COGENT COMMUNICATIONS HOLDINGS, INC.

For the period ended Mar 31, 2026. Filed May 4, 2026.

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.

Mar 31, 2026 · Filed May 4, 2026

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 MARCH 31, 2026 AND DECEMBER 31, 2025

(IN THOUSANDS, EXCEPT SHARE DATA)


· · March 31, · · December 31,
· · 2026 · · 2025
· · (Unaudited) · · ·
Assets
Current assets:
Cash and cash equivalents	$140,265	$148,515
Restricted cash	39,000	56,597
Accounts receivable, net of allowance for credit losses of $5,271 and $4,610, respectively	91,096	88,050
Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount of $8,695 and $10,401, respectively	91,305	89,599
Prepaid expenses and other current assets	68,610	67,820
Total current assets	430,276	450,581
Property and equipment:
Property and equipment	3,696,974	3,642,906
Accumulated depreciation and amortization	(1,964,092)	(1,921,832)
Total property and equipment, net	1,732,882	1,721,074
Right-of-use leased assets	303,051	310,523
IPv4 intangible asset	458,000	458,000
Other intangible assets, net	10,813	11,251
Deposits and other assets	31,179	34,834
Due from T-Mobile, IP Transit Services Agreement, net of discount of $869 and $2,255, respectively	65,798	89,412
Due from T-Mobile, Purchase Agreement, net of discount of $3,548 and $4,006, respectively	24,567	24,109
Total assets	$3,056,566	$3,099,784
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$36,095	$30,571
Accrued and other current liabilities	112,345	109,582
Current maturities, operating lease liabilities	53,665	54,576
Finance lease obligations, current maturities	23,967	26,112
Total current liabilities	226,072	220,841
Senior secured 2032 notes, net of unamortized debt costs of $1,957 and $2,020, respectively	598,043	597,980
Senior unsecured 2027 notes, net of unamortized debt costs of $1,034 and $1,236, respectively, and discounts of $3,633 and $4,344, respectively	745,333	744,420
Secured IPv4 notes, net of debt costs of $8,339 and $8,863, respectively	372,061	371,537
Operating lease liabilities, net of current maturities	263,698	269,753
Finance lease obligations, net of current maturities	604,981	597,239
Deferred income tax liabilities	321,724	333,294
Other long-term liabilities	28,816	28,568
Total liabilities	3,160,728	3,163,632
Commitments and contingencies:
Stockholders’ deficit:
Common stock, $0.001 par value; 75,000,000 shares authorized; 50,077,663 and 50,062,158 shares issued and outstanding, respectively	50	50
Additional paid-in capital	651,538	643,256
Accumulated other comprehensive (loss) income	(6,327)	1,428
Accumulated deficit	(749,423)	(708,582)
Total stockholders’ deficit	(104,162)	(63,848)
Total liabilities and stockholders’ deficit	$3,056,566	$3,099,784

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


· · Three Months Ended · · Three Months Ended
· · March 31, 2026 · · March 31, 2025
· · (Unaudited) · (Unaudited)
Service revenue	$239,187	$247,048
Operating expenses:
Network operations (including $319 and $490 of equity-based compensation expense, respectively, exclusive of depreciation and amortization shown separately below)	129,229	137,439
Selling, general, and administrative (including $7,244 and $7,523 of equity-based compensation expense, respectively)	72,338	73,863
Depreciation and amortization	54,055	76,038
Total operating expenses	255,622	287,340
Gains on lease terminations and other	2,928	—
Operating loss	(13,507)	(40,292)
Interest expense, including change in valuation – interest rate swap agreement	(43,875)	(34,216)
Interest income – IP Transit Services Agreement	3,093	4,686
Interest income – Purchase Agreement	458	425
Interest income (loss) and other, net	2,852	(865)
Loss before income taxes	(50,979)	(70,262)
Income tax benefit	11,437	18,220
Net loss	$(39,542)	$(52,042)

Comprehensive loss:
Net loss	$(39,542)	$(52,042)
Foreign currency translation adjustment	(7,755)	11,752
Comprehensive loss	$(47,297)	$(40,290)

Net loss per common share:
Basic net loss per common share	$(0.83)	$(1.09)
Diluted net loss per common share	$(0.83)	$(1.09)
Dividends declared per common share	$0.02	$1.005

Weighted-average common shares - basic	47,774,617	47,676,735

Weighted-average common shares - diluted	47,774,617	47,676,735

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025

(IN THOUSANDS)


· · Three Months Ended · · Three Months Ended
· · March 31, 2026 · · March 31, 2025
· · (Unaudited) · · (Unaudited)
Cash flows from operating activities:
Net loss	$(39,542)	$(52,042)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	54,055	76,038
Amortization of debt costs and discounts	1,501	1,192
Amortization of discounts, due from T-Mobile, IP Transit Services & Purchase Agreements	(3,551)	(5,111)
Equity-based compensation expense (net of amounts capitalized)	7,563	8,013
Gains on lease terminations and other	(2,928)	—
Deferred income taxes	(11,570)	(18,554)
Changes in operating assets and liabilities:
Accounts receivable	(3,046)	8,979
Prepaid expenses and other current assets	(790)	2,261
Accounts payable, accrued liabilities and other long-term liabilities	9,501	17,903
Deposits and other assets	3,641	(2,328)
Net cash provided by operating activities	14,834	36,351
Cash flows from investing activities:
Cash receipts - IP Transit Services Agreement – T-Mobile	25,000	25,000
Purchases of property and equipment	(46,239)	(58,088)
Net cash used in investing activities	(21,239)	(33,088)
Cash flows from financing activities:
Dividends paid	(1,299)	(49,133)
Proceeds from exercises of stock options	—	121
Principal payments of finance lease obligations	(13,356)	(8,003)
Net cash used in financing activities	(14,655)	(57,015)
Effect of exchange rates changes on cash	(4,787)	9,806
Net decrease in cash, cash equivalents and restricted cash	(25,847)	(43,946)
Cash, cash equivalents and restricted cash, beginning of period	205,112	227,916
Cash, cash equivalents and restricted cash, end of period	$179,265	$183,970
Supplemental disclosure of non-cash financing activities:
Finance lease obligations incurred	$32,965	$38,961

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

COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES

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