• A major provider of domain name services to other web companies, akin to a wholesale version of GoDaddy.
• A high-speed fiber internet provider similar to Google Fiber, but focused on specific regional markets.

• Wholesale Domain Services: Provides domain name registration, email, SSL certificates, and other internet services to a global network of resellers.
• Retail Domain Services: Offers direct-to-consumer domain name registration and related services, primarily through its Hover brand, for individuals and small businesses.
• Fiber Internet Services: Delivers high-speed fiber optic internet connectivity directly to residential and business customers in various communities across the United States under the Ting Internet brand.

Tucows (symbol: TCX) primarily sells to other companies. Its major customers include:

• DISH Network (DISH): Tucows provides the underlying platform services for the Ting Mobile brand, which DISH Network acquired in 2020. This B2B relationship makes DISH a significant customer for Tucows' mobile services segment.
• While not individually named due to their vast number and diversified nature, Tucows' other major B2B customers consist of tens of thousands of internet service providers, web hosting companies, and web development agencies globally. These companies utilize Tucows' OpenSRS platform to resell domain names, SSL certificates, and other internet services to their own end-users. No single reseller accounts for more than 10% of Tucows' total revenue, making this a highly fragmented but collectively significant customer base.

• VeriSign, Inc. (VRSN)
• DISH Network Corporation (DISH)

David Woroch
President and Chief Executive Officer

David Woroch was appointed President and CEO of Tucows Inc. on November 6, 2025, succeeding Elliot Noss. A long-time Tucows executive and 25-year veteran, he previously served as the CEO of Tucows Domains. Under his leadership, Tucows Domains became recognized as the world's largest wholesale domain registrar. Woroch has a proven track record of leading high-performing teams and managing complex integrations, including the successful execution of high-value acquisitions such as Enom and EPAG.

Ivan Ivanov
Chief Financial Officer

Ivan Ivanov has served as the Chief Financial Officer of Tucows since 2024. He also holds the position of Chief Executive Officer of Ting Internet. Prior to joining Tucows, Mr. Ivanov was the Executive Director and Business Unit Chief Financial Officer at Verizon.

Elliot Noss
Board Member and Consultant (Former CEO)

Elliot Noss served as the President and Chief Executive Officer of Tucows Inc. for 25 years, from May 1999 until November 6, 2025. Under his leadership, Tucows transformed from one of the internet's first software download platforms into a diversified technology company, growing Tucows Domains into the world's largest wholesale domain registrar. He guided the company to its public listings on both the Nasdaq and Toronto Stock Exchange. Noss is a passionate advocate for user privacy, net neutrality, and competition in digital markets, and has been involved in internet governance organizations like ICANN. He continues to serve as a member of the Board of Directors and as a consultant to the company's Ting Internet business. Mr. Noss holds a Bachelor of Arts from the University of Toronto and a Master of Business Administration (MBA) and a Bachelor of Laws (LLB) from Western.

Bret Fausett
Chief Legal Officer and Vice-President, Regulatory Affairs

Bret Fausett serves as the Chief Legal Officer and Vice-President, Regulatory Affairs of Tucows. Before joining Tucows in 2017, he was the General Counsel at Uniregistry for six years.

Justin Reilly
Chief Executive Officer, Wavelo

Justin Reilly is the Chief Executive Officer of Wavelo. He joined the Tucows Product team in September 2019, bringing extensive experience in product management from both startup environments and Fortune 20 companies.

The key risks to Tucows' business (TCX) are primarily centered on the financial challenges of its Ting segment, intense competition in its core markets, and broader profitability concerns.

1. Financial Distress and High Leverage Related to Ting: A significant risk for Tucows stems from the financial performance and liabilities associated with its Ting direct-to-consumer mobile and internet services business. Tucows is actively planning to sell Ting, but the company's CEO has indicated that a significant profit, if any, is unlikely to be realized from the sale, given Ting's asset-based debt and preferred share obligations. Furthermore, Ting's sale is considered unlikely to cover its substantial liabilities, which could leave Tucows in a challenging position regarding debt repayment and future profitability. Ting has been described as having "unsustainable debt" and being in a "very perilous position," holding $400 million of Tucows' almost $600 million in total debt liabilities. There's also a potential 'Return Breach' claim from a financier that could accelerate the redemption of up to $130 million in preferred units. The company's highly leveraged capital structure means that higher interest rates make its significant debt burden more difficult to manage.

