Technology
Charter Announces First Quarter 2025 Results
Published
1 year agoon
By
STAMFORD, Conn., April 25, 2025 /PRNewswire/ — Charter Communications, Inc. (along with its subsidiaries, the “Company” or “Charter”), which operates the Spectrum brand, today reported financial and operating results for the three months ended March 31, 2025.
First quarter total Internet customers decreased by 60,000. As of March 31, 2025, Charter served 30.0 million Internet customers.First quarter total mobile lines increased by 514,000. As of March 31, 2025, Charter served 10.4 million mobile lines.As of March 31, 2025, Charter had a total of 31.4 million customer relationships, excluding mobile-only relationships.First quarter revenue of $13.7 billion grew by 0.4% year-over-year, driven by residential mobile service revenue growth of 33.5%, residential Internet revenue growth of 1.8% and other revenue growth of 13.4%.Net income attributable to Charter shareholders totaled $1.2 billion in the first quarter.First quarter Adjusted EBITDA1 of $5.8 billion grew by 4.8% year-over-year.First quarter capital expenditures totaled $2.4 billion and included $878 million of line extensions.First quarter net cash flows from operating activities totaled $4.2 billion, compared to $3.2 billion in the prior year.First quarter free cash flow1 of $1.6 billion increased from $358 million in the prior year, primarily due to lower capital expenditures, higher Adjusted EBITDA and lower cash paid for interest.During the first quarter, Charter purchased 2.1 million shares of Charter Class A common stock and Charter Communications Holdings, LLC (“Charter Holdings”) common units for approximately $751 million.
“We continue to execute on our long-held strategy of delivering the best network and products, at the best value, combined with unmatched service,” said Chris Winfrey, President and CEO of Charter. “That strategy is working, as evidenced by our first quarter results. We remain on track to deliver customer, EBITDA and robust free cash flow results for many years to come, driving outstanding shareholder value.”
1.
Adjusted EBITDA and free cash flow are non-GAAP measures defined in the “Use of Adjusted EBITDA and Free Cash Flow Information” section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release.
Key Operating Results
Approximate as of
March 31, 2025 (c)
March 31, 2024 (c)
Y/Y Change
Footprint
Estimated Passings (d)
57,167
55,687
2.7 %
Customer Relationships (e)
Residential
29,160
29,797
(2.1) %
Small Business*
2,209
2,219
(0.4) %
Total Customer Relationships
31,369
32,016
(2.0) %
Residential
(98)
(107)
9
Small Business*
(6)
(3)
(3)
Total Customer Relationships Quarterly Net Additions
(104)
(110)
6
Total Customer Relationship Penetration of Estimated Passings (f)
54.9 %
57.5 %
(2.6) ppts
Monthly Residential Revenue per Residential Customer (g)
$ 123.06
$ 120.48
2.1 %
Monthly Small Business Revenue per Small Business Customer* (h)
$ 163.68
$ 163.44
0.1 %
Residential Customer Relationships Penetration
One Product Penetration (i)
47.6 %
47.3 %
0.3 ppts
Two Product Penetration (i)
34.3 %
33.0 %
1.3 ppts
Three or More Product Penetration (i)
18.1 %
19.7 %
(1.6) ppts
% Residential Non-Video Customer Relationships
58.3 %
56.0 %
2.3 ppts
Internet
Residential
27,979
28,472
(1.7) %
Small Business*
2,041
2,044
(0.1) %
Total Internet Customers
30,020
30,516
(1.6) %
Residential
(55)
(72)
17
Small Business*
(5)
—
(5)
Total Internet Quarterly Net Additions
(60)
(72)
12
Video
Residential
12,160
13,111
(7.3) %
Small Business*
551
606
(9.0) %
Total Video Customers
12,711
13,717
(7.3) %
Residential
(167)
(392)
225
Small Business*
(14)
(13)
(1)
Total Video Quarterly Net Additions
(181)
(405)
224
Mobile Lines (j)
Residential
10,063
7,992
25.9 %
Small Business*
334
260
28.7 %
Total Mobile Lines
10,397
8,252
26.0 %
Residential
495
473
22
Small Business*
19
13
6
Total Mobile Lines Quarterly Net Additions
514
486
28
Voice
Residential
5,372
6,438
(16.6) %
Small Business*
1,234
1,288
(4.2) %
Total Voice Customers
6,606
7,726
(14.5) %
Residential
(264)
(274)
10
Small Business*
(14)
(5)
(9)
Total Voice Quarterly Net Additions
(278)
(279)
1
Mid-Market & Large Business* (k)
Mid-Market & Large Business Primary Service Units (“PSUs”)*
324
308
5.4 %
Mid-Market & Large Business Quarterly Net Additions*
5
5
—
* In connection with the launch of our Spectrum Business brand, the previously reported “Small and Medium Business (“SMB”)” and “Enterprise” line items have been renamed to “Small Business” and “Mid-Market & Large Business,” respectively. The new terminology did not result in any changes to previously reported customer data.
In thousands, except per customer and penetration data. See footnotes to unaudited summary of operating statistics on page 7 of the addendum of this news release. The footnotes contain important disclosures regarding the definitions used for these operating statistics. All percentages are calculated using whole numbers. Minor differences may exist due to rounding.
In September 2024, Spectrum launched a new brand platform, Life Unlimited, which emphasizes the power of Spectrum’s advanced network and cutting-edge connectivity products and services to create opportunities and remove barriers to help customers live their best lives. As part of its new brand platform, Spectrum launched a new and simplified pricing and packaging strategy that better utilizes its seamless connectivity and entertainment products to offer lower promotional and persistent bundled pricing to drive growth. Additionally, Spectrum announced new customer commitments focused on reliable connectivity, transparency, exceptional service and a focus on always improving.
