TCX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $9.39
Market Cap (MRQ) $105M
P/E -3.0
EPS $-8.85
Revenue $390M
ROE 53.0%
52W Range $8–$25

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04
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Stock splits 1
Ex-date Split Type
Dec. 31, 2013 1-for-4 Reverse

About Tucows Inc. - Common Stock Company overview from Wikipedia

05 · wikidata

Tucows Inc. is an American–Canadian, publicly traded Internet services and telecommunications company headquartered in Toronto, Ontario, Canada, and incorporated in Pennsylvania, United States. The company is composed of three independent businesses: Tucows Domains, Ting Internet, and Wavelo.

Tucows, which stands for "The Ultimate Collection Of Winsock Software", was founded in Flint, Michigan, in 1993 as a shareware and freeware software download site. Its original logo was two cow heads, a play on the homophone "two cows". The company shuttered its downloads business in 2021.

In 2012, Tucows launched Ting Mobile, a wireless service provider, and used the same brand to launch its fiber Internet provider business, Ting Internet, in 2015. In 2020, Tucows sold its wireless business to Dish Network while continuing to operate Ting Internet. The billing platform Tucows built for Ting Mobile was spun off into an independent OSS/BSS SaaS business, Wavelo.

Company history

In the early 1990s, Tucows was hosted on university and public servers (much like Yahoo! and Google were in their early stages). Tucows' mission was to provide users with downloads of both freeware and trial versions of shareware. Internet Direct, owned and operated by John Nemanic, Bill Campbell, and Colin Campbell, acquired Tucows in 1996. STI Ventures acquired Tucows in 1999.

In 2000, Tucows acquired Linux Weekly News (which was then "unacquired" in 2002).

In 2001, Tucows was acquired by Infonautics, which then changed its name to Tucows, a business tactic called a "reverse takeover". On August 26, 2002, Tucows sold eLibrary and Encyclopedia.com, its search and reference services properties inherited from Infonautics, to Alacritude. The Internet Archive preserves a full copy of the Tucows Software Library, with thousands of software titles both in the latest versions, as well as in older versions not yet available through Tucows.

In 2004, Tucows acquired Boardtown Corporation, a billing software provider based in Starkville, Mississippi.

On August 19, 2005, Tucows went public, after completing a secondary offering, listing on the Toronto Stock Exchange as TC and the NASDAQ as TCX.

In January 2006, Tucows completed its acquisition of certain assets of Critical Path, an outsourced email services provider.

In June 2006 Tucows paid $18 million to purchase Mailbank.com Inc, a company that owns over 17,000 domain names for common surnames, such as smith.net and brown.org. Mailbank generates income from ads on its websites (from domain parking) and from customers who want e-mail accounts with their surname in the domain name.

On June 15, 2006, Noss disclosed that the portfolio of NetIdentity's domain names acquired by Tucows represents at least 68% of surnames in the United States and Europe, and that the cost of the acquisition was $18 million. On February 19, 2008, Tucows announced that they were launching a "Personal Names Service" using their portfolio of 39,000 domain names. "The launch of the Personal Names Service marks the complete integration of the surname assets we acquired with NetIdentity into our wholesale channel", said Elliot Noss, President and CEO of Tucows.

On August 26, 2006, Tucows won an eBay auction for the web calendar site Kiko.com. The company planned to roll Kiko's features into their existing email platform.

On July 27, 2007, Tucows acquired ItsYourDomain.com (IYD), another privately held ICANN-accredited wholesale registrar offering domain services through a network of over 2,500 affiliates with over 700,000 domains under management, paying US$10.35 million. ItsYourDomain.com managed 699,951 domains compared to Tucows's 5,919,987, at the time of the sale in July 2007 ItsYourDomain.com's monthly growth of 29,181 exceeded Tucows growth of 21,126.

By June 2008, Tucows had a total of three domain name registration services called ItsYourDomain (IYD), NetIdentity, and DomainDirect. Tucows decided to discontinue these three services, and merge them into one new domain name registration service, called Hover. Hover is a simple domain name registration service powered by Tucows Inc, that started in July 2008. All IYD, DomainDirect, and NetIdentity customers are fulfilled by Hover.com.

On November 6, 2008, Tucows announced that they were launching Butterscotch.com, an online video network with video tutorials to explain Internet technology, starting with 35 video tutorials and plans to reach 500 clips by Spring 2009. On October 14, 2011, Butterscotch.com producer Sean Carruthers stated production had been shut down.

In December 2014, Tucows launched RealNames, offering e-mail service using domain names acquired from Mailbank.com Inc.

On January 20, 2017, the company acquired eNom for $83.5 million, making Tucows the second-largest domain registrar in the world.

