Tucows
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Tucows (TCX) investor relations material

Tucows Q4 2025 Prepared Remarks earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 Prepared Remarks earnings summary12 Feb, 2026

Executive summary

  • Q4 2025 consolidated revenue reached $98.7 million, up 6% year-over-year, with all segments contributing to growth.

  • Adjusted EBITDA for 2025 was $50.6 million, up 45% year-over-year and $3.6 million above guidance, driven by strong performance in Domains and Wavelo.

  • Net loss for Q4 2025 was $22 million (GAAP), a significant improvement from $42.5 million loss in Q4 2024; full-year net loss narrowed to $75.8 million from $109.9 million.

  • The company is transitioning to a capital-light model, focusing on recurring revenue, cash generation, and strategic divestiture of Ting.

  • Portfolio includes domain services, telecom software (Wavelo), and fiber internet (Ting), balancing cash generation with long-term growth investments.

Financial highlights

  • Q4 gross profit was $24.1 million, up 14% year-over-year; full-year gross profit reached $94 million, up 13% year-over-year.

  • Q4 net revenue grew 6% year-over-year to $98.7 million; full-year revenue was $390.3 million, up 8%.

  • Adjusted EBITDA for Q4 was $11.1 million, down 14% year-over-year due to legacy mobile obligations.

  • Cash and restricted cash at year-end was $64.2 million, down from $73.2 million a year ago.

  • Net cash used in operating activities improved to $(2.6) million in Q4 and $(5.8) million for the year.

Outlook and guidance

  • 2026 adjusted EBITDA guidance (excluding Ting): Domains $47–$49 million, Wavelo $14.5–$15.5 million, Corporate -$6 to -$9 million.

  • Total consolidated 2026 guidance (excluding Ting): $52.5–$58.5 million adjusted EBITDA.

  • Divestiture of Ting expected to enhance capital allocation flexibility and support self-funded growth and deleveraging.

  • Guidance for Ting will be provided once the strategic process concludes.

  • Management remains focused on operational and capital efficiency initiatives.

Ting process impact on capital-light strategy
Future business model characteristics
AI's practical impact on operations
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Frequently asked questions

Tucows Inc. is a global technology company that provides services in internet infrastructure, domain name registration, and telecommunications. The company operates through three primary segments: Ting Internet, which offers fiber internet services to residential and business customers; Tucows Domains, which manages domain registration and related services for businesses and resellers; and Wavelo, a software platform for telecom service providers, enabling them to manage subscribers and operations. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX (Toronto Stock Exchange) and NASDAQ Stock Exchange.

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