TUCOWS INCTCXEarnings & Financial Report
Tucows Inc. is an American–Canadian publicly traded Internet services and telecommunications company headquartered in Toronto, Ontario, Canada, and incorporated in Pennsylvania, United States. The company is composed of three independent businesses: Tucows Domains, Ting Internet, and Wavelo.
Revenue
$94.6M
Gross Profit
$23.5M
Operating Profit
$-2.0M
Net Profit
$-15.1M
Gross Margin
24.9%
Operating Margin
-2.1%
Net Margin
-16.0%
YoY Growth
8.2%
EPS
$-1.37
TUCOWS INC Q1 FY2025 Financial Summary
TUCOWS INC reported revenue of $94.6M (up 8.2% YoY) for Q1 FY2025, with a net profit of $-15.1M (up 42.9% YoY) (-16.0% margin). Cost of goods sold was $71.1M, operating expenses totaled $25.6M.
Key Financial Metrics
| Total Revenue | $94.6M |
|---|---|
| Net Profit | $-15.1M |
| Gross Margin | 24.9% |
| Operating Margin | -2.1% |
| Report Period | Q1 FY2025 |
Revenue Breakdown
TUCOWS INC Q1 FY2025 revenue of $94.6M breaks down across 4 segments, led by Wholesale at $55.9M (59.1% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Wholesale | $55.9M | 59.1% |
| Fiber Internet Services | $16.3M | 17.2% |
| Mobile Platform Services | $11.4M | 12.0% |
| Retail | $9.3M | 9.9% |
TUCOWS INC Revenue by Segment — Quarterly Trend
TUCOWS INC revenue by segment across the last 4 reported quarters, showing how each business line (such as Wholesale and Fiber Internet Services) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Wholesale | $57.0M | $58.0M | $57.3M | $55.9M |
| Fiber Internet Services | $16.5M | $17.0M | $16.4M | $16.3M |
| Mobile Platform Services | — | $11.9M | $12.7M | $11.4M |
| Retail | — | — | — | $9.3M |
TUCOWS INC Annual Revenue by Year
TUCOWS INC annual revenue history includes year-by-year totals (for example, 2025 revenue was $390.3M).
| Year | Annual Revenue |
|---|---|
| 2025 | $390.3M |
| 2024 | $362.3M |
| 2023 | $339.3M |
| 2022 | $321.1M |
TUCOWS INC Quarterly Revenue & Net Profit History
TUCOWS INC results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $98.7M | +6.0% | $-22.0M | -22.3% |
| Q3 FY2025 | $98.6M | +6.8% | $-23.0M | -23.4% |
| Q2 FY2025 | $98.5M | +10.1% | $-15.6M | -15.9% |
| Q1 FY2025 | $94.6M | +8.2% | $-15.1M | -16.0% |
| Q4 FY2024 | $93.1M | +7.1% | $-42.5M | -45.6% |
| Q3 FY2024 | $92.3M | +6.1% | $-22.3M | -24.2% |
| Q2 FY2024 | $89.4M | +5.2% | $-18.6M | -20.8% |
| Q1 FY2024 | $87.5M | +8.7% | $-26.5M | -30.3% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $87.5M | $89.4M | $92.3M | $93.1M | $94.6M | $98.5M | $98.6M | $98.7M |
| YoY Growth | 8.7% | 5.2% | 6.1% | 7.1% | 8.2% | 10.1% | 6.8% | 6.0% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $780.3M | $758.2M | $799.0M | $758.8M | $741.9M | $742.2M | $735.5M | $730.9M |
| Liabilities | $796.2M | $791.3M | $852.1M | $854.1M | $850.2M | $863.9M | $879.5M | $895.1M |
| Equity | $-15.9M | $-33.1M | $-53.1M | $-95.3M | $-108.3M | $-121.7M | $-144.1M | $-164.2M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-5.7M | $-4.7M | $-4.6M | $-4.8M | $-11.3M | $6.6M | $1.5M | $-2.6M |