The company announced in January 2021 it was shuttering its Downloads business, as it was no longer essential to the rest of the company's business, but had transferred all of its assets and content to the Internet Archive prior to its closure.

Business lines

In July 2008, Tucows rebranded its wholesale services as "Open SRS".

As of July 2023, Tucows is the third-largest accredited registrar in the world.

Domain portfolio management

Tucows has three sources of income from its domain portfolio: 1) Advertising from pages of domains within their domain name portfolio; 2) Sales of domains from their portfolio, which is constantly being replenished; 3) Auction of the steady stream of thousands of domain names that expire every day and become available for resale.

On November 14, 2007, Tucows disclosed that they offer pay-per-click advertising on the pages of domains within their domain name portfolio. When a user types one of these domain names into the address of the browser (direct navigation), they are presented with dynamically generated links which are pay-per-click advertising. Every time a user clicks on one of the links listed on a web page, it generates revenue for Tucows through its partnership with third parties who provide syndicated pay-per-click results.

On February 7, 2008, Tucows disclosed that it had switched from Google Ads to a new advertising partner in 2007, which led to a one-third increase in its revenue.

On May 7, 2008, Tucows announced it put a process in place for the regular sale of direct navigation names. These domain names would come from names that expire each month from customers who decide they no longer want the domain names and that Tucows is able to select the ones they want to keep from these domain names.

Tucows announced on June 12, 2008, that they have reached an agreement with Afternic to auction Tucows’ large daily inventory of expired domain names. "We have over eight million domains under management and thousands expiring every day, so this deal provides us with a great way to share revenue with our resellers while participating in Afternic’s popular secondary domain name marketplace”, said Bill Sweetman, General Manager of Tucows Domain Portfolio. Tucows will share 10% of the gross sale price with the reseller for the sale of expired domains that were originally registered through the reseller. Revenue will be shared automatically without the reseller having to take any additional action. Tucows chose Afternic as a partner even though SnapNames with Register.com and NameJet with NetSol/eNom are the dominant players in expired domains.

On October 29, 2008, Tucows announced that it would begin direct sales from their inventory of premium domain names under the brand name of Yummy Names. The service was created especially for marketers to obtain a high-quality domain name from Tucows inventory. Customers have the option of purchasing a premium domain name outright or leasing the name. In 2009 one of Tucows' subsidiaries, Buydomains Holdings, sold another premium domain name for a record $50,000 for Myhomepage.com.

On February 20, 2008, Tucows announced a portfolio of over 1,000 domain names that have the high potential value such as "Jewellers.com", "Actresses.com", "BasketballPlayers.com", and "ProjectManagers.com".

In February 2008, Tucows successfully defended against an arbitration proceeding over Batchelor.com, which it had acquired as part of its NetIdentity purchase. The complaint had been filed by Ken Batchelor Cadillac Company, a car dealership. A National Arbitration Forum panel determined that the dealership had not established rights in the mark "Batchelor". In fact, Tucows has won all surname-related arbitration proceedings.

In 2007, Weidner Investment Services filed a complaint claiming that Weidner was its trademark or service mark and asked the National Arbitration Forum to order the transfer of Weidner.com from Tucows to Weidner. Tucows failed to respond, and the National Arbitration Forum ordered Tucows to transfer Weidner.com to Weidner Investment Services.

In January 2017, eNom was sold to Canadian domain seller Tucows for $83.5M Canadian.

Email services

Tucows provides millions of email boxes through their network of over 9,000 service providers. Customers of Tucows fully hosted email service are provided with POP3, IMAP, WAP and webmail access. Providers using Tucows Email Service have the option of using Tucows' spam and virus filtering with their current email infrastructure.

As part of the NetIdentity acquisition, Tucows had problems migrating retail customers' email from a third-party provider to Tucows in-house mail systems in September 2006.

Starting August 12, 2008, Tucows Email Service running on their servers designated as Cluster A experienced a multi-day outage lasting until August 15, 2008. On October 6, 2008, Cluster A again suffered another multi-day outage affecting at least 50% of users and at times all users. As of the afternoon of October 9, 2008, this cluster was still partially down ("degraded") preventing an unknown number of users from being able to retrieve email.

Retail services

Tucows sells services to consumers and small businesses and offers personalized email through net identity. Tucows also offers customers hosting and other services with NetIdentity. Tucows also expected to receive income for pay per click advertising revenue from domain parking the surnames.

Mobile phone services

In February 2012, Tucows launched a new mobile virtual network operator in the United States known as Ting, which resells voice and data services on the T-Mobile US network. As of July 2018, the service had approximately 286,000 subscribers.

