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Tucows Inc. (TCX+6.23%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's three main operating segments: Ting, Wavelo, and Tucows Domains. Ting focuses on providing high-speed Internet access services, Wavelo offers platform services for communication service providers, and Tucows Domains provides domain registration services.
Ting reported $59.7 million in revenue for the year, a 17% increase from the previous year, driven by subscriber growth and network expansion. The segment also underwent workforce reductions and a capital efficiency plan to streamline operations and reduce costs.
Wavelo reported $39.9 million in revenue, with platform services contributing $39.8 million. The segment's growth was attributed to the full migration of EchoStar's Boost Mobile subscriber base onto its platform.
Tucows Domains generated $254.6 million in revenue, with wholesale domain services accounting for $197.1 million. The segment saw growth due to increased domain transactions and pricing adjustments.
The company reported a net loss of $109.9 million, compared to a net loss of $96.2 million the previous year. The loss was impacted by restructuring charges and impairment of property and equipment.
Total cost of revenues was $279.2 million, a 2% increase from the previous year. The increase was driven by higher costs in Tucows Domains and mobile services, partially offset by savings from Ting's operational adjustments.
Adjusted EBITDA for the year was $34.9 million, a 125% increase from the previous year, primarily due to improved performance in the Ting and Wavelo segments.
The filing also discusses the company's financing activities, including a securitized financing facility for Ting and a new credit agreement for Tucows businesses excluding Ting.
Tucows continues to focus on expanding its Internet services and platform offerings while managing costs and optimizing its operational structure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tucows Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.