COGENT COMMUNICATIONS HOLDINGS, INC.

Listed Company

CCOICIK 0001158324NasdaqLarge AcceleratedCommunications Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-182.17M

Total Assets

$3.10B

Equity

$-63.85M

Shares Out

50.06M

Op. Cash Flow

$-10.58M

Business

COGENT COMMUNICATIONS HOLDINGS, INC. is a facilities-based provider of low-cost, high-speed Internet access and private network services that designs and operates a packet-optimized IP network. It offers on-net and off-net Internet access, private network services, optical wavelength and optical transport services, data center colocation, rack space and power. The company operates through Cogent Infrastructure and Cogent Communications Group, LLC, housing its Sprint-acquired long-haul fiber, data centers and customer-facing enterprise, corporate and net-centric divisions. Cogent serves corporate, enterprise and net-centric customers via on-net building connections, carrier-neutral and company data centers, and carrier partnerships across 56 countries.

Summary from filing dated 2025-02-28

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
Service revenue	976	1,036	941	600	590
Network operations (including $1,885, $1,681 and $1,069 of equity-based compensation expense, respectively), exclusive of amounts shown separately	535	642	544	228	226
Selling, general, and administrative (including $24,532, $24,057 and $25,855 of equity-based compensation expense, respectively)	274	276	275	163	162
Acquisition costs - Cogent Fiber Business	—	21	18	2	—
Depreciation and amortization	270	298	232	92	89
Total operating expenses	1,080	1,237	1,070	486	478
Gains on lease terminations and other	3	3	−212,000	—	—
Operating loss	−101	−198	−129	114	119
Interest expense, including change in valuation - interest rate swap	−161	−123	−93	—	—
Loss on debt extinguishment and redemption - 2026 Notes	−6	—	—	—	—
Gain on bargain purchase - Cogent Fiber Business	—	22	1,406	—	—
Interest income - IP Transit Services Agreement	16	24	27	—	—
Interest income - Purchase Agreement	2	748,000	2	—	—
Interest income and other	5	15	7	3	1
(Loss) income before income taxes	−245	−260	1,219	26	71
Income tax benefit	63	56	54	−21	−23
Net (loss) income	−182	−204	1,273	—	—
Foreign currency translation adjustment	32	−16	5	−8	−10
Comprehensive (loss) income	−150	−220	1,278	−3	38
Basic net (loss) income per common share	−3.8	−4.28	26.88	0.11	1.04
Diluted net (loss) income per common share	−3.8	−4.28	26.62	0.11	1.03
Dividends declared per common share	3.05	3.92	3.76	3.56	3.17
Weighted-average common shares-basic	48	48	47	47	46
Weighted-average common shares -diluted	48	48	48	47	47

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 2023 2023-04-30	FY 2022 2022-12-31
Cash and cash equivalents	149	198	75	—	224
Restricted cash	57	29	39	—	52
Accounts receivable, net of allowance for credit losses of $4,610 and $9,762, respectively	88	97	135	—	44
Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount of $10,401 and $16,915, respectively	90	83	179	—	—
Due from T-Mobile, Transition Services Agreement	119,000	62,000	5	—	—
Prepaid expenses and other current assets	68	74	81	—	46
Total current assets	451	482	514	—	366
Property and equipment	3,643	3,320	2,947	—	1,715
Accumulated depreciation and amortization	−1,922	−1,656	−1,410	—	−1,170
Total property and equipment, net	1,721	1,664	1,538	—	544
Right-of-use leased assets	311	324	362	—	82
IPv4 intangible asset	458	458	458	—	—
Other intangible assets, net	11	13	15	—	—
Due from T-Mobile, IP Transit Services Agreement, net of discount of $2,255 and $12,122, respectively	89	180	264	—	—
Due from T-Mobile, Purchase Agreement, net of discount of $4,006 and $5,755, respectively	24	22	39	37	—
Deposits and other assets	35	30	23	—	18
Total assets	3,100	3,173	3,212	—	1,010
Accounts payable	31	40	48	—	27
Accrued and other current liabilities	110	135	121	—	64
Due to T-Mobile - Transition Services Agreement	—	525,000	67	—	—
Current maturities, operating lease liabilities	55	57	68	—	12
Finance lease obligations, current maturities	26	21	65	—	17
Total current liabilities	221	253	373	—	120
Operating lease liabilities, net of current maturities	270	302	330	—	95
Finance lease obligations, net of current maturities	597	517	420	—	287
Deferred income tax liabilities	333	398	471	—	48
Other long-term liabilities	29	40	62	—	35
Total liabilities	3,164	2,950	2,602	—	1,529
Commitments and contingencies	—	—	—	—	—
Common stock, $0.001 par value; 75,000,000 shares authorized; 50,062,158 and 49,034,925 shares issued and outstanding, respectively	50,000	49,000	49,000	—	48,000
Additional paid-in capital	643	630	607	—	575
Accumulated other comprehensive income (loss)	1	−31	−14	—	−19
Accumulated deficit	−709	−376	17	—	−1,075
Total stockholders' (deficit) equity	−64	223	610	—	−519
Total liabilities and stockholders' (deficit) equity	3,100	3,173	3,212	—	1,010

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
Net (loss) income	−182	−204	1,273	5	48
Amortization of debt discounts and premium	6	4	1	1	2
Amortization of discounts, due from T-Mobile, IP Transit Services & Purchase Agreements	−18	−25	−29	—	—
Gain on bargain purchase - Cogent Fiber Business	—	−22	−1,406	—	—
Deferred income taxes	−65	−52	−70	17	18
Accounts receivable	9	39	−51	−3	1
Prepaid expenses and other current assets	−1	−6	−11	−7	−17,000
Due to T-Mobile - Transition Services Agreement	−525,000	−66	67	—	—
Due from T-Mobile - Transition Services Agreement	−57,000	4	−5	—	—
Deposits and other assets	−7	−4	−2	−282,000	−12,000
Accounts payable, accrued liabilities and other long-term liabilities	−50	3	−11	64	851,000
Net cash (used in) provided by operating activities	−11	−9	17	174	170
Cash receipts - IP Transit Services Agreement - T-Mobile	100	204	204	—	—
Acquisition of Cogent Fiber Business, net of $47.1 million of cash acquired in 2023	—	12	2	—	—
Purchases of property and equipment	−188	−195	−130	−79	−70
Net cash (used in) provided by investing activities	−88	21	77	−79	−70
Redemption and extinguishment of secured 2026 notes	−505	—	—	—	—
Dividends paid	−150	−189	−182	−170	−150
Purchases and retirement of common stock	−17	−8	—	—	—
Principal payments of finance lease obligations	−34	−75	−77	−45	−23
Settlement of a finance lease - at a discount	—	−115	—	—	—
Proceeds from exercises of common stock options	175,000	2	1	614,000	2
Net cash provided by (used in) financing activities	63	106	−258	−145	−141
Effect of exchange rate changes on cash	12	−5	2	−3	−2
Net (decrease) increase in cash and cash equivalents & restricted cash	−23	114	−162	−53	−43
Cash paid for interest	155	134	105	66	59
Cash paid for income taxes net of (refunds) for 2025 -See Note 5	−659,000	3	35	—	—
Finance lease obligations incurred	149	241	232	108	51
Fair value of equipment acquired in leases	—	—	141,000	2	—

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