In 2017, Tucows acquired Canadian MVNO Roam Mobility from Otono Networks. Roam Mobility ran for three years until it was shut down in June 2020, likely due to travel slowdown from the COVID-19 pandemic.

On August 3, 2020, Tucows announced that it would sell the Ting Mobile business to Dish Network (owner of Boost Mobile) and serve as its provider of backend services for its new wireless businesses.

As of 2022, Tucows no longer runs its mobile phone service and has shifted focus to software enablement for other providers.

Internet services

On December 15, 2014, Tucows announced its acquisition of the Charlottesville, Virginia ISP Blue Ridge InternetWorks, which was building a fiber to the home network. The services were brought under Tucows' Ting branding. They began offering symmetrical gigabit fiber internet without bandwidth caps. Since expanding the existing fiber network in Charlottesville, Ting Internet is currently in 12 markets with more on the way.

Software (SaaS)

In January 2022, Tucows launched Wavelo, a software as a service (SaaS) company that builds telecom billing and operations software for Mobile Virtual Network Operators and Fiber Internet Services. They have two products: MONOS (Mobile Network Operating System) currently used by Dish Network and ISOS (Internet Services Operating System) currently used by Ting Internet.

Controversy

On 15 February 2023, Delhi High Court ordered the Indian IT Ministry to block Tucows and other domain registrars over cybersquatting and non-compliance with India's IT Rules, 2021.

De-emphasis and divestment of business lines

De-emphasis of software downloads

Tucows maintained a download archive that included more than 30,000 software titles in its worldwide network of partner sites. Although some listing features now have fees, basic listing remains free. Tucows founder Scott Swedorski announced his resignation in November 2003. On March 10, 2006, Tucows Content division closed its satellite office located in Flint, Michigan, and relocated the remaining editorial functions to its corporate head office in Toronto. On February 7, 2008, Tucows disclosed that Tucows plans to de-emphasize the software download aspect of their business. The download service was finally closed down in January 2021.

Divestment of web hosting accounts

On May 6, 2008, Tucows announced that they are getting out of the web hosting business. As part of the divestment Tucows signed an agreement for Hostopia to purchase about 14,000 Domain Direct, NetIdentity and ItsYourDomain.com (IYD) customer web hosting accounts and would migrate the web hosting accounts to Hostopia's unified web service platform by July 2008.

Divestment of equity interest in Afilias

On November 5, 2008, Tucows announced that it was selling its entire 7.38% equity interest in Afilias for $7.4 million. Afilias is the registry operator of the .info and .aero TLDs, and the service provider of the .org generic top-level domain (gTLD), .mobi mobile phone TLD, and a provider of domain name registry services for several countries around the world, including .AG (Antigua and Barbuda), .BZ (Belize), .GI (Gibraltar), .HN (Honduras), .IN (India), .ME (Montenegro), .SC (the Seychelles), and .VC (St. Vincent and the Grenadines).

Reputation

Domain name add grace period (AGP) abuse

On January 8, 2008, Tucows explained its values and position on domain name front running: "We work to uphold the rights of Registrants. That means, for example, not putting 60-day locks on domains when a Registrant makes a change to their WHOIS information effectively locking some into a renewal and blocking domain name transfers to other Registrars. That also means having a clear, defined policy surrounding expiry and redemption periods." Tucows addresses domain tasting "by charging our Resellers a monetary fee on domain name registrations that are cancelled within the five-day Add Grace Period (AGP)", but it "doesn’t use WHOIS query data or search data from our API to front-run domain names".

Although it supports ICANN’s fee to discourage domain tasting and Google's decision to drop names added and deleted during the AGP from its AdSense program, Tucows claimed that AGP abuse could be further curbed by shortening the AGP period to 12 hours or less, sufficient time for registrants to correct spelling mistakes—AGP's original purpose.

Registrations to sites selling illegal goods and connections to terrorism

In 2015, the U.S. Trade Representative included Tucows on its annual "notorious markets" list—the first time it has named a domain name registrar—in order to set an example for what happens to registrars that do not block or suspend sites that sell illegal goods. Tucows responded that it suspended dozens of sites every day, but that "unlike some competitors, it considered all complaints carefully to ensure they were justified".