First quarter total Internet customers decreased by 60,000, including approximately 9,000 customer disconnects related to the wildfires in California in January, compared to a decline of 72,000 during the first quarter of 2024. Spectrum Internet® delivers the fastest Internet speeds1 in the nation. Spectrum is evolving its connectivity network to offer symmetrical and multi-gigabit Internet speeds across its entire footprint and has launched symmetrical Internet service in eight markets. In January 2025, Spectrum launched 2×1 Gbps service in two markets. In the coming months, Spectrum will launch 2×1 Gbps service in additional markets. Unlike competitors, Spectrum upgrades its network to serve all of its passings and can do so at a much lower cost. Spectrum Advanced WiFi provides customers an optimized home network while providing greater control of connected devices with enhanced security and privacy.
Total video customers decreased by 181,000 in the first quarter of 2025, compared to a decline of 405,000 in the first quarter of 2024, with the improvement driven by new and simplified pricing and packaging launched in September 2024. As of March 31, 2025, Charter had 12.7 million total video customers. Spectrum TV Select video customers now receive up to approximately $70 per month (soon to be approximately $80 per month) of programmers’ streaming application retail value at no extra cost, including the ad-supported versions of Max, Disney+, ESPN+, Paramount+, Peacock, AMC+, ViX, Tennis Channel Plus, Discovery+ and BET+. This programmer streaming application inclusion is part of Charter’s broader video evolution strategy to provide flexible packages with enhanced value, whether through full packages with seamless entertainment, smaller video packages or a suite of a-la-carte programmer application options for broadband customers.
During the first quarter of 2025, Charter added 514,000 total mobile lines, compared to growth of 486,000 during the first quarter of 2024. Spectrum MobileTM is available to all new and existing Spectrum Internet customers and offers the fastest overall speeds,2 with plans that include 5G access, do not require contracts and include taxes and fees in the price. In March 2025, Spectrum Mobile launched satellite-based services through a collaboration with Skylo, a non-terrestrial network service provider. Spectrum Mobile is central to Charter’s converged network strategy to provide consumers a differentiated connectivity experience with highly competitive, simple data plans and pricing.
During the first quarter of 2025, total wireline voice customers declined by 278,000, compared to a decline of 279,000 in the first quarter of 2024. As of March 31, 2025, Charter had 6.6 million total wireline voice customers.
Charter continues to work with federal, state and local governments to bring Spectrum Internet to unserved and underserved communities. During the first quarter of 2025, Charter activated 89,000 subsidized rural passings. Within Charter’s subsidized rural footprint, total customer relationships increased by 39,000 in the first quarter of 2025.
1.
Based on Broadband Download Speed among the top 5 national providers in Opensignal USA: Fixed Broadband Experience Report — National View, May 2024. Based on Opensignal independent analysis of mean download speed. © 2025 Opensignal Limited.
2.
Based on analysis by Spectrum of Ookla® Speedtest Intelligence® data for overall Mobile WiFi and Cellular performance for Q3-Q4 2024 in Spectrum’s cable footprint. Ookla trademarks used under license and reprinted with permission.
First Quarter Financial Results
(in millions)
Three Months Ended March 31,
2025
2024
% Change
Revenues:
Internet
$ 5,930
$ 5,826
1.8 %
Video
3,580
3,908
(8.4) %
Mobile service
914
685
33.5 %
Voice
356
374
(5.0) %
Residential revenue
10,780
10,793
(0.1) %
Small business1
1,086
1,088
(0.2) %
Mid-market & large business1
736
708
3.9 %
Commercial revenue
1,822
1,796
1.4 %
Advertising sales
340
391
(12.9) %
Other
793
699
13.4 %
Total Revenues
$ 13,735
$ 13,679
0.4 %
Net income attributable to Charter shareholders
$ 1,217
$ 1,106
10.0 %
Net income attributable to Charter shareholders margin
8.9 %
8.1 %
Adjusted EBITDA2
$ 5,763
$ 5,497
4.8 %
Adjusted EBITDA margin
42.0 %
40.2 %
Capital expenditures
$ 2,399
$ 2,791
(14.1) %
Net cash flows from operating activities
$ 4,236
$ 3,212
31.9 %
Free cash flow2
$ 1,564
$ 358
336.9 %
All percentages are calculated using whole numbers. Minor differences may exist due to rounding.
1.
In connection with the launch of our Spectrum Business brand, the previously reported “SMB” and “Enterprise” line items have been renamed to “Small Business” and “Mid-Market & Large Business,” respectively. The new terminology did not result in any changes to previously reported revenue data.
2.
Adjusted EBITDA and free cash flow are non-GAAP measures defined in the “Use of Adjusted EBITDA and Free Cash Flow Information” section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release.
Revenues
First quarter revenue increased by 0.4% year-over-year to $13.7 billion, driven by growth in residential mobile service, residential Internet and other revenues, partly offset by lower residential video and advertising sales revenues.
Residential revenue totaled $10.8 billion in the first quarter, a decrease of 0.1% year-over-year.
First quarter 2025 monthly residential revenue per residential customer totaled $123.06, an increase of 2.1% compared to the prior year period. The growth was driven by promotional rate step-ups, rate adjustments and the growth of Spectrum Mobile, partly offset by a lower mix of video customer relationships, a higher mix of lower priced video packages within Charter’s video customer base and $47 million of costs allocated to programmer streaming applications and netted within video revenue.
Internet revenue grew by 1.8% year-over-year to $5.9 billion, driven by promotional rate step-ups, rate adjustments and less unfavorable bundled revenue allocation year-over-year, partly offset by a decline in Internet customers year-over-year.
Video revenue totaled $3.6 billion in the first quarter, a decrease of 8.4% compared to the prior year period, driven by a decline in video customers during the last year, a higher mix of lower priced video packages within Charter’s video customer base, $47 million of costs allocated to programmer streaming applications and netted within video revenue and more unfavorable bundled revenue allocation year-over-year, partly offset by promotional rate step-ups and video rate adjustments that pass through programmer rate increases.
