Slide 1: Q1 2025 Investor presentation
Q1 2025 Investor presentation 05.08.2025 Nasdaq (TCX) | TSX (TC)
Slide 2: Safe harbor statement
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 performanc
Slide 3: Table of contents
Table of contents 01 Quarterly Highlights 02 The Tucows Business 03 Tucows Domains Slide 4 Slide 10 Slide 16 04 Wavelo 05Ting 06 Investor Resources Slide 20 Slide 24 Slide 29
Slide 4: Quarterly Business Highlights
Quarterly Business Highlights
Slide 5: Quarterly business highlights: Q1 2025
Tucows | Quarterly business highlights: Q1 2025 ● Q1 continues trend following four consecutive ● Strong year over year growth in: years of revenue growth ○ Revenue +16% ● Year-over-year and quarter-over-quarter growth ○ Gross Margin +20% of all KPIs: ○ Adjusted EBITDA improved +91% ○ Revenue +8% Yo
Slide 6: Consolidated business highlights
Tucows | Quarterly business highlights Consolidatedbusiness Consolidated business 3 Months ended March 31 highlights highlights 2025 (In thousands of U.S. Dollars, except per share data) 2024 (unaudited) % Change (unaudited) (unaudited) Net Revenues 94,609 87,457 8% Gross Profit 23,531 18,316 28% Inc
Slide 7: Adjustments for one-time impacts on Net Income (Loss) and EPS (Loss)
Tucows | Quarterly business highlights Adjustments for one-time impacts on 3 Months ended March 31 Net Income (Loss) and EPS (Loss) (Amounts in thousands, except per share numbers) 2025 (unaudited) 2024 (unaudited) Net Income (Loss) for the period (15,133) (26,484) Less: Loss on debt extinguishment
Slide 8: Operating Statistics
Tucows | Quarterly KPI Summary Operating Statistics QUARTERLY YTD ANNUAL (Amounts in thousands) Q1/25 Q4/24 Q3/24 Q2/24 Q1/24 2025 2024 2023 TING INTERNET Internet Subscribers under management3 51.7 50.7 49.6 48.2 46.1 51.7 50.7 43.4 Internet Subscribers under management - Net adds3 1.0 1.1 1.4 2.1
Slide 9: Quarterly KPI Summary
Tucows | Quarterly KPI Summary Operating QUARTERLY YTD ANNUAL Statistics Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 2025 2024 2023 (Amounts in thousands) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) REVENUE Ting $16,315 $15,749 $15,310 $14,571 $14,102
Slide 10: Portfolio of tech businesses
Portfolio of tech businesses Balancing cash generation with investment in long-term growth 10
Slide 11: Business structure
Tucows | business structure Corporate parent allocating capital and providing efficient shared services to three subsidiary companies DOMAIN SERVICES PLATFORM SERVICES FIBER INTERNET SERVICES Leading global provider Modernizing the utility and Delivering subscribed of wholesale and retail experience
Slide 12: Investment summary
Tucows | investment summary Consistent revenue and cash flow generation + growth opportunities through high volume, low-cost subscription services DOMAIN SERVICES PLATFORM SERVICES FIBER INTERNET SERVICES Reliable cash flow + global A visible revenue stream Outsized long-term growth relationships + do
Slide 13: Proven track record of long-term performance
Tucows | track record Proven track record of long-term performance 24 23 7.9% years consecutive years annual ROI2 as a public company of revenue growth1 since going public 1. Excluding the impact of a transitional revenue stream acquired and subsequently disposed of in 2018, and the impacts of chang
Slide 14: Annual historical financial performance
Tucows | Annual historical financial performance Revenue (US$ millions) Adj. EBITDA1,2 (US$ millions) NOTE: Revenue for 2020 and 2021 reflects the impact of change in Mobile business model to Wavelo in Q3 2020. 1. Adjusted EBITDA excludes depreciation, amortization of intangible assets, income tax pr
Slide 15: Market & financial data
Tucows | market & financial data TCX (NASDAQ) US$16.55 | TC (TSX) CA$22.74 Share Price1 ~11.06m ~US$179.m US$38.1m Shares out1 Market cap1 Cash2,3 US$192.1m US$410.8m Tucows Debt Excluding Ting2 Ting Debt2 1 At May 7/2025. 2 At March 31/2025. 3 Unrestricted cash balance 15
