Company Overview - Cogent Communications Holdings reported a total revenue of $975.8 million for the trailing twelve months (TTM) [4] - The company experienced a net income loss of $182.2 million for the TTM [4] - Cogent has a dividend yield of 10% and its stock price was $26.46 as of February 13, 2026 [4] Recent Developments - 14B Capital Management sold 279,633 shares of Cogent Communications in Q4 2025, valued at approximately $8.25 million [2][6] - Following the sale, Cogent's stake represented 2.95% of 14B Capital's assets under management, placing it outside the fund's top five holdings [6] - The quarter-end value of the remaining stake declined by $13.58 million due to trading and price changes [2] Financial Performance - Cogent's service revenue decreased from over $1 billion in 2024 to $975.8 million in 2025 [9] - The company reported an adjusted EBITDA of $76.7 million in the quarter, with margins expanding to nearly 32% [9] - Despite improved profitability metrics, Cogent still posted a loss of $182 million, only slightly better than the $204 million loss from the previous year [9] Market Position - Cogent Communications operates globally, providing high-speed Internet access, private network, and data center colocation services [7][8] - The company serves small and medium-sized businesses, communications service providers, and bandwidth-intensive organizations [7] - The stock has underperformed significantly, down approximately 70% over the past year, compared to the S&P 500's 20% gain [6]