First quarter mobile service revenue totaled $914 million, an increase of 33.5% year-over-year, driven by mobile line growth and mobile service revenue per line growth.
Voice revenue decreased by 5.0% year-over-year to $356 million, driven by a decline in wireline voice customers, partly offset by voice rate adjustments.
Commercial revenue increased by 1.4% year-over-year to $1.8 billion, driven by mid-market and large business growth of 3.9% year-over-year, partly offset by a decline in small business revenue of 0.2%.1 Mid-market and large business revenue excluding wholesale increased by 4.4% year-over-year, mostly reflecting PSU growth. The year-over-year decrease in first quarter 2025 small business revenue was driven by a decline in small business customer relationships year-over-year, partly offset by higher monthly small business revenue per small business customer.
First quarter advertising sales revenue of $340 million decreased by 12.9% compared to the year-ago quarter, primarily driven by lower political revenue. Excluding political revenue in both periods, advertising sales revenue decreased by 5.1% year-over-year due to a more challenged local and national advertising market.
Other revenue totaled $793 million in the first quarter, an increase of 13.4% compared to the first quarter of 2024, primarily driven by higher mobile device sales.
Operating Costs and Expenses2
First quarter programming costs decreased by $268 million, or 10.4% as compared to the first quarter of 2024, reflecting fewer video customers, a higher mix of lower cost packages within Charter’s video customer base and $47 million of costs allocated to programmer streaming applications and netted within video revenue, partly offset by contractual programming rate increases and renewals. First quarter 2025 programming costs include $12 million of favorable adjustments compared to $28 million of favorable adjustments in the prior year period.
Other costs of revenue increased by $126 million, or 8.7% year-over-year, primarily driven by higher mobile device sales and mobile service direct costs.
Field and technology operations decreased by $8 million, or 0.7% year-over-year.
Customer operations decreased by $38 million, or 4.5% year-over-year, primarily due to lower labor costs, given an increasingly efficient service infrastructure.
Marketing and residential sales expenses increased by $68 million, or 7.7% year-over-year, given Spectrum’s continued focus on driving growth and the launch of its new brand platform, Life Unlimited.
Other expenses decreased by $90 million, or 7.8% as compared to the first quarter of 2024, mostly driven by one-time benefits of $75 million.
1.
In connection with the launch of our Spectrum Business brand, the previously reported “SMB” and “Enterprise” line items have been renamed to “Small Business” and “Mid-Market & Large Business,” respectively. The new terminology did not result in any changes to previously reported revenue data.
2.
Certain expense reclassifications were also made to reflect changes in how we manage our business in connection with the launch of our Spectrum Business brand in 2025. The reclassifications did not result in any changes to total operating expenses or Adjusted EBITDA for any period presented. See the 1Q25 Trending Schedule at ir.charter.com for more information.
Net Income Attributable to Charter Shareholders
Net income attributable to Charter shareholders totaled $1.2 billion in the first quarter of 2025, compared to $1.1 billion in the first quarter of 2024, due to higher Adjusted EBITDA and lower interest expense, partly offset by an increase in other operating expenses due to a non-strategic asset impairment charge this quarter versus a gain on sale of assets in the first quarter of 2024.
Net income per basic common share attributable to Charter shareholders totaled $8.59 in the first quarter of 2025 compared to $7.66 during the same period last year. The increase was primarily the result of the factors described above in addition to a 2.0% decrease in basic weighted average common shares outstanding versus the prior year period.
Adjusted EBITDA
First quarter Adjusted EBITDA of $5.8 billion grew by 4.8% year-over-year, reflecting growth in revenue of 0.4% and a decline in operating expenses of 2.6%.
Capital Expenditures
Capital expenditures totaled $2.4 billion in the first quarter of 2025, a decrease of $392 million compared to the first quarter of 2024, driven by timing of CPE, upgrade/rebuild (primarily network evolution) and line extensions.
Charter continues to expect full year 2025 capital expenditures to total approximately $12 billion, including line extensions capital expenditures of approximately $4.2 billion and network evolution spend of approximately $1.5 billion. The actual amount of capital expenditures in 2025 will depend on a number of factors including, but not limited to, the pace of Charter’s network evolution and expansion initiatives, supply chain timing and growth rates in Charter’s residential and commercial businesses.
Cash Flow and Free Cash Flow
During the first quarter of 2025, net cash flows from operating activities totaled $4.2 billion, an increase from $3.2 billion in the prior year. The year-over-year increase was primarily due to higher Adjusted EBITDA, lower cash paid for interest and a less unfavorable change in working capital.
Free cash flow in the first quarter of 2025 totaled $1.6 billion, an increase of $1.2 billion compared to the first quarter of 2024. The year-over-year increase in free cash flow was primarily driven by higher net cash flows from operating activities and lower capital expenditures, partly offset by a more unfavorable change in accrued expenses related to capital expenditures.
Liquidity & Financing
As of March 31, 2025, total principal amount of debt was $93.6 billion and Charter’s credit facilities provided approximately $6.4 billion of additional liquidity in excess of Charter’s $796 million cash position.
Share Repurchases
During the three months ended March 31, 2025, Charter purchased 2.1 million shares of Charter Class A common stock and Charter Holdings common units for $751 million.
Webcast
Charter will host a webcast on Friday, April 25, 2025 at 8:30 a.m. Eastern Time (ET) related to the contents of this release.
The webcast can be accessed live via the Company’s investor relations website at ir.charter.com. Participants should go to the webcast link no later than 10 minutes prior to the start time to register. The webcast will be archived at ir.charter.com two hours after completion of the webcast.
Additional Information Available on Website
The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2025, which will be posted on the “Results & SEC Filings” section of the Company’s investor relations website at ir.charter.com, when it is filed with the Securities and Exchange Commission (the “SEC”). A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available in the “Results & SEC Filings” section.