2. Intense Competition in Core Domain and Internet Services Markets: Tucows operates within highly competitive environments, particularly in the domain registration and internet infrastructure segments. It faces strong competition from major players such as GoDaddy, Namecheap, Cloudflare, and IONOS 1&1 DNS. The domain registration market is characterized as mature and competitive. This intense competitive landscape can exert pressure on pricing, hinder market share growth, and ultimately impact the profitability of Tucows' wholesale domain services and other internet infrastructure offerings.

3. Challenges in Achieving Overall Profitability and Positive Cash Flow: Beyond the specific issues with Ting, Tucows has consistently reported net losses and negative free cash flow, indicating broader operational challenges in achieving sustainable profitability across its diversified business segments. While its Domains and Wavelo segments may show strong quarters, these gains might not be recurring, and the aggregate company continues to experience net losses and lose almost $20 million in aggregate free cash flow per quarter compared to its substantial debt liabilities. The company's low current ratio also suggests it may not have sufficient short-term capital to meet its financial commitments when they are due.

For its Ting Internet segment, Tucows faces an emerging threat from Fixed Wireless Access (FWA) home internet services. Companies like T-Mobile and Verizon are rapidly expanding their 5G-based FWA offerings, providing a "good enough" alternative to fiber internet for many consumers, often at lower price points and with quicker deployment. This directly competes with Ting Internet's fiber expansion efforts, potentially limiting its subscriber growth and putting pressure on pricing.

For its Ting Mobile segment, a clear emerging threat is direct satellite-to-phone connectivity. Technologies from companies such as Starlink (partnering with T-Mobile) and AST SpaceMobile (partnering with AT&T) aim to provide ubiquitous mobile connectivity directly to unmodified smartphones, bypassing traditional terrestrial cellular networks and their associated infrastructure. If successful and widely adopted, this could fundamentally alter the mobile services landscape, impacting MVNOs like Ting Mobile.

Tucows (TCX) operates primarily in three main product and service areas: domain name services, fiber internet, and telecom billing and operations software. The addressable markets for these services vary by region and segment.

Domain Name Services (Tucows Domains, OpenSRS, Hover)

The global domain name market was estimated at 378.6 million domain names registered in 2024 and is projected to grow to 459.9 million by 2030, with a compound annual growth rate (CAGR) of 3.3%. More specifically, the global domain name registrar market was valued at approximately USD 2.45 billion in 2024 and is estimated to reach USD 3.62 billion by 2033, growing at a CAGR of 4.43% during that period.

North America, including the United States and Canada, leads the domain name market, holding about one-third of the total market share. In 2024, the U.S. market alone accounted for 132 million registered domain names. Tucows' wholesale domain name reseller division, OpenSRS, holds a 0.51% market share in the domain name services market globally, with over 50,314 companies utilizing its services as of 2025, primarily in the United States.

Fiber Internet (Ting Internet)

Ting Internet provides fiber internet services predominantly in communities across the United States. The global fiber internet market was valued at USD 45 billion in 2023 and is anticipated to reach USD 130 billion by 2032, exhibiting a CAGR of 12.5% from 2024 to 2032. Another report indicates the global Fiber to the Home (FTTH) market is projected to grow from USD 27,575 million in 2024 to USD 126,509 million by 2034, at a robust CAGR of 16.6%.

Telecom Billing and Operations Software (Wavelo)

Wavelo, a subsidiary of Tucows, offers flexible solutions for communication service providers (CSPs) globally, specializing in modernizing legacy telecommunications systems through its modular platform for sales, billing, provisioning, support, and field service operations. Wavelo reported an unaudited revenue of USD 38.7 million in fiscal year 2023. While specific addressable market size data for Wavelo's niche within OSS/BSS was not explicitly identified, the broader global market for Open Source Services, which can encompass components of OSS/BSS, was estimated at US$47.9 billion in 2024 and is expected to reach US$128.6 billion by 2030, growing at a CAGR of 17.9%.

