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Tucows cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$9.7M in Q3 2026 · −$21.8M over twelve months

Operating cash flow−$4.6M
Capital spending−$5.1M
Free cash flow−$9.7M
Cash conversion cycle17 days

Analysis

In Q3 2026, Tucows generated −$4.6M of operating cash flow and spent $5.1M on capital projects, leaving free cash flow of −$9.7M. That is $7.4M less than in Q3 2025 (−$2.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$1.8M; the largest uses were capital spending ($20.0M), other financing ($9.8M), operating cash flow ($1.8M); besides operations, cash came from asset & business sales ($2.8M); the cash balance fell by $29.8M.

Operating cash flow was −$4.6M against net income of −$10.3M. The largest differences: receivables −$5.4M, deferred revenue −$4.5M, prepaid and other assets +$4.0M.

Its cash conversion cycle was 17 days (receivables 24 + inventory 5 − payables 12).

Free cash flow

Tucows: free cash flow by quarterTucows: free cash flow by quarter−$16.5MQ4 2024−$16.7MQ1 2025$3.1MQ2 2025−$2.3MQ3 2025−$7.0MQ4 2025−$2.0MQ1 2026−$3.1MQ2 2026−$9.7MQ3 2026
Operating cash flow less capital spending.
Tucows: operating cash flow against capital spendingTucows: operating cash flow against capital spendingOperating cash flowCapital spending−$4.8M$11.7MQ4 2024−$11.3M$5.4MQ1 2025$6.6M$3.5MQ2 2025$1.5M$3.9MQ3 2025−$2.6M$4.4MQ4 2025$3.5M$5.5MQ1 2026$1.9M$5.1MQ2 2026−$4.6M$5.1MQ3 2026
Latest (Q3 2026): Operating cash flow −$4.6M, Capital spending $5.1M.

Capital allocation, year by year

Tucows: where the cash came from (up) and went (down), by fiscal yearTucows: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow $29.6MFY2021: Net borrowing $69.0MFY2021: Shares issued $4.8MFY2021: Asset sales $510KFY2021: Capital spending −$73.2M$104MFY2021FY2022: Operating cash flow $19.9MFY2022: Shares issued $1.1MFY2022: Capital spending −$137M$21.0MFY2022FY2023: Operating cash flow −$4.8MFY2023: Net borrowing $227MFY2023: Capital spending −$92.1M$227MFY2023FY2024: Operating cash flow −$19.7MFY2024: Net borrowing $63.0MFY2024: Shares issued $43KFY2024: Asset sales $542KFY2024: Capital spending −$56.5M$63.6MFY2024FY2025: Operating cash flow −$5.8MFY2025: Shares issued $31KFY2025: Asset sales $19.5MFY2025: Capital spending −$17.1M$19.5MFY2025
Over these 5 years operating cash flow totalled $19.2M; the largest uses were capital spending ($376M) and operating cash flow ($30.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$24.8M
Debt$190M
Net debt$166M
Cash runway14 months

Tucows is burning cash: its operations consume cash, a free cash flow of −$21.8M a year at the current rate against $24.8M of cash and investments: a runway of about 14 months before any new financing.

Where the cash came from and went

Tucows: sources (+) and uses (−) of cash, Q3 2026Tucows: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$19.2MOther financing−$9.8MCapital spending−$5.1MOperating cash flow−$4.6MAsset & business sales$448KOther investing−$240K
Tucows: sources (+) and uses (−) of cash, TTM to Q3 2026Tucows: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$29.8MCapital spending−$20.0MOther financing−$9.8MAsset & business sales$2.8MOperating cash flow−$1.8MOther investing−$1.1M

From profit to cash

Tucows: net income to operating cash flow, Q3 2026Tucows: net income to operating cash flow, Q3 2026Net income−$10.3MDepreciation & amortization$775KStock-based pay$962KDeferred taxes−$18KGains on disposals−$1KReceivables−$5.4MPayables−$2.5MDeferred revenue−$4.5MPrepaid and other assets$4.0MOther liabilities$480KOther operating capital−$3.8MOperating cash flow−$4.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20262451217
Q2 20262351117
Q1 20262451217
Q4 20252451217
Q3 20252451218
Q2 20252251215
Q1 20252151314
Q4 20242061214

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$4.6M−$5.1M—$19.2M−$9.7M
Q2 2026$1.9M−$5.1M—$1.7M−$3.1M
Q1 2026$3.5M−$5.5M—$2.3M−$2.0M
Q4 2025−$2.6M−$4.4M—$6.5M−$7.0M
Q3 2025$1.5M−$3.9M—−$2.2M−$2.3M
Q2 2025$6.6M−$3.5M$31K−$13.6M$3.1M
Q1 2025−$11.3M−$5.4M—$18.2M−$16.7M
Q4 2024−$4.8M−$11.7M$43K$17.9M−$16.5M

Tucows: income statement and cash flow

Tucows, Q3 2026: revenue $100M (+1% year over year), operating margin 0.3%. The chart follows the revenue to costs, profit and cash.

Tucows: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.