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Tucows Inc. provides domain name registration, email, and other internet related services in North America and Europe. It operates through three segments: Ting, Wavelo, and Tucows Domains. The Ting segment provides gigabit fiber and fixed wireless internet services to consumer and business customers. The Wavelo segment offers full-service platforms and professional services that support communication services providers, including subscription and billing management, network orchestration and provisioning, and individual developer tools, as well as billing solutions to internet services providers under the Platypus brand. The Tucows Domains segment provides wholesale and retail domain name registration services under the OpenSRS, eNom, Ascio, EPAG, and Hover brands, as well as value added services, such as hosted email, internet security services, WHOIS privacy, and other value-added services. The company offers its services primarily through an internet-based distribution network of internet service providers, web hosting companies, and other providers of internet services to end-users. Tucows Inc. was founded in 1992 and is headquartered in Toronto, Canada.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $390M | $36M | $-76M | $-23M | 46.2% | 7.7% | -31.0% |
| 2024 | $362M | $-2M | $-110M | $-77M | 115.3% | 6.8% | 14.2% |
| 2023 | $339M | $-10M | $-96M | $-97M | -974.1% | 5.7% | 248.9% |
| 2022 | $321M | $26M | $-28M | $-118M | -28.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 321.14 | 339.34 | 362.28 | 390.30 |
| Operating Revenue | - | 321.14 | 339.34 | 362.28 | 390.30 |
| Cost Of Revenue | - | 242.89 | 272.67 | 279.25 | 296.35 |
| Gross Profit | - | 78.25 | 66.67 | 83.03 | 93.95 |
| Operating Expense | - | 109.45 | 130.32 | 119.36 | 112.60 |
| Research And Development | - | 14.19 | 19.22 | 18.63 | 17.81 |
| Selling General And Administration | - | 84.78 | 101.21 | 96.45 | 91.26 |
| Total Expenses | - | 352.34 | 402.99 | 398.61 | 408.94 |
| Operating Income | - | -31.20 | -63.65 | -36.33 | -18.64 |
| Total Operating Income As Reported | - | -31.66 | -63.65 | -65.01 | -23.48 |
| EBITDA | - | 26.38 | -9.55 | -1.82 | 36.12 |
| Normalized EBITDA | - | 8.34 | -11.91 | 12.88 | 29.32 |
| EBIT | - | -13.20 | -56.81 | -47.44 | -10.13 |
| Interest Income | - | 0.13 | 4.49 | 3.16 | 1.91 |
| Interest Expense | - | 14.59 | 46.26 | 54.43 | 57.18 |
| Net Interest Income | - | -14.46 | -41.77 | -51.28 | -55.27 |
| Other Non Operating Income Expenses | -0.37 | -0.18 | - | 0.18 | - |
| Other Income Expense | - | 17.87 | 2.35 | -14.27 | 6.60 |
| Interest Income Non Operating | - | 0.13 | 4.49 | 3.16 | 1.91 |
| Interest Expense Non Operating | - | 14.59 | 46.26 | 54.43 | 57.18 |
| Net Non Operating Interest Income Expense | - | -14.46 | -41.77 | -51.28 | -55.27 |
| Pretax Income | - | -27.79 | -103.07 | -101.87 | -67.31 |
| Tax Provision | - | -0.22 | -6.87 | 7.99 | 8.51 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.14 | 0.16 | -2.21 | 1.02 |
| Net Income Continuous Operations | - | -27.57 | -96.20 | -109.86 | -75.82 |
| Net Income From Continuing And Discontinued Operation | - | -27.57 | -96.20 | -109.86 | -75.82 |
| Net Income From Continuing Operation Net Minority Interest | - | -27.57 | -96.20 | -109.86 | -75.82 |
| Net Income | - | -27.57 | -96.20 | -109.86 | -75.82 |
| Net Income Common Stockholders | - | -27.57 | -96.20 | -109.86 | -75.82 |
| Net Income Including Noncontrolling Interests | - | -27.57 | -96.20 | -109.86 | -75.82 |
| Normalized Income | - | -45.48 | -98.39 | -97.36 | -81.60 |
| Diluted NI Availto Com Stockholders | - | -27.57 | -96.20 | -109.86 | -75.82 |
| Basic Average Shares | - | 10.77 | 10.86 | 10.97 | 11.07 |
| Diluted Average Shares | - | 10.77 | 10.86 | 10.97 | 11.07 |
| Reconciled Depreciation | - | 39.58 | 47.26 | 45.62 | 46.25 |
| Reconciled Cost Of Revenue | - | 213.79 | 235.30 | 237.91 | 253.62 |
| Total Unusual Items | - | 18.05 | 2.35 | -14.70 | 6.80 |
| Total Unusual Items Excluding Goodwill | - | 18.05 | 2.35 | -14.70 | 6.80 |
| Special Income Charges | - | 18.05 | 2.35 | -14.70 | 6.80 |
| Other Special Charges | - | - | 14.68 | - | - |
| Write Off | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | - | 0 | 0 | 10.95 | 0 |
| Gain On Sale Of Security | 0.28 | - | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 10.48 | 9.89 | 4.28 | 3.53 |
| Depreciation And Amortization In Income Statement | - | 10.48 | 9.89 | 4.28 | 3.53 |
| General And Administrative Expense | - | 30.84 | 33.41 | 37.07 | 42.88 |
| Other Gand A | - | 30.84 | 33.41 | 37.07 | 42.88 |
| Gain On Sale Of Ppe | - | 18.05 | 17.03 | 13.98 | 17.53 |
| Selling And Marketing Expense | - | 53.94 | 67.81 | 59.38 | 48.38 |
| Earnings From Equity Interest | - | - | 0 | 0.26 | -0.20 |
| Amortization | 9.42 | 9.88 | 9.32 | 3.83 | - |
| Amortization Of Intangibles Income Statement | 9.42 | 9.88 | 9.32 | 3.83 | - |
| Depreciation Income Statement | 0.53 | 0.60 | 0.57 | 0.45 | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Tucows Inc.this co. | TCX | $153M | -2.01 | -0.93 | 46.2% | 18.01 |
| ReposiTrak, Inc. | TRAK | $183M | 26.28 | 3.70 | 14.1% | 17.22 |
| Domo, Inc. | DOMO | $175M | - | - | 31.9% | - |
| Thryv Holdings, Inc. | THRY | $169M | 548.95 | 0.77 | 0.1% | 4.51 |
| SunPower Inc. | SPWR | $159M | - | - | 50.3% |
| - |
| - |
| - |
| - |
| - |
| Nerdy Inc. | NRDY | $158M | -3.97 | 8.33 | -210.0% | -2.40 |
| MicroVision, Inc. | MVIS | $143M | -1.50 | 2.57 | -171.0% | -2.08 |
| TTEC Holdings, Inc. | TTEC | $112M | - | 1.17 | -202.5% | - |
| Expensify, Inc. | EXFY | $111M | -5.19 | 0.84 | -16.1% | -5.60 |
| Peer Median | - | -1.50 | 1.87 | -8.0% | -2.08 | |