TCX Q3 2025 KPI Summary.pdf

TUCOWS, INC. QUARTERLY KPI SUMMARY

Operating Statistics

(Amounts in thousands)

1 Defined as premises to which Ting Owned Infrastructure or Ting Partner Infrastructure has the capability to provide a customer connection in a service area.

2 This includes all capital expenditures used to build and expand the Ting footprint, including construction and activation of the network and customers, capitalized labor, materials, and acquisitions net of capex write-offs.

3 Internet Subscribers and Serviceable Addresses from Simply Bits are not included in Ting metrics.

4 Includes all transactions processed under our accreditations for our resellers and our retail brands, as well as transactions processed on behalf of other registrars using our platform.

5 The serviceable address count for Q2 2025 reflects a shift of 1,679 addresses from Owned Infrastructure to Partner Infrastructure, resulting from an agreement in which Ting sold part of its owned infrastructure to a third party while continuing to operate as the Internet Service Provider in that area.

6 The serviceable address count for Q3 2025 reflects a divestiture of Cedar South network that occurred on July 1, 2025. This divestiture reduced Owned Infrastructure Serviceable Addresses by 5,316. In addition, there was a life-to-date adjustment to reduce servicable address count by 1,490 for Charlottesville that dates back to the BRI acquisition.

7 The numbers for Q3 2025 Ting Internet Subscribers under management reflect reductions of 449 from the Q3 Cedar South divestiture and 476 from a non-revenue impacting subscriber adjustment (925 customers total).

Summary of Historical Financial Results

(In thousands of US dollars)

1 Tucows Corporate Revenue and Gross Margin includes revenue from retail mobile services, transition services provided to DISH and intercompany revenue eliminations.

2 Our adjusted EBITDA definition excludes depreciation, amortization of intangible assets, income tax provision, interest expense (net), accretion of contingent consideration, stock-based compensation, asset impairment, loss (gain) on disposition of assets, loss on debt extinguishment, gains and losses from unrealized foreign currency transactions and costs that are one-time in nature and not indicative of on-going performance (profitability), including acquisition and transition costs. Gains and losses from unrealized foreign currency transactions removes the unrealized effect of the change in the mark-to-market values on outstanding foreign currency contracts not designated in accounting hedges, as well as the unrealized effect from the translation of monetary accounts denominated in non-U.S. dollars to U.S. dollars.

3 In Q1/24, restructuring charges of $435K and $57K were presented within Gross Profit, in the Ting segment and Network Expenses respectively. In Q4/24, the Company incurred further restructuring charges and will present total restructuring charges for the year within Loss from Operations as a separate line item in the financial statements. Q1/24 has not been recast however the change has been reflected in the Q4/24 and Annual 2024 Gross Profit.

4 Ting’s gross margin for Q2 2025 includes a one-time, immaterial, non-cash increase in lease expense of $2.7 million related to a lease accounting adjustment for certain long-term network access agreements.