million, up 17.7% from $184.2 million in 2023. This rise was driven by a $35.3 million goodwill impairment charge in the US Telecom segment, alongside transaction-related expenses and losses on asset transfers. Consequently, the company reported a net loss of $39.5 million for the third quarter, compared to a loss of $3.7 million in the same quarter of 2023. For the nine-month period, the net loss escalated to $36.1 million from $11.4 million in 2023.

The International Telecom segment showed some resilience, with revenue increasing by 2.3% to $282.7 million for the nine months ended September 30, 2024, driven by fixed revenue growth from network upgrades. However, the US Telecom segment experienced a 7.4% revenue decline to $265.8 million, primarily due to the end of certain funding programs.

Strategically, ATN International has been undergoing a restructuring program, incurring $12.4 million in related costs since early 2023. The company has also rebranded its retail services in the International Telecom segment to "One Communications" in Guyana, with plans for further implementation in other regions. Additionally, ATN has been active in asset management, recording a gain of $15.7 million from the sale of a non-core fixed asset during the nine months ended September 30, 2024.

Financially, ATN's total liabilities increased slightly to $1.08 billion as of September 30, 2024, from $1.06 billion at the end of 2023. The company reported cash and cash equivalents of $100.7 million, a significant increase from $49.2 million at the end of 2023, reflecting improved liquidity. The company declared dividends of $11.0 million during the nine months, with a per-share dividend of $0.24 in September 2024, up from $0.21 in the previous year.