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NUVR on OTC

Nuvera Communications, Inc.

Diversified communications Company headquartered in New Ulm2

In its 2026 annual report the company says: “We operate in one principal business segment: the Communications Segment. Our principal line of business is the operation of seven communications companies.”5 Its shares trade on OTC under the symbol NUVR.2

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Last updated Oct 21, 2026.

Overview

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  • TickerNUVR on OTC2
  • IndustryTelephone Communications (No Radiotelephone)2
  • HeadquartersNew Ulm, United States2
  • Incorporated inMN3
  • Business address27 North Minnesota St., New Ulm, Mn 560733
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formBusiness Corporation2
  • LEI549300RONDZIOWF5NR142
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered address27 N Minnesota Street, 56073-1727 New Ulm, United States2
  • Registered withOffice of the Minnesota Secretary of State Business & Lien system, 26587-AA2

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Nuvera is a diversified communications Company headquartered in New Ulm, Minnesota with more than 120 years of experience in the communications business. We operate in one principal business segment: the Communications Segment.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

18.5%Operating margin6
0.6%Net margin6
1.5%Revenue growth, 20256
0.3%Return on equity6
1.50×Debt to equity6
-$14.1MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Data Service brought in 40% of the revenue Nuvera Communications, Inc. broke down this way in fiscal 2025.

  1. Data Service$29.9M640%up 8% from 2024
  2. A-Cam/Fusf$17.3M623%up 12% from 2024
  3. Video Service [Member}$11.3M615%down 4% from 2024
  4. Voice Service$4.6M66%down 11% from 2024
  5. Other Non-regulated$4.6M66%up 3% from 2024
  6. Network Access$2.7M64%down 15% from 2024
  7. Product and Service, Other$2.3M63%up 18% from 2024
  8. Other Contracted Revenue$2.2M63%down 8% from 2024
  9. Directory$500.6K61%down 7% from 2024
Products and services by year
Products and services20242025
Data Service$27.8M$29.9M
A-Cam/Fusf$15.5M$17.3M
Video Service [Member}$11.7M$11.3M
Voice Service$5.2M$4.6M
Other Non-regulated$4.5M$4.6M
Network Access$3.2M$2.7M
Product and Service, Other$1.9M$2.3M
Other Contracted Revenue$2.4M$2.2M
Directory$538.1K$500.6K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin21¢$11.3M
  • Other costs78¢$41.6M
  • Income tax0¢$249.3K
  • Profit1¢$327.7K

Out of $53.5M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$33.2M

Out of $19.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue78910116$53.5M in 2025+3% since 2019
0$20.0M$40.0M$60.0M2019: $52.0M$52.0M20192020: $51.9M$51.9M2020−0%2021: $53.2M$53.2M2021+2%2022: $53.1M$53.1M2022−0%2023: $52.3M$52.3M2023−1%2024: $52.7M$52.7M2024+1%2025: $53.5M$53.5M2025+2%
Operating income78910116$9.9M in 2025−30% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $14.1M$14.1M20192020: $15.0M$15.0M2020+7%2021: $13.9M$13.9M2021−8%2022: $11.5M$11.5M2022−17%2023: $9.2M$9.2M2023−20%2024: $9.9M$9.9M2024+7%2025: $9.9M$9.9M2025−0%
Net income78910116$327.7K in 2025−96% since 2019
-$5.0M0$5.0M$10.0M$15.0M2019: $8.3M$8.3M20192020: $9.8M$9.8M2020+18%2021: $12.3M$12.3M2021+25%2022: $7.2M$7.2M2022−41%2023: -$3.2M-$3.2M20232024: -$4.4M-$4.4M2024+38%2025: $327.7K$327.7K2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Revenues$71.8M$69.2M
Depreciation and Amortization$19.5M$17.8M
Selling, General and Administrative$11.3M$10.4M
Total Operating Expenses$61.9M$59.3M
OPERATING INCOME$9.9M$9.9M
Interest During Construction$436.2K$923.3K
CoBank Patronage Dividends$1.7M$1.2M
Interest/Dividend Income$224.0K$169.2K
Interest Expense-$12.1M-$11.2M
Loss on Investments-$22.6K$0
Gain (Loss) on Sale of Investments$144.8K-$257.8K
Impairment of Goodwill$0-$5.0M
Other Investment Income$387.0K$198.5K
Total Other Expense-$9.3M-$14.0M
INCOME (LOSS) BEFORE INCOME TAXES$577.0K-$4.1M
INCOME TAXES EXPENSE$249.3K$331.1K
NET INCOME (LOSS)$327.7K-$4.4M
Basic (in dollars per share)$0.06-$0.86
Diluted (in dollars per share)$0.06-$0.83
DIVIDENDS PER SHARE (in dollars per share)$0.00$0.00
Basic (in shares)5.2M shares5.2M shares
Diluted (in shares)5.5M shares5.3M shares

