Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $190M | $329M | $346M | $337M | $311M | $304M | $321M | $339M | $362M | $390M |
| Revenue growth | — | 73.5% | 5.0% | -2.6% | -7.7% | -2.2% | 5.5% | 5.7% | 6.8% | 7.7% |
| Gross profit | $63.1M | $84.5M | $96.8M | $101M | $85.5M | $78.3M | $78.2M | $66.7M | $83.0M | $94.0M |
| Gross margin | 33.2% | 25.7% | 28.0% | 29.9% | 27.5% | 25.7% | 24.4% | 19.6% | 22.9% | 24.1% |
| Operating income | $25.0M | $27.1M | $29.3M | $29.3M | $6.92M | -$7.77M | -$31.7M | -$63.7M | -$65.0M | -$23.5M |
| Operating margin | 13.2% | 8.2% | 8.5% | 8.7% | 2.2% | -2.6% | -9.9% | -18.8% | -17.9% | -6.0% |
| Net income | $16.1M | $22.3M | $17.1M | $15.4M | $5.78M | $3.36M | -$27.6M | -$96.2M | -$110M | -$75.8M |
| Net margin | 8.5% | 6.8% | 5.0% | 4.6% | 1.9% | 1.1% | -8.6% | -28.3% | -30.3% | -19.4% |
| EPS (diluted) | $1.50 | $2.07 | $1.59 | $1.43 | $0.54 | $0.31 | -$2.56 | -$8.85 | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $22.5M | $31.9M | $37.2M | $40.4M | $36.1M | $29.6M | $19.9M | -$4.77M | -$19.7M | -$5.76M |
| Capital expenditures | $7.92M | $12.9M | $27.9M | $44.1M | $44.4M | $73.2M | $137M | $92.1M | $56.5M | $17.1M |
| Free cash flow | $14.6M | $19.0M | $9.29M | -$3.69M | -$8.36M | -$43.5M | -$117M | -$96.8M | -$76.2M | -$22.9M |
| Share buybacks | $7.18M | — | $0.00 | $4.99M | $3.28M | $0.00 | $0.00 | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $15.1M | $18.0M | $12.6M | $20.4M | $8.31M | $9.11M | $23.5M | $92.7M | $56.9M | $46.8M |
| Total assets | $154M | $351M | $340M | $426M | $452M | $540M | $665M | $798M | $759M | $731M |
| Long-term debt | $10.7M | $77.8M | $65.2M | $114M | $122M | $191M | $240M | $212M | $195M | $190M |
| Shareholders' equity | $37.8M | $60.2M | $79.8M | $94.2M | $105M | $115M | $96.7M | $9.88M | -$95.3M | -$164M |
| Retained earnings | $20.4M | $42.7M | $60.8M | $76.2M | $80.1M | $83.5M | $55.9M | -$40.3M | -$150M | -$226M |
| Shares (wtd avg diluted) | 10.7M | 10.8M | 10.8M | 10.8M | 10.7M | 10.8M | 10.8M | 10.9M | 11.0M | 11.1M |
Every figure is extracted from TUCOWS INC /PA/’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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