TUCOWS INC /PA/

For the period ended Mar 31, 2025. Filed May 8, 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.

Mar 31, 2025 · Filed May 8, 2025

TCX$13.32-1.5%Stored close · as of Nov 10, 2026

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Contents

Item 1. Condensed Consolidated Financial Statements

Tucows Inc.

Condensed Consolidated Balance Sheets

(Dollar amounts in thousands of U.S. dollars)

	March 31,	December 31,
	2025	2024
Assets
Current assets:
Cash and cash equivalents	$38,076	$56,903
Restricted cash	5,116	4,628
Accounts receivable, net of expected credit losses of $1,008 as of March 31, 2025 and $923 as of December 31, 2024	24,120	20,878
Deferred costs of fulfillment, current portion	105,081	101,467
Prepaid expenses and other	22,105	21,506
Total current assets	194,498	205,382
Deferred costs of fulfillment, long-term portion	15,911	15,508
Secured notes reserve funds	11,824	11,707
Property and equipment, net	322,396	331,049
Right of use lease asset	39,193	35,640
Intangible assets	23,550	24,755
Goodwill	130,410	130,410
Other assets	4,125	4,345
Total assets	$741,907	$758,796
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities	$28,880	$40,236
Derivative instrument liability	479	1,270
Operating lease liability, current portion	5,050	5,150
Contract liabilities, current portion	140,689	135,649
Other current liabilities	17,876	17,546
Total current liabilities	192,974	199,851
Contract liabilities, long-term portion	21,653	21,155
Operating lease liability, long-term portion	29,675	25,899
Syndicated revolver	192,078	194,426
Notes payable	288,639	287,646
Redeemable preferred units - no par value, 33,333,333 units authorized; 15,243,600 units issued and outstanding as of March 31, 2025 and December 31, 2024	122,184	122,156
Deferred tax liability	2,963	2,963
Stockholders' deficit
Common stock - no par value, 250,000,000 shares authorized; 11,034,947 shares issued and outstanding as of March 31, 2025 and 11,014,655 shares issued and outstanding as of December 31, 2024	37,032	36,581
Additional paid-in capital	20,364	19,241
Accumulated deficit	(165,291)	(150,158)
Accumulated other comprehensive loss	(364)	(964)
Total stockholders' deficit	(108,259)	(95,300)
Total liabilities and stockholders' deficit	$741,907	$758,796

Tucows Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Dollar amounts in thousands of U.S. dollars, except per share amounts)

	For the Three Months Ended March 31,
	2025	2024
Net revenues	$94,609	$87,457
Cost of revenues
Direct cost of revenues	55,161	51,794
Network, other costs	5,175	7,117
Network, depreciation and amortization	10,742	10,230
Total cost of revenues	71,078	69,141
Gross profit	23,531	18,316
Expenses:
Sales and marketing	10,991	18,565
Technical operations and development	4,407	5,016
General and administrative	9,242	9,818
Depreciation and amortization	924	1,436
Total expenses	25,564	34,835
Loss from operations	(2,033)	(16,519)
Other income (expenses):
Interest expense, net	(13,613)	(11,879)
Other income (expense), net	2,679	3,688
Total other income (expenses)	(10,934)	(8,191)
Loss before provision for income taxes	(12,967)	(24,710)
Provision (recovery) for income taxes	2,166	1,774
Net loss for the period	(15,133)	(26,484)
Other comprehensive income (loss), net of tax
Unrealized income (loss) on hedging activities	42	(1,126)
Net amount reclassified to earnings	558	(169)
Other comprehensive income (loss) net of tax (expense) recovery of ($196) and $413 for the three months ended March 31, 2025 and March 31, 2024, respectively	600	(1,295)
Comprehensive loss, for the period	$(14,533)	$(27,779)
Basic and diluted loss per common share	$(1.37)	$(2.42)
Shares used in computing basic and diluted loss per common share	11,032,086	10,923,599

ContentsView on SEC.gov

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