Pelican Bay Capital Management, an investment management company, released its third-quarter 2025 investor letter. A copy of the same can be downloaded here. PBCM Concentrated Value Strategy returned 7.8% in the quarter, compared to a 5.3% return for the Russell 1000 Value Index. YTD, the fund returned 11.2% compared to 11.6% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2025. In its third-quarter 2025 investor letter, PBCM Concentrated Value Strategy high ...

Financial Data and Key Metrics Changes - Tucows reported a 7% year-over-year growth in top-line revenue for Q3, reaching $98.6 million [4][17] - Gross profit increased by 9% year-over-year to $24.2 million, while adjusted EBITDA surged 53% to $13.3 million for the quarter [4][17] - Year-to-date adjusted EBITDA totaled $39.5 million, positioning the company well to meet its full-year guidance of $47 million [4][20] Business Line Data and Key Metrics Changes - Tucows Domains experienced a 5% revenue growth year-over-year, with adjusted EBITDA at $12.1 million, also up 5% [5][19] - Wavelo's revenue grew by nearly 18% year-over-year to $11.9 million, with adjusted EBITDA increasing by 25% to $4.3 million [10][19] - Ting's revenue reached $17 million, an 11% increase year-over-year, with adjusted EBITDA losses improving to $880,000 from $5.1 million [14][19] Market Data and Key Metrics Changes - The wholesale channel in Tucows Domains saw a 5% revenue increase to $58 million, driven by strong reseller demand and higher-margin value-added services [6][7] - The retail segment posted a modest revenue increase of 2% year-over-year to $9.8 million, with gross margin remaining flat [7] - Ting's enterprise and bulk segment revenue grew by 28% year-over-year, contributing significantly to overall performance [15] Company Strategy and Development Direction - The company is evaluating strategic paths for Ting, considering a potential sale to focus on its domain and Wavelo businesses [22] - Tucows aims to streamline its asset base and pivot to a capital-light ISP model, particularly for Ting [18][22] - The management emphasizes disciplined capital allocation and cash conservation, alongside the adoption of AI as key levers for growth [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued top-line growth and expanding adjusted EBITDA, despite challenges in the operating environment [21] - There is a cautious sentiment in the telecom sector, with procurement cycles lengthening, but an increase in RFI and RFP activities is noted [12] - The company expects to have a clearer direction regarding the Ting business by the end of the year [22] Other Important Information - The company paid down an additional $2.5 million on its syndicated bank loan, reducing corporate net debt to $189.6 million [4] - A non-cash impairment of $10.9 million related to Ting's inventory and lease assets was recorded, which does not impact cash flow [18] - The management team is undergoing a transition, with a new CEO appointed for Tucows [23] Q&A Session Summary - Questions were invited via email, with responses to be posted on the company's website on November 25 [2][26]

Financial Data and Key Metrics Changes - The company reported a 7% year-over-year growth in top-line revenue, reaching $98.6 million in Q3 2025 [4][17] - Gross profit increased by 9% year-over-year to $24.2 million, while adjusted EBITDA surged 53% to $13.3 million for the quarter [4][17] - Year-to-date adjusted EBITDA totaled $39.5 million, positioning the company well to meet its full-year guidance of $47 million [4][20] Business Line Data and Key Metrics Changes - Tucows Domains achieved a revenue growth of 5% year-over-year, with adjusted EBITDA at $12.1 million, also up 5% from the previous year [5][19] - WaveLow's revenue increased by nearly 18% year-over-year to $11.9 million, with adjusted EBITDA rising 25% to $4.3 million [10][19] - Ting's revenue reached $17 million, an 11% increase year-over-year, with adjusted EBITDA losses improving to $880,000 from $5.1 million in Q3 2024 [14][19] Market Data and Key Metrics Changes - The wholesale channel in Tucows Domains saw a revenue increase of 5% year-over-year, driven by strong reseller demand and higher-margin value-added services [5][6] - The retail segment experienced a modest revenue increase of 2% year-over-year, reflecting a stable performance despite a decline in total domains under management [7][8] Company Strategy and Development Direction - The company is formally involved in a process to sell the Ting business, aiming to strengthen its focus on the Domains and WaveLow segments [22] - The strategy includes divesting non-strategic assets, generating $8.5 million from such sales in Q3 2025 [15][18] - The management emphasizes disciplined capital allocation and the adoption of AI as key levers for future growth [21] Management's Comments on Operating Environment and Future Outlook - Management noted that operator sentiment remains cautious, with procurement cycles lengthening, but there is an increase in RFI and RFP activities, particularly around legacy replacement programs [12] - The company expects to continue benefiting from year-to-date tailwinds while ramping up investments in sales and marketing to drive customer acquisition [10][12] Other Important Information - The company revised its presentation of segment gross profit to align external reporting with internal management practices, which does not affect consolidated financials [17] - A non-cash impairment of $10.9 million related to Ting's inventory and lease assets was recorded, which is excluded from adjusted EBITDA [18] Q&A Session Summary - Questions were invited via email for a recorded response to be posted on the company's website [2][27] - The management team expressed gratitude for the support received over the years and emphasized the ongoing work ahead [25][26]

