Filing Flows › Tucows (TCX) › Q3 2025
Tucows (TCX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Tucows (TCX) reported revenue of $98.6M for the third quarter 2025 (Q3 2025), +7% from a year earlier and +0.1% from the quarter before. Operating margin was -9.7%, net loss $23.0M (23.4% of revenue).
Tucows, Q3 2025: revenue $98.6M (+7% year over year), operating margin -9.7%, net loss $23.0M, operating cash flow $1.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $98.6M | +0.1% | +7% |
| Operating profit | −$9.6M | — | — |
| Net earnings | −$23.0M | — | — |
| Operating cash flow | $1.5M | -77% | — |
What changed
Revenue was $98.6M in Q3 2025, up 7% year over year and roughly flat from the previous quarter.
Gross margin was 24.5%, up 0.5 points from a year earlier. Operating costs exceeded revenue by $9.6M, an operating margin of -9.7%. Operating expenses grew 5% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+690%). The quarter ended with a net loss of $23.0M, wider than the previous quarter's $15.6M loss.
Operating cash flow was $1.5M. Non-cash charges added back $785K of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $22.4M. Capital expenditures of $3.9M exceeded it, leaving free cash flow of −$2.3M.
Questions
What was Tucows' revenue in the third quarter 2025?
Tucows (TCX) reported revenue of $98.6M for the third quarter 2025 (Q3 2025), +7% from a year earlier and +0.1% from the quarter before.
Was Tucows profitable in the third quarter 2025?
Operating loss was $9.6M (-9.7% of revenue) and net loss $23.0M.
Source: Tucows 10-Q on SEC EDGAR.