Tucows used to be the domain name registrar for the notorious American imageboard 8chan, which has been delisted by Google for hosting child pornography, and seen numerous swatting attacks and terrorist attacks announced and planned by users, notably the 2019 Christchurch mosque shootings. It is also a domain name registrar for the social media platform Truth Social, the white nationalist website Stormfront, and the shadow library search engine Anna's Archive.

in 2021, Tucows launched a framework to explain their role in dealing with domain name abuse.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

sectorTechnology industryTechnology employees759 countryCA

10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$390M
2016-12-31 → 2025-12-31
EPS$-8.85
2016-12-31 → 2023-12-31
Free Cash Flow$-23M
2016-12-31 → 2025-12-31
Net margin-21.2%
2016-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend TCX 5Y avg Peer Median Verdict
P/E -3.05Y avg ≈48.2 ≈48.2 · ·
P/S (TTM) 0.35Y avg ≈1.2 ≈1.2 · ·
P/B (MRQ) -0.55Y avg ≈7.6 ≈7.6 · ·
Price / FCF (TTM) -7.35Y avg ≈-8.0 ≈-8.0 · ·
Price / Cash Flow (TTM) 23.95Y avg ≈-13.1 ≈-13.1 · ·
Price / Tangible Book (MRQ) -0.5 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13
Ex-dateAmountCurrencyYield
May 11, 2001$0.27USD≈7.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Next Report Nov 04, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 5, 2026 $-1.57 — —
March 31, 2026 $-1.51 — —
Dec. 31, 2025 $-1.73 — —
Sept. 30, 2025 $-1.42 — —
June 30, 2025 $-1.41 — —
March 31, 2025 $-1.37 — —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 18
Metric Trend 202520242023202220212020201920182017201620152014
Revenue $390M$362M$339M$321M$304M$311M$337M$346M$329M$190M$172M$147M
Cost of Revenue $296M$279M$273M$243M$226M$226M$236M$249M$245M$120M$120M$107M
Gross Profit $94M$83M$67M$78M$78M$85M$101M$97M$85M$63M$52M$39M
R&D Expense $18M$19M$19M$14M$14M$12M$10M$9M$7M$4M$5M$4M
SG&A Expense $43M$37M$33M$31M$22M$20M$18M$18M$14M$11M$11M$9M
Operating Expenses $117M$148M$130M$110M$86M$79M$71M$67M$57M$38M$34M$30M
Operating Income $-23M$-65M$-64M$-32M$-8M$7M$29M$29M$27M$25M$18M$10M
Interest Expense ··$46M$15M$5M·······
Interest Income $2M$3M$4M$100.0K$0·······
Other Non-op $11M$14M$17M$-177.0K$-370.0K$-158.0K$0$518.0K$560.0K$516.0K$85.9K·
Pretax Income $-67M$-102M$-103M$-28M$7M$11M$25M$26M$24M$25M$18M$9M
Income Tax $9M$8M$-7M$-217.0K$4M$5M$9M$9M$2M$9M$7M$3M
Net Income $-76M$-110M$-96M$-28M$3M$6M$15M$17M$22M$16M$11M$6M
EPS (Basic) $-6.85$-10.02$-8.85$-2.56$0.32$0.55$1.45$1.62$2.12$1.53$1.04$0.57
EPS (Diluted) ··$-8.85$-2.56$0.31$0.54$1.43$1.59$2.07$1.50$1.00$0.54
Shares (Basic) 11,065,70810,967,58110,864,08610,769,28010,662,33710,590,68410,623,79910,604,72210,537,35610,524,85610,968,50011,220,874
