Tucows narrows Q3 loss, with earnings boost from one-off contract adjustment

Revenue rises while a net loss remains

Tucows reported its unaudited third-quarter results on November 5 for the period ended September 30, 2026. Revenue increased 1.4% from a year earlier to US$100.0 million. Its GAAP net loss narrowed to US$10.3 million, compared with US$23.0 million in the same quarter of 2025.

Adjusted EBITDA, a non-GAAP measure, rose 39.8% to US$18.6 million. That measure should be read alongside the net loss and the company’s reconciliation. It is not net income or cash flow.

Why the contract adjustment matters

The company says a large, non-recurring adjustment from renegotiating its mobile contract was the main driver of the improvement in gross profit and adjusted EBITDA. Ting also contributed year-over-year growth. Readers comparing quarters should account for that one-off benefit rather than assuming the full improvement will recur.

Total Ting revenue rose to US$22.3 million from US$17.0 million, including US$4.3 million of construction-services revenue. The separate Domains and Wavelo segment reported US$75.6 million in revenue, down from US$79.7 million.

Cash and obligations

Tucows ended September with US$41.0 million in cash, cash equivalents and restricted cash, down from US$60.2 million at the end of June. Its reported operating cash outflow for the quarter was about US$4.6 million.

Management says it retired Ting preferred units valued at US$149.3 million and repaid US$6 million on its syndicated loan facility. A subsequent agreement to assign Ting’s Colorado Springs lease is expected to release the parent guarantee in the spring; that release remains an expectation. The linked financial reporting page provides the quarter’s statements and management commentary.