COGENT COMMUNICATIONS HOLDINGS, INC.

For the period ended Sep 30, 2026. Filed Nov 5, 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.

Sep 30, 2026 · Filed Nov 5, 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 SEPTEMBER 30, 2026 AND DECEMBER 31, 2025

(IN THOUSANDS, EXCEPT SHARE DATA)


· · September 30, · · December 31,
· · 2026 · · 2025
· · (Unaudited) · · ·
Assets
Current assets:
Cash and cash equivalents	$166,855	$148,515
Restricted cash	14,440	56,597
Accounts receivable, net of allowance for credit losses of $5,085 and $4,610, respectively	91,389	88,050
Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount of $4,585 and $10,401, respectively	95,415	89,599
Prepaid expenses and other current assets	67,890	67,820
Total current assets	435,989	450,581
Total property and equipment, net	1,626,018	1,721,074
Right-of-use leased assets	289,972	310,523
IPv4 intangible asset	458,000	458,000
Other intangible assets, net	9,921	11,251
Deposits and other assets	30,711	34,834
Due from T-Mobile, IP Transit Services Agreement, net of discount of $52 and $2,255, respectively	16,614	89,412
Due from T-Mobile, Purchase Agreement, net of discount of $2,605 and $4,006, respectively	25,509	24,109
Total assets	$2,892,734	$3,099,784
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$30,417	$30,571
Accrued and other current liabilities	105,779	109,582
Senior unsecured 2027 notes, net of unamortized debt costs of $559 and discount of $1,859	697,582	—
Current maturities, operating lease liabilities	54,337	54,576
Finance lease obligations, current maturities	20,190	26,112
Total current liabilities	908,305	220,841
Senior unsecured 2027 notes, net of unamortized debt costs of $1,236 and discount of $4,344	—	744,420
Secured IPv4 notes, net of unamortized debt costs of $7,258 and $8,863, respectively	373,142	371,537
Senior secured 2032 notes, net of unamortized debt costs of $1,757 and $2,020, respectively	459,407	597,980
Operating lease liabilities, net of current maturities	243,090	269,753
Finance lease obligations, net of current maturities	601,907	597,239
Deferred income tax liabilities	334,280	333,294
Other long-term liabilities	29,622	28,568
Total liabilities	2,949,753	3,163,632
Commitments and contingencies:
Stockholders’ deficit:
Common stock, $0.001 par value; 75,000,000 shares authorized; 51,203,883 and 50,062,158 shares issued and outstanding, respectively	51	50
Additional paid-in capital	668,494	643,256
Accumulated other comprehensive (loss) income	(9,426)	1,428
Accumulated deficit	(716,138)	(708,582)
Total stockholders’ deficit	(57,019)	(63,848)
Total liabilities and stockholders’ deficit	$2,892,734	$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 SEPTEMBER 30, 2026 AND SEPTEMBER 30, 2025

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


· · Three Months Ended · · Three Months Ended
· · September 30, 2026 · · September 30, 2025
· · (Unaudited) · (Unaudited)
Service revenue	$231,203	$241,949
Operating expenses:
Network operations (including $330 and $570 of equity-based compensation expense, respectively, exclusive of depreciation and amortization shown separately below)	121,370	131,677
Selling, general, and administrative (including $7,545 and $8,362 of equity-based compensation expense, respectively)	68,812	70,423
Depreciation and amortization	53,150	60,429
Total operating expenses	243,332	262,529
Gains on asset sales	2,305	—
Gains on finance lease terminations	2,893	2,452
Operating loss	(6,931)	(18,128)
Interest expense, including change in valuation of interest rate swap agreement	(42,108)	(43,369)
Gains on debt extinguishments – 2032 notes & 2027 notes	11,336	—
Interest income – IP Transit Services Agreement	2,250	3,904
Interest income – Purchase Agreement	476	441
Interest income and other, net	1,100	4,557
Loss before income taxes	(33,877)	(52,595)
Income tax benefit	4,111	11,051
Net loss	$(29,766)	$(41,544)

Comprehensive loss:
Net loss	$(29,766)	$(41,544)
Foreign currency translation adjustment	(386)	(236)
Comprehensive loss	$(30,152)	$(41,780)

Net loss per common share:
Basic net loss per common share	$(0.62)	$(0.87)
Diluted net loss per common share	$(0.62)	$(0.87)
Dividends declared per common share	$0.02	$1.015