Shares (Diluted) 11,065,70810,967,58110,864,08610,769,28010,817,46810,692,28110,772,81210,794,17010,793,62210,713,59511,360,08411,730,398
EBITDA $-23M$-65M$-64M$-32M$-8M$7M$29M$29M$27M$25M$18M$10M
Balance Sheet 26
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents $47M$57M$93M$23M$9M$8M$20M$13M$18M$15M$8M$8M
Receivables $24M$21M$22M$18M$15M$16M$15M$11M$12M$11M$7M$7M
Inventory $4M$4M$7M$7M$3M$2M$3M$4M$3M$1M$903.8K$393.8K
Prepaid Expense $29M$22M$17M$17M$21M$17M$13M$15M$103M$49M$45M$45M
Other Current Assets $1M$0·········$8M
Current Assets $203M$205M$243M$170M$147M$141M$146M$132M$154M$83M$68M$74M
PP&E (Net) $282M$331M$340M$281M$173M$118M$82M$48M$25M$13M$7M$2M
PP&E (Gross) $416M$488M$456M$360M$227M$154M$107M$65M$37M$22M$14M$8M
Accum. Depreciation $134M$157M$117M$78M$54M$37M$25M$17M$13M$9M$7M$6M
Goodwill $130M$130M$130M$130M$130M$116M$110M$90M$90M$21M$21M$19M
Intangibles $20M$25M$29M$40M$50M$47M$58M$49M$58M$20M$14M$14M
Other Non-current Assets $4M$4M··········
Total Assets $731M$759M$798M$665M$540M$452M$426M$340M$351M$154M$129M$126M
Accounts Payable $10M$9M$13M$17M$10M$6M$7M$8M$7M$5M$4M$4M
Accrued Liabilities $25M$31M$35M$23M$15M$10M$9M$6M$6M$7M$6M$4M
Current Liabilities $330M$200M$201M$188M$174M$163M$157M$165M$179M$84M$78M$70M
Capital Leases $58M$26M$18M$12M$12M$9M$9M·····
Deferred Tax $3M$3M$3M$16M$23M$25M$25M$21M$20M$5M$5M$5M
Other Non-current Liabilities $1M$0·$0$2M$3M$0·$429.0K$944.7K$1M·
Long-term Debt $190M$195M$212M$240M$191M$122M$114M$65M$78M$11M··
Common Stock $38M$37M$34M$32M$29M$21M$17M$16M$15M$14M$15M$14M
Retained Earnings $-226M$-150M$-40M$56M$83M$80M$76M$61M$43M$20M$4M$-7M
AOCI $-57.0K$-964.0K$2M$784.0K$343.0K$2M$473.0K$-810.0K$0$100.0K$-1M$-622.4K
Stockholders' Equity $-164M$-95M$10M$97M$115M$105M$94M$80M$60M$38M$26M$36M
Liabilities + Equity $731M$759M$798M$665M$540M$452M$426M$340M$351M$154M$129M$126M
Shares Outstanding 11,111,45311,014,65510,903,40510,817,11010,747,41710,612,41410,585,15910,627,98810,583,87910,461,57410,685,59911,329,732
Cash Flow 15
Metric Trend 202520242023202220212020201920182017201620152014
D&A $4M$4M$10M$598.0K$534.0K$488.0K$486.0K$424.0K$585.0K$504.0K$259.3K$226.4K
Stock-based Comp $7M$7M$8M$8M$5M$4M$3M$3M$1M$799.0K$526.0K$542.7K
Deferred Tax $-289.0K$854.0K$-13M$-7M$-1M$-4M$1M$1M$-3M$1M$134.9K$-1M
Amort. of Intangibles $5M$5M$11M$11M$10M$11M$10M$9M$8M$953.0K$262.7K$596.6K
Restructuring $0$11M$0$0········
Operating Cash Flow $-6M$-20M$-5M$20M$30M$36M$40M$37M$32M$23M$17M$9M
CapEx $17M$56M$92M$137M$73M$44M$44M$28M$13M$8M$3M$711.7K
Investing Cash Flow $2M$-56M$-93M$-137M$-102M$-53M$-76M$-30M$-94M$-14M$3M$-9M
Stock Repurchased ···$0$0$3M$5M$0·$7M$24M$1M
Net Stock Activity ···$0$0$-3M$-5M··$-7M$-24M$-1M
Financing Cash Flow $-5M$44M$179M$132M$73M$5M$43M$-13M$65M$-680.0K$-21M$-4M
Net Change in Cash $-9M$-32M$81M$14M$794.0K$-12M$8M$-5M$3M$7M$-548.1K$-4M
