COGENT COMMUNICATIONS HOLDINGS, INC.

For the period ended Jun 30, 2025. Filed Aug 7, 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.

Jun 30, 2025 · Filed Aug 7, 2025

CCOI$4.35-2.2%Stored close · as of Nov 10, 2026

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Contents

Item 1. Financial Statements

ITEM 1.

FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2025 AND DECEMBER 31, 2024

(IN THOUSANDS, EXCEPT SHARE DATA)


· June 30, · December 31,
· · 2025 · · 2024
· · (Unaudited) · · ·
Assets
Current assets:
Cash and cash equivalents	$213,651	$198,486
Restricted cash	93,074	29,430
Accounts receivable, net of allowance for credit losses of $8,390 and $9,762, respectively	95,127	96,934
Due from T-Mobile, IP Transit Services Agreement, current portion, net of discount of $13,720 and $16,915, respectively	86,280	83,085
Due from T-Mobile, Transition Services Agreement	119	62
Prepaid expenses and other current assets	72,720	74,104
Total current assets	560,971	482,101
Property and equipment:
Property and equipment	3,546,033	3,319,731
Accumulated depreciation and amortization	(1,820,651)	(1,655,564)
Total property and equipment, net	1,725,382	1,664,167
Right-of-use leased assets	325,681	324,315
IPv4 intangible asset	458,000	458,000
Other intangible assets, net	12,147	13,029
Deposits and other assets	29,809	29,596
Due from T-Mobile, IP Transit Services Agreement, net of discount of $6,343 and $12,312, respectively	135,323	179,534
Due from T-Mobile, Purchase Agreement, net of discount of $4,897 and $5,755, respectively	23,218	22,360
Total assets	$3,270,531	$3,173,102
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$49,169	$39,805
Accrued and other current liabilities	116,653	134,609
Due to T-Mobile – Transition Services Agreement	9	525
Current maturities, operating lease liabilities	50,932	57,172
Finance lease obligations, current maturities	26,523	21,225
Total current liabilities	243,286	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 $1,632 and $2,013, respectively, and discounts of $5,724 and $7,053, respectively	742,644	740,934
Secured IPv4 notes, net of unamortized debt costs of $9,880 and $6,702, respectively	370,520	199,298
Senior secured 2032 notes, net of unamortized debt costs of $2,143	597,857	—
Operating lease liabilities, net of current maturities	298,515	302,004
Finance lease obligations, net of current maturities	578,634	517,161
Deferred income tax liabilities	362,464	398,266
Other long-term liabilities	29,943	40,129
Total liabilities	3,223,863	2,950,254
Commitments and contingencies:
Stockholders’ equity:
Common stock, $0.001 par value; 75,000,000 shares authorized; 49,246,196 and 49,034,925 shares issued and outstanding, respectively	49	49
Additional paid-in capital	632,702	629,829
Accumulated other comprehensive loss	(1,196)	(30,685)
Accumulated deficit	(584,887)	(376,345)
Total stockholders’ equity	46,668	222,848
Total liabilities and stockholders’ equity	$3,270,531	$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 JUNE 30, 2025 AND JUNE 30, 2024

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


· · Three Months Ended · Three Months Ended
· June 30, 2025 · · June 30, 2024
· · (Unaudited) · (Unaudited)
Service revenue	$246,247	$260,443
Operating expenses:
Network operations (including $506 and $350 of equity-based compensation expense, respectively, exclusive of depreciation and amortization shown separately below)	137,492	156,167
Selling, general, and administrative (including $4,158 and $3,215 of equity-based compensation expense, respectively)	64,924	68,345
Acquisition costs – Sprint	—	12,370
Depreciation and amortization	75,290	74,036
Total operating expenses	277,706	310,918
Gain on lease termination	—	3,332
Operating loss	(31,459)	(47,143)
Interest expense, including change in valuation interest rate swap agreement	(39,777)	(29,541)
Loss on debt extinguishment and redemption – 2026 notes	(5,606)	—
Gain on bargain purchase – Sprint	—	27,673
Interest income – IP Transit Services Agreement	4,299	5,934
Interest income – Purchase Agreement	433	402
Interest income and other, net	(2,415)	2,484
Loss before income taxes	(74,525)	(40,191)
Income tax benefit	16,718	7,853
Net loss	$(57,807)	$(32,338)

Comprehensive loss:
Net loss	$(57,807)	$(32,338)
Foreign currency translation adjustment	17,737	(1,722)
Comprehensive loss	$(40,070)	$(34,060)

