COGENT COMMUNICATIONS HOLDINGS, INC.

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 6, 2025

CCOI$4.45+11.8%Stored close · as of Nov 9, 2026

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Contents

Item 1. Financial Statements

ITEM 1.

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

(IN THOUSANDS, EXCEPT SHARE DATA)


· September 30, · December 31,
· · 2025 · · 2024
· · (Unaudited) · · ·
Assets
Current assets:
Cash and cash equivalents	$147,088	$198,486
Restricted cash	79,206	29,430
Accounts receivable, net of allowance for credit losses of $6,406 and $9,762, respectively	95,853	96,934
Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount of $12,076 and $16,915, respectively	87,924	83,085
Due from T-Mobile, Transition Services Agreement	231	62
Prepaid expenses and other current assets	69,467	74,104
Total current assets	479,769	482,101
Property and equipment:
Property and equipment	3,584,540	3,319,731
Accumulated depreciation and amortization	(1,871,828)	(1,655,564)
Total property and equipment, net	1,712,712	1,664,167
Right-of-use leased assets	318,701	324,315
IPv4 intangible asset	458,000	458,000
Other intangible assets, net	11,699	13,029
Deposits and other assets	31,147	29,596
Due from T-Mobile, IP Transit Services Agreement, net of discount of $4,083 and $12,312, respectively	112,584	179,534
Due from T-Mobile, Purchase Agreement, net of discount of $4,455 and $5,755, respectively	23,659	22,360
Total assets	$3,148,271	$3,173,102
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$28,390	$39,805
Accrued and other current liabilities	129,021	134,609
Due to T-Mobile – Transition Services Agreement	18	525
Current maturities, operating lease liabilities	55,127	57,172
Finance lease obligations, current maturities	24,990	21,225
Total current liabilities	237,546	253,336
Senior secured 2026 notes, net of unamortized debt costs of $375 and discount of $499	—	499,126
Senior unsecured 2027 notes, net of unamortized debt costs of $1,436 and $2,013, respectively, and discounts of $5,041 and $7,053, respectively	743,523	740,934
Secured IPv4 notes, net of unamortized debt costs of $9,377 and $6,702, respectively	371,023	199,298
Senior secured 2032 notes, net of unamortized debt costs of $2,082	597,918	—
Operating lease liabilities, net of current maturities	278,761	302,004
Finance lease obligations, net of current maturities	576,851	517,161
Deferred income tax liabilities	351,544	398,266
Other long-term liabilities	30,275	40,129
Total liabilities	3,187,441	2,950,254
Commitments and contingencies:
Stockholders’ (deficit) equity:
Common stock, $0.001 par value; 75,000,000 shares authorized; 49,121,159 and 49,034,925 shares issued and outstanding, respectively	49	49
Additional paid-in capital	637,710	629,829
Accumulated other comprehensive loss	(1,432)	(30,685)
Accumulated deficit	(675,497)	(376,345)
Total stockholders’ (deficit) equity	(39,170)	222,848
Total liabilities and stockholders’ (deficit) equity	$3,148,271	$3,173,102

The accompanying notes are an integral part of these condensed consolidated balance sheets.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


· · Three Months Ended · Three Months Ended
· September 30, 2025 · · September 30, 2024
· · (Unaudited) · (Unaudited)
Service revenue	$241,949	$257,202
Operating expenses:
Network operations (including $570 and $469 of equity-based compensation expense, respectively, exclusive of depreciation and amortization shown separately below)	131,677	161,552
Selling, general, and administrative (including $8,362 and $7,406 of equity-based compensation expense, respectively)	70,423	67,664
Depreciation and amortization	60,429	85,815
Total operating expenses	262,529	315,031
Gains on lease terminations and other	2,452	—
Operating loss	(18,128)	(57,829)
Interest expense, including change in valuation interest rate swap agreement	(43,369)	(26,877)
Interest income – IP Transit Services Agreement	3,904	5,438
Interest income – Purchase Agreement	441	409
Interest income (expense) and other, net	4,557	(1,153)
Loss before income taxes	(52,595)	(80,012)
Income tax benefit	11,051	16,900
Net loss	$(41,544)	$(63,112)

Comprehensive loss:
Net loss	$(41,544)	$(63,112)
Foreign currency translation adjustment	(236)	8,847
Comprehensive loss	$(41,780)	$(54,265)

Net loss per common share:
Basic net loss per common share	$(0.87)	$(1.33)
Diluted net loss per common share	$(0.87)	$(1.33)
Dividends declared per common share	$1.015	$0.985