Taxes Paid $6M$8M$5M$4M$9M$9M$8M$7M$8M$4M$3M$2M
Free Cash Flow $-23M$-76M$-97M$-117M$-44M$-8M$-4M$9M$19M$14M$10M$8M
Levered FCF ··$-140M·········
Profitability 8
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 24.1%22.9%19.7%24.4%25.7%27.5%29.9%28.0%25.7%33.2%30.8%27.5%
Operating Margin -6.0%-17.9%-18.8%-9.9%-2.5%2.2%8.7%8.5%8.2%13.2%10.4%6.5%
Net Margin -19.4%-30.3%-28.3%-8.6%1.1%1.9%4.6%5.0%6.8%8.5%6.6%4.3%
Pretax Margin -17.2%-28.1%-30.4%-8.6%2.4%3.5%7.3%7.6%7.3%13.2%10.4%6.4%
EBITDA Margin -6.0%-17.9%-18.8%-9.9%-2.5%2.2%8.7%8.5%8.2%13.2%10.4%6.5%
ROA -10.2%-14.1%-13.2%-4.6%0.68%1.3%4.0%5.0%8.8%11.3%8.9%5.2%
ROE 53.0%171.2%-315.5%-26.2%3.0%5.7%17.0%23.0%42.4%47.9%37.6%19.1%
ROIC 16.1%73.6%-601.6%-32.5%-3.1%3.5%19.5%24.1%41.7%42.4%43.4%18.3%
Liquidity & Solvency 3
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 0.61.01.20.90.80.90.90.80.91.00.91.1
Quick Ratio 0.20.40.60.20.10.10.20.10.20.30.20.2
Interest Coverage ··-1.4·········
Efficiency 3
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 0.50.50.50.50.60.70.91.01.31.31.41.2
Inventory Turnover 75.151.938.846.087.884.765.469.1117.9119.9184.6304.5
Receivables Turnover 17.216.816.719.520.220.726.529.828.321.024.824.4
Per Share 5
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share $-14.78$-8.65$0.91$8.94$10.71$9.87$8.90$7.51$5.69$3.61$2.46$3.15
Revenue / Share $35.27$33.03$31.23$29.82$28.13$29.11$31.30$32.06$30.52$17.72$15.22$12.59
Cash Flow / Share $-0.52$-1.80$-0.44$1.85$2.74$3.37$3.75$3.45$2.96$2.02$1.17$0.76
Cash / Share $4.21$5.17$8.50$2.17$0.85$0.78$1.93$1.19$1.71$1.44$0.72$0.73
EPS (TTM) $-3.08$-3.08$-8.85$-2.56$0.31$0.54$1.43$1.59$2.07$1.50$1.00$0.54
Growth Rates 5
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 7.7%6.8%5.7%5.5%-2.2%·······
Revenue CAGR 3Y 6.7%6.0%2.9%·········
Revenue CAGR 5Y 4.6%···········
EPS YoY ····-42.6%·······
Net Income YoY ····-41.8%·······
Valuation (TTM) 9
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM $390M$362M$339M$321M$304M$311M$337M$346M$329M$190M$172M$147M
Net Income TTM $-76M$-110M$-96M$-28M$3M$6M$15M$17M$22M$16M$11M$6M
Market Cap $249M$189M$294M$367M$901M$784M$654M$638M$741M$369M$225M$220M
P/E -7.3-5.6-3.1-13.2270.4136.843.237.833.823.521.135.9
P/S 0.60.50.91.13.02.51.91.82.31.91.31.5
P/B -1.5-2.029.83.87.87.56.98.012.39.88.66.2
P / Cash Flow -43.3-9.6-61.718.530.421.716.217.223.217.016.924.8
P / FCF -10.9-2.5-3.0-3.1-20.7-93.8-177.368.739.126.921.726.9
Earnings Yield -13.7%-18.0%-32.8%-7.5%0.37%0.73%2.3%2.6%3.0%4.3%4.7%2.8%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $390M $362M $339M $321M $304M
Gross Margin % 24.1% 22.9% 19.7% 24.4% 25.7%
Operating Margin % -6.0% -17.9% -18.8% -9.9% -2.5%
Net Income $-76M $-110M $-96M $-28M $3M
Diluted EPS · · $-8.85 $-2.56 $0.31

