ATN International’s Q1 2025 results reflect a transitional year as the company winds down COVID-era U.S. subsidy programs and pivots toward fiber‑ and fiber‑fed services, with a meaningful emphasis on international broadband and wholesale carrier services. Revenue declined roughly 4% year over year to $179.3 million, driven by the U.S. market’s subsidy wind-down, while the company delivered solid cash flow and margin discipline. Adjusted EBITDA rose about 2% year over year (to $44.3 million on a non‑GAAP basis in the call; GAAP EBITDA was $36.1 million), and net cash from operations surged about 55% to $35.9 million, supporting a lower net‑capital expenditure profile (net CapEx of about $20.8 million; reimbursable CapEx of $22.4 million). The balance sheet remained solid with roughly $97.3 million of cash at quarter end and a net debt position of $612.2 million (net debt/EBITDA ~2.52x per the company). Management reaffirmed full‑year 2025 guidance, signaling that the second half should contribute a larger share of results as international markets ramp and U.S. fiber/fiber‑fed initiatives build scale. The most notable near‑term catalysts are government broadband subsidies (BEAD) and ongoing cost‑control initiatives, offset by policy and tariff uncertainties that could influence project costs and timing.