In 2025, revenue increased 8% and gross profit rose 13%, driven by improved economics at Wavelo, continued margin expansion in Domains, and reduced network expenses at Ting. The company is actively pursuing a strategic divestiture of Ting assets and expects Wavelo profitability in 2026. Strategic registry expansion deepens competitive moat, with the company preparing to migrate more than 10 million Radix-managed domains in early 2026 across 11 TLDs, positioning Tucows to manage nearly 17 million registry domains.
Cyborg Score Rationale
Adjusted EBITDA grew 45% year-over-year to $50.6 million, exceeding 2025 guidance by $3.6 million, led by outperformance in Domains and Wavelo. However, with shares trading at approximately $18.61 and market capitalization of $206.6 million against total debt exceeding $500 million, investors appear to be pricing in significant execution risk.
Top Insights
Full-year 2025 revenue increased 8% with gross profit up 13%, demonstrating operational leverage across all three business segments
Wavelo is scaling profitably with 18% YoY revenue growth and 25% adjusted EBITDA growth to $4.3 million in Q3 2025
The Ting divestiture process remains active with the company working closely with financial advisors, though transactions of this type require extensive diligence and coordination
Board approved a new $40 million stock buyback program commencing February 13, 2026, and terminating February 12, 2027
Named Competitors
Domain Registration — Alternative domain registrars and resellers
OSS/BSS Platforms — Telecom software and billing platforms
Fiber Internet — Broadband and fixed wireless internet providers
Recent Developments
(February 2026) Q4 2025 earnings beat: Adjusted EBITDA up 45% YoY to $50.6M, exceeded guidance by $3.6M
(February 2026) $40M stock buyback program approved and commencing
(November 2025) David Woroch appointed President and CEO, succeeding Elliot Noss after 25-year tenure
(2025) Strategic Ting divestiture process launched with financial advisor engagement
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