Use of Adjusted EBITDA and Free Cash Flow Information
The Company uses certain measures that are not defined by U.S. generally accepted accounting principles (“GAAP”) to evaluate various aspects of its business. Adjusted EBITDA and free cash flow are non-GAAP financial measures and should be considered in addition to, not as a substitute for, net income attributable to Charter shareholders and net cash flows from operating activities reported in accordance with GAAP. These terms, as defined by Charter, may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and free cash flow are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the Addendum to this release.
Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other income (expenses), net and other operating (income) expenses, net, such as special charges and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company’s businesses as well as other non-cash or special items, and is unaffected by the Company’s capital structure or investment activities. However, this measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and the cash cost of financing. These costs are evaluated through other financial measures.
Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.
Management and Charter’s board of directors use Adjusted EBITDA and free cash flow to assess Charter’s performance and its ability to service its debt, fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the leverage ratio calculation under the Company’s credit facilities or outstanding notes to determine compliance with the covenants contained in the facilities and notes (all such documents have been previously filed with the SEC). For the purpose of calculating compliance with leverage covenants, the Company uses Adjusted EBITDA, as presented, excluding certain expenses paid by its operating subsidiaries to other Charter entities. The Company’s debt covenants refer to these expenses as management fees, which were $366 million and $371 million for the three months ended March 31, 2025 and 2024, respectively.
About Charter
Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator with services available to more than 57 million homes and businesses in 41 states through its Spectrum brand. Over an advanced communications network, supported by a 100% US-based workforce, the Company offers a full range of state-of-the-art residential and business services including Spectrum Internet®, TV, Mobile and Voice.
More information about Charter can be found at corporate.charter.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and prospects, both business and financial. Although we believe that our plans, intentions and expectations as reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions including, without limitation, the factors described under “Risk Factors” from time to time in our filings with the SEC. Many of the forward-looking statements contained in this communication may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” “aim,” “on track,” “target,” “opportunity,” “tentative,” “positioning,” “designed,” “create,” “predict,” “project,” “initiatives,” “seek,” “would,” “could,” “continue,” “ongoing,” “upside,” “increases,” “grow,” “focused on” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this communication are set forth in our annual report on Form 10-K, and in other reports or documents that we file from time to time with the SEC, and include, but are not limited to:
our ability to sustain and grow revenues and cash flow from operations by offering Internet, video, mobile, voice, advertising and other services to residential and commercial customers, to adequately meet the customer experience demands in our service areas and to maintain and grow our customer base, particularly in the face of increasingly aggressive competition, the need for innovation and the related capital expenditures;the impact of competition from other market participants, including but not limited to incumbent telephone companies, direct broadcast satellite (“DBS”) operators, wireless broadband and telephone providers, digital subscriber line (“DSL”) providers, fiber to the home providers and providers of video content over broadband Internet connections;general business conditions, unemployment levels and the level of activity in the housing sector and economic uncertainty or downturn;our ability to develop and deploy new products and technologies including consumer services and service platforms;any events that disrupt our networks, information systems or properties and impair our operating activities or our reputation;the effects of governmental regulation on our business including subsidies to consumers, subsidies and incentives for competitors, costs, disruptions and possible limitations on operating flexibility related to, and our ability to comply with, regulatory conditions applicable to us;our ability to procure necessary services and equipment from our vendors in a timely manner and at reasonable costs including in connection with our network evolution and rural construction initiatives;our ability to obtain programming at reasonable prices or to raise prices to offset, in whole or in part, the effects of higher programming costs (including retransmission consents and distribution requirements);the ability to hire and retain key personnel;the availability and access, in general, of funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) free cash flow, or (iii) access to the capital or credit markets;our ability to comply with all covenants in our indentures and credit facilities, any violation of which, if not cured in a timely manner, could trigger a default of our other obligations under cross-default provisions;our ability to satisfy the conditions to consummate the Liberty Broadband combination and/or to consummate the Liberty Broadband combination in a timely manner or at all;the risks related to us being restricted in the operation of our business while the Liberty Broadband merger agreement is in effect; andother risks related to the Liberty Broadband combination as described in the definitive joint proxy statement/prospectus with respect to the combination, filed by Charter on January 22, 2025, including the sections entitled “Risk Factors” and “Where You Can Find More Information” included therein.
All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. We are under no duty or obligation to update any of the forward-looking statements after the date of this communication.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO GAAP MEASURES
(dollars in millions)
Three Months Ended March 31,
Last Twelve Months Ended
March 31,
2025
2024
2025
2024
Net income attributable to Charter shareholders
$ 1,217
$ 1,106
$ 5,194
$ 4,642
Plus: Net income attributable to noncontrolling interest
192
174
788
716
Interest expense, net
1,241
1,316
5,154
5,239
Income tax expense
445
446
1,648
1,665
Depreciation and amortization
2,181
2,190
8,664
8,680
Stock compensation expense
222
214
659
698
Other, net
265
51
728
401
Adjusted EBITDA (a)
$ 5,763
$ 5,497
$ 22,835
$ 22,041
Net cash flows from operating activities
$ 4,236
$ 3,212
$ 15,454
$ 14,322
Less: Purchases of property, plant and equipment
(2,399)
(2,791)
(10,877)
(11,442)
Change in accrued expenses related to capital expenditures
(273)
(63)
886
304
Free cash flow (a)
$ 1,564
$ 358
$ 5,463
$ 3,184
The above schedule is presented in order to reconcile Adjusted EBITDA and free cash flow, non-GAAP measures, to the most directly comparable GAAP measures in accordance with Section 401(b) of the Sarbanes-Oxley Act.
