• Reported GAAP EPS of -$0.64 up 29.67% YoY • Reported revenue of $240.52M down -4.67% YoY
Bullish
Cogent Communications saw strong wavelength revenue growth, increasing 18.8% sequentially in Q4 2025. Adjusted EBITDA and its margin improved, while IPv4 address leasing revenue also grew significantly for the full year.
Bearish
Cogent Communications experienced service revenue decline and negative operating cash flow in Q4 2025. Total customer connections decreased, with off-net connections seeing a notable 3.4% sequential reduction.