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Side-by-side financial comparison of COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
COGENT COMMUNICATIONS HOLDINGS, INC. is the larger business by last-quarter revenue ($240.5M vs $15.8M, roughly 15.2× Spire Global, Inc.). COGENT COMMUNICATIONS HOLDINGS, INC. runs the higher net margin — -12.8% vs -176.6%, a 163.8% gap on every dollar of revenue. On growth, COGENT COMMUNICATIONS HOLDINGS, INC. posted the faster year-over-year revenue change (-4.7% vs -26.9%). Spire Global, Inc. produced more free cash flow last quarter ($-16.2M vs $-43.0M). Over the past eight quarters, COGENT COMMUNICATIONS HOLDINGS, INC.'s revenue compounded faster (-4.9% CAGR vs -32.6%).
Cogent Communications Holdings, Inc. is a multinational internet service provider based in the United States. Cogent's primary services consist of Internet access and data transport, offered on a fiber optic, IP data-only network, along with colocation in data centers.
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
CCOI vs SPIR — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $240.5M | $15.8M |
| Net Profit | $-30.8M | $-28.0M |
| Gross Margin | 46.6% | 40.2% |
| Operating Margin | -4.7% | -164.1% |
| Net Margin | -12.8% | -176.6% |
| Revenue YoY | -4.7% | -26.9% |
| Net Profit YoY | 28.9% | 42.7% |
| EPS (diluted) | $-0.63 | $-0.85 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $240.5M | $15.8M | ||
| Q3 25 | $241.9M | $12.7M | ||
| Q2 25 | $246.2M | $19.2M | ||
| Q1 25 | $247.0M | $23.9M | ||
| Q4 24 | $252.3M | $21.7M | ||
| Q3 24 | $257.2M | $28.6M | ||
| Q2 24 | $260.4M | $25.4M | ||
| Q1 24 | $266.2M | $34.8M |
| Q4 25 | $-30.8M | $-28.0M | ||
| Q3 25 | $-41.5M | $-19.7M | ||
| Q2 25 | $-57.8M | $119.6M | ||
| Q1 25 | $-52.0M | $-20.7M | ||
| Q4 24 | $-43.3M | $-48.8M | ||
| Q3 24 | $-63.1M | $-12.5M | ||
| Q2 24 | $-32.3M | $-16.6M | ||
| Q1 24 | $-65.3M | $-25.5M |
| Q4 25 | 46.6% | 40.2% | ||
| Q3 25 | 45.6% | 36.6% | ||
| Q2 25 | 44.2% | 48.9% | ||
| Q1 25 | 44.4% | 36.8% | ||
| Q4 24 | 38.5% | 32.4% | ||
| Q3 24 | 37.2% | 44.5% | ||
| Q2 24 | 40.0% | 43.0% | ||
| Q1 24 | 36.5% | 26.5% |
| Q4 25 | -4.7% | -164.1% | ||
| Q3 25 | -7.5% | -166.1% | ||
| Q2 25 | -12.8% | -122.7% | ||
| Q1 25 | -16.3% | -106.5% | ||
| Q4 24 | -13.2% | -144.1% | ||
| Q3 24 | -22.5% | -48.0% | ||
| Q2 24 | -18.1% | -48.6% | ||
| Q1 24 | -22.3% | -34.4% |
| Q4 25 | -12.8% | -176.6% | ||
| Q3 25 | -17.2% | -155.3% | ||
| Q2 25 | -23.5% | 623.4% | ||
| Q1 25 | -21.1% | -86.5% | ||
| Q4 24 | -17.2% | -225.2% | ||
| Q3 24 | -24.5% | -43.7% | ||
| Q2 24 | -12.4% | -65.2% | ||
| Q1 24 | -24.5% | -73.3% |
| Q4 25 | $-0.63 | $-0.85 | ||
| Q3 25 | $-0.87 | $-0.61 | ||
| Q2 25 | $-1.21 | $3.72 | ||
| Q1 25 | $-1.09 | $-0.77 | ||
| Q4 24 | $-0.89 | $-1.93 | ||
