TUCOWS INC /PA/

Listed Company

TCXCIK 0000909494NasdaqAcceleratedServices-Computer Processing & Data PreparationPennsylvaniaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-75.82M

Total Assets

$730.91M

Equity

$-164.20M

Shares Out

11.13M

Op. Cash Flow

$-5.76M

Business

Tucows Inc. provides Internet services and software platforms that simplify access to and management of Internet connectivity and online presence. It offers consumer and business high‑speed Internet access (Gigabit Fiber and Fixed Wireless) through Ting, cloud‑based telecom platforms, billing and provisioning software and professional services through Wavelo, and wholesale and retail domain name registration plus value‑added services through Tucows Domains (OpenSRS, eNom, Ascio, EPAG, Hover). Its reporting segments are Ting, Wavelo and Tucows Domains. Distribution and markets include U.S. retail sales via the Ting website, global reseller networks across about 200 countries primarily for Domains, and CSP customers in the U.S. and internationally for Wavelo.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net Revenues	390	362	339	321	304
Direct cost of revenues	231	210	202	196	193
Network, other costs	23	28	33	17	15
Network, depreciation and amortization	43	41	37	—	—
Total cost of revenues	296	279	273	243	226
Gross profit	94	83	67	78	78
Sales and marketing	48	59	68	54	39
Technical operations and development	18	19	19	14	14
General and administrative	43	37	33	31	22
Gain on disposition of property and equipment	−6	0	0	461,000	234,000
Depreciation and amortization	4	4	10	598,000	534,000
Charges	0	11	0	0	—
Impairment of property and equipment	11	18	0	0	—
Total expenses	117	148	130	110	86
Loss from operations	−23	−65	−64	−32	−8
Interest expense, net	−55	−51	−42	−14	—
Loss on debt extinguishment	0	0	−15	0	0
Other income, net	11	14	17	−177,000	−370,000
Total other income (expenses)	−44	−37	−39	4	15
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	−67	−102	−103	−28	7
Provision (recovery) for income taxes	9	8	−7	−217,000	4
Net income (loss)	−76	−110	−96	−28	3
Unrealized income (loss) on hedging activities	−89,000	−3	2	418,000	572,000
Net amount reclassified to earnings	996,000	−11,000	−886,000	23,000	−3
Other comprehensive income (loss) net of tax expense (recovery) of $288, ($858) and $299 for the years ended December 31, 2025, 2024 and 2023, respectively.	907,000	−3	944,000	441,000	−2
Comprehensive loss, for the period	−75	−113	−95	−27	1
Basic and diluted loss per common share (in dollars per share)	−6.85	−10.02	−8.85	−2.56	0.32
Shares used in computing basic and diluted loss per common share (in shares)	11	11	11	11	11

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	47	57	93	23	9
Restricted cash included in funds held by trustee	5	5	4	0	—
Accounts receivable, net of expected credit losses of $1,259 as of December 31, 2025 and $923 as of December 31, 2024	24	21	22	18	15
Deferred costs of fulfillment, current portion	97	101	96	94	95
Prepaid expenses and other	29	22	17	17	21
Total current assets	203	205	243	170	147
Deferred costs of fulfillment, long-term portion	16	16	15	16	18
Restricted cash included in secured notes reserve funds	12	12	9	0	—
Property and equipment, net	282	331	340	281	173
Right of use lease asset	63	36	27	20	18
Total net book value	20	25	29	40	50
Balances	130	130	130	130	130
Other assets	4	4	—	—	—
Total Assets	731	759	798	665	540
Accounts payable and accrued liabilities	35	40	—	—	—
Derivative instrument liability	75,000	1	0	389,000	125,000
Operating lease liability, current portion	6	5	5	5	3
Contract liabilities, current portion	132	136	127	123	124
Other current liabilities	21	18	0	2	3
Total current liabilities	330	200	201	188	174
Contract liabilities, long-term portion	21	21	21	22	24
Operating lease liability, long-term portion	58	26	18	12	12
Syndicated revolver	190	194	210	239	191
Notes payable	292	288	223	0	—
Other long-term liability	1	0	—	0	2
Deferred tax liability	3	3	3	16	23
Share capital	38	37	34	32	29
Additional paid-in capital	24	19	14	8	3
Accumulated deficit	−226	−150	−40	56	83
Accumulated other comprehensive Income	−57,000	−964,000	2	784,000	343,000
Total Equity	−164	−95	10	97	115
Total Liabilities and Equity	731	759	798	665	540

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	46	46	47	—	—
Amortization of debt discount and issuance costs	5	4	3	685,000	300,000
Gain on disposal of assets	−6	0	0	—	—
Impairment of property and equipment	12	19	5	92,000	201,000
Deferred income taxes (recovery)	−289,000	854,000	−13	−7	−1
Accretion of redeemable preferred units	14	10	14	4	0
Loss on debt extinguishment	0	0	15	0	0
Write off of debt discount and issuance cost	0	0	277,000	0	0
Loss on change in the fair value of forward contracts	0	0	2	281,000	606,000
Amortization of discontinued cash flow hedge	0	0	−1	−761,000	0
Stock-based compensation expense	7	7	8	8	5
Accounts receivable	−4	1	−4	−4	2
Prepaid expenses and deposits	−7	331,000	−382,000	4	−4
Deferred costs of fulfillment	4	−6	−394,000	2	−2
Accounts payable and accrued liabilities	−5	−2	4	—	—
Contract liabilities	−4	9	3	−3	−4
Other operating assets and liabilities	7	308,000	9	—	—
Net cash provided by (used in) operating activities	−6	−20	−5	20	30
Proceeds received on exercise of stock options	31,000	43,000	0	1	5
Proceeds from issuance of notes payable	0	63	227	0	0
Redeemable preferred units redemption	0	0	−46	88	0
Proceeds from redeemable preferred units	0	0	35	0	0
Deferred notes payable financing costs	0	−2	−7	0	0
Deferred preferred financing costs	0	0	145,000	−1	0
Contingent payments for acquisitions	0	0	−2	−3	0
Proceeds received on syndicated revolver	0	0	52	48	69
Repayment of syndicated revolver	−5	−17	−80	−748,000	−296,000
Payment of syndicated revolver costs	−423,000	−25,000	−2	0	0
Net cash provided by (used in) financing activities	−5	44	179	132	73
Proceeds on disposal of property and equipment and intangible asset	19	542,000	0	0	510,000
Additions to property and equipment	−17	−56	−92	−137	−73
Acquisition of intangible assets	−206,000	−575,000	−528,000	−782,000	−774,000
Net cash provided by (used in) investing activities	2	−56	−93	−137	−102
Increase (decrease) in cash and cash equivalents, restricted cash, and restricted cash equivalents	−9	−32	81	14	794,000
Interest paid	44	38	25	10	4
Income taxes paid, net	6	8	5	4	9
Property and equipment acquired during the period not yet paid for	2	4	7	501,000	99,000

Filings

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