Tucows ( (TCX) ) has released its Q3 earnings. Here is a breakdown of the information Tucows presented to its investors.
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Tucows Inc. is a global leader in internet services, focusing on communications service technology, domain services, and fiber-optic internet infrastructure. The company operates through various brands, including Ting and Wavelo, offering a range of services from fiber internet access to telecommunications software solutions.
In its third-quarter earnings report for 2024, Tucows Inc. announced a strong year-over-year increase in revenue, gross profit, and adjusted EBITDA. The company reported consolidated net revenue growth of 6.1%, reaching $92.3 million, driven by gains in its Ting and Domains business segments.
Key financial highlights include a 32.4% increase in gross profit to $22.2 million and a significant 94.3% rise in adjusted EBITDA to $8.7 million. Despite these gains, Tucows continues to experience a net loss, which decreased slightly to $22.3 million, or $2.03 per share, compared to the previous year’s third-quarter loss.
Looking ahead, Tucows Inc. remains focused on enhancing revenue and margin gains while implementing cost controls across its operations. The company aims to maximize the penetration and contribution of its existing network footprints, particularly in the Ting business, while continuing to manage its debt effectively.
