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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.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.
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