Compare Nuvera Communications, Inc. with another company

Corporate structure

Nuvera Communications, Inc. sits at the top of its group. 9 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Nuvera Communications, Inc.

  • Minerva Advisors LLC Filed SCHEDULE 13G/A on Nuvera Communications, Inc., latest Feb 13, 2026 (5 filings since Feb 14, 2022)
  • MAGNOLIA CAPITAL FUND, LP Filed SCHEDULE 13G/A on Nuvera Communications, Inc., latest Jul 8, 2025 (4 filings since Feb 14, 2022)
  • Nuvera Communications, Inc. New Ulm, Minnesota, United States
    • Hutchinson Cellular, Inc. Subsidiary · Minnesota, United States
    • Hutchinson Telecommunications, Inc. Subsidiary · Minnesota, United States
    • Hutchinson Telephone Company Subsidiary · Minnesota, United States
    • Peoples Telephone Company Subsidiary · Iowa, United States
    • Scott Rice Telephone Co. Subsidiary · Minnesota, United States
    • Sleepy Eye Telephone Company Subsidiary · Minnesota, United States
    • TechTrends, Inc. Subsidiary · Minnesota, United States
    • Western Telephone Company Subsidiary · Minnesota, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Nuvera Communications, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$402.5M6 Dec 31, 2025$372.7M6 Dec 31, 2024+8.0%
Accumulated depreciation$206.2M6 Dec 31, 2025$188.9M6 Dec 31, 2024+9.2%
Property and equipment, net$196.3M6 Dec 31, 2025$183.8M6 Dec 31, 2024+6.8%
Operating-lease assets (leased space)$1.4M6 Dec 31, 2025$1.1M6 Dec 31, 2024+27.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$35.6M6 Dec 31, 2025$35.6M6 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$10.4M6 Dec 31, 2025$12.4M6 Dec 31, 2024−16.5%
Finite-lived intangibles, gross$46.8M6 Dec 31, 2025$46.8M6 Dec 31, 20240%
Accumulated amortization$36.4M6 Dec 31, 2025$34.3M6 Dec 31, 2024+6.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$18.6M6 Dec 31, 2025$24.7M6 Dec 31, 2024−24.9%

Properties, in its own words

Our properties are used primarily for administrative support and to house and safeguard our operating equipment. On December 31, 2025, our gross property, plant, and equipment totaled $402,471,683 (net balance of $196,315,876).

We own our corporate headquarters, located at 27 North Minnesota Street, New Ulm, Minnesota. We also own office facilities and related equipment for administrative personnel, central office buildings and operations in Minnesota and Iowa.

The rest of Item 2

In addition to land and structures, our property consists of equipment necessary for the provision of communication services, including central office equipment, CPE and connections, pole lines, towers, remote terminals, aerial and underground cable and wire facilities and associated outside plant for use in providing our services, telephone switches, fiber networks and fiber communications network equipment, vehicles, furniture and fixtures, computers and other equipment.

