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Tucows TCX Fiber Internet Services — Variable lease expense

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Other financials

Income statement

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Revenue$100.6M+2.1%
Gross profit$25.8M+16.6%
Operating income-$5.5M-89.5%
Net income-$20.5M-30.9%
EPS (diluted)-$1.84-30.5%

Balance sheet

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Cash & equivalents$60.2M-12.2%
Total debt$375.0M+13.8%
Total equity-$200.8M-65.0%
Total assets$727.7M-2.0%

Cash flow

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Operating cash flow$1.9M-70.5%
CapEx$5.1M+45.7%
Free cash flow-$3.1M-201%

Valuation

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Market cap$156.87M-21.1%
Enterprise value$471.68M+2.6%
P/S0.4×-0.1×

Profitability

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Gross margin30.8%
Operating margin10.4%
Net margin-21.2%-2.9pp
FCF margin-3.7%-1.5pp

Returns & leverage

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Return on equity-180.6%-217pp
Debt / equity25×+24.8×
Current ratio0.6×-0.5×

Where this comes from

Reported directly by Tucows in its filing.

Tagged under the XBRL concept us-gaap:VariableLeaseCost.

The source filing: Tucows’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 5:01 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000909494-26-000003
Line itemFor the Three Months Ended June 30, 2026For the Three Months Ended June 30, 2025For the Six Months Ended June 30, 2026For the Six Months Ended June 30, 2025
Operating lease expense (leases with a total term greater than 12 months)$4,229$2,212$7,767$4,466
Short-term lease expense (leases with a total term of 12 months or less)2064012
Variable lease expense5231821,065294
Total lease expense$4,772$2,400$8,872$4,772

Item 1. Condensed Consolidated Financial Statements

FAQ

What is Tucows's fiber internet services — variable lease expense?
Tucows (TCX) reported fiber internet services — variable lease expense of $523K in Q2 2026.
What does fiber internet services — variable lease expense mean?
This metric captures lease payments for the fiber internet services segment that are not fixed but vary based on usage, performance, or index-linked factors. These expenses fluctuate in alignment with network traffic, service demand, or other operational variables. Analyzing this provides insight into the company's exposure to variable cost structures and the scalability of its fiber service delivery model.

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