• Uniti is like Crown Castle or American Tower, but primarily focused on owning and leasing fiber optic networks instead of cell towers.
• Think of Uniti as the Prologis for digital infrastructure, owning and leasing critical fiber optic networks rather than warehouses.

• Fiber Optic Infrastructure Leasing: Uniti leases its extensive fiber optic cable networks to telecommunications carriers, enterprises, and other customers.
• Wireless Infrastructure Leasing: The company provides critical infrastructure, such as towers and small cells, for wireless service providers.
• Copper Network Leasing: Uniti leases legacy copper-based network infrastructure, often for specific or niche applications.
• Data Center Leasing: The company leases space and connectivity within its data centers to various businesses and service providers.

Uniti (UNIT) Major Customers

Uniti Group Inc. (UNIT) sells primarily to other companies, specifically telecommunications carriers and service providers.

Historically and currently, its overwhelmingly major customer is:

• Windstream Holdings, Inc.
  • Windstream is a private company and does not have a public stock symbol. It was formerly a public company (WIN) but emerged from bankruptcy as a private entity.
  • According to Uniti's recent financial filings (e.g., 2023 Form 10-K), substantially all of Uniti's revenues are derived from the master lease and related agreements with Windstream. While Uniti is actively diversifying its customer base and has a growing portfolio of other customers, Windstream remains its dominant customer by a significant margin.

Uniti also generates revenue from a diverse set of other customers, including wireless carriers (e.g., AT&T, Verizon, T-Mobile), enterprises, and government entities, for services like fiber backhaul, small cell deployments, and data center connectivity. However, no other single customer represents a material portion of its total revenue comparable to Windstream.

Kenny Gunderman, President & Chief Executive Officer

Kenny Gunderman has extensive experience in the telecommunications industry and became the President and Chief Executive Officer of Uniti Group Inc. (formerly Communications Sales & Leasing, Inc. or CS&L) in 2015. Prior to joining Uniti, he served as Co-Head of Investment Banking at Stephens and was a Senior Vice President in the telecom investment banking group at Lehman Brothers, where he advised on transactions and financings totaling over $125 billion. He also previously worked at KPMG as a Certified Public Accountant (CPA).

Paul Bullington, Sr. EVP & Chief Financial Officer

Paul Bullington was appointed interim Chief Financial Officer and Principal Financial Officer of Uniti Group Inc. in May 2021. He previously served as Senior Vice President of Strategic Operations at Uniti Fiber. Before his time at Uniti, Mr. Bullington was the Chief Financial Officer of Southern Light, a company that Uniti acquired in 2017. He brings over 20 years of experience in fiber, communications infrastructure, and mergers and acquisitions.

Daniel Heard, Sr. EVP & General Counsel

Daniel Heard serves as Executive Vice President, General Counsel, and Secretary for Uniti. In this role, he is responsible for the company's legal affairs and corporate governance. He previously worked as a partner at Kutak Rock LLP, where he specialized in representing public companies in corporate, securities, and merger and acquisition transactions, demonstrating extensive experience in negotiating and structuring such deals.

Michael Friloux, Sr. EVP & Chief Technology Officer

Michael Friloux is the Executive Vice President and Chief Technology Officer of Uniti. He possesses over 30 years of experience in telecommunications and information systems technology, with a focus on ensuring the future viability of Uniti's IT systems.

Ronald J. Mudry, SVP & Chief Revenue Officer

Ronald J. Mudry is the Senior Vice President and Chief Revenue Officer of Uniti Group Inc. He is responsible for driving Uniti's growth in its fiber and wireless infrastructure segments, overseeing Strategy and Corporate Development. His role also encompasses leading the company's sales and business development initiatives, particularly in providing fiber-based services to various carriers and wholesale customers.

The key risks to Uniti Group's (UNIT) business are primarily financial in nature, stemming from its capital-intensive operations and debt structure, along with its reliance on a major customer.

1. High Leverage and Refinancing Risk: Uniti Group is characterized by a high debt load and significant leverage, which constrains its free cash flow and raises concerns about financial stability. The company faces ongoing refinancing risk due to substantial upcoming debt maturities, particularly in a fluctuating interest rate environment. This heavy debt burden can impact the company's ability to fund operations and growth initiatives.
2. Customer Concentration and Dependence on Windstream: Historically, Uniti's financial performance has been closely linked to Windstream, its largest customer. Despite the recent merger, this strong dependency continues to pose a significant risk. Any operational or financial difficulties experienced by Windstream could materially and adversely affect Uniti's revenue and profitability.
3. Constrained Free Cash Flow and High Capital Expenditure (CapEx): Uniti's business model, especially its ongoing transition towards a fiber infrastructure business, necessitates substantial capital expenditures. These heavy investments, combined with debt service obligations, lead to constrained free cash flow. While the fiber business offers higher margins, this strategic pivot is a multi-year process, and the fiber segment currently represents only a portion of the company's total revenues, making sustained cash flow improvement a challenge in the near term.