UNAUDITED ALTERNATIVE PRESENTATION OF ADJUSTED EBITDA
(dollars in millions)
Three Months Ended March 31,
2025
2024
% Change
REVENUES:
Internet
$ 5,930
$ 5,826
1.8 %
Video
3,580
3,908
(8.4) %
Mobile service
914
685
33.5 %
Voice
356
374
(5.0) %
Residential revenue
10,780
10,793
(0.1) %
Small business*
1,086
1,088
(0.2) %
Mid-market & large business*
736
708
3.9 %
Commercial revenue
1,822
1,796
1.4 %
Advertising sales
340
391
(12.9) %
Other
793
699
13.4 %
Total Revenues
13,735
13,679
0.4 %
COSTS AND EXPENSES:
Programming
2,302
2,570
(10.4) %
Other costs of revenue
1,584
1,458
8.7 %
Field and technology operations*
1,290
1,298
(0.7) %
Customer operations
786
824
(4.5) %
Marketing and residential sales*
949
881
7.7 %
Other expense* (b)
1,061
1,151
(7.8) %
Total operating costs and expenses (b)
7,972
8,182
(2.6) %
Adjusted EBITDA (a)
$ 5,763
$ 5,497
4.8 %
* In connection with the launch of our Spectrum Business brand, the previously reported “SMB” and “Enterprise” line items have been renamed to “Small Business” and “Mid-Market & Large Business,” respectively. The new terminology did not result in any changes to previously reported revenue data. Certain expense reclassifications were also made to reflect changes in how we manage our business in connection with the launch of our Spectrum Business brand in 2025. The reclassifications did not result in any changes to total operating expenses or Adjusted EBITDA for any period presented. See the 1Q25 Trending Schedule at ir.charter.com for more information.
All percentages are calculated using whole numbers. Minor differences may exist due to rounding. See footnotes on page 7.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in millions, except per share data)
Three Months Ended March 31,
2025
2024
REVENUES
$ 13,735
$ 13,679
COSTS AND EXPENSES:
Operating costs and expenses (exclusive of items shown separately below)
8,194
8,396
Depreciation and amortization
2,181
2,190
Other operating (income) expenses, net
123
(38)
10,498
10,548
Income from operations
3,237
3,131
OTHER INCOME (EXPENSES):
Interest expense, net
(1,241)
(1,316)
Other expenses, net
(142)
(89)
(1,383)
(1,405)
Income before income taxes
1,854
1,726
Income tax expense
(445)
(446)
Consolidated net income
1,409
1,280
Less: Net income attributable to noncontrolling interests
(192)
(174)
Net income attributable to Charter shareholders
$ 1,217
$ 1,106
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS:
Basic
$ 8.59
$ 7.66
Diluted
$ 8.42
$ 7.55
Weighted average common shares outstanding, basic
141,591,396
144,510,317
Weighted average common shares outstanding, diluted
144,574,684
146,643,199
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
March 31,
December 31,
2025
2024
ASSETS
(unaudited)
CURRENT ASSETS:
Cash and cash equivalents
$ 796
$ 459
Accounts receivable, net
3,311
3,097
Prepaid expenses and other current assets
861
677
Total current assets
4,968
4,233
INVESTMENT IN CABLE PROPERTIES:
Property, plant and equipment, net
43,359
42,913
Customer relationships, net
818
975
Franchises
67,468
67,462
Goodwill
29,674
29,674
Total investment in cable properties, net
141,319
141,024
OTHER NONCURRENT ASSETS
4,667
4,763
Total assets
$ 150,954
$ 150,020
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable, accrued and other current liabilities
$ 11,873
$ 11,687
Current portion of long-term debt
1,799
1,799
Total current liabilities
13,672
13,486
LONG-TERM DEBT
91,970
92,134
EQUIPMENT INSTALLMENT PLAN FINANCING FACILITY
1,194
1,072
DEFERRED INCOME TAXES
18,822
18,845
OTHER LONG-TERM LIABILITIES
4,774
4,776
SHAREHOLDERS’ EQUITY:
Controlling interest
16,247
15,587
Noncontrolling interests
4,275
4,120
Total shareholders’ equity
20,522
19,707
Total liabilities and shareholders’ equity
$ 150,954
$ 150,020
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Three Months Ended March 31,
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Consolidated net income
$ 1,409
$ 1,280
Adjustments to reconcile consolidated net income to net cash flows from operating activities:
Depreciation and amortization
2,181
2,190
Stock compensation expense
222
214
Noncash interest, net
8
8
Deferred income taxes
(27)
21
Other, net
233
15
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:
Accounts receivable
(48)
(39)
Prepaid expenses and other assets
(235)
(366)
Accounts payable, accrued liabilities and other
493
(111)
Net cash flows from operating activities
4,236
3,212
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(2,399)
(2,791)
Change in accrued expenses related to capital expenditures
(273)
(63)
Other, net
(132)
(53)
Net cash flows from investing activities
(2,804)
(2,907)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt
1,393
5,921
Borrowings of equipment installment plan financing facility
121
—
Repayments of long-term debt
(1,609)
(5,716)
Payments for debt issuance costs
—
(2)
Purchase of treasury stock
(802)
(516)
Proceeds from exercise of stock options
17
2
Purchase of noncontrolling interest
(20)
(95)
Distributions to noncontrolling interest
(3)
(3)
Other, net
(169)
56
Net cash flows from financing activities
(1,072)
(353)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
360
(48)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period
506
709
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period
$ 866
$ 661
CASH PAID FOR INTEREST
$ 995
$ 1,236
CASH PAID FOR INCOME TAXES
$ 56
$ 78
As of March 31, 2025 and December 31, 2024, cash, cash equivalents and restricted cash includes $70 million and $47 million of restricted cash included in prepaid expenses and other current assets in the consolidated balance sheets, respectively.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED SUMMARY OF OPERATING STATISTICS
(in thousands, except per customer and penetration data)
Approximate as of
March 31,
2025 (c)
December 31,
2024 (c)
March 31,
2024 (c)
Footprint
Estimated Passings (d)
57,167
56,861
55,687
Customer Relationships (e)
Residential
29,160
29,258
29,797
Small Business*
2,209
2,215
2,219
Total Customer Relationships
31,369
31,473
32,016
Residential
(98)
(207)
(107)
Small Business*
(6)
(8)
(3)
Total Customer Relationships Quarterly Net Additions
(104)
(215)
(110)
Total Customer Relationship Penetration of Estimated Passings (f)
54.9 %
55.4 %
57.5 %
