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Side-by-side financial comparison of System1, Inc. (SST) and TUCOWS INC (TCX). Click either name above to swap in a different company.
TUCOWS INC is the larger business by last-quarter revenue ($98.7M vs $51.9M, roughly 1.9× System1, Inc.). TUCOWS INC runs the higher net margin — -22.3% vs -26.0%, a 3.6% gap on every dollar of revenue. On growth, TUCOWS INC posted the faster year-over-year revenue change (6.0% vs -31.3%). Over the past eight quarters, TUCOWS INC's revenue compounded faster (6.2% CAGR vs -21.8%).
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
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.
SST vs TCX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $98.7M |
| Net Profit | $-13.5M | $-22.0M |
| Gross Margin | 41.0% | 24.5% |
| Operating Margin | -33.6% | -9.1% |
| Net Margin | -26.0% | -22.3% |
| Revenue YoY | -31.3% | 6.0% |
| Net Profit YoY | 4.8% | 48.1% |
| EPS (diluted) | $-3.58 | — |
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 | $51.9M | $98.7M | ||
| Q3 25 | $61.6M | $98.6M | ||
| Q2 25 | $78.1M | $98.5M | ||
| Q1 25 | $74.5M | $94.6M | ||
| Q4 24 | $75.6M | $93.1M | ||
| Q3 24 | $88.8M | $92.3M | ||
| Q2 24 | $94.6M | $89.4M | ||
| Q1 24 | $84.9M | $87.5M |
| Q4 25 | $-13.5M | $-22.0M | ||
| Q3 25 | $-18.5M | $-23.0M | ||
| Q2 25 | $-17.5M | $-15.6M | ||
| Q1 25 | $-15.9M | $-15.1M | ||
| Q4 24 | $-14.2M | $-42.5M | ||
| Q3 24 | $-23.6M | $-22.3M | ||
| Q2 24 | $-26.4M | $-18.6M | ||
| Q1 24 | $-10.5M | $-26.5M |
| Q4 25 | 41.0% | 24.5% | ||
| Q3 25 | 36.9% | 24.5% | ||
| Q2 25 | 35.7% | 22.5% | ||
| Q1 25 | 38.2% | 24.9% | ||
| Q4 24 | 42.1% | 23.3% | ||
| Q3 24 | 28.0% | 24.0% | ||
| Q2 24 | 27.6% | 23.3% | ||
| Q1 24 | 21.9% | 20.9% |
| Q4 25 | -33.6% | -9.1% | ||
| Q3 25 | -25.3% | -9.7% | ||
| Q2 25 | -20.4% | -2.9% | ||
| Q1 25 | -17.6% | -2.1% | ||
| Q4 24 | -15.7% | -32.1% | ||
| Q3 24 | -24.6% | -10.9% | ||
| Q2 24 | -30.8% | -9.6% | ||
| Q1 24 | -30.4% | -18.9% |
| Q4 25 | -26.0% | -22.3% | ||
| Q3 25 | -30.1% | -23.4% | ||
| Q2 25 | -22.4% | -15.9% | ||
| Q1 25 | -21.3% | -16.0% | ||
| Q4 24 | -18.7% | -45.6% | ||
| Q3 24 | -26.6% | -24.2% | ||
| Q2 24 | -27.9% | -20.8% | ||
| Q1 24 | -12.4% | -30.3% |
| Q4 25 | $-3.58 | — | ||
| Q3 25 | $-2.30 | — | ||
| Q2 25 | $-2.23 | — | ||
| Q1 25 | $-0.21 | — | ||
| Q4 24 | $-3.41 | — | ||
| Q3 24 | $-3.37 | — | ||
| Q2 24 | $-3.80 | — | ||
| Q1 24 | $-0.16 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $86.9M | $46.8M |
| Total DebtLower is stronger | $305.1M | $190.4M |
| Stockholders' EquityBook value | $30.5M | $-164.2M |
| Total Assets | $405.0M | $730.9M |
