Tucows (TCX) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $100.0M, up 1.4% YoY; Adjusted EBITDA was $18.6M, including a $1.7M non-recurring prior-period mobile credit. Excluding it, EBITDA was $16.9M, up 27%.

• Gross profit and Adjusted EBITDA grew YoY, while the net loss narrowed to $10.3M from $23.0M; management said 2026 guidance remained on track.

• Domains and Wavelo were positioned for growth; a strategic process to divest Ting was underway.

• Management highlighted progress simplifying obligations and reducing debt, while stressing the need to convert improved earnings into sustainable free cash flow.

Financial highlights

• Q3 gross profit was $29.1M, up 20.5% YoY; excluding the non-recurring mobile credit, gross profit was $27.4M, up 13%.

• Adjusted EBITDA was $18.6M versus $13.3M; the $1.7M prior-period catch-up was non-recurring.

• GAAP net loss was $10.3M, or $0.92 per share, versus $23.0M, or $2.08; adjusted net loss was $5.8M, or $0.52 per share, versus $15.8M, or $1.42.

• 9M revenue was $297.2M, up 2%; gross profit was $79.0M, up 13%, and Adjusted EBITDA was $42.5M, up 8%.

• Operating cash flow was negative $4.6M in Q3 versus positive $1.5M; 9M cash flow was positive $0.8M versus negative $3.2M.

Outlook and guidance

• FY 2026 consolidated Adjusted EBITDA guidance remains $52.5M–$58.5M, excluding Ting; improved Corporate results are expected to offset softer Domains and Wavelo outlooks.

• Domains FY Adjusted EBITDA is expected at $46M–$47M versus original guidance of $47M–$49M; expiry sales moderated in H2.

• Wavelo is tracking modestly below its $14.5M–$15.5M guidance; subscriber moderation and timing of new-customer revenue affected results.

• Corporate is expected to outperform its $6M–$9M Adjusted EBITDA loss guidance, reflecting improved mobile economics and a Q3 non-recurring benefit.

• Colorado Springs lease assignment is expected to close in March 2027, with the parent guaranty expected to terminate by end-April, subject to closing and required obligations.