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Tucows (TCX) investor relations material
Tucows Q3 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 (Q&A) earnings summary25 Nov, 2025
Executive summary
Leadership transition completed with David Woroch appointed CEO, succeeding Elliot Noss, who remains on the Board and as Ting consultant; Ivan Ivanov named President and CEO of Ting.
Q3 2025 achieved 7% year-over-year revenue growth to $98.6 million, with gross profit up 9% to $24.2 million and adjusted EBITDA up 53% to $13.3 million, reflecting strong performance across all segments.
Net loss for Q3 2025 was $23.0 million, including a one-time, non-cash impairment charge of $10.9 million for Ting; adjusted net loss improved to $15.8 million from $19.8 million.
Focus remains on maximizing shareholder value, operational discipline, and preparing for post-Ting reinvestment.
Margin expansion and cost discipline, including AI-driven efficiencies, contributed to improved profitability.
Financial highlights
Q3 2025 net revenue was $98.6 million, gross profit $24.2 million, and adjusted EBITDA $13.3 million, all up year-over-year.
Adjusted net loss for Q3 2025 was $15.8 million, a 20% improvement from Q3 2024.
Cash and cash equivalents at quarter-end were $70.8 million, with total liquidity including restricted cash and reserve funds.
Net cash provided by operating activities in Q3 2025 was $1.5 million, compared to a $4.6 million outflow in Q3 2024.
Market cap as of November 5, 2025, was approximately $214.9 million, with 11.09 million shares outstanding.
Outlook and guidance
2026 guidance for Domains and Wavelo to be provided in Q4 earnings update in early February; full-year 2025 guidance reaffirmed.
Ting divestiture resolution expected to take a couple of quarters, with full process extending further.
Ongoing review of strategic alternatives for Ting due to capital needs and underperformance in subscriber growth.
Near-term priorities include operational discipline, efficiency, deleveraging, and prioritized capital allocation including share buybacks.
Company plans to fund non-Ting operations through operating income and discretionary loan repayments.
Ting's capital-light model: detail initiatives
Wavelo's growth drivers and expansion strategy
Capital allocation priorities for 2026
What specific complexities delay Ting resolution?
Detail reinvestment opportunities for Domains/Wavelo.
Beyond Ting, what are immediate operational priorities?
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Q4 202519 Feb, 2026
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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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