TCX

MKT CAP:$187M

Tucows Inc.

Market Cap

$187M

Technology·Software - Infrastructure·🇨🇦 Canada·NASDAQ

Technology·Software Infra·🇨🇦·NASDAQ

Stock Price

$16.58-$5.45 (-24.74%)

Apr 22, 2026

Company Details

Tucows Inc. provides network access, domain name registration, email, mobile telephony, and other Internet services in Canada, the United States, and Europe. It operates through three segments: Fiber Internet Services, Mobile Services, and ...

CEO

David Woroch

IPO Date

Apr 30, 1996

Website

www.tucows.com

Key Metrics TTM

Revenue

$390M

+7.7% YoY

Net Income

-$76M

EPS (Diluted)

-$6.84

Free Cash Flow

-$23M

Revenue / Share

$35.08

Gross Margin

23.1%

Operating Margin

-3.9%

Net Margin

-19.4%

FCF Margin

-5.9%

P/S

0.5x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 12, 2026

$390M+7.7%EPS -$6.85

Q4 2025

Mar 12, 2026

$99M+6.0%EPS -$1.98

Q3 2025

Nov 6, 2025

$99M+6.8%EPS -$2.08

Q2 2025

Aug 7, 2025

$98M+10.1%EPS -$1.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$81M	$21M	-$5M
Q2 22	$83M	$22M	-$4M
Q3 22	$78M	$18M	-$9M
Q4 22	$79M	$17M	-$13M
Q1 23	$80M	$14M	-$17M
Q2 23	$85M	$18M	-$13M
Q3 23	$87M	$17M	-$17M
Q4 23	$87M	$15M	-$15M
Q1 24	$87M	$18M	-$17M
Q2 24	$89M	$21M	-$9M
Q3 24	$92M	$22M	-$10M
Q4 24	$93M	$22M	-$30M
Q1 25	$95M	$24M	-$2M
Q2 25	$98M	$22M	-$3M
Q3 25	$99M	$35M	-$10M
Q4 25	$99M	$10M	-$569.0K

Valuation

Quarter	P/S	P/E
Q1 22	0.6x	—
Q2 22	0.6x	—
Q3 22	0.6x	—
Q4 22	0.6x	—
Q1 23	0.6x	—
Q2 23	0.6x	—
Q3 23	0.6x	—
Q4 23	0.6x	—
Q1 24	0.5x	—
Q2 24	0.5x	—
Q3 24	0.5x	—
Q4 24	0.5x	—
Q1 25	0.5x	—
Q2 25	0.5x	—
Q3 25	0.5x	—
Q4 25	0.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$49M	$26M
Q2 22	$13M	-$18M
Q3 22	-$1M	-$48M
Q4 22	$3M	-$34M
Q1 23	-$5M	-$37M
Q2 23	-$2M	-$25M
Q3 23	-$7M	-$30M
Q4 23	$9M	-$6M
Q1 24	-$6M	-$20M
Q2 24	-$5M	-$21M
Q3 24	-$5M	-$19M
Q4 24	-$5M	-$16M
Q1 25	-$11M	-$17M
Q2 25	$7M	$3M
Q3 25	$2M	-$2M
Q4 25	-$3M	-$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$23M
Q2 22	$30M
Q3 22	$47M
Q4 22	$37M
Q1 23	$32M
Q2 23	$23M
Q3 23	$23M
Q4 23	$15M
Q1 24	$14M
Q2 24	$16M
Q3 24	$15M
Q4 24	$12M
Q1 25	$5M
Q2 25	$4M
Q3 25	$4M
Q4 25	$4M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+14.4%	+19.4%
Q2 22	+10.6%	+13.5%
Q3 22	+2.8%	+10.5%
Q4 22	-4.3%	+9.6%
Q1 23	-0.8%	+13.7%
Q2 23	+2.3%	+12.1%
Q3 23	+11.4%	+19.1%
Q4 23	+10.2%	+11.2%
Q1 24	+8.7%	+6.4%
Q2 24	+5.2%	-0.1%
Q3 24	+6.1%	-1.7%
Q4 24	+7.1%	+20.3%
Q1 25	+8.2%	-7.1%
Q2 25	+10.1%	+3.4%
Q3 25	+6.8%	+5.7%
Q4 25	+6.0%	-19.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	1.7%
Q2 22	$1M	1.7%
Q3 22	$2M	2.0%
Q4 22	$3M	4.1%
Q1 23	$2M	2.8%
Q2 23	$2M	2.4%
Q3 23	$2M	2.7%
Q4 23	$2M	1.8%
Q1 24	$2M	2.1%
Q2 24	$2M	1.9%
Q3 24	$2M	2.0%
Q4 24	$2M	1.8%
Q1 25	$2M	1.6%
Q2 25	$1M	1.4%
Q3 25	$1M	1.4%
Q4 25	$3M	2.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$4M	$7M	$12M	—
Q2 22	$3M	$7M	$14M	—
Q3 22	$3M	$8M	$14M	—
Q4 22	$4M	$9M	$15M	—
Q1 23	$5M	$8M	$16M	—
Q2 23	$5M	$8M	$16M	—
Q3 23	$5M	$9M	$17M	—
Q4 23	$5M	—	—	$26M
Q1 24	$5M	$10M	$19M	—
Q2 24	$5M	$9M	$15M	—
Q3 24	$5M	$11M	$15M	—
Q4 24	$4M	$7M	$11M	—
Q1 25	$4M	$9M	$11M	—
Q2 25	$4M	$10M	$12M	—
Q3 25	$5M	$10M	$12M	—
Q4 25	—	$14M	$14M	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	14.4%	10.8%	25.2
Q2 22	10.6%	11.6%	22.2
Q3 22	2.8%	7.0%	9.8
Q4 22	-4.3%	3.1%	-1.2
Q1 23	-0.8%	-1.8%	-2.6
Q2 23	2.3%	-14.0%	-11.7
Q3 23	11.4%	-1.1%	10.3
Q4 23	10.2%	57.2%	67.4
Q1 24	8.7%	-0.2%	8.5
Q2 24	5.2%	8.1%	13.3
Q3 24	6.1%	5.0%	11.1
Q4 24	7.1%	-12.7%	-5.6
Q1 25	8.2%	13.6%	21.7
Q2 25	10.1%	12.6%	22.7
Q3 25	6.8%	4.7%	11.5
Q4 25	6.0%	2.4%	8.3