Financial Data and Key Metrics Changes - Tucows reported a 7% year-over-year growth in top-line revenue for Q3 2025, reaching $98.6 million [4][17] - Gross profit increased by 9% year-over-year to $24.2 million, while adjusted EBITDA surged 53% to $13.3 million for the quarter [4][17] - Year-to-date adjusted EBITDA totaled $39.5 million, positioning the company well to meet its full-year guidance of $47 million [4][20] Business Line Data and Key Metrics Changes - Tucows Domains experienced a 5% revenue growth year-over-year, with adjusted EBITDA at $12.1 million, also up 5% from the previous year [5][19] - WaveLow's revenue grew by nearly 18% year-over-year to $11.9 million, with adjusted EBITDA increasing by 25% to $4.3 million [10][19] - Ting's revenue reached $17 million, an 11% increase year-over-year, with adjusted EBITDA losses improving to $880,000 from $5.1 million in Q3 2024 [13][19] Market Data and Key Metrics Changes - The wholesale channel within Tucows Domains saw a 5% revenue increase to $58 million, driven by strong reseller demand and higher-margin value-added services [5][19] - The retail segment posted a modest revenue increase of 2% year-over-year to $9.8 million, with gross margin remaining flat [6][19] - WaveLow noted a seasonal slowdown in Q3 due to the delivery of professional services, but anticipates a reduction in historical seasonality moving forward [10][12] Company Strategy and Development Direction - The company is formally evaluating strategic paths for the Ting business, with plans to potentially sell it to focus on its domain and WaveLow businesses [22] - Tucows aims to streamline its asset base and pivot to a capital-light ISP model, particularly for Ting [18][22] - The management emphasizes disciplined capital allocation and the adoption of AI as key levers for future growth [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued top-line growth and expanding adjusted EBITDA, despite challenges in the operating environment [21] - There is cautious sentiment in the telecom sector, with procurement cycles lengthening, but an increase in RFI and RFP activities is noted [12] - The company expects to maintain momentum in its core businesses while navigating the transition in Ting [22] Other Important Information - The company paid down an additional $2.5 million on its syndicated bank loan, bringing corporate net debt to $189.6 million [4] - A non-cash impairment of $10.9 million related to Ting's inventory and lease assets was recorded, which does not impact cash flow [18] - The company generated $8.5 million from divestitures in Q3, contributing to a total of $20.8 million year-to-date [15][20] Summary of Q&A Session Questions and Answers - Questions were invited via email to ir@tucows.com until November 13, with a recorded audio response and transcript to be posted on November 25 [1][27]

Leadership Transition - Tucows Inc. has appointed David Woroch as the new President and CEO, succeeding Elliot Noss after his 25-year tenure [1][2][4] - Elliot Noss will continue to serve on the Board of Directors and as a consultant for the Ting Internet business [2][7] Company Transformation - Under Elliot Noss's leadership, Tucows evolved from a software download platform to a diversified technology company, including Tucows Domains, Wavelo, and Ting Internet [3] - The company became publicly listed on both Nasdaq and Toronto Stock Exchange and was an inaugural member of the TSX 30 [3] David Woroch's Background - David Woroch has been with Tucows for 25 years and has led Tucows Domains, which is now the world's largest wholesale domain registrar [4][6] - He has a strong background in technology and economics, focusing on improving scalability, differentiation, and margins [5] Strategic Focus - The Board is confident in David Woroch's ability to maintain Tucows' culture of innovation and efficiency while driving long-term value for shareholders [6] - Tucows is exploring strategic options for its Ting Internet business and has engaged a financial advisor for this process [7] Financial Performance - Tucows announced its Q3 2025 earnings, indicating strong results and reiterating full-year financial guidance [11]

Q3 2025 Investor presentation 11.06.2025 Nasdaq (TCX) | TSX (TC) Safe harbor statement This presentation may contain forward-looking statements, relating to the Company's operations or to the environment in which it operates, which are based on Tucows Inc.'s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate or diff ...