We also utilize poles, towers, cable, and conduit systems that we jointly own with other entities and we lease space at some facilities from other entities. These arrangements are in accordance with written agreements customary in the industry. We also have appropriate easements, rights of way and other arrangements for the accommodation of our pole lines, underground conduits, aerial and underground cables, and wires.

We believe our properties are suitable and adequate to provide modern and effective communications services within our service areas, including local dial-tone, long-distance service, broadband, TV and dedicated and switched long-haul transport. We also believe our properties and equipment are adequately insured. See Note 6 – “Long-Term Debt” for descriptions of the mortgages and collateral relating to the above referenced properties. See Note 1 – “Business Description and Summary of Significant Accounting Policies” and Note 4 – “Property, Plant and Equipment” for a description of our depreciation policies and information relating to the above referenced properties and equipment and their respective depreciation.

Item 2 of the 10-K filed Mar 16, 2026.5

Leadership

Who has led Nuvera Communications, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Bill D. Otis2006–2022
  2. Glenn Zerbe2019–now

President

  1. Bill D. Otis2006–2022
  2. Glenn Zerbe2019–2022

Chief financial officer

  1. Curtis O. Kawlewski2009–2010
  2. Nancy Blankenhagen2010

Chief operating officer

  1. Barbara A. Bornhoft2017–now
2010201520202025
Board members and other officers (17)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Hutchinson Cellular, Inc. Minnesota4
  • Hutchinson Telecommunications, Inc. Minnesota4
  • Hutchinson Telephone Company Minnesota4
  • Peoples Telephone Company Iowa4
  • Scott Rice Telephone Co. Minnesota4
  • Sleepy Eye Telephone Company Minnesota4
  • TechTrends, Inc. Minnesota4
  • Western Telephone Company Minnesota4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • NEW ULM TELECOM INCAug 4, 1995 to May 25, 20183

Timeline

  1. May 22, 20268-K Executive or director change; Shareholder vote36
  2. May 27, 20258-K Executive or director change; Shareholder vote37
  3. May 23, 20258-K Executive or director change38
  4. Mar 4, 20258-K Executive or director change39
  5. Jun 25, 20248-K Entered a material agreement; Ended a material agreement; New debt or obligation40
  6. May 28, 20248-K Shareholder vote; Other events41
  7. Dec 21, 20238-K Entered a material agreement; New debt or obligation; Bylaws or fiscal year changed42
  8. Dec 12, 20238-K Other events43
  9. Oct 2, 20238-K Regulation FD disclosure44
  10. May 26, 20238-K Shareholder vote; Other events45
  11. Apr 3, 20238-K Other events46
  12. Jan 13, 20238-K Other events47
  13. Sep 12, 2019New chief executive Glenn Zerbe becomes CEO14
  14. Dec 1, 2006New chief executive Bill D. Otis becomes CEO15
  15. Apr 22, 1905Founded Nuvera Communications, Inc. is founded2

Filings

148 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 19 major events, 91 insider forms, 9 large holders, 7 other. The latest 20:

  1. Aug 14, 202610-Q EDGAR
  2. May 29, 20264 EDGAR
  3. May 29, 20264 EDGAR
  4. May 29, 20264 EDGAR
  5. May 29, 20264 EDGAR
  6. May 29, 20264 EDGAR
  7. May 29, 20264 EDGAR
  8. May 29, 20264 EDGAR
  9. May 22, 20268-K EDGAR
  10. May 15, 202610-Q EDGAR
  11. Apr 9, 2026DEF 14A EDGAR
  12. Apr 8, 20264 EDGAR
  13. Apr 8, 20264 EDGAR
  14. Mar 16, 202610-K EDGAR
  15. Feb 13, 2026SCHEDULE 13G/A EDGAR
  16. Nov 18, 20254 EDGAR
  17. Nov 17, 2025144 EDGAR
  18. Nov 14, 202510-Q EDGAR
  19. Aug 14, 202510-Q EDGAR
  20. Jul 8, 2025SCHEDULE 13G/A EDGAR