Slide 16: Reliable cash flow + capital light
Reliable cash flow + capital light
Slide 17: Highly efficient operation
Highly efficient operation Reliable cash flow Leading global provider of Global network of resellers wholesale and retail domain Renewal rates above industry average registration and related World’s largest wholesale domain registrar services World’s second-largest domain registrar 17
Slide 18: Domains business highlights
Tucows Domains | business highlights ~24.3 million ~1.9 million Domains under management Domain transactions every month Global footprint in Global network of >195 >35,000 countries reseller customers Services offered today Services being introduced domain registration hosting SSL certificates billin
Slide 19: Domains strategic priorities
Tucows Domains | strategic priorities Managing for margin Modernizing tech stack to create a true platform for domains ecosystem Development of new Value Added Services to distribute through the reseller channel 19
Slide 20: Visible revenue stream and strong growth potential for SaaS in a large, critical, and underserved space
Visible revenue stream and strong growth potential for SaaS in a large, critical, and underserved space
Slide 21: Modernizing the utility and experience from software that powers communications
Launched at a critical time for the global telecommunications industry – CSPs are competing to deliver more Modernizing the utility and value from their networks experience from software that powers communications Leveraging: and connectivity Global race to 5G around the world Fiber proliferation IO
Slide 22: Wavelo: the premise
Wavelo | the premise Building the modern alternative to outdated and inflexible OSS/BSS Wavelo is solving decades of poor customer experience in telecom that is the result of antiquated core systems (or systems of record) that pass their inefficiency onto the customer. Flexible, cloud-based, event-dr
Slide 23: Wavelo: the opportunity
Wavelo | the opportunity Macro trends $2.5T ~$550B ~$130B Global telecom services Telecom managed services Global OSS/BSS spending revenue by 20281 spending by 20282 by 20283 Anchor mobile customer Anchor internet customer A neglected space with large and growing need for a solution Future customer
Slide 24: Outsized long-term growth as an early mover in next generation telecom infrastructure & services
Outsized long-term growth as an early mover in next generation telecom infrastructure & services
Slide 25: Capitalizing on the U.S. coax-to-fiber transition by delivering subscribed services
“A billion fiber optic connections to the Internet are coming online in just a few years. A large majority of them will be in Asia, primarily led by China. These connections have already proven to Capitalizing on the U.S. be future-proof, capable of reaching not just gigabit speeds, but multi-gigabit
Slide 26: Ting: the opportunity
Ting | the opportunity US Telecom infrastructure is making a generational transition from copper and coax to fiber Ting has established fiber 70% of US households do not footprints around the US and is yet have access to fiber. partner ISP for other builders ISP customers are consistently Ting has the
Slide 27: Ting: key assumptions
Ting | key assumptions Cost to build per serviceable address Annual gross margin per subscriber 1 ~ $1,650 $1,000 Monthly price2 Expected take rate $893 $139 20% 50% Home Business year 1 year 5 1. Cost of installation varies but starts at $200/home or $400/business, and does not include the cost of
Slide 28: Ting: key assumptions
Ting | key assumptions Cost to build per serviceable address Profit Margin 1 ~ $1,650 60-75% Churn Expected take rate 0.6-0.75%/mo 20% 50% year 1 year 5 1. Cost of installation varies but starts at $200/home or $400/business, and does not include the cost of the drop fiber. This assumption was update
Slide 29: Investor Resources
Investor Resources tucows.com/investors ir@tucows.com