Institutional owners (13F) 70 filers · $94.5M total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 70
Value held $94.5M
New positions 8
Exited positions 8
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
8 (-3 vs prior Q) 8 (-2 vs prior Q) 32 (+6 vs prior Q) 17 (-9 vs prior Q) +149K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
EdgePoint Investment Group Inc. $28,696,908 2,118,575 30.37% Shares
Blacksheep Fund Management Ltd $14,709,038 1,091,985 15.57% Shares
VANGUARD GROUP INC $10,403,463 464,026 11.01% Shares
BlackRock, Inc. $7,569,466 561,950 8.01% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $7,352,910 545,873 7.78% Shares
VANGUARD CAPITAL MANAGEMENT LLC $4,738,746 351,800 5.02% Shares
GEODE CAPITAL MANAGEMENT, LLC $2,666,548 197,896 2.82% Shares
STATE STREET CORP $2,512,397 186,518 2.66% Shares
Baader Bank Aktiengesellschaft $2,198,304 163,200 2.33% Shares
RENAISSANCE TECHNOLOGIES LLC $1,736,970 128,951 1.84% Shares
Russell Investments Group, Ltd. $1,544,388 114,654 1.63% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $979,175 72,693 1.04% Shares
Quantinno Capital Management LP $979,161 72,692 1.04% Shares
Blackhawk Capital Partners, LLC $855,049 63,478 0.90% Shares
NORTHERN TRUST CORP $814,598 60,475 0.86% Shares
VANGUARD FIDUCIARY TRUST CO $756,179 56,138 0.80% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $633,373 47,021 0.67% Shares
D. E. Shaw & Co., Inc. $624,119 46,334 0.66% Shares
AQR CAPITAL MANAGEMENT LLC $614,717 45,636 0.65% Shares
Crawford Fund Management, LLC $525,330 39,000 0.56% Put option
MORGAN STANLEY $519,564 38,572 0.55% Shares
K.J. Harrison & Partners Inc $426,608 31,671 0.45% Shares
GOLDMAN SACHS GROUP INC $285,052 21,162 0.30% Shares
Bank of New York Mellon Corp $268,685 19,947 0.28% Shares
Connor, Clark & Lunn Investment Management Ltd. $264,135 19,500 0.28% Shares
DIMENSIONAL FUND ADVISORS LP $236,210 17,536 0.25% Shares
Nuveen, LLC $228,169 16,939 0.24% Shares
ALLIANCEBERNSTEIN L.P. $214,328 12,490 0.23% Shares
CITADEL ADVISORS LLC $156,508 11,619 0.17% Shares
RHUMBLINE ADVISERS $116,424 8,644 0.12% Shares
FMR LLC $103,738 7,701 0.11% Shares
ROYAL BANK OF CANADA $97,000 7,238 0.10% Shares
DEUTSCHE BANK AG\ $86,598 6,429 0.09% Shares
WELLS FARGO & COMPANY/MN $79,621 5,911 0.08% Shares
CITIGROUP INC $57,800 4,291 0.06% Shares
UBS Group AG $54,163 4,021 0.06% Shares
TD Waterhouse Canada Inc. $49,558 3,600 0.05% Shares
Vanguard Global Advisers, LLC $46,094 3,422 0.05% Shares
Arax Advisory Partners $43,872 3,257 0.05% Shares
JPMORGAN CHASE & CO $43,486 3,133 0.05% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $43,010 3,193 0.05% Shares
Police & Firemen's Retirement System of New Jersey $21,579 1,602 0.02% Shares
CWM, LLC $20,558 1,198 0.02% Shares
BNP PARIBAS FINANCIAL MARKETS $15,262 1,133 0.02% Shares
BARCLAYS PLC $14,170 1,052 0.01% Shares
NEW YORK STATE COMMON RETIREMENT FUND $14,076 1,045 0.01% Shares
Tower Research Capital LLC (TRC) $13,389 994 0.01% Shares
CIBC Private Wealth Group LLC $11,133 600 0.01% Shares
Ameritas Investment Partners, Inc. $10,641 790 0.01% Shares
Legal & General Group Plc $8,715 647 0.01% Shares

