Tucows, Inc. Q1 FY2026 earnings call

• Domains: Gross profit and adjusted EBITDA increased year-over-year, revenue modestly below prior year. Resale channel and customer base support healthy margins. Domain services primary driver of profitability. Completed migration of Radix Registry portfolio in mid-March with full quarterly benefit expected in Q2. - Wavelow: Q1 was solid start, revenue modestly ahead of prior year, subscriber levels broadly stable. Continued investment in sales and marketing to strengthen pipeline health. - Ting: Q1 results marked important progress with subscriber growth and revenue accelerating, adjusted EBITDA improved by 50% versus Q1 last year. Partner footprint expanding.

Domains: Q1 revenue declined 2% year-over-year to $64.1 million from $65.3 million, while gross profit grew by 2% to $18.6 million from $18.3 million. Wholesale revenue declined 3% to $54.3 million, but wholesale gross margin net of network expenses rose 1%. Retail revenue increased 5% to $9.8 million and retail gross margin increased 8% to $5.6 million. Wavelow: Q1 revenue was $11.6 million with a slight increase year-over-year. Q1 gross profit was $7 million down from $7.8 million. Ting: Q1 subscriber growth and revenue both accelerated. Adjusted EBITDA improved by 50% versus Q1 of last year. Corporate: Q1 revenue was flat at $1.6 million, gross profit was negative $3.2 million compared to negative $2.6 million, adjusted EBITDA was negative $3.1 million from negative $1.5 million. Revenue contribution: Domains, Wavelow and corporate combined drove $77.2 million and Think contributed $19.4 million

• Q1 was a solid start to 2026 with revenue and gross profit growing and return to positive operating cash flow. - Radix registry migration complete, full benefit expected in Q2. - Ting's trajectory continues to improve with subscriber growth and adjusted EBITDA losses cut in half year over year. - Wavelow is in an investment phase in go-to-market for future bookings. - Ting's strategic process remains a top priority with active work toward long-term value creation.

• Forward-looking statements subject to risks and uncertainties causing actual results to differ materially. - Legacy mobile business challenges including mobile contract obligations and impact on profitability. - Risks described in company's SEC filings like Forms 10-K and 10-Q.

Q: Submit questions to 2CAS management.

A: Please submit questions via email to ir.2cas.com until Thursday, May 14th. Management will either address your questions directly or provide a recorded audio response and transcript that will be posted to the 2Cals website on Wednesday, May 20th at approximately 5 p.m. Eastern Time