--- title: "Tucows | 10-K: FY2025 Revenue: USD 390.3 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/278944627.md" datetime: "2026-03-12T21:07:32.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278944627.md) - [en](https://longbridge.com/en/news/278944627.md) - [zh-HK](https://longbridge.com/zh-HK/news/278944627.md) --- # Tucows | 10-K: FY2025 Revenue: USD 390.3 M Revenue: As of FY2025, the actual value is USD 390.3 M. EBIT: As of FY2025, the actual value is USD -12.04 M. #### Segment Revenue ##### Total Net Revenues Total net revenues for Fiscal 2025 increased by $28.0 million, or 8%, to $390.3 million compared to Fiscal 2024, which reported $362.0 million. In Fiscal 2023, total net revenues were $339.0 million. ##### Ting Segment Revenue - Fiber Internet Services revenue was $66.178 million in Fiscal 2025, up from $59.732 million in Fiscal 2024. - Construction services revenue was $2.044 million in Fiscal 2025, compared to $0 in Fiscal 2024. - Total Ting Revenue was $68.222 million in Fiscal 2025, an increase of $8.5 million or 14% compared to $59.732 million in Fiscal 2024. ##### Wavelo Segment Revenue - Platform Services revenue was $47.623 million in Fiscal 2025, up from $39.824 million in Fiscal 2024. - Other Professional Services revenue was $0 in Fiscal 2025, down from $37,000 in Fiscal 2024. - Total Wavelo Revenue was $47.623 million in Fiscal 2025, an increase of $7.8 million or 19.6% compared to $39.861 million in Fiscal 2024. ##### Tucows Domains Segment Revenue - Wholesale Domain Services revenue was $204.150 million in Fiscal 2025, up from $197.113 million in Fiscal 2024. - Wholesale Value-Added Services revenue was $24.047 million in Fiscal 2025, up from $19.882 million in Fiscal 2024. - Total Wholesale revenue was $228.197 million in Fiscal 2025, compared to $216.995 million in Fiscal 2024. - Retail revenue was $38.902 million in Fiscal 2025, up from $37.644 million in Fiscal 2024. - Total Tucows Domains Revenue was $267.099 million in Fiscal 2025, an increase of $12.5 million compared to $254.639 million in Fiscal 2024. ##### Corporate and All Other Segment Revenue - Mobile Services and eliminations revenue was $7.356 million in Fiscal 2025, a decrease of $0.7 million or 9% compared to $8.043 million in Fiscal 2024. #### Operational Metrics ##### Net Loss Net loss for Fiscal 2025 was - $75.819 million, compared to - $109.860 million in Fiscal 2024, and - $96.197 million in Fiscal 2023. ##### Cost of Revenues Total cost of revenues for Fiscal 2025 increased by $17.1 million, or 6%, to $296.3 million, from $279.2 million in Fiscal 2024. Ting Cost of Revenues was $28.322 million in Fiscal 2025, an increase of $9.6 million or 51% compared to $18.754 million in Fiscal 2024. Wavelo Cost of Revenues was $1.111 million in Fiscal 2025, a decrease of $0.1 million or 11% compared to $1.273 million in Fiscal 2024. Tucows Domains Cost of Revenues was $182.984 million in Fiscal 2025, an increase of $5.9 million compared to $177.083 million in Fiscal 2024. Corporate and All Other Cost of Revenues was $18.176 million in Fiscal 2025, an increase of $5.5 million or 44% compared to $12.637 million in Fiscal 2024. Network Expenses were $65.753 million in Fiscal 2025, a decrease of $3.7 million or 5% compared to $69.499 million in Fiscal 2024. ##### Sales and Marketing Expenses Sales and marketing expenses for Fiscal 2025 decreased by $11.0 million, or 19%, to $48.4 million compared to $59.382 million in Fiscal 2024. ##### Technical Operations and Development Expenses Technical operations and development expenses for Fiscal 2025 decreased by $0.8 million, or 4%, to $17.813 million compared to $18.627 million in Fiscal 2024. ##### General and Administrative Expenses General and administrative expenses for Fiscal 2025 increased by $5.8 million, or 16%, to $42.875 million compared to $37.068 million in Fiscal 2024. ##### Impairment and Restructuring Impairment and restructuring decreased by $18.0 million, or 63%, to $10.7 million in Fiscal 2025 compared to $28.680 million in Fiscal 2024. Impairment of property and equipment was $10.724 million in Fiscal 2025, down from $17.726 million in Fiscal 2024. Restructuring charges were $0 in Fiscal 2025, down from $10.954 million in Fiscal 2024. ##### Amortization of Intangible Assets Amortization of intangible assets for Fiscal 2025 decreased by $0.6 million, or 16%, to $3.205 million compared to $3.834 million in Fiscal 2024. ##### Other Income (Expenses), Net Other income (expense), net decreased by $7.0 million to - $43.827 million in Fiscal 2025, compared to - $36.861 million in Fiscal 2024. ##### Adjusted EBITDA Adjusted EBITDA for Fiscal 2025 increased by $15.7 million, or 45%, to $50.598 million compared to $34.917 million in Fiscal 2024. In Fiscal 2023, Adjusted EBITDA was $15.451 million. #### Cash Flow ##### Cash Flow from Operating Activities Net cash outflows from operating activities during Fiscal 2025 totaled - $5.8 million, compared to net cash outflows of - $19.7 million in Fiscal 2024. ##### Cash Flow from Financing Activities Net cash outflows from financing activities during Fiscal 2025 totaled - $5.4 million, compared to net cash inflows of $44.5 million in Fiscal 2024. ##### Cash Flow from Investing Activities Net cash inflows from investing activities during Fiscal 2025 totaled $2.2 million, compared to net cash outflows of - $56.5 million in Fiscal 2024. #### Unique Metrics ##### Ting Internet - Accounts under management were 54,000 in 2025, 51,000 in 2024, and 43,000 in 2023. - Owned infrastructure serviceable addresses were 126,000 in 2025, 134,000 in 2024, and 121,000 in 2023. - Partner infrastructure serviceable addresses were 109,000 in 2025, 45,000 in 2024, and 29,000 in 2023. ##### Tucows Domains - Total new, renewed and transferred-in domain name registrations provisioned were 20.119 million in 2025, 21.765 million in 2024, and 22.031 million in 2023. - Domain names under management were 21.483 million in 2025, 24.500 million in 2024, and 24.560 million in 2023. #### Outlook / Guidance Tucows Inc. is reviewing strategic alternatives for its Ting business due to liquidity requirements, which may materially impact future revenues, operating costs, and capital expenditures. If this process is unsuccessful or delayed, Ting may need to implement significant operational changes, including expense reductions or asset sales, to maintain liquidity. For the Tucows businesses excluding Ting, the company plans to fund cash requirements solely through operating income in Fiscal 2026 and make discretionary loan repayments to enhance financial flexibility and access to additional financing. ### Related Stocks - [TCX.US](https://longbridge.com/en/quote/TCX.US.md) ## Related News & Research - [You’ve Likely Never Heard of Caris Life Sciences Stock. 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