Tucows (NASDAQ: TCX) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic shifts in its Ting Internet business, continued expansion of its Wavelo platform, steady performance and margin expansion in Tucows Domains, and a company-wide focus on cost discipline and operational efficiencies.

Here are the expected drivers:

1. Growth in Ting Internet's Subscriber Base and Penetration of Existing Footprints: Ting Internet is transitioning to a "capital-light" model, emphasizing maximizing subscriber penetration and contribution within its existing network infrastructure rather than extensive new fiber construction. This strategy involves leveraging partner infrastructure to drive subscriber growth. The company reported strong year-over-year subscriber growth in 2023 and has achieved a 50% take rate in older service areas, indicating potential for continued growth by deepening penetration in current markets. This operational shift is also contributing to a positive trend in Ting's Adjusted EBITDA, moving towards breakeven.
2. Expansion and Margin Expansion in the Wavelo Platform: Wavelo, Tucows' software platform for communications service providers, is pursuing a disciplined growth strategy. It demonstrated strong year-over-year increases in revenue, gross margin, and Adjusted EBITDA in Q3 2025, with revenue up almost 18%, gross margin up 17.5%, and Adjusted EBITDA up 25%. Management has highlighted "strong economics at Wavelo" as a key factor in the company's overall Adjusted EBITDA improvement and expects Wavelo to be a significant contributor to Adjusted EBITDA.
3. Steady Performance and Margin Expansion in Tucows Domains: The Tucows Domains segment has consistently delivered revenue growth, marking its seventh consecutive quarter of growth in Q3 2024. This segment is also a source of solid year-over-year gains in gross margin and Adjusted EBITDA, with gross margin increasing by 7.8% in Q3 2024. Strategic wins and continued margin expansion from Domains are expected to contribute to future revenue and profitability, with value-added services showing particularly strong gross margin growth.
4. Cost Discipline and AI-Driven Efficiencies: Tucows is actively implementing cost controls and leveraging AI-driven efficiencies across all its businesses. This focus on financial discipline and operational improvements has been cited as a significant factor in fueling year-over-year increases in Adjusted EBITDA. The company has reduced network-related expenses and lowered capital expenditure, particularly in the Ting segment, by shifting away from new fiber construction.

1. Share Repurchases
   • Tucows announced a $40 million stock buyback program on February 9, 2023, which was set to terminate on or before February 9, 2024.
   • A new $40 million stock buyback program commenced on February 23, 2024, with a termination date on or before February 22, 2025.
   • Another $40 million stock buyback program was approved on February 13, 2025, beginning February 14, 2025, and scheduled to terminate on or before February 13, 2026.
2. Share Issuance
   • The number of common shares outstanding as of March 10, 2025, was 11,032,586.
   • Tucows' shares outstanding increased by 0.94% in the year leading up to November 6, 2025.
3. Inbound Investments
   • In the first quarter of 2023, the Ting business closed on $239 million in new funding.
4. Outbound Investments
   • Effective August 1, 2020, Tucows sold most of its Ting Mobile customer relationships to DISH Networks as part of a transition to a Mobile Services Enabler (MSE) model.
   • In 2020, the earn-out arrangement for the Ting customer base acquired by DISH generated $11.1 million in proceeds.
   • The company made acquisitions of Ascio and Cedar Holdings in March 2019 and January 2020, respectively, with their contributions reflected in Q1 2020 results.
5. Capital Expenditures
   • Capital expenditures amounted to -$24.42 million in the trailing twelve months as of November 6, 2025.
   • In Q4 2021, Tucows reported a record for capital expenditure focused on its fiber network.
   • Ting's operations shifted to a more capital-light model, contributing to a 53% increase in Adjusted EBITDA in Q3 2025.