Tucows Inc. (TCX)

From the record

Tucows Inc.'s filings since 2017 show 3 warning events of 3 kinds: a debt default or acceleration notice (8-K item 2.04, the latest 2025-12-05); an auditor change (8-K item 4.01, the latest 2023-05-30); a late-report notice (Form NT 10-K or NT 10-Q, the latest 2024-03-15) (its current reports).

From the record

Tucows Inc.'s 10 filed years say what it did: revenue went from $190 million in fiscal 2016 to $390 million in fiscal 2025, up 8.3% a year; it rose in 6 of 9 years; the deepest fall was 12% from fiscal 2018 to fiscal 2021; net income was positive in 6 of 10 of those years (its annual reports).

From the record

Return on equity: in the fiscal year ended 2025-12-31, Tucows Inc.'s shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 13 cents per dollar of everything the company owns. Leverage: it owed about 122 cents per dollar of assets, and net share issuance: its share count grew 0.9% over the year (the filed statements).

From the record

Tucows Inc.'s standing among 68 graded names in its industry family: revenue of $390 million in fiscal 2025 ranks in the bottom 45% by size; a net margin of -19.4% ranks in the bottom 32%; revenue growth of 6.7% a year over the last 3 filed years ranks in the bottom 45% (its annual reports).

From the record

Tucows Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Woroch, David John (Chief Executive Officer, as filed), filing under that title since 2022-06-23, 4.4 years (top 46% of its family); the 11 officers and directors filing in the last fifteen months have been on the record a median of 2.3 years (bottom 13%); 3 officer or director changes were reported on Form 8-K since 2023-11-13, against the 11 people in charge now (top 30%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

From the record

Tucows Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $47 million against debt of $190 million leaves -19.7% of its assets as net cash, bottom 11% of its family; cash from operations less capital spending is -5.9% of revenue (bottom 38%); a gross margin of 24.1% (bottom 12%); research spending of 4.6% of revenue (bottom 13%) (its annual report).

From the record

Tucows Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 6.7% a year over the last three filed years against 8.3% over all 10, slowing (bottom 49% of its family); the newest year grew 7.7% (bottom 47%); research spending grew 7.9% a year (top 25%); capital spending grew -50% a year (bottom 8%) (its annual reports). Tucows Inc. reported 3 lines of business in fiscal 2025: Domain Name Services at $267 million, Ting at $68 million, Wavelo at $48 million. 3 of 3 grew in the latest filed year, and the largest line is 70% of revenue (its annual report).

From the record

Tucows Inc.'s newest year against its own record: revenue of $390 million in fiscal 2025 came in 1.4% above the $385 million its prior three years' pace pointed to (bottom 47% of its family); net income of $76 million against a prior three-year average of $78 million (bottom 31%); a net margin of -19.4% against -22.4% before (bottom 44%) (its annual reports).