GCI Liberty, Inc. (NASDAQ: GLIBK)

GCI Liberty Inc is a holding company that owns the GCI Business which provides integrated communication services primarily in Alaska. The company operates through its subsidiary GCI Holdings LLC offering data wireless voice and managed services to residential business government and educational and medical customers. GCI Liberty Inc was formed to hold the GCI Business following an internal reorganization from Liberty Broadband and completed the Separation process in July 2025. The company serves customers across Alaska leveraging a diverse network of fiber microwave and satellite technologies to deliver connectivity in urban and rural areas including remote communities.

GCI Liberty Inc generates revenue through the sale of data wireless voice and managed services provided by GCI Holdings LLC to its customer base. Data services represent the largest portion of revenue at 71% for the year ended December 31 2025 followed by wireless services at 24% and other services at 5%. The company earns revenue by selling new and enhanced services to its existing customer base through coordinated customer service sales and marketing efforts. Revenue is also supported by participation in federal subsidy programs such as the Universal Service Fund which provides funding for telecommunications services in high-cost and rural areas including support for rural health care providers schools and libraries.

The company operates through the following segments: GCI Holdings.

• GCI Holdings provides a full range of data wireless voice and managed services to residential customers businesses governmental entities and educational and medical institutions primarily in Alaska under the GCI brand. It operates an advanced diverse communications network utilizing fiber microwave and satellite technologies to deliver services across urban and rural Alaska including the Aleutian Chain and Bethel area. GCI Holdings owns and operates a statewide wireless network providing 5G and 4G voice and data services and continues to expand and upgrade these services. The company offers dedicated internet access and managed services including voice WiFi firewall detection and response on the highest-capacity backbone in Alaska with peering partners on the west coast. GCI Holdings holds licenses for satellite microwave transmission submarine cable landings and wireless spectrum and evaluates network assets to increase efficiency and performance. It actively pursues government grants to fund rural network expansion and has been awarded federal grants for broadband infrastructure in unserved and underserved communities in rural Alaska.

GCI Liberty Inc operates in a highly competitive industry facing competition from national and regional providers for residential and business services. In the residential market GCI Holdings competes with fiber-to-the-home fixed wireless broadband satellite and DSL providers for internet services and with AT&T Verizon and regional operators for mobile services. For voice services it competes with wireless and wireline providers over-the-top phone providers and companies selling phone cards. The company maintains its position through an integrated approach to customer service bundled service offerings and continuous network evolution leveraging its facilities to create efficiencies of scale and maximize network utilization. GCI Holdings has a demonstrated history of new product evaluation development and deployment and continues to assess revenue-enhancing opportunities that create value for customers.

GCI Liberty Inc serves residential customers businesses governmental entities and educational and medical institutions primarily in Alaska. The customer base includes individual consumers enterprise clients government agencies schools libraries and rural health care providers. The company supports services for approximately 180 rural health care providers 235 schools and 139000 rural wireless residents through federal universal service programs. GCI Holdings relies extensively on its systems to meet customer communication needs particularly in areas with harsh winter weather and remote geographies where customers depend on its networks for essential connectivity.