TUCOWS INC /PA/

As of September 2025, Ting has not paid the preferred return due to Generate for two consecutive quarters amounting to $9.5 million in the aggregate. Ting received a notice from Generate on October 1, 2025 stating that if Ting does not cure the failure to pay such preferred return amounts by November 30, 2025, it shall be classified as Return Breach under the LLC Agreement, and Generate has the right to pursue certain remedies as described in "Note 19. Redeemable preferred units" of the Notes to the Condensed Consolidated Financial Statements included in Part I, of this Quarterly Report, which carries the risks outlined in the risk factor titled “Slower-than-expected subscriber growth and ongoing operating losses could impair Ting’s ability to meet future financial and operational obligations and limit its access to additional financing.”