TUCOWS INC /PA/

For the period ended Mar 31, 2026. Filed May 7, 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 7, 2026

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,
	2026	2025
Assets
Current assets:
Cash and cash equivalents	$44,306	$46,759
Restricted cash	5,360	5,315
Accounts receivable, net of expected credit losses of $1,383 as of March 31, 2026 and $1,259 as of December 31, 2025	27,791	24,494
Deferred costs of fulfillment, current portion	101,408	97,151
Prepaid expenses and other	21,177	29,375
Total current assets	200,042	203,094
Deferred costs of fulfillment, long-term portion	16,368	15,883
Secured notes reserve funds	12,272	12,171
Property and equipment, net	275,543	281,955
Right of use lease asset	70,578	63,315
Intangible assets	19,479	19,703
Goodwill	130,410	130,410
Other assets	4,550	4,378
Total assets	$729,242	$730,909
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued liabilities	$33,083	$35,272
Derivative instrument liability	251	75
Operating lease liability, current portion	6,382	5,771
Contract liabilities, current portion	135,786	131,581
Redeemable preferred units - no par value, 33,333,333 units authorized; 15,243,600 units issued and outstanding as of March 31, 2026 and December 31, 2025	142,024	136,963
Other current liabilities	19,577	20,765
Total current liabilities	337,103	330,427
Contract liabilities, long-term portion	22,008	21,354
Operating lease liability, long-term portion	64,848	57,823
Syndicated revolver	189,645	189,531
Notes payable	292,639	291,646
Other long-term liability	1,366	1,366
Deferred tax liability	2,961	2,962
Stockholders' deficit
Common stock - no par value, 250,000,000 shares authorized; 11,134,174 and 11,111,453 shares issued and outstanding as of March 31, 2026 and December 31, 2025	38,788	38,308
Additional paid-in capital	24,158	23,526
Accumulated deficit	(244,084)	(225,977)
Accumulated other comprehensive loss	(190)	(57)
Total stockholders' deficit	(181,328)	(164,200)
Total liabilities and stockholders' deficit	$729,242	$730,909

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,
	2026	2025
Net revenues	$96,657	$94,609
Cost of revenues:
Direct cost of revenues	56,884	55,161
Network, other costs	5,868	5,175
Network, depreciation and amortization	9,775	10,742
Total cost of revenues	72,527	71,078
Gross profit	24,130	23,531
Expenses:
Sales and marketing	12,103	10,991
Technical operations and development	4,431	4,407
General and administrative	9,828	9,242
Loss on disposition of property and equipment	876	-
Depreciation and amortization	1,199	924
Total expenses	28,437	25,564
Loss from operations	(4,307)	(2,033)
Other income (expenses):
Interest expense, net	(13,865)	(13,613)
Other income, net	2,457	2,679
Total other income (expenses)	(11,408)	(10,934)
Loss before provision for income taxes	(15,715)	(12,967)
Provision (recovery) for income taxes	2,392	2,166
Net loss for the period	(18,107)	(15,133)
Other comprehensive income (loss), net of tax
Unrealized income (loss) on hedging activities	(213)	42
Net amount reclassified to earnings	80	558
Other comprehensive income (loss) net of tax expense (recovery) of $39 and ($196) for the three months ended March 31, 2026 and March 31, 2025	(133)	600
Comprehensive loss for the period	$(18,240)	$(14,533)
Basic and diluted loss per common share	$(1.63)	$(1.37)
Shares used in computing basic and diluted loss per common share	11,124,592	11,032,086

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.