Net loss per common share:
Basic net loss per common share	$(1.21)	$(0.68)
Diluted net loss per common share	$(1.21)	$(0.68)
Dividends declared per common share	$1.010	$0.975

Weighted-average common shares - basic	47,592,836	47,511,613

Weighted-average common shares - diluted	47,592,836	47,511,613

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND JUNE 30, 2024

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


· Six Months Ended · Six Months Ended
· · June 30, 2025 · · June 30, 2024
· (Unaudited) · (Unaudited)
Service revenue	$493,298	$526,613
Operating expenses:
Network operations (including $996 and $735 of equity-based compensation expense, respectively, exclusive of depreciation and amortization shown separately below)	274,930	324,752
Selling, general, and administrative (including $11,681 and $9,781 of equity-based compensation expense, respectively)	138,787	145,392
Acquisition costs – Sprint	—	21,407
Depreciation and amortization	151,328	144,930
Total operating expenses	565,045	636,481
Gain on lease termination	—	3,332
Operating loss	(71,747)	(106,536)
Interest expense, including change in valuation interest rate swap agreement	(73,971)	(58,703)
Loss on debt extinguishment and redemption – 2026 notes	(5,606)	—
Gain on bargain purchase – Sprint	—	22,202
Interest income – IP Transit Services Agreement	8,984	13,264
Interest income (loss) – Purchase Agreement	858	(78)
Interest income and other, net	(3,306)	5,226
Loss before income taxes	(144,788)	(124,625)
Income tax benefit	34,939	26,980
Net loss	$(109,849)	$(97,645)

Comprehensive loss:
Net loss	$(109,849)	$(97,645)
Foreign currency translation adjustment	29,489	(6,756)
Comprehensive loss	$(80,360)	$(104,401)

Net loss per common share:
Basic net loss per common share	$(2.30)	$(2.06)
Diluted net loss per common share	$(2.30)	$(2.06)
Dividends declared per common share	$2.015	$1.940

Weighted-average common shares - basic	47,804,421	47,408,786

Weighted-average common shares - diluted	47,804,421	47,408,786

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND JUNE 30, 2024

(IN THOUSANDS)


· · Six Months Ended · · Six Months Ended
· June 30, 2025 · June 30, 2024
· · (Unaudited) · · (Unaudited)
Cash flows from operating activities:
Net loss	$(109,849)	$(97,645)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	151,328	144,930
Amortization of debt costs and discounts	2,534	1,106
Amortization of discounts, due from T-Mobile, IP Transit Services & Purchase Agreements	(9,842)	(13,186)
Equity-based compensation expense (net of amounts capitalized)	12,677	10,516
Loss on debt extinguishment and redemption – 2026 notes	5,606	—
Gain on bargain purchase – Sprint	—	(22,202)
Gain on finance lease termination	—	(3,332)
Deferred income taxes	(35,802)	(43,554)
Changes in operating assets and liabilities:
Accounts receivable	1,807	23,799
Prepaid expenses and other current assets	(6,222)	12,900
Due to T-Mobile – Transition Services Agreement	(516)	(64,622)
Due from T-Mobile – Transition Services Agreement	(57)	(11,671)
Accounts payable, accrued liabilities and other long-term liabilities	(17,784)	62,698
Deposits and other assets	(1,567)	(2,688)
Net cash used in operating activities	(7,687)	(2,951)
Cash flows from investing activities:
Cash receipts - IP Transit Services Agreement – T-Mobile	50,000	154,167
Acquisition of Sprint – severance reimbursement	—	12,323
Purchases of property and equipment	(114,288)	(89,650)
Net cash (used in) provided by investing activities	(64,288)	76,840
Cash flows from financing activities:
Dividends paid	(98,693)	(93,782)
Purchases of common stock	(11,517)	(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	198,420
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	151	204
Settlement of finance lease – at a discount	—	(114,576)
Principal payments of finance lease obligations	(16,523)	(42,131)
Net cash provided by financing activities	136,739	232,046
Effect of exchange rates changes on cash	14,045	6,525
Net increase in cash, cash equivalents and restricted cash	78,809	312,460
Cash, cash equivalents and restricted cash, beginning of period	227,916	113,781
Cash, cash equivalents and restricted cash, end of period	$306,725	$426,241
Supplemental disclosure of non-cash financing activities:
Finance lease obligations incurred	$118,037	$96,606

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.