| Debt / EquityLower = less leverage | 10.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $46.8M | ||
| Q3 25 | $54.6M | $54.1M | ||
| Q2 25 | $63.6M | $52.0M | ||
| Q1 25 | $43.9M | $38.1M | ||
| Q4 24 | $63.6M | $56.9M | ||
| Q3 24 | $69.1M | $75.2M | ||
| Q2 24 | $75.7M | $39.3M | ||
| Q1 24 | $69.9M | $66.6M |
| Q4 25 | $305.1M | $190.4M | ||
| Q3 25 | $259.2M | — | ||
| Q2 25 | $263.3M | — | ||
| Q1 25 | $267.4M | — | ||
| Q4 24 | $255.1M | $195.4M | ||
| Q3 24 | $259.2M | — | ||
| Q2 24 | $263.3M | — | ||
| Q1 24 | $268.6M | — |
| Q4 25 | $30.5M | $-164.2M | ||
| Q3 25 | $42.7M | $-144.1M | ||
| Q2 25 | $58.2M | $-121.7M | ||
| Q1 25 | $67.2M | $-108.3M | ||
| Q4 24 | $80.3M | $-95.3M | ||
| Q3 24 | $90.3M | $-53.1M | ||
| Q2 24 | $109.4M | $-33.1M | ||
| Q1 24 | $131.7M | $-15.9M |
| Q4 25 | $405.0M | $730.9M | ||
| Q3 25 | $385.2M | $735.5M | ||
| Q2 25 | $429.2M | $742.2M | ||
| Q1 25 | $419.2M | $741.9M | ||
| Q4 24 | $459.1M | $758.8M | ||
| Q3 24 | $479.3M | $799.0M | ||
| Q2 24 | $511.3M | $758.2M | ||
| Q1 24 | $521.1M | $780.3M |
| Q4 25 | 10.01× | — | ||
| Q3 25 | 6.07× | — | ||
| Q2 25 | 4.53× | — | ||
| Q1 25 | 3.98× | — | ||
| Q4 24 | 3.18× | — | ||
| Q3 24 | 2.87× | — | ||
| Q2 24 | 2.41× | — | ||
| Q1 24 | 2.04× | — |
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 | $-10.6M | $-2.6M |
| Free Cash FlowOCF − Capex | — | $-7.0M |
| FCF MarginFCF / Revenue | — | -7.1% |
| Capex IntensityCapex / Revenue | 0.0% | 4.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-22.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $-2.6M | ||
| Q3 25 | $-2.1M | $1.5M | ||
| Q2 25 | $24.5M | $6.6M | ||
| Q1 25 | $-15.9M | $-11.3M | ||
| Q4 24 | $772.0K | $-4.8M | ||
| Q3 24 | $-5.0K | $-4.6M | ||
| Q2 24 | $10.0M | $-4.7M | ||
| Q1 24 | $-16.0M | $-5.7M |
| Q4 25 | — | $-7.0M | ||
| Q3 25 | — | $-2.3M | ||
| Q2 25 | — | $3.1M | ||
| Q1 25 | $-16.0M | $-16.7M | ||
| Q4 24 | — | $-16.5M | ||
| Q3 24 | $-36.0K | $-19.1M | ||
| Q2 24 | — | $-20.7M | ||
| Q1 24 | — | $-20.0M |
| Q4 25 | — | -7.1% | ||
| Q3 25 | — | -2.4% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | -21.5% | -17.6% | ||
| Q4 24 | — | -17.7% | ||
| Q3 24 | -0.0% | -20.7% | ||
| Q2 24 | — | -23.1% | ||
| Q1 24 | — | -22.9% |
| Q4 25 | 0.0% | 4.4% | ||
| Q3 25 | 0.0% | 3.9% | ||
| Q2 25 | 0.0% | 3.5% | ||
| Q1 25 | 0.1% | 5.7% | ||
| Q4 24 | 0.0% | 12.5% | ||
| Q3 24 | 0.0% | 15.7% | ||
| Q2 24 | 0.0% | 17.8% | ||
| Q1 24 | 0.0% | 16.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SST
Segment breakdown not available.
TCX
| Wholesale | $57.0M | 58% |
| Fiber Internet Services | $16.5M | 17% |
| Wavelo | $13.0M | 13% |
| Platform Services | $11.7M | 12% |