Monthly Residential Revenue per Residential Customer (g)
$ 123.06
$ 121.40
$ 120.48
Monthly Small Business Revenue per Small Business Customer* (h)
$ 163.68
$ 163.14
$ 163.44
Residential Customer Relationships Penetration
One Product Penetration (i)
47.6 %
47.6 %
47.3 %
Two Product Penetration (i)
34.3 %
33.9 %
33.0 %
Three or More Product Penetration (i)
18.1 %
18.5 %
19.7 %
% Residential Non-Video Customer Relationships
58.3 %
57.9 %
56.0 %
Internet
Residential
27,979
28,034
28,472
Small Business*
2,041
2,046
2,044
Total Internet Customers
30,020
30,080
30,516
Residential
(55)
(171)
(72)
Small Business*
(5)
(6)
—
Total Internet Quarterly Net Additions
(60)
(177)
(72)
Video
Residential
12,160
12,327
13,111
Small Business*
551
565
606
Total Video Customers
12,711
12,892
13,717
Residential
(167)
(110)
(392)
Small Business*
(14)
(13)
(13)
Total Video Quarterly Net Additions
(181)
(123)
(405)
Mobile Lines (j)
Residential
10,063
9,568
7,992
Small Business*
334
315
260
Total Mobile Lines
10,397
9,883
8,252
Residential
495
511
473
Small Business*
19
18
13
Total Mobile Lines Quarterly Net Additions
514
529
486
Voice
Residential
5,372
5,636
6,438
Small Business*
1,234
1,248
1,288
Total Voice Customers
6,606
6,884
7,726
Residential
(264)
(259)
(274)
Small Business*
(14)
(15)
(5)
Total Voice Quarterly Net Additions
(278)
(274)
(279)
Mid-Market & Large Business* (k)
Mid-Market & Large Business Primary Service Units (“PSUs”)*
324
319
308
Mid-Market & Large Business Quarterly Net Additions*
5
4
5
* In connection with the launch of our Spectrum Business brand, the previously reported “SMB” and “Enterprise” line items have been renamed to “Small Business” and “Mid-Market & Large Business,” respectively. The new terminology did not result in any changes to previously reported customer data.
See footnotes on page 7.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
UNAUDITED CAPITAL EXPENDITURES
(dollars in millions)
Three Months Ended March 31,
2025
2024
Customer premise equipment (l)
$ 473
$ 635
Scalable infrastructure (m)
293
328
Upgrade/rebuild (n)
395
481
Support capital (o)
360
388
Capital expenditures, excluding line extensions
1,521
1,832
Subsidized rural construction line extensions
467
427
Other line extensions
411
532
Total line extensions (p)
878
959
Total capital expenditures
$ 2,399
$ 2,791
Capital expenditures included in total related to:
Commercial services
$ 273
$ 375
Subsidized rural construction initiative (q)
$ 468
$ 427
Mobile
$ 53
$ 59
See footnotes on page 7.
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
FOOTNOTES
(a)
Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other (income) expenses, net and other operating (income) expenses, net such as special charges and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our businesses as well as other non-cash or special items, and is unaffected by our capital structure or investment activities. Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.
(b)
Other expense excludes stock compensation expense. Total operating costs and expenses excludes stock compensation expense, depreciation and amortization and other operating (income) expenses, net.
(c)
We calculate the aging of customer accounts based on the monthly billing cycle for each account in accordance with our collection policies. On that basis, at March 31, 2025, December 31, 2024 and March 31, 2024, customers included approximately 92,200, 102,500 and 110,000 customers, respectively, whose accounts were over 60 days past due, approximately 10,700, 12,100 and 42,600 customers, respectively, whose accounts were over 90 days past due and approximately 17,000, 13,600 and 283,100 customers, respectively, whose accounts were over 120 days past due. The decrease in accounts past due since March 31, 2024 is predominately due to revisions to customer account balances associated with the end of the Federal Communications Commission’s Affordable Connectivity Program, including balance write-offs and conversion to payment plans.
(d)
Passings represent our estimate of the number of units, such as single family homes, apartment and condominium units and small business and mid-market & large business sites passed by our cable distribution network in the areas where we offer the service indicated. These estimates are based upon the information available at this time and are updated for all periods presented when new information becomes available. In the fourth quarter of 2024, we completed a review of our passings which resulted in a net reduction of approximately 1.7 million passings for all periods presented.
(e)
Customer relationships include the number of customers that receive one or more levels of service, encompassing Internet, video, mobile and voice services, without regard to which service(s) such customers receive. Customers who reside in residential multiple dwelling units (“MDUs”) and that are billed under bulk contracts are counted based on the number of billed units within each bulk MDU. Total customer relationships exclude mid-market & large business and mobile-only customer relationships.
(f)
Penetration represents residential and small business customers as a percentage of estimated passings. Penetration excludes mobile-only customers.
(g)
Monthly residential revenue per residential customer is calculated as total residential quarterly revenue divided by three divided by average residential customer relationships during the respective quarter and excludes mobile-only customer relationships.
(h)
Monthly small business revenue per small business customer is calculated as total small business quarterly revenue divided by three divided by average small business customer relationships during the respective quarter and excludes mobile-only customer relationships.
(i)
One product, two product and three or more product penetration represents the number of residential customers that subscribe to one product, two products or three or more products, respectively, as a percentage of residential customer relationships, excluding mobile-only customers.
(j)
Mobile lines include phones and tablets which require one of our standard rate plans (e.g., “Unlimited” or “By the Gig”). Mobile lines exclude wearables and other devices that do not require standard phone rate plans.
