Tucows Inc
tucows.comWhat Do They Do?
Sells domain-name registrations and related services to resellers and small businesses; also provides internet access to households and businesses and telecom software to service providers.
10-K for FY2025, filed Mar 12, 2026Tucows Domains includes wholesale and retail domain name registration services, as well as value-added services derived through our…View ↗
Our primary distribution channel is a global network of more than 32,000 resellers that operate in approximately 200 countries and who…View ↗
Ting and its wholly owned subsidiaries, Cedar and Simply Bits includes the provision of high-speed Internet access services to select towns…View ↗
Wavelo includes the provision of full-service platforms and professional services providing a variety of solutions that support…View ↗
How Do They Make Money?
Domain customers pay registration fees upfront for each registration term. Ting subscribers prepay monthly for internet access, while telecom providers pay fixed platform fees and monthly subscriber-based charges, plus fees for professional services.
10-K for FY2025, filed Mar 12, 2026Domain registration contracts, which can be purchased for terms of one to ten years, provide our resellers and retail registrant customers…View ↗
Ting Internet contracts provide customers Internet access at their home or business through the installation and use of our fiber optic…View ↗
Consideration under platform service arrangements includes both a variable component that changes each month depending on the number of…View ↗
Each month of providing access to the platform is substantially the same and the customer simultaneously receives and consumes the benefits…View ↗
Revenues related to professional services are distinct from the other promises in the contract(s) and are recognized as the related…View ↗
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10-K for FY2025, filed Mar 12, 2026
FY2025 revenue by reportable segment ↗
$390.3M
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10-K for FY2025, filed Mar 12, 2026
$390.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Ting
Recurring
10-K for FY2025, filed Mar 12, 2026 |
17%
FY2022: 13%
|
Ting, FY2025
$68.2M Sources
|
Recurring |
|
Wavelo
|
12%
FY2022: 7.6%
|
Wavelo, FY2025
$47.6M Sources
|
|
|
Domain Name Services
Recurring
10-K for FY2025, filed Mar 12, 2026 |
68% |
Domain Name Services, FY2025
$267.1M Sources
|
Recurring |
Who Are Their Customers?
Ting sells through its website to households and businesses; Wavelo serves telecom providers, including EchoStar; Tucows Domains sells mainly through resellers such as web hosts and internet providers, with some individual and small-business retail customers.
10-K for FY2025, filed Mar 12, 2026Ting and its wholly owned subsidiaries, Cedar and Simply Bits includes the provision of high-speed Internet access services to select towns…View ↗
Our primary distribution channel is a global network of more than 32,000 resellers that operate in approximately 200 countries and who…View ↗
CustomersView ↗
10-K for FY2025, filed Mar 12, 2026
During the years ended December 31, 2025, December 31, 2024 and December 31, 2023, one customer within the Wavelo segment accounted for…View ↗
Do Revenues Turn Into Profits?
No. It lost $75.8M in FY2025.
10-K for FY2025, filed Mar 12, 2026
−$23.5MView ↗
10-K for FY2025, filed Mar 12, 2026
−$75.8MView ↗
10-K for FY2025, filed Mar 12, 2026
−$22.9MView ↗
How Are They Changing?
Growing. Revenue grew 28% in 4 years, from $304.3M in FY2021 to $390.3M in FY2025, about 6% a year.
Ting focuses on existing markets
Ting's earlier report described expansion into new and existing markets; the latest report says operations focus on existing markets and completing builds there rather than expanding into new markets.
10-K for FY2022, filed Mar 15, 2023 10-K for FY2025, filed Mar 12, 2026Ting and its wholly owned subsidiaries - Cedar and Simply Bits includes the provision of high-speed Internet access services to select…View ↗
Who Do They Compete With?
Competes with AT&T, Comcast, Verizon, Lumen Technologies, GoDaddy, NameCheap, Network Solutions, Team Internet, Google, Microsoft, Amdocs, Netcracker, Ericsson, Optiva, and Sonar Software
10-K for FY2025, filed Mar 12, 2026U.S. Broadband providers such as AT&T, Comcast, Verizon and Lumen Technologies, who primarily compete with Ting Internet services.View ↗
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