Tucows Reports Financial Results for Second Quarter 2023
“Our second quarter results continue to show the potential of the Tucows growth businesses, said Elliot Noss, Tucows President and CEO. Our Ting and Wavelo businesses saw 21% and 20% increases in revenue respectively, year over year. But Wavelo was our standout business this quarter. The business completed the migration of 8 million-plus subscribers and had increases of 47% in revenue, 60% in gross profit, and 923% in Adjusted EBITDA in Q2 compared to Q1. Our Tucows Domains business has seen domains under management and transactions stabilize post-pandemic, and we expect revenues and margin to similarly return to incremental growth as we realize the benefits of foreign exchange related price increases from the second half of 2022. And we’ve again used cash flow from Wavelo and Tucows Domains to reduce our syndicated debt this quarter.”
Read the full news release here.