Tucows Reports Financial Results for Third Quarter 2023
“On a year over year basis, our third quarter results show continued strong growth of Wavelo and Ting, and a return to steady state for Tucows Domains. Completing a full quarter with the migrated Boost subscriber base gave Wavelo a significant boost year over year, including increases in revenue of 174%; gross margin of 176%; and adjusted EBITDA of 566%. Ting also showed strong year over year growth with an increase of 17% for revenue and 20% for gross margin,” said Elliot Noss, Tucows President and CEO. “The important story is about capital allocation. We are making growth investments and directing cash flow to set up the Company for a long runway of growth while also managing our debt. We recently signed a new banking credit agreement for the Tucows syndicated debt that gave us improved terms and provides further stability and capital for growth, and we continued to pay down the balance on the syndicated debt this quarter using cash flow from Wavelo and Tucows Domains.”
Read the full news release here.