Kinetic Wins State Approvals of $156 Million in BEAD Grants to Expand Multi-Gig Fiber Broadband

Core Points - Kinetic has received preliminary approval for federal grants under the Broadband Equity Access and Deployment (BEAD) program, which will provide multi-gigabit fiber connections to approximately 52,000 rural homes and businesses across four states, with nearly 50,000 in Georgia [1][2] - The total amount of the grants is $156.6 million, pending final approval by the National Telecommunications and Information Administration [2][7] - Kinetic's expansion efforts are supported by public-private partnerships, which have been crucial for extending fiber services to economically challenging areas [2][4] Company Expansion Plans - Kinetic currently offers gigabit and multi-gigabit broadband services to over 370,000 homes and businesses in Georgia, with about 20% of these locations benefiting from public-private partnerships [3] - The company is executing a multi-year, multi-billion-dollar network modernization project aimed at expanding fiber broadband service throughout its 18-state footprint, with fiber now passing over 1.7 million homes and serving an additional 2.1 million locations [4][5] - Kinetic aims to extend fiber to over 3.5 million homes by 2029, which will cover approximately 75% of its operational footprint [6] Financial and Operational Context - The BEAD awards for Georgia include $147.3 million for 49,346 locations, $5 million for 1,395 locations in Arkansas, $2 million for 280 locations in New Mexico, and $2.3 million for 943 locations in North Carolina [7] - The merger between Windstream and Uniti Group, Inc. has positioned Kinetic to accelerate its fiber broadband build plans across all 18 states [5]