SEDAR Interim Financial Statements

[
  {
    "metadata": {
      "companyName": "Tucows Inc.",
      "reportingPeriodEnd": "2025-09-30",
      "reportStatus": "Unaudited",
      "auditorName": null,
      "auditorKeyMatters": []
    },
    "balanceSheet": {
      "cashAndCashEquivalents": 54078,
      "restrictedCash": 4618,
      "accountsReceivableNet": 27981,
      "deferredCostsOfFulfillmentCurrent": 99643,
      "prepaidExpensesAndOther": 22621,
      "totalCurrentAssets": 208941,
      "deferredCostsOfFulfillmentLongTerm": 16677,
      "securedNotesReserveFunds": 12060,
      "propertyAndEquipmentNet": 287960,
      "rightOfUseLeaseAsset": 54413,
      "intangibleAssets": 20978,
      "goodwill": 130410,
      "otherAssets": 4052,
      "totalAssets": 735491,
      "accountsPayableAndAccruedLiabilities": 32117,
      "derivativeInstrumentLiability": 568,
      "operatingLeaseLiabilityCurrent": 5456,
      "contractLiabilitiesCurrent": 137152,
      "otherCurrentLiabilities": 19256,
      "totalCurrentLiabilities": 194549,
      "contractLiabilitiesLongTerm": 21512,
      "operatingLeaseLiabilityLongTerm": 48701,
      "syndicatedRevolver": 189420,
      "notesPayable": 290642,
      "redeemablePreferredUnits": 131763,
      "deferredTaxLiability": 2963,
      "commonStock": 37907,
      "additionalPaidInCapital": 22412,
      "accumulatedDeficit": -203947,
      "accumulatedOtherComprehensiveLoss": -431,
      "totalStockholdersDeficit": -144059,
      "totalLiabilitiesAndStockholdersDeficit": 735491,
      "cashPerShare": 0.0049,
      "workingCapitalPerShare": 0.0013
    },
    "incomeStatement": {
      "netRevenues": 98558,
      "costOfRevenues": 74377,
      "grossProfit": 24181,
      "salesAndMarketing": 11882,
      "technicalOperationsAndDevelopment": 4682,
      "generalAndAdministrative": 9650,
      "gainOnDispositionOfPropertyAndEquipment": -3965,
      "depreciationAndAmortization": 785,
      "impairmentOfPropertyAndEquipment": 10724,
      "totalExpenses": 33758,
      "lossFromOperations": -9577,
      "interestExpenseNet": -13901,
      "otherIncomeNet": 2915,
      "totalOtherIncomeExpenses": -10986,
      "lossBeforeProvisionForIncomeTaxes": -20563,
      "provisionForIncomeTaxes": 2456,
      "netLoss": -23019,
      "otherComprehensiveLossNetOfTax": -793,
      "comprehensiveLoss": -23812,
      "basicAndDilutedLossPerCommonShare": -2.08,
      "sharesUsedInComputingBasicAndDilutedLossPerCommonShare": 11079486
    },
    "cashFlowStatement": {
      "netLoss": -23019,
      "depreciationAndAmortization": 11477,
      "amortizationOfDebtDiscountAndIssuanceCosts": 1173,
      "lossGainOnDisposalOfAssets": -3965,
      "impairmentOfPropertyAndEquipment": 10885,
      "deferredIncomeTaxesRecovery": 252,
      "accretionOfRedeemablePreferredUnits": 9351,
      "stockBasedCompensationExpense": 1387,
      "changeInNonCashOperatingWorkingCapital": {
        "accountsReceivable": -3757,
        "prepaidExpensesAndDeposits": 1853,
        "deferredCostsOfFulfillment": 2641,
        "accountsPayableAccruedLiabilities": -3691,
        "contractLiabilities": -4041,
        "otherOperatingAssetsAndLiabilities": 988
      },
      "netCashProvidedByOperatingActivities": 1534,
      "proceedsFromExerciseOfStockOptions": 0,
      "proceedsFromIssuanceOfNotesPayable": 0,
      "deferredNotesPayableFinancingCosts": 0,
      "repaymentOfSyndicatedRevolver": -2500,
      "paymentOfSyndicatedRevolverCosts": -423,
      "netCashProvidedByFinancingActivities": -2923,
      "proceedsOnDisposalOfPropertyAndEquipment": 7387,
      "additionsToPropertyAndEquipment": -3851,
      "acquisitionOfIntangibleAssets": 7,
      "netCashProvidedByInvestingActivities": 3543,
      "increaseDecreaseInCashAndCashEquivalents": 2154,
      "cashAndCashEquivalentsBeginningOfPeriod": 68602,
      "cashAndCashEquivalentsEndOfPeriod": 70756
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Equity investment",
        "description": "Equity investments without readily determinable fair value that do not provide control or significant influence",
        "ownershipPercentage": null,
        "value": 2012,
        "notes": "Recorded at cost, less impairment, with adjustments for observable price changes. Included in Other assets on balance sheet."
      }
    ],
    "shareStructure": {
      "authorizedShares": "250,000,000",
      "issuedShares": 11089663,
      "classesOfShares": ["Common Stock"],
      "warrants": [],
      "options": [
        {
          "number": 951471,
          "exercisePrice": 37.63,
          "expiryDate": null
        },
        {
          "number": 15659826,
          "exercisePrice": 1.34,
          "expiryDate": null
        },
        {
          "number": 4710674,
          "exercisePrice": 6.00,
          "expiryDate": null
        }
      ],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "USD",
      "periods": {},
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": []
    },
    "subsequentEvents": [
      {
        "eventDate": "2025-10-01",
        "description": "Notice received from Generate (preferred unit holder) regarding missed quarterly preferred return payments for two consecutive quarters totaling $9.5 million. If not cured by November 30, 2025, it may constitute a 'Return Breach' under the LLC Agreement, allowing Generate to exercise conversion or asset sale rights.",
        "impactValue": null
      }
    ]
  }
]