(k)
Mid-market & large business PSUs represents the aggregate number of fiber service offerings counting each separate service offering at each customer location as an individual PSU.
(l)
Customer premise equipment includes equipment and devices located at the customer’s premise used to deliver our Internet, video and voice services (e.g., modems, routers and set-top boxes), as well as installation costs.
(m)
Scalable infrastructure includes costs, not related to customer premise equipment or our network, to secure growth of new customers or provide service enhancements (e.g., headend equipment).
(n)
Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including our network evolution initiative.
(o)
Support capital includes costs associated with the replacement or enhancement of non-network assets (e.g., back-office systems, non-network equipment, land and buildings, vehicles, tools and test equipment).
(p)
Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).
(q)
The subsidized rural construction initiative subcategory includes projects for which we are receiving subsidies from federal, state and local governments, excluding customer premise equipment and installation.
View original content to download multimedia:https://www.prnewswire.com/news-releases/charter-announces-first-quarter-2025-results-302438108.html
SOURCE Charter Communications, Inc.
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Strategic LiDAR Customer Initiates Production Orders with Sivers Semiconductors
Published
36 minutes agoon
October 20, 2026By
Shipments will begin in Q4 2026 against rolling production orders as the automotive and industrial sensing programs move into production phase in 2027
KISTA, Sweden, Oct. 20, 2026 /PRNewswire/ — Sivers Semiconductors AB (STO: SIVE), a global leader in photonics and wireless technologies, today announced that its strategic LiDAR customer has initiated production orders for its automotive and industrial sensing customers.
Sivers will supply the continuous-wave distributed feedback (CW DFB) lasers and optical amplifiers powering the customer’s LiDAR platforms, positioning the company to support growing demand as production scales.
“We are pleased to see this strategic program advance from design-win to production, with our customer placing first production orders,” said Alex McCann, Managing Director of Sivers Semiconductors’ photonics business. “This key milestone reflects confidence in our technology, our production facility and its reliability to meet the customer’s requirements for volume production. As the program scales, we expect rolling production orders placed to lead times, in line with our customer’s multi-year production forecasts.”
As announced in March 2026, the program represents a significant long-term opportunity, with estimated cumulative revenue potential of USD 53 million to USD 138 million over the customer’s product lifecycle. The opportunity comes amid strong growth in automotive LiDAR, with Yole Group projecting the global market to expand from USD 861 million in 2024 to USD 3.8 billion by 2030, representing a compound annual growth rate of 28 percent. Beyond automotive applications, LiDAR is gaining traction in industrial markets, including robotics and autonomous machinery.
For more information, please visit https://www.sivers-semiconductors.com/.
About Sivers Semiconductors
We are Critical Enablers of a Greener Data Economy with Energy Efficient Photonics & Wireless Solutions. Our differentiated high-precision laser and RF beamformer technologies help our customers in key markets such as AI Data Centers, SATCOM, Defense, and Telecom solve essential performance challenges while enabling a much greener footprint. Visit us at: www.sivers-semiconductors.com.
Forward-looking statements
This press release contains forward-looking statements, including statements regarding expected orders, the timing and scale of the customer’s production ramp, deliveries, market development and revenue potential. Such statements are based on current expectations and are subject to risks and uncertainties, including the customer’s production plans, end-market demand and Sivers’ manufacturing capacity, which could cause actual results to differ materially. Sivers undertakes no obligation to update any forward-looking statements, except as required by applicable law.
Media Contact
Tyler Weiland
Shelton Group
+1-972-571-7834
tweiland@sheltongroup.com
Company Contact
Heine Thorsgaard
CFO
ir@sivers-semiconductors.com
This information was brought to you by Cision http://news.cision.com
View original content:https://www.prnewswire.com/news-releases/strategic-lidar-customer-initiates-production-orders-with-sivers-semiconductors-302913506.html
SOURCE Sivers Semiconductors
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Segway Powersports Returns to EICMA for Fifth Year with Model Year 2027 Lineup and New Off-Road Innovations
Published
36 minutes agoon
October 20, 2026By
MILAN, Oct. 20, 2026 /PRNewswire/ — Segway Powersports is heading back to EICMA for fifth appearance, with new off-road innovations that reflect its “Fear No Place” philosophy. On November 3, the brand will unveil its Model Year 2027 (MY2027) lineup at a product launch in Milan. From upgraded ATVs to the debut of its new flagship two-row UTV and next-generation of iFUN system connected technology, the preview promises exciting developments in design, performance and the riding experience.
Segway Powersports will occupy approximately 880 square meters at EICMA 2026, setting the stage for its upcoming product launch:
Location: Hall 14, Booth I06Launch Date & Time: November 3 at 3:30 p.m. (Milan local time)
For Segway Powersports, off-road riding has always been about more than reaching a destination. It’s about taking on unfamiliar terrain with confidence and discovering new possibilities along the way. As Segway’s professional-grade, high-performance powersports line for global markets, the brand is built around the qualities riders depend on when conditions get tough: strong performance, reliable durability and confident handling.
Expertise, the pursuit of excellence and a spirit of exploration are at the heart of Segway Powersports. Together, these values shape the brand’s “Fear No Place” philosophy and its drive to push riding capabilities further. EICMA offers another opportunity to bring that philosophy into sharper focus and strengthen the brand’s identity in the global powersports market.
Beyond performance, Segway Powersports is forging a distinct visual identity anchored by Rider Red——its signature color-paired with the dedicated Segway Powersports logo. Consistently applied across vehicle designs and brand materials, the color creates a bold, instantly recognizable brand presence.
At this year’s EICMA, the MY2027 lineup will take center stage. Fresh designs, stronger performance and a more engaging riding experience are the key upgrades to look forward to. Meanwhile, the new flagship two-row UTV will make its Milan debut with an all-weather cabin comfort concept.
