Tucows Inc 2025年季度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM10-Q Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of Regulation S-T §232.405 of this chapter during the preceding 12 months (or for such shorter period that the registrant was Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Item 1.Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets (unaudited)as of March 31, 2025 and December 31, 2024Condensed Consolidated Statements of Operations and Comprehensive Loss(unaudited) for the three months ended March31, 2025 and 2024 PARTIIOTHER INFORMATION Item 1.Legal Proceedings52Item 1A.Risk Factors52Item 2.Unregistered Sales of Equity Securities and Use of Proceeds53Item 3.Defaults Upon Senior Securities53Item 4.Mine Safety Disclosures53Item 5.Other Information53Item 6.Exhibits53Signatures54 TRADEMARKS, TRADE NAMES AND SERVICE MARKS Tucows®, EPAG®, Hover®, OpenSRS®, Ting®, eNom®, Ascio®, Simply Bits® andWavelo® are registered trademarks of TucowsInc. or its subsidiaries. Other service marks, trademarks and trade names of Tucows Inc. or its subsidiaries may be used in this QuarterlyReport on Form 10-Q(this “QuarterlyReport”). All other service marks, trademarks and trade names referred to in thisQuarterly Report arethe property of their respective owners. Solely for convenience, any trademarks referred to in thisQuarterly Report may appear without the Table of Contents NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) 1.Organization of the Company Tucows Inc. (referred to throughout this report as the “Company”, “Tucows”, “we”, “us” or through similar expressions) is acorporate parent, allocating capital and providing efficient shared services to itsthreebusinesses Ting, Wavelo and Tucows DomainsServices. Ting provides retail consumers and small businesses with high-speed fixed Internet access in a number of towns and cities acrossthe United States. Wavelo offers platform services which provide solutions to support Communication Service Providers ("CSPs") includingsubscription and billing management, network orchestration and provisioning, individual developer tools, and other professional services. 2.Basis of Presentation The accompanying unaudited interim consolidated balance sheets, and the related consolidated statements of operations andcomprehensive loss and cash flows reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion ofmanagement, necessary for a fair presentation of the financial position of Tucows and its subsidiaries as ofMarch 31, 2025and the results of The accompanying unaudited interim consolidated financial statements have been prepared by Tucows in conformity with therulesand regulations of the U.S. Securities and Exchange Commission (the “SEC”) and U.S. Generally Accepted Accounting Principles(“GAAP”). Certain information and footnote disclosures normally included in the Company's annual audited consolidated financialstatements and accompanying notes have been condensed or omitted. These interim consolidated financial statements and accompanyingnotes follow the same accounting policies and methods of application used in the annual financial statements and should be read in Change in Presentation of [Condensed] Consolidated Financial Statements Effective with this Form10-Q, the Company has updated the format of its CondensedConsolidated Financial Statements, includingthe Balance Sheets, Statements of Operations and Comprehensive Income (Loss), and Statements of Cash Flows. This revision condenses Prior period balances have been adjusted to combine following line items:1.“Inventory”, “Asset held for sale” and“Income taxes recoverable” within the line item “Prepaid expenses and other”2.“Investments” and“Contract costs” within the line item “Other Assets” These line items are adjusted on the Company’s unaudited Condensed Consolidated Balance Sheets to conform to the current periodpresentation. The Company continues to present the condensed line item information in “Note20– Additional Financial Information”. Change in presentation o