| Q3 24 | $-1.33 | $-0.50 | ||
| Q2 24 | $-0.68 | $-0.68 | ||
| Q1 24 | $-1.38 | $-1.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $148.5M | $81.8M |
| Total DebtLower is stronger | $1.7B | — |
| Stockholders' EquityBook value | $-63.8M | $112.9M |
| Total Assets | $3.1B | $211.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $148.5M | $81.8M | ||
| Q3 25 | $147.1M | $96.8M | ||
| Q2 25 | $213.7M | $117.6M | ||
| Q1 25 | $153.8M | $35.9M | ||
| Q4 24 | $198.5M | $19.2M | ||
| Q3 24 | $279.2M | $36.6M | ||
| Q2 24 | $384.4M | $45.8M | ||
| Q1 24 | $118.4M | $63.7M |
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $103.7M | ||
| Q4 24 | $1.5B | $103.1M | ||
| Q3 24 | — | $4.9M | ||
| Q2 24 | — | $4.9M | ||
| Q1 24 | — | $123.1M |
| Q4 25 | $-63.8M | $112.9M | ||
| Q3 25 | $-39.2M | $133.1M | ||
| Q2 25 | $46.7M | $149.2M | ||
| Q1 25 | $142.8M | $3.7M | ||
| Q4 24 | $222.8M | $-11.7M | ||
| Q3 24 | $323.6M | $30.8M | ||
| Q2 24 | $415.5M | $40.3M | ||
| Q1 24 | $500.6M | $52.5M |
| Q4 25 | $3.1B | $211.0M | ||
| Q3 25 | $3.1B | $224.3M | ||
| Q2 25 | $3.3B | $239.5M | ||
| Q1 25 | $3.1B | $208.8M | ||
| Q4 24 | $3.2B | $193.6M | ||
| Q3 24 | $3.2B | $224.2M | ||
| Q2 24 | $3.3B | $230.8M | ||
| Q1 24 | $3.1B | $252.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 27.92× | ||
| Q4 24 | 6.53× | — | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 2.35× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-6.0M | $-4.3M |
| Free Cash FlowOCF − Capex | $-43.0M | $-16.2M |
| FCF MarginFCF / Revenue | -17.9% | -102.1% |
| Capex IntensityCapex / Revenue | 15.4% | 75.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-198.1M | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $-4.3M | ||
| Q3 25 | $3.1M | $-12.0M | ||
| Q2 25 | $-44.0M | $-35.1M | ||
| Q1 25 | $36.4M | $-8.4M | ||
| Q4 24 | $14.5M | $-19.2M | ||
| Q3 24 | $-20.2M | $14.0M | ||
| Q2 24 | $-22.2M | $-4.4M | ||
| Q1 24 | $19.2M | $-8.8M |
| Q4 25 | $-43.0M | $-16.2M | ||
| Q3 25 | $-33.1M | $-20.4M | ||
| Q2 25 | $-100.2M | $-38.7M | ||
| Q1 25 | $-21.7M | $-17.3M | ||
| Q4 24 | $-31.6M | $-24.3M | ||
| Q3 24 | $-79.5M | $5.1M | ||
| Q2 24 | $-70.9M | $-9.9M | ||
| Q1 24 | $-21.7M | $-15.9M |
| Q4 25 | -17.9% | -102.1% | ||
| Q3 25 | -13.7% | -161.3% | ||
| Q2 25 | -40.7% | -201.7% | ||
| Q1 25 | -8.8% | -72.6% | ||
| Q4 24 | -12.5% | -112.2% | ||
| Q3 24 | -30.9% | 17.8% | ||
| Q2 24 | -27.2% | -39.0% | ||
| Q1 24 | -8.1% | -45.7% |
| Q4 25 | 15.4% | 75.1% | ||
| Q3 25 | 15.0% | 66.2% | ||
| Q2 25 | 22.8% | 18.8% | ||
| Q1 25 | 23.5% | 37.3% | ||
| Q4 24 | 18.3% | 23.5% | ||
| Q3 24 | 23.0% | 31.2% | ||
| Q2 24 | 18.7% | 21.8% | ||
| Q1 24 | 15.4% | 20.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.29× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