Core Insights - Tucows Inc. reported a 6.8% increase in consolidated net revenue for Q3 2025, reaching $98.6 million compared to $92.3 million in Q3 2024, driven by growth across all business segments [3][4] - Adjusted EBITDA saw a significant growth of 53%, amounting to $13.3 million, up from $8.7 million in the same quarter last year, attributed to revenue growth and margin expansion [5][7] - The company ended Q3 2025 with cash and cash equivalents totaling $70.8 million, a slight increase from $68.6 million at the end of Q2 2025 but a decrease from $91.1 million at the end of Q3 2024 [6] Financial Performance - Gross profit for Q3 2025 increased by 9% to $24.2 million from $22.2 million in Q3 2024, driven by strong margin gains from Wavelo and Tucows Domains [3][5] - The net loss for Q3 2025 was $23.0 million ($2.08 per share), compared to a net loss of $22.3 million ($2.03 per share) in Q3 2024, while adjusted net loss improved to $15.8 million (adjusted EPS of $(1.42)) from $19.8 million (adjusted EPS of $(1.81)) in the previous year [4][17] - Year-to-date consolidated Adjusted EBITDA reached $39.5 million, slightly ahead of the company's 2025 guidance [2][5] Segment Performance - Tucows Domains and Wavelo services contributed to the overall revenue growth, with total revenues from Domains and Wavelo services reaching $79.7 million in Q3 2025, up from $74.8 million in Q3 2024 [8] - Ting Internet services reported revenue of $16.976 million in Q3 2025, an increase from $15.310 million in Q3 2024, indicating growth in fiber internet services [8] Management Commentary - The CFO highlighted the operating leverage achieved through broad-based topline growth and margin expansion, indicating a healthier business model moving forward [2][5] - Management expressed confidence in ongoing initiatives aimed at delivering value for shareholders, emphasizing a clearer path to further improvements [2][5]

Core Insights - Google Finance is set to integrate prediction markets data from Polymarket and Kalshi, enhancing user engagement by allowing inquiries about future market events [1][2] - The integration will enable users to access current market probabilities and track changes over time, starting with Google Labs users [2] Company Developments - Polymarket, the largest prediction market, recently secured $2 billion in funding from Intercontinental Exchange (ICE), achieving a valuation of $9 billion [3] - Kalshi, a competitor to Polymarket, raised $300 million from notable investors including Sequoia and Andreessen Horowitz, with a valuation of $5 billion [3] Stock Information - Alphabet's stock was trading at $284.69 at the time of the report [4]

Core Insights - GoDaddy Inc. will present at the 2025 RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference on November 18, 2025 [1] - The presentation will be led by Chief Financial Officer Mark McCaffrey and Chief Business Officer Gourav Pani [1] - A live audio webcast and post-presentation audio replay will be available on GoDaddy's investor relations website [2] Company Overview - GoDaddy assists millions of entrepreneurs worldwide in starting, growing, and scaling their businesses [2] - The company offers services such as domain naming, website building, logo creation, product sales, and payment acceptance [2] - GoDaddy Airo, an AI-powered experience, aims to expedite the process of getting small businesses online and enhancing sales [2]

Company Overview - Cogent operates a global network carrying approximately 25% of all internet traffic[10] - The company serves three customer bases: Corporate (44% of revenues), Netcentric (41% of revenues), and Enterprise (15% of revenues)[10] - IP Services (DIA, VPN and Transit) account for 86% of Cogent's revenue[10] - The company operates in 302 markets across 57 countries[10] Growth and Market Opportunity - Cogent is experiencing rapid growth in wave service locations, as shown by the increase from 22 in Q2 2023 to 996 in Q3 2025[13, 32] - The company has a growing addressable market, with on-net multi-tenant office buildings (MTOB) square footage increasing from 597 million in Q1 2010 to 1,017 million in Q3 2025[13] - The off-net market served has grown significantly, from 4,427 buildings in Q1 2015 to 28,138 in Q3 2025[13] - The company owns 37.8 million IPv4 addresses, with approximately 38% being utilized[11] Financial Performance - In Q3 2025, On-Net IP ARPU (Average Revenue Per User) was $515, Off-Net IP ARPU was $1,225, and On-Net Wave ARPU was $2,108[47] - Total revenue for Q3 2025 was $241.9 million, a decrease of 5.9% year-over-year[54] - Non-GAAP gross margin reached 45.8% in Q3 2025[54] - EBITDA, as adjusted for Sprint acquisition costs and cash payments under IP Transit Services Agreement, was $73.8 million in Q3 2025, representing a margin of 30.5%[54]