TORONTO, Feb. 12, 2026 /PRNewswire/ – Tucows Inc. (NASDAQ:TCX) (TSX:TC), a global internet services leader, today reported its unaudited financial results for the fourth quarter and full year ended December 31, 2025. All figures are in U.S. dollars.
“2025 was a strong execution year for Tucows with improved profitability across the company,” said David Woroch, CEO of Tucows. “For the full year, revenue increased 8% versus 2024, supported by contributions from all three businesses, and gross profit rose 13%, driven by improved economics at Wavelo, continued margin expansion in Domains, and reduced network expenses at Ting. We generated $50.6 million in Adjusted EBITDA—up 45% year over year—and exceeded our 2025 guidance by $3.6 million, led by outperformance in Domains and Wavelo. We remain focused on strengthening the business through operational and capital efficiency initiatives, and with the ongoing Ting strategic process, we believe we are building a more resilient earnings profile and a stronger foundation for long-term value.”
Financial Results
Consolidated net revenue for the fourth quarter of 2025 increased 6.0% to $98.7 million from $93.1 million for the fourth quarter of 2024, driven by revenue gains from all three Tucows businesses.
Gross profit for the fourth quarter of 2025 increased 14% to $24.1 million from $21.2 million from the fourth quarter of 2024. The increase in gross profit was driven by strong year-over-year margin gains from Wavelo and Tucows Domains, as well as a decrease in network expenses at Ting.
Net loss for the fourth quarter was $22.0 million ($1.98 per share), compared with a net loss of $42.5 million ($3.86 per share) in Q4 2024. Adjusted net loss¹ was $19.2 million (adjusted EPS¹ of ($1.73)) in Q4 2025 versus $15.8 million (adjusted EPS¹ of $(1.43)) in Q4 2024.
Adjusted EBITDA1 for the fourth quarter of 2025 came down 14% to $11.1 million from $12.8 million for the fourth quarter of 2024. The year-over-year difference was driven primarily by obligations associated with our legacy mobile business.
We ended the fourth quarter of 2025 with cash and cash equivalents, and restricted cash and restricted cash equivalents of $64.2 million. This compares with $70.8 million at the end of the third quarter of 2025 and $73.2 million at the end of the fourth quarter of 2024.
Summary Financial Results
(In Thousands of US Dollars, except Per Share data)
|
3 Months ended December 31 |
12 Months ended December 31 |
|||||
|
2025 (unaudited) |
2024 (unaudited) |
% Change (unaudited) |
2025 (unaudited) |
2024 (unaudited) |
% Change (unaudited) |
|
|
Net Revenues |
98,670 |
93,098 |
6 % |
390,300 |
362,275 |
8 % |
|
Gross Profit |
24,132 |
21,223 |
14 % |
93,954 |
83,029 |
13 % |
|
Income Earned on Sale of Transferred Assets, net |
2,771 |
3,244 |
(15) % |
11,643 |
13,978 |
(17) % |
|
Net Income (Loss) |
(22,030) |
(42,475) |
48 % |
(75,819) |
(109,860) |
31 % |
|
Adjusted Net Income (Loss)¹ |
(19,201) |
(15,775) |
(22) % |
(66,180) |
(76,817) |
14 % |
|
Basic earnings (Loss) per common share |
(1.98) |
(3.86) |
49 % |
(6.85) |
(10.02) |
32 % |
|
Adjusted Basic earnings (Loss) per common share¹ |
(1.73) |
(1.43) |
(21) % |
(5.98) |
(7.00) |
15 % |
|
Adjusted EBITDA¹ |
11,081 |
12,849 |
(14) % |
50,598 |
34,917 |
45 % |
|
Net cash provided by (used in) operating activities |
(2,607) |
(4,795) |
46 % |
(5,758) |
(19,745) |
71 % |
|
1 Non-GAAP financial measures are described below and reconciled to GAAP measures in the accompanying tables. |
Summary of Revenues, Gross Profit and Adjusted EBITDA
(In Thousands of US Dollars)
|
Revenue |
Gross Profit |
Adj. EBITDA¹ |
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|
3 Months ended |
3 Months ended |
3 Months ended |
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|
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
|
|
DOMAINS AND WAVELO SERVICES |
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