Weighted-average common shares - basic	48,001,733	47,603,287

Weighted-average common shares - diluted	48,001,733	47,603,287

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND SEPTEMBER 30, 2025

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


· · Nine months Ended · · Nine months Ended
· · September 30, 2026 · · September 30, 2025
· · (Unaudited) · · (Unaudited)
Service revenue	$705,948	$735,242
Operating expenses:
Network operations (including $746 and $1,566 of equity-based compensation expense, respectively, exclusive of depreciation and amortization shown separately below)	375,606	406,608
Selling, general, and administrative (including $22,334 and $20,043 of equity-based compensation expense, respectively)	213,243	209,209
Depreciation and amortization	160,158	211,756
Total operating expenses	749,007	827,573
Gains on asset sales	134,888	—
Gains on finance lease terminations	6,675	2,452
Operating income (loss)	98,504	(89,879)
Interest expense, including change in valuation of interest rate swap agreement	(129,748)	(117,317)
Gains on debt extinguishments – 2032 notes & 2027 notes	12,914	—
Loss on debt extinguishment and redemption – 2026 notes	—	(5,606)
Interest income – IP Transit Services Agreement	8,019	12,888
Interest income – Purchase Agreement	1,401	1,299
Interest income and other, net	7,175	1,233
Loss before income taxes	(1,735)	(197,382)
Income tax (provision) benefit	(937)	45,989
Net loss	$(2,672)	$(151,393)

Comprehensive loss:
Net loss	$(2,672)	$(151,393)
Foreign currency translation adjustment	(10,854)	29,253
Comprehensive loss	$(13,526)	$(122,140)

Net loss per common share:
Basic net loss per common share	$(0.06)	$(3.17)
Diluted net loss per common share	$(0.06)	$(3.17)
Dividends declared per common share	$0.06	$3.030

Weighted-average common shares - basic	48,044,535	47,827,343

Weighted-average common shares - diluted	48,044,535	47,827,343

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND SEPTEMBER 30, 2025

(IN THOUSANDS)


· · Nine months Ended · · Nine months Ended
· · September 30, 2026 · · September 30, 2025
· · (Unaudited) · · (Unaudited)
Cash flows from operating activities:
Net loss	$(2,672)	$(151,393)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	160,158	211,756
Amortization of debt costs and discounts	5,485	4,252
Amortization of discounts, due from T-Mobile, IP Transit Services & Purchase Agreements	(9,420)	(14,187)
Equity-based compensation expense (net of amounts capitalized)	23,080	21,609
Gains on debt extinguishments – 2032 notes & 2027 notes	(12,914)	—
Loss on debt extinguishment and redemption – 2026 notes	—	5,606
Gains on asset sales and finance lease terminations	(141,563)	(2,452)
Deferred income taxes	986	(46,722)
Changes in operating assets and liabilities:
Accounts receivable	(3,339)	1,081
Prepaid expenses and other current assets	(70)	(3,722)
Accounts payable, accrued liabilities and other long-term liabilities	(1,866)	(27,339)
Deposits and other assets	3,947	(3,076)
Net cash provided by (used in) operating activities	21,812	(4,587)
Cash flows from investing activities:
Proceeds from sale of data center assets, net	224,159	—
Cash receipts - IP Transit Services Agreement – T-Mobile	75,000	75,000
Purchases of property and equipment	(121,079)	(150,538)
Net cash provided by (used in) investing activities	178,080	(75,538)
Cash flows from financing activities:
Dividends paid	(4,884)	(147,759)
Purchases of common stock	—	(16,686)
Net proceeds from issuance of secured IPv4 notes – net of debt costs of $4.0 million and $7.6 million, respectively	—	170,479
Net proceeds from issuance of senior secured 2032 notes - net of debt costs of $2.2 million	—	597,842
Debt extinguishment – 2032 notes	(125,435)	—
Debt extinguishment – 2027 notes	(49,625)	—
Debt extinguishment and redemption – 2026 notes	—	(505,000)
Proceeds from exercises of stock options	—	175
Principal payments of finance lease obligations	(30,091)	(25,314)
Net cash (used in) provided by financing activities	(210,035)	73,737
Effect of exchange rates changes on cash	(13,674)	4,766
Net decrease in cash, cash equivalents and restricted cash	(23,817)	(1,622)
Cash, cash equivalents and restricted cash, beginning of period	205,112	227,916
Cash, cash equivalents and restricted cash, end of period	$181,295	$226,294
Supplemental disclosure of non-cash financing activities:
Finance lease obligations incurred	$58,734	$107,665

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.