Show all 70 institutional owners →

Activists & 5%+ owners 10 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Blacksheep Fund Management Ltd., Blacksheep Master Fund Ltd, Herdwick Capital Ltd, Alexis Fortune ×2 filings Feb. 7, 2023 · Initial filing Passive investment SEC
Lacuna Hedge Fund LLLP, Lacuna Hedge GP LLLP, Lacuna, LLC Jan. 13, 2015 · Initial filing · SEC
Lacuna Hedge Fund LLLP (2), Lacuna Hedge GP LLLP (2), Lacuna, LLC (2) ×2 filings Jan. 27, 2012 · Initial filing · SEC
Elliot Noss May 4, 2011 · Initial filing Passive investment SEC
Lacuna Venture Fund LLLP, Lacuna Hedge Fund LLLP, Lacuna Ventures GP LLLP, Lacuna Hedge GP LLLP, Lacuna, LLC ×4 filings Jan. 7, 2011 · Initial filing · SEC
Fertilemind Capital Fund I, L.P., Fertilemind Management, LLC, Aram Fuchs ×2 filings Feb. 16, 2010 · Initial filing · SEC
Mark Cuban ×3 filings Aug. 21, 2008 · Initial filing · SEC
Platinum Partners Value Arbitrage Fund LP (2), Platinum Management (NY) LLC (2), Mark Nordlicht (2) March 3, 2008 · Initial filing · SEC
Platinum Partners Value Arbitrage Fund L.P., Platinum Management (NY) LLC, Mark Nordlicht Dec. 7, 2007 · Initial filing Passive investment SEC
Undisclosed reporting person Sept. 7, 2001 · Initial filing Passive investment SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 45 insiders · 20 officers · 21 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
David John Woroch Chief Executive Officer Nov. 26, 2025 A 59,614 0 0 $0
Justin Reilly CEO Wavelo Aug. 14, 2023 F 1,944 0 0 $0
Ivan Ivanov Chief Financial Officer Sept. 8, 2025 A · 0 0 $0
Davinder Singh CFO Aug. 14, 2023 F 7,763 0 0 $0
Michael Cooperman CFO March 22, 2017 S 167,468 0 0 $0
Michael Alan Koenig Chief Operating Officer June 17, 2024 A 975 0 0 $0
Graham Morris COO, Tucows Aug. 6, 2003 A · 0 0 $0
Bret Fausett Chief Legal Officer & VP June 5, 2025 A 31,105 0 0 $0
Jill Szchumacher EVP Networks June 17, 2022 A · 0 0 $0
Hanno Liem CTO June 17, 2022 A · 0 0 $0
Jessica Sybil-Lynne Johannson Chief People Officer June 17, 2022 A 0 0 0 $0
Michael Goldstein Chief Revenue Officer - Ting June 17, 2022 A 5,282 0 0 $0
Ross Rader Chief CX Officer June 17, 2022 A 43,769 0 0 $0
Jody Stocks VP Engineering June 15, 2018 S 4,479 0 0 $0
Jason Silverstein VP Corporate Operations June 5, 2018 A · 0 0 $0
Kenneth Derrick Schafer EVP Retail March 29, 2017 M 43,661 0 0 $0
Carla Anne Goertz EVP Human Resources March 1, 2017 F 18,997 0 0 $0
Alain-Marie Chesnais VP Product Development March 19, 2007 A · 0 0 $0
Judith Louise Fields VP Operations & Planning March 19, 2007 A · 0 0 $0
Supriyo Sen CTO, Tucows Aug. 6, 2003 A · 0 0 $0
Allen Gordon Taylor Director June 2, 2026 A · 0 0 $0
Jeffrey Stewart Donald Tory Director June 2, 2026 A · 0 0 $0
Sandra Carola Matz-Cerf Director June 2, 2026 A · 0 0 $0
Christian Stephan Uhrenbacher Director June 2, 2026 A · 0 0 $0
Laurenz Malte Nienaber Director June 2, 2026 A · 0 0 $0
Lee Matheson Director June 2, 2026 A · 0 0 $0
Marlene Carl Director June 2, 2026 A · 0 0 $0
Elliot Noss Director Dec. 24, 2025 G 423,048 0 0 $0
Gigi Sohn Director June 20, 2024 A · 0 0 $0
Robin Chase Director June 20, 2024 A 29,172 0 0 $0
Allen Karp Director June 20, 2024 A 15,014 0 0 $0
Jeffrey Nathan Schwartz Director June 20, 2024 A 12,375 0 0 $0
Frez Gissin Director June 20, 2024 A 17,887 0 0 $0
Brad Burnham Director Sept. 8, 2022 A · 0 0 $0
Rawleigh Hazen Ralls IV Director Sept. 9, 2021 M 5,960 0 0 $0
Joichi Ito Director Feb. 16, 2016 S 0 0 0 $0
Lloyd N Morrisett Director May 27, 2014 M 53,750 0 0 $0
Eugene Lucas Fiume Director Sept. 9, 2013 M 30,000 0 0 $0
Stanley Stern Director Sept. 4, 2013 M 261,350 0 0 $0
Alan Lipton Director June 1, 2005 A · 0 0 $0
Stanley Stern Director June 2, 2004 A · 0 0 $0
JVS Mediterranean Trading Ltd. 10% owner April 11, 2005 S 0 0 0 $0
PARMAN HOLDING CORP 10% owner Feb. 2, 2005 P 0 0 0 $0
DIKER MANAGEMENT LLC · Oct. 27, 2010 S 6,724,135 0 0 $0
Ann Elliott · Aug. 11, 2004 A · 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 14 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IWC · iShares Trust 0.02% 23,034 SH Sept. 11, 2026 Daily
VTWV · VANGUARD SCOTTSDALE FUNDS 0.01% 5,402 SH Aug. 19, 2026 Daily
RSSL · Global X Funds 0.00% 3,334 NS July 31, 2026 N-PORT
IWO · iShares Trust 0.00% 44,191 SH Sept. 11, 2026 Daily
IWM · iShares Trust 0.00% 174,266 SH Sept. 11, 2026 Daily
DFAS · Dimensional ETF Trust 0.00% 6,878 NS July 31, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.00% 831 NS July 31, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.00% 98,374 SH Aug. 19, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.00% 247,111 SH Aug. 19, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.00% 39,758 SH Aug. 19, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS 0.00% 1,212 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 649 SH Aug. 19, 2026 Daily
DFAC · Dimensional ETF Trust 0.00% 741 NS July 31, 2026 N-PORT
IWN · iShares Trust · 52,105 SH Sept. 11, 2026 Daily

TCX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 8 analysts SELL
0 0.0% Strong Buy
0 0.0% Buy
3 37.5% Hold
4 50.0% Sell
1 12.5% Strong Sell

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
TCX $249M -7.3 7.7% -19.4% 53.0% 24.1%
SHOP · 171.2 30.1% · · ·

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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Source: SEC 10-Q filed Aug 6, 2026