TUCOWS第二季虧損擴大至2047萬美元 Ting光纖業務拖累業績

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to 
Commission file number 1-32600

TUCOWS INC. 
(Exact Name of Registrant as Specified in Its Charter)

Pennsylvania
23-2707366

(State or Other Jurisdiction of
Incorporation or Organization)(I.R.S. Employer
Identification No.)

96 Mowat Avenue,
Toronto, Ontario M6K 3M1, Canada
(Address of Principal Executive Offices) (Zip Code)
(416) 535-0123
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each classTrading
Symbol(s)Name of each exchange on which registered
Common Stock
TCX
NASDAQ

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T §232.405 of this chapter during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer oAccelerated filer x

Non-accelerated fileroSmaller reporting company o

Emerging Growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes o No x

As of August 5, 2026, there were 11,182,112 outstanding shares of common stock, no par value, of the registrant.

1

Table of Contents

TUCOWS INC.
Form 10-Q Quarterly Report
INDEX

PART I
FINANCIAL INFORMATION

Item 1.
Condensed Consolidated Financial Statements
3

Condensed Consolidated Balance Sheets (unaudited) as of June 30, 2026 and December 31, 2025
3

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) for the three and six months ended June 30, 2026 and 2025
4

Condensed Consolidated Statements of Cash Flows (unaudited) for the three and six months ended June 30, 2026 and 2025
5

Notes to Condensed Consolidated Financial Statements (unaudited)
6

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
32

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
50

Item 4.
Controls and Procedures
51

PART II
OTHER INFORMATION

Item 1.
Legal Proceedings
52

Item 1A.
Risk Factors
52

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds 
52

Item 3.
Defaults Upon Senior Securities
52

Item 4.
Mine Safety Disclosures
52

Item 5.
Other Information
52

Item 6.
Exhibits
53

Signatures
54

TRADEMARKS, TRADE NAMES AND SERVICE MARKS
Tucows®, EPAG®, Hover®, OpenSRS®, Ting®, ENom®, Ascio®, Simply Bits® and Wavelo® are registered trademarks of Tucows Inc. or its subsidiaries. Other service marks, trademarks and trade names of Tucows Inc. or its subsidiaries may be used in this Quarterly Report on Form 10-Q (this “Quarterly Report”). All other service marks, trademarks and trade names referred to in this Quarterly Report are the property of their respective owners. Solely for convenience, any trademarks referred to in this Quarterly Report may appear without the ® or TM symbol, but such references are not intended to indicate, in any way, that we or the owner of such trademark, as applicable, will not assert, to the fullest extent under applicable law, our or its rights, or the right of the applicable licensor, to these trademarks.
2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Tucows Inc.
Condensed Consolidated Balance Sheets

(Dollar amounts in thousands of U.S. dollars)
(unaudited)

June 30,
2026December 31,
2025

Assets

Current assets:
Cash and cash equivalents$44,164 $46,759 
Restricted cash5,019 5,315 
Accounts receivable, net of expected credit losses of $1,313 as of June 30, 2026 and $1,259 as of December 31, 2025
23,072 24,494 
Deferred costs of fulfillment, current portion99,725 97,151 
Prepaid expenses and other25,726 29,375 
Total current assets197,706 203,094 

Deferred costs of fulfillment, long-term portion16,389 15,883 
Secured notes reserve funds11,020 12,171 
Property and equipment, net268,383 281,955 
Right of use lease asset80,438 63,315 
Intangible assets18,755 19,703 
Goodwill130,410 130,410 
Other assets4,598 4,378 
Total assets$727,699 $730,909 

Liabilities and Stockholders' Equity

Current liabilities:
Accounts payable and accrued liabilities$36,125 $35,272 
Derivative instrument liability171 75 
Operating lease liability, current portion6,896 5,771 
Contract liabilities, current portion133,474 131,581 
Redeemable preferred units - no par value, 33,333,333 units authorized; 15,243,600 units issued and outstanding as of June 30, 2026 and December 31, 2025
147,447 136,963 
Other current liabilities21,564 20,765 
Total current liabilities345,677 330,427 

Contract liabilities, long-term portion21,877 21,354 
Operating lease liability, long-term portion74,481 57,823 
Syndicated revolver189,778 189,531 
Notes payable293,637 291,646 
Other long-term liabilities59 1,366 
Deferred tax liability2,961 2,962 

