San Diego, California--(Newsfile Corp. - February 20, 2026) - Johnson Fistel, PLLP is investigating potential claims on behalf of investors of Cogent Communications Holdings, Inc. (NASDAQ: CCOI). The investigation focuses on Cogent's executive officers and whether investor losses may be recovered under federal securities laws.What if I purchased Cogent securities?If you purchased Cogent securities and suffered losses on your investment, join our investigation now: Click here to join the investigation.Or fo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission file number 000-51829 COGENT COMMUNICATIONS HOLDINGS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdiction of Incorporation or Organization) 2450 N Street N.W. Washington, D.C. 46-5706863 (I.R.S. Employer Identification No.) 20037 ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $240.5 million, with a full year total of $975.8 million, reflecting a sequential decline of $1.4 million or 0.6% [19] - EBITDA for Q4 2025 increased sequentially by $3 million to $51.7 million, with an EBITDA margin increase of 130 basis points to 21.5% [21] - Gross margin for Q4 2025 increased sequentially by $1.6 million to $112.5 million, with a gross margin percentage of 46.8% [20] Business Line Data and Key Metrics Changes - On-net revenues increased from 47% in Q3 2023 to 61% in Q4 2025, while off-net revenues decreased from 48% to 39% [4] - Wavelength revenue for Q4 2025 was $12.1 million, a 74% year-over-year increase, with a sequential growth of 19% [5] - Non-core revenues decreased to less than 1% of total revenues in Q4 2025 [4] Market Data and Key Metrics Changes - The company serves 1,715 carrier-neutral data centers and 187 Cogent data centers, with a total capacity of 213 megawatts [13] - The NetCentric business represented 43% of revenues in Q4 2025, with a year-over-year revenue increase of 10.4% [26] - The enterprise business accounted for 14.3% of revenues in Q4 2025, with a year-over-year decline of 24.7% [27] Company Strategy and Development Direction - The company aims for revenue growth in the 6%-8% range over the long term, with a focus on improving the on-net service mix [15][44] - Plans to refinance $750 million of unsecured notes with new secured notes are underway, aiming to enhance financial flexibility [39] - The company is actively working to monetize surplus data center facilities acquired from Sprint, which will aid in deleveraging [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to positive revenue growth, citing a 27% growth in Cogent revenues since the acquisition of Sprint [43] - The company anticipates continued margin expansion driven by a shift towards more profitable on-net services [44] - Management noted that the acquired Sprint Wireline revenue base has significantly declined, impacting overall revenue performance [23] Other Important Information - The company reported a significant reduction in IP transit payments from T-Mobile, which impacted EBITDA [8] - IPv4 leasing revenue increased by 44% year-over-year to $64.5 million for full year 2025 [11] - The company has improved its leverage ratios, with gross debt leverage at 7.35 and net debt ratio at 6.64 in Q4 2025 [10] