Filing Flows › Tucows (TCX) › Q2 2025
Tucows (TCX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Tucows (TCX) reported revenue of $98.5M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +4% from the quarter before. Operating margin was -2.9%, net loss $15.6M (15.9% of revenue).
Tucows, Q2 2025: revenue $98.5M (+10% year over year), operating margin -2.9%, net loss $15.6M, operating cash flow $6.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $98.5M | +4% | +10% |
| Operating profit | −$2.9M | — | — |
| Net earnings | −$15.6M | — | — |
| Operating cash flow | $6.6M | — | — |
| Free cash flow | $3.1M | — | — |
What changed
Revenue was $98.5M in Q2 2025, up 10% year over year and up 4% from the previous quarter.
Gross margin was 22.5%, down 0.8 points from a year earlier. Operating costs exceeded revenue by $2.9M, an operating margin of -2.9%. Operating expenses fell 15% while revenue rose 10%. The quarter ended with a net loss of $15.6M, wider than the previous quarter's $15.1M loss. Net interest and other expense of $10.5M was the main reason.
Operating cash flow was $6.6M. Non-cash charges added back $828K of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $20.0M. Capital expenditures of $3.5M left free cash flow of $3.1M.
Questions
What was Tucows' revenue in the second quarter 2025?
Tucows (TCX) reported revenue of $98.5M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +4% from the quarter before.
Was Tucows profitable in the second quarter 2025?
Operating loss was $2.9M (-2.9% of revenue) and net loss $15.6M.
Source: Tucows 10-Q on SEC EDGAR.