The 148 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 17, 2025Zerbe GlennCEOSale3,387$11.96$40.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Glenn H. Zerbe$337.4K$482.8K50
2025Curtis O. Kawlewski$251.7K$335.3K50
2025Barbara A.J. Bornhoft$186.8K$194.4K50
2024President and CEO$326.0K$530.6K50
2024Former VicePresident/COO and Corporate Secretary$243.2K$332.1K50
2024CFO$243.2K$323.9K50

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$2.9M 2020–2020
Money received by yearMoney received by year, 2020–2020: $2.9M in all. PPP loans $2.9M.$0$1M$2M$3M2020 · PPP loans: $2.9M2020
Figures by year
YearPPP loansTotal
2020$2.9M$2.9M

PPP loans

Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA51. Matched to this company by name and state.

  1. Apr 7, 2020$2.9M PPP loan (first draw) from Citizens Bank Minnesota51To NUVERA COMMUNICATIONS, INC., New Ulm MN; $2.9M forgiven Feb 3, 2021

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
McMillan Office, Inc.9,600$166.1K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Nuvera Communications, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNuvera Communications, Inc.1
  • CIK0000071557
  • Employer ID (EIN)41-04409905
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inMinnesota5
  • Fiscal year endsDecember 311
  • Industry code (SIC)4813 Telephone Communications (No Radiotelephone)1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address27 North Minnesota St., New Ulm, MN 560731
  • Mailing addressP O Box 697, New Ulm, MN 560731
  • Phone50735441111
  • Shares outstanding5,244,006 as of Aug 14, 202613
  • Public float$42.0M as of Jun 30, 20255
  • AuditorOlsen Thielen & Co., Ltd, Roseville, Minnesota PCAOB ID 251; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceApr 14, 19951
  • Filings561 in all: 4 (214), 10-Q (89), 8-K (79), DEF 14A (32), 4/A (29), 10-K (24), 3 (12), UPLOAD (9)1
    All 27 form types

    SC 13G/A (8), 10-K405 (7), 5 (7), CORRESP (7), 10QSB (6), PRE 14A (6), 8-K/A (5), SC 13G (5), 10-K/A (4), S-8 (3), SC 13D/A (3), SCHEDULE 13G/A (3), NT 10-K (2), SC 13D (2), 10-Q/A (1), 144 (1), 5/A (1), ARS (1), S-8 POS (1)

  • Latest filingsAnnual report (10-K) Mar 16, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Apr 9, 2026
    Latest 8-K (8-K) May 22, 2026

Securities registered for trading

ClassSymbolExchange
NUVR

From the cover page of the 10-K filed Mar 16, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Nuvera Communications, Inc. names in Item 1A of its 10-K filed Mar 16, 2026: 3 risks under these headings, as written.5

  • Risks Relating to Our Business
  • Our future growth is primarily dependent upon our expansion strategy, which may or may not be successful.
  • The imposition of new duties, tariffs, trade barriers and retaliatory countermeasures implemented by the United States and other governments and resulting impact on customer demand may have a material adverse effect on our business, fiber build initiatives, financial condition and results of operations.
  • Increasing attention to, and evolving expectations for, environmental, social, and governance (ESG) initiatives could increase our costs, harm our reputation, or otherwise adversely impact our business.
  • Risks Relating to Current Economic Conditions
  • Risks Relating to Our Stock
  • Risks Relating to Our Indebtedness and Our Capital Structure
  • Risks Related to the Regulation of Our Business

Legal proceedings

Other than the litigation incidental to our business, there are no pending material legal proceedings to which we are a party or to which any of our property is subject.

The opening of Item 3, Legal Proceedings.5

Sources

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