Weighted-average common shares - basic	47,603,287	47,426,131

Weighted-average common shares - diluted	47,603,287	47,426,131

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


· Nine months Ended · Nine months Ended
· · September 30, 2025 · · September 30, 2024
· (Unaudited) · (Unaudited)
Service revenue	$735,242	$783,813
Operating expenses:
Network operations (including $1,566 and $1,204 of equity-based compensation expense, respectively, exclusive of depreciation and amortization shown separately below)	406,608	486,657
Selling, general, and administrative (including $20,043 and $17,186 of equity-based compensation expense, respectively)	209,209	212,706
Acquisition costs – Sprint	—	21,407
Depreciation and amortization	211,756	230,747
Total operating expenses	827,573	951,517
Gains on lease terminations and other	2,452	3,332
Operating loss	(89,879)	(164,372)
Interest expense, including change in valuation interest rate swap agreement	(117,317)	(85,575)
Loss on debt extinguishment and redemption – 2026 notes	(5,606)	—
Gain on bargain purchase – Sprint	—	22,202
Interest income – IP Transit Services Agreement	12,888	18,702
Interest income – Purchase Agreement	1,299	331
Interest income and other, net	1,233	4,074
Loss before income taxes	(197,382)	(204,638)
Income tax benefit	45,989	43,881
Net loss	$(151,393)	$(160,757)

Comprehensive loss:
Net loss	$(151,393)	$(160,757)
Foreign currency translation adjustment	29,253	2,091
Comprehensive loss	$(122,140)	$(158,666)

Net loss per common share:
Basic net loss per common share	$(3.17)	$(3.39)
Diluted net loss per common share	$(3.17)	$(3.39)
Dividends declared per common share	$3.030	$2.925

Weighted-average common shares - basic	47,827,343	47,453,906

Weighted-average common shares - diluted	47,827,343	47,453,906

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024

(IN THOUSANDS)


· · Nine months Ended · · Nine months Ended
· September 30, 2025 · September 30, 2024
· · (Unaudited) · · (Unaudited)
Cash flows from operating activities:
Net loss	$(151,393)	$(160,757)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	211,756	230,747
Amortization of debt costs and discounts	4,252	2,364
Amortization of discounts, due from T-Mobile, IP Transit Services & Purchase Agreements	(14,187)	(19,033)
Equity-based compensation expense (net of amounts capitalized)	21,609	18,390
Loss on debt extinguishment and redemption – 2026 notes	5,606	—
Gain on bargain purchase – Sprint	—	(22,202)
Gains on finance lease terminations and other	(2,452)	(3,332)
Deferred income taxes	(46,722)	(66,902)
Changes in operating assets and liabilities:
Accounts receivable	1,081	35,910
Prepaid expenses and other current assets	(3,215)	(3,949)
Due to T-Mobile – Transition Services Agreement	(169)	(65,338)
Due from T-Mobile – Transition Services Agreement	(507)	4,514
Accounts payable, accrued liabilities and other long-term liabilities	(27,170)	32,785
Deposits and other assets	(3,076)	(6,374)
Net cash used in operating activities	(4,587)	(23,177)
Cash flows from investing activities:
Cash receipts - IP Transit Services Agreement – T-Mobile	75,000	179,167
Acquisition of Sprint – severance reimbursement	—	12,323
Purchases of property and equipment	(150,538)	(148,894)
Net cash (used in) provided by investing activities	(75,538)	42,596
Cash flows from financing activities:
Dividends paid	(147,759)	(140,992)
Purchases of common stock	(16,686)	(7,968)
Net proceeds from issuance of senior unsecured 2027 notes - net of discount of $6.8 million and debt costs of $1.4 million	—	291,879
Net proceeds from issuance of secured IPv4 notes – net of debt costs of $4.0 million and $7.6 million, respectively	170,479	198,426
Net proceeds from issuance of senior secured 2032 notes - net of debt costs of $2.2 million	597,842	—
Debt extinguishment and redemption – 2026 notes	(505,000)	—
Proceeds from exercises of stock options	175	952
Settlement of finance lease – at a discount	—	(114,576)
Principal payments of finance lease obligations	(25,314)	(46,653)
Net cash provided by financing activities	73,737	181,068
Effect of exchange rates changes on cash	4,766	1,824
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,622)	202,311
Cash, cash equivalents and restricted cash, beginning of period	227,916	113,781
Cash, cash equivalents and restricted cash, end of period	$226,294	$316,092
Supplemental disclosure of non-cash financing activities:
Finance lease obligations incurred	$107,665	$171,638

COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.