The emergence and rapid expansion of Fixed Wireless Access (FWA) services, particularly from major mobile carriers, represents a clear emerging threat. FWA provides a viable alternative to traditional wireline broadband services, which are delivered over the fiber optic networks that Uniti owns and leases. If FWA continues to gain significant market share by displacing wireline broadband subscribers, it could reduce the demand for new fiber-to-the-home (FTTH) deployments and potentially put downward pressure on lease rates for existing fiber infrastructure, thereby impacting Uniti's growth opportunities and revenue streams from its wireline-focused tenants. This mirrors how disruptive services in the past offered consumers viable alternatives to existing offerings, challenging the underlying business models.

Uniti Group Inc. (symbol: UNIT) specializes in the acquisition, construction, and leasing of critical communication infrastructure, primarily fiber optic networks, in the United States. Their main products and services include fiber infrastructure leasing and small cell network solutions.

Addressable Market Sizes for Uniti's Main Products and Services:

• Fiber Optic Networks: The addressable market for fiber optics in the U.S. was valued at USD 3.1 billion in 2024. It is projected to grow to USD 7.8 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 10.8% during the period of 2025-2033.
• Small Cell Networks: The addressable market for small cell networks in the U.S. was estimated at USD 3.10 billion in 2024. This market is expected to reach USD 16.99 billion by 2032, growing at a CAGR of 23.68% over the forecast period of 2025–2032.
• Mobile and Wireless Backhaul: The global mobile and wireless backhaul market was valued at USD 13.13 billion in 2023. It is anticipated to grow to USD 29.20 billion by 2032, with a CAGR of 9.32% from 2024 to 2032. North America accounted for a significant portion of this market, holding a 33.92% share in 2023.

Uniti Group Inc. (UNIT) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions. The key drivers include significant expansion of its fiber network, strategic partnerships with hyperscaler clients, continued growth in Kinetic's fiber-based services, the recent merger with Windstream, and robust demand in the wholesale fiber market.

Here are the expected drivers of future revenue growth:

1. Fiber Network Expansion: Uniti is aggressively expanding its fiber network, with a stated goal to reach 3.5 million homes by 2029. The company anticipates that fiber revenue will surpass legacy services by the end of 2025, indicating a significant shift towards higher-growth fiber offerings.

2. Strategic Deals with Hyperscaler Clients: Demand from hyperscaler customers remains strong, with Uniti recently securing a long-term contract in Montgomery, AL. This expansion adds strategic fiber infrastructure that will be available for further lease-up, contributing to future revenue streams.

3. Growth in Kinetic Fiber-Based Services: The Kinetic segment has demonstrated strong growth in fiber-based revenue, reporting a 19% year-over-year increase in Q2 2025. Initiatives like "Fiber Fast Start" and "Fiber Forward" are key to driving fiber adoption and increasing average revenue per user (ARPU) within this segment.

4. Merger with Windstream: The recently completed merger with Windstream is expected to enhance Uniti's fiber capabilities and streamline its capital structure, laying a foundation for future growth. The consolidated 2025 outlook reflects the anticipated results from the combined entity.

5. Wholesale Fiber Demand: Uniti's CEO has highlighted the "generational" opportunity in the wholesale fiber market, emphasizing favorable conditions for fiber providers. The company is actively working to capture market share in dark fiber and waves, which are expected to be significant contributors to future revenue growth.

Share Repurchases

• Uniti Group Inc. did not report any significant share repurchases or authorized future share repurchases between 2020 and 2024.

Share Issuance

• In August 2025, as part of the merger with Windstream, former Windstream shareholders received approximately 38% of the outstanding common stock of the combined company, estimated at a dollar value of approximately $445.2 million based on the stock price around the merger date.
• Windstream shareholders also received preferred stock with an aggregate initial liquidation preference of $575 million in the August 2025 merger.
• During 2022, the company granted 925,059 shares of restricted stock to employees, with a fair value of $8.8 million at the grant date.

Outbound Investments

• Uniti Group Inc. reported $0 in long-term investments from 2020 to 2024, indicating no significant outbound investments in other companies during this period.

Capital Expenditures

• For the full year 2025, consolidated net capital expenditures are projected to be $805 million, with $450 million allocated to Kinetic for fiber build-out and $310 million for Fiber Infrastructure.
• In 2023, Uniti Leasing deployed $277.2 million primarily for the construction of approximately 4,100 new route miles of fiber infrastructure, and Uniti Fiber's net success-based capital expenditures were $118.3 million.
• The company plans an accelerated fiber build pace of 350,000-400,000 homes annually in 2026, aiming to achieve 75% fiber-to-the-home (FTTH) coverage by 2029, encompassing 3.5 million homes passed.