Smart connectivity will be another highlight. The next-generation connect system iFUN will make interactions between riders and their vehicles smarter and more intuitive.
With the upcoming launch, Segway Powersports aims to offer a more complete off-road lineup for a wider range of terrains and riding needs. From trail adventures and outings with companions to practical tasks, the expanded range gives riders more ways to make the most of every journey.
The Segway Powersports booth will also feature a special highlight: a race-prepared vehicle that claimed second place in the SSV class at the 2026 European Bajas Championship. Visitors can get a closer look at the race vehicle and a taste of competitive off-road racing.
Media, dealers, partners and consumers are invited to follow the Segway Powersports product launch on November 3 at 3:30 p.m. (Milan local time) in Hall 14, Booth I06 and discover what’s next for Segway Powersports.
About Segway Powersports
Segway Powersports is Segway’s professional-grade, high-performance powersports line for global markets. Guided by expertise, the pursuit of excellence and a spirit of exploration, the brand develops off-road vehicles that combine powerful performance, strong torque, reliable durability and responsive handling. Built for diverse and demanding terrain, its vehicles give riders the confidence to take on new challenges, reflecting the brand’s “Fear No Place” philosophy.
Contact: media@powersports.segway.com
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ShaMaran Announces Investment in Iraq and Contemplated Bond Issuance
Published
37 minutes agoon
October 20, 2026By
HAMILTON, Bermuda, Oct. 20, 2026 /PRNewswire/ — ShaMaran Petroleum Ltd. (“ShaMaran” or the “Company”) (Euronext Growth Oslo: SNM) (Nasdaq First North Stockholm: SNM) announces the expansion of the Company’s strategic collaboration with HKN Energy (“HKN”) into Federal Iraq. Building on their joint ventures across the Atrush and Sarsang oil fields in the Kurdistan Region of Iraq, HKN and ShaMaran are extending their cooperation into Federal Iraq through the Hamrin oil development and production contract (“DPC”). PDF Version
As part of this expansion, ShaMaran will have a 25% shareholding in HKN Hamrin Ltd. (the “Hamrin JV”), the joint venture company holding 100% of the Hamrin DPC. HKN, as the operator of the field, will leverage its operational expertise and established relationship with ShaMaran to advance a major long-term development program.
The Hamrin field is a large discovered and producing oil field previously operated by North Oil Company, an Iraqi state-owned oil company. HKN and ShaMaran will further develop the field with the aim of increasing production above the current 20 Mbopd to maximize recovery over the 25-year term of the DPC. The operator’s and management’s current estimate of remaining gross reserves and resources is in the range of 500 million to one billion barrels. The initial phase of development will target lifting field production to approximately 60 Mbopd by 2028. Further phases of development could target more than doubling those initial production levels, with currently estimated capex for later phases in the range of $2-3 per incremental barrel.
Garrett Soden, Chief Executive Officer of ShaMaran, commented, “The Hamrin investment is a natural extension of our cooperation with HKN, the operator of our two existing assets in the Kurdistan Region of Iraq. The Hamrin field in Federal Iraq is complementary to our existing Kurdistan production and reserves profile, and we expect material synergies from having the same team operate all three assets. Together with HKN, we are committed to increasing Hamrin production to create significant value for Iraq and our shareholders.”
The Hamrin JV farm-in consideration comprises a $35 million carry by ShaMaran of HKN’s share of initial costs in the Hamrin co-venture, with a further $15 million payable out of future cash flow once ShaMaran has recovered its initial investment and carry in full.
Financing – Contemplated Bond Issuance
Elvis Pellumbi, Chief Financial Officer of ShaMaran, commented, “On the back of the attractive Hamrin investment, we are looking to raise a new bond to better reflect the improved credit profile of our expanded asset portfolio, fund Hamrin growth capex and reduce interest costs. We see increased near-term cash flow from our existing assets due to the tri-party export agreement coupled with an enhanced long-term outlook from the addition of future Hamrin cash flows.”
ShaMaran has mandated Pareto Securities AS to be sole bookrunner and manager for a contemplated bond of up to $200 million in order to refinance its existing 2029 bond (ISIN NO0011057622) that has approximately $144 million currently outstanding. The proceeds from the new bond will be used to fund ShaMaran’s share of the Hamrin investment and for general corporate purposes. The Company will host fixed income investor meetings, and a bond issuance may follow subject to market conditions and acceptable terms. It is the Company’s intention to exercise the applicable call option in the existing bond upon successful issuance of the contemplated new bond.
ShaMaran to combine with Gulf Keystone Petroleum Ltd. (“Gulf Keystone”)
ShaMaran and Gulf Keystone today announced that they have signed a merger agreement and a combination agreement to combine their businesses and create a platform for growth in the Kurdistan Region of Iraq and Federal Iraq (the “Transaction”). A copy of the press release can be found at www.shamaranpetroleum.com.
About ShaMaran Petroleum Ltd.
ShaMaran is an independent oil and gas company with non-operated stakes in three fields in Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block, both in the Kurdistan Region of Iraq. The Company will also hold a 25% interest in the Hamrin JV, which holds the Hamrin DPC in Federal Iraq. The Company is listed in Oslo on Euronext Growth and in Stockholm on Nasdaq First North (ticker “SNM”). ShaMaran is part of the Lundin Group of Companies.
Elvis Pellumbi, CFO, +41 22 560 8600, info@shamaranpetroleum.com, www.shamaranpetroleum.com
This information is information that ShaMaran Petroleum Ltd. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 8:00 CET on October 20, 2026.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
The Company’s certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB.
Forward-Looking Statements
Matters discussed in this announcement may constitute forward-looking statements. The use of any of the words “will”, “expected”, “planned” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of certain future events. Certain information set forth in this news release contains forward-looking statements.
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Strategic LiDAR Customer Initiates Production Orders with Sivers Semiconductors
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