大西洋电讯网络国际 2025年度报告

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes◻No⌧ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes◻No⌧ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports) and (2)has been subject tosuch filing requirements for the past 90days.Yes⌧No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yes⌧No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act.: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.◻ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.☒If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Definitive Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated byreference into PartIII of this Form10-K. TABLE OF CONTENTS PageSpecial Note Regarding Forward Looking Statements1PART I2Item1.Business Overview and Strategy2Human Capital10US Federal Regulation11US State Regulation15US Virgin Islands Regulation15Guyana Regulation15Bermuda Regulation16Item1A.Risk Factors16Item1B.Unresolved Staff Comments24Item 1C.Cybersecurity25Item2.Properties26Item3.Legal Proceedings27Item4.Mine Safety Disclosures28Information About Our Executive Officers28PART II29Item5.Market for Registrant’s Common Equity, Related Stockholder Matters andIssuer Purchases of Equity Securities29Item7.Management’s Discussion and Analysis of Financial Condition and Resultsof Operations31Overview31Results of Operations: Years Ended December31, 2025 and 202439Regulatory and Tax Issues46Liquidity and Capital Resources47Recent Accounting Pronouncements60Item7A.Quantitative and Qualitative Disclosures About Market Risk60Item8.Financial Statements and Supplementary Data60Item9.Changes in and Disagreements With Accountants on Accounting andFinancial Disclosure60Item9A.Controls and Procedures61Evaluation of Disclosure Controls and Procedures61Management’s Report on Internal Control over Financial Reporting61Changes in Internal Control over Financial Reporting61Item9B.Other Information62Item9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections62PARTIII62Item10.Directors, Executive Officers and Corporate Governance62Item11.Executive Compensation65Item12.Security Ownership of Certain Beneficial Owners and Management andRelated Stockholder Matters65Item13.Certain Relationships and Related Transactions, and Director Independence65Item14.Principal Accountant Fees and Services65PARTIV65Item15.Exhibits, Financial Statement Schedules65Item16.Form 10-K Summary69Signatures69Index to Consolidated Financial StatementsF-1 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this “Report”) contains forward-looking statements relatingto, among other matters, our future financial performance and results of operations; the impact of federalsupport program revenues; expectations regarding future revenue, operating income, EBITDA and capitalexpenditures; the competitive environment in our key markets, demand for our services and industrytrends; expectations regarding litigation; our liquidity; and management’s plans and strategy for the future.These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are notguarantees of future events or results. Actual future events and results could differ materially from theevents and results indicated in these statements as a result of many factors, including, among others: (1)the general performance of our operations, including operating margins, revenues, capital expenditures, theimpact of cost savings initiatives and the reten