Stockholders' deficit
Common stock - no par value, 250,000,000 shares authorized; 11,161,011 shares issued and outstanding as of June 30, 2026 and 11,111,453 shares issued and outstanding as of December 31, 2025
39,205 38,308 
Additional paid-in capital24,709 23,526 
Accumulated deficit(264,555)(225,977)
Accumulated other comprehensive loss(130)(57)
Total stockholders' deficit(200,771)(164,200)
Total liabilities and stockholders' deficit$727,699 $730,909 

See accompanying notes to condensed consolidated financial statements 
3

Table of Contents

Tucows Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss 
(Dollar amounts in thousands of U.S. dollars, except per share amounts) 
(unaudited)

For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025

Net revenues$100,556 $98,463 $197,213 $193,072 

Cost of revenues:
Direct cost of revenues58,272 59,069 115,156 114,230 
Network, other costs6,239 6,458 12,107 11,633 
Network, depreciation and amortization10,261 10,826 20,036 21,568 
Total cost of revenues74,772 76,353 147,299 147,431 

Gross profit25,784 22,110 49,914 45,641 

Expenses:
Sales and marketing12,553 11,945 24,656 22,936 
Technical operations and development4,860 4,344 9,291 8,751 
General and administrative13,097 9,660 22,925 18,902 
(Gain) loss on disposition of property and equipment(48)(1,788)828 (1,788)
Depreciation and amortization778 828 1,977 1,752 
Total expenses31,240 24,989 59,677 50,553 

Loss from operations(5,456)(2,879)(9,763)(4,912)

Other income (expenses):
Interest expense, net(14,450)(13,621)(28,315)(27,234)
Other income, net2,565 3,128 5,022 5,807 
Total other expenses, net(11,885)(10,493)(23,293)(21,427)

Loss before provision for income taxes(17,341)(13,372)(33,056)(26,339)

Provision for income taxes3,130 2,265 5,522 4,431 

Net loss for the period(20,471)(15,637)(38,578)(30,770)

Other comprehensive income (loss), net of tax
Unrealized income (loss) on hedging activities(96)635 (309)677 
Net amount reclassified to earnings156 91 236 649 
Other comprehensive income (loss) net of tax expense (recovery) of $20 and $231 for the three months ended June 30, 2026 and June 30, 2025, and $(19) and $427 for the six months ended June 30, 2026 and June 30, 2025.
60 726 (73)1,326 

Comprehensive loss, for the period$(20,411)$(14,911)$(38,651)$(29,444)

Basic and diluted loss per common share$(1.84)$(1.41)$(3.46)$(2.79)

Shares used in computing basic and diluted loss per common share11,148,826 11,060,818 11,136,776 11,046,531 

 See accompanying notes to the condensed consolidated financial statements 
4

Table of Contents

Tucows Inc.
Condensed Consolidated Statements of Cash Flows
(Dollar amounts in thousands of U.S. dollars) 
(unaudited) 

For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Cash provided by:
Operating activities:
Net loss for the period$(20,471)$(15,637)$(38,578)$(30,770)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization11,039 11,654 22,013 23,320 
Amortization of debt discount and issuance costs1,159 1,174 2,312 2,341 
(Gain) loss on disposition of property and equipment(48)(1,788)828 (1,788)
Impairment of property and equipment334 435 614 639 
Deferred income taxes (recovery)(20)(231)23 (422)
Accretion of redeemable preferred units5,429 - 10,418 - 
Stock-based compensation expense1,164 1,386 2,258 2,890 
Change in non-cash operating working capital
Accounts receivable4,719 (104)1,422 (3,346)
Prepaid expenses and deposits(3,086)(3,098)3677 (2,223)
Deferred costs of fulfillment1,662 2031 (3,080)(1,986)
Accounts payable & accrued liabilities3,254 6,766 1,654 (3,855)
Contract liabilities(2,443)363 2,416 5,901 
Other operating assets and liabilities(756)3,615 (517)4,614 
Net cash provided by (used in) operating activities1,936 6,566 5,460 (4,685)

Financing activities:
Proceeds received on exercise of stock options- 31 - 31 

Repayment of syndicated revolver- - - (2,500)

Net cash provided by (used in) financing activities- 31 - (2,469)

Investing activities:
Proceeds on disposal of property and equipment1,358 10,670 1,936 11,636 
Additions to property and equipment(5,054)(3,468)(10,582)(8,905)
Acquisition of intangible assets25 (213)(856)(213)
Net cash provided by (used in) investing activities(3,671)6,989 (9,502)2,518 

Increase (decrease) in cash and cash equivalents, restricted cash, and restricted cash equivalents(1,735)13,586 (4,042)(4,636)

