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]

Company Overview - Cogent operates a global network carrying approximately 25% of all internet traffic[9] - The company serves three customer bases: Corporate (45% of revenues), Netcentric (37% of revenues), and Enterprise (18% of revenues)[9] - IP Services (DIA, VPN and Transit) account for 88% of Cogent's revenue[9] Growth and Market - Cogent is experiencing rapid growth in its wave network, as evidenced by the increase in wave service locations from 22 in Q2 2023 to 883 in Q1 2025[12] - The company's addressable market is growing, with on-net MTOB SqFt increasing from 597 million in Q1 2010 to 1015 million in Q1 2025[12] - Cogent purchased over $34 billion of original investment and $700 million in cash in exchange for $60 million[38] Financial Performance - In Q1 2025, On-Net Revenue was $1408 million, Off-Net Revenue was $1114 million, Wave Revenue was $71 million, and Non-Core Revenue was $44 million[54] - Q1 2025 total revenue was $247 million, a 21% increase year-over-year and a 72% increase quarter-over-quarter[54] - Non-GAAP Gross Margin reached 446% in Q1 2025[54] - EBITDA, as adjusted for Sprint acquisition costs and cash payments under IP Transit Services Agreement, was $688 million in Q1 2025, representing a 278% margin[54] Network and Infrastructure - Cogent's network is interconnected with 8240 access networks[29, 37] - The company owns 180 data centers with 26000 server racks in 205 million square feet of floor space offering 211 MW of power[33] - Cogent has 99000+ intercity fiber route miles and 32000+ metro fiber route miles[29]