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**Introduction**  
Welcome to Tucows’ question and answer dialogue for Q1 2026. David Woroch, President and Chief  
Executive Officer of Tucows and Tucows Domains, will be responding to your questions. For your  
convenience, this audio file is also available as a transcript in the Investors section of our website, along  
with our Q1 2026 Financial Results and updated reports. I would also like to remind investors that if you  
would like to receive our quarterly results and Q&A via email, please make the request to  
ir@tucows.com.

Please note that the following discussion may include forward-looking statements which are subject to  
risks and uncertainties that could cause actual results to differ materially. These risk factors are  
described in detail in the company's documents filed with the SEC, specifically the most recent reports  
on the Forms 10-Q and 10-K. The company urges you to read its security filings for a full description of  
the risk factors applicable to its business.

Today’s commentary includes responses to questions submitted to us following the prerecorded  
management remarks regarding the quarter and outlook for the Company. We are grouping similar  
questions into categories that we feel are addressing common queries. If your questions reach a  
certain threshold or volume, we may ask to schedule a call instead to ensure we can address the full  
scope of your questions. And if you feel that the recorded questions and / or any direct email you may  
receive do not address the full body of your questions, please let us know.  
Go ahead, Dave.

## Q&A Remarks  
Thank you, Monica. And welcome to our Q&A for our first quarter financial results.

Our first question relates to our increased investment in Wavelo discussed in the Q1 management  
remarks.

We are looking at Wavelo through the same lens we are applying across all Tucows businesses:  
strategic fit, capital requirements, growth potential, and contribution to shareholder value. As I talked  
about in Q4, our goal is to transition Tucows into a more focused, capital-light company with a lean  
operating model, built around businesses that have recurring revenue, strong retention, platform  
economics, business-critical workflows, and clear opportunities to benefit from shared infrastructure  
and operational discipline. Wavelo has many of those attributes, which is why we made targeted  
investments particularly in product and go-to-market – but those investments are not open-ended.  
They are being evaluated against clear expectations for bookings conversion and long-term value  
creation, and how those are both best achieved.

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More broadly, every business in the Tucows portfolio is being assessed for strategic fit and how it can  
create the most value. Ting is in a process because we believe its best path is with an operator that has  
the capital and operating scale to bring it to profitability. The remaining mobile business is only  
strategic as part of a converged offering with Ting Internet, and we are working to solve for that in  
parallel with the Ting process. Tucows Domains’ path to growth involves continuing to gain scale and  
expand margin, where the primary gains will come from expanding the channel and new products.  
Accelerating that growth is contingent on improving liquidity; another key focus for our management  
team.

Another investor asks where we are in the renewal process for our syndicated debt, which expires in  
September, 2027.

We are in active discussions on the Tucows renewal. I will remind investors that our syndicated debt  
peaked at $238.9 million in Q4 2022, and it’s now at $189.6 million, plus Tucows’ $27.4 million in cash.

Thank you for listening to our Q&A and a reminder that if you feel that the recorded answers or any  
direct email you receive do not address your question, please follow up with us at ir@tucows.com.