Rule of 40

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$6M	$0	$6M
Q2 22	$7M	$0	$7M
Q3 22	$31M	$0	$31M
Q4 22	$23M	$0	$23M
Q1 23	$12M	$0	$12M
Q2 23	$148M	$0	$148M
Q3 23	$111M	$0	$111M
Q4 23	$96M	$0	$96M
Q1 24	$67M	$0	$67M
Q2 24	$39M	$0	$39M
Q3 24	$75M	$0	$75M
Q4 24	$57M	$0	$57M
Q1 25	$38M	$0	$38M
Q2 25	$52M	$0	$52M
Q3 25	$54M	$0	$54M
Q4 25	$47M	$0	$47M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	11M	-0.6%	-0.4%
Q2 22	11M	+0.1%	-0.3%
Q3 22	11M	+0.1%	-0.4%
Q4 22	11M	+0.4%	-0.0%
Q1 23	11M	-0.1%	+0.5%
Q2 23	11M	+0.3%	+0.7%
Q3 23	11M	+0.4%	+0.9%
Q4 23	11M	+0.3%	+0.8%
Q1 24	11M	+0.2%	+1.1%
Q2 24	11M	+0.3%	+1.1%
Q3 24	11M	+0.3%	+1.0%
Q4 24	11M	+0.3%	+1.0%
Q1 25	11M	+0.2%	+1.0%
Q2 25	11M	+0.3%	+1.0%
Q3 25	11M	+0.2%	+0.9%
Q4 25	11M	+0.4%	+1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$81.1K	1K
Q2 22	$83.1K	1K
Q3 22	$78.0K	1K
Q4 22	$77.4K	1K
Q1 23	$78.9K	1K
Q2 23	$83.3K	1K
Q3 23	$85.3K	1K
Q4 23	$83.2K	1K
Q1 24	$83.7K	1K
Q2 24	$85.6K	1K
Q3 24	$88.3K	1K
Q4 24	$121.7K	765
Q1 25	$123.7K	765
Q2 25	$128.7K	765
Q3 25	$128.8K	765
Q4 25	$130.0K	759

Revenue / Employee