Cash and cash equivalents, restricted cash, and restricted cash equivalents beginning of period61,938 55,016 64,245 73,238 
Cash and cash equivalents, restricted cash, and restricted cash equivalents end of period$60,203 $68,602 $60,203 $68,602 

Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the interim consolidated balance sheets to the amounts shown in the interim consolidated statements of cash flows above:
Cash and cash equivalents44,164 52,020 44,164 52,020 
Restricted cash included in funds held by trustee5,019 4,640 5,019 4,640 
Restricted cash included in secured notes reserve funds11,020 11,942 11,020 11,942 
Total cash and cash equivalents, restricted cash, and restricted cash equivalents end of period$60,203 $68,602 $60,203 $68,602 

Supplemental cash flow information:
Interest paid$7,954 $8,475 $16,334 $26,807 
Income taxes paid, net$3,279 $2,092 $7,287 $3,391 
Supplementary disclosure of non-cash investing and financing activities:
Property and equipment acquired during the period not yet paid for$711 $1,610 $711 $1,610 

See accompanying notes to the condensed consolidated financial statements
5

Table of Contents

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

1. Organization of the Company
Tucows Inc. (referred to throughout this report as the “Company”, “Tucows”, “we”, “us” or through similar expressions) is a corporate parent, allocating capital and providing efficient shared services to its three businesses Ting, Wavelo and Tucows Domains Services. Ting provides retail consumers and small businesses with high-speed fixed Internet access in a number of towns and cities across the United States. Wavelo offers platform services which provide solutions to support Communication Service Providers ("CSPs") including subscription and billing management, network orchestration and provisioning, individual developer tools, and other professional services. Tucows Domains Services is a global distributor of Internet services, including domain name registration, digital certificates, and email. It provides these services primarily through a global Internet-based distribution network of Internet Service Providers, web hosting companies and other providers of Internet services to end-users.

2. Basis of Presentation
The accompanying unaudited interim Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary for a fair statement of the financial position of Tucows and its subsidiaries as of June 30, 2026 and the results of operations and cash flows for the interim periods ended June 30, 2026 and 2025. The results of operations presented in this Quarterly Report on Form 10-Q are not necessarily indicative of the results of operations that may be expected for future periods.
The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared by Tucows in conformity with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and U.S. Generally Accepted Accounting Principles (“GAAP”). Certain information and footnote disclosures normally included in the Company's annual audited consolidated financial statements and accompanying notes have been condensed or omitted. These interim Condensed Consolidated Financial Statements and accompanying notes follow the same accounting policies and methods of application used in the annual financial statements and should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2025 included in Tucows' 2025 Annual Report on Form 10-K filed with the SEC on March 12, 2026 (the “2025 Annual Report”). There have been no material changes to our significant accounting policies and estimates during the three and six months ended June 30, 2026 as compared to the significant accounting policies and estimates described in our 2025 Annual Report.
Subsidiary financial condition
Beginning in the fourth quarter of 2025, the Company initiated and continues to conduct a review of strategic alternatives for the Company's subsidiary, Ting Fiber, LLC ( "Ting"). Ting continues to have negative operating cash flows and incurs net losses. In our first quarter 2026 financial statements, the Company disclosed that substantial doubt existed regarding Ting's ability to meet its obligations within one year of the issuance date of the first quarter Form 10-Q, unless Ting secured additional financing. These conditions continued to exist on June 30, 2026. See "Note 22. Subsequent events" for information regarding Ting Financing transactions post-quarter end.

Ting's third-party debt has no recourse to the Company. Accordingly, the Company's direct financial exposure to Ting is limited to the $5.0 million loan as described in "Note 22. Subsequent Events" and certain contractual guarantees as disclosed in "Note 20. Commitments and Contingencies." The Company does not believe that Ting's financial condition gives rise to substantial doubt about the Company's ability to continue as a going concern. 

3. Recent Accounting Pronouncements
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (ASU 2024-03), which requires that a public entity disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization included in each relevant expense caption presented on the face of the income statement. The standard also requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively as well as disclose the total amount of selling expenses and, annually, the entity’s definition of selling expenses. ASU 2024-03 will be effective for annual periods beginning after December 15, 2026, with either retrospective or prospective application. The standard allows for early adoption of these requirements and we are currently evaluating the disclosure impacts of our adoption.
In September 2025, FASB issued ASU 2025‑06 “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” The amendments update the accounting model for internal-use software by eliminating the prescriptive “development-stage” framework and replacing it with a “probable-to-complete” threshold and a “significant development uncertainty” evaluation. The amendments also remove separate guidance for website development costs and require entities to apply the property, plant, and equipment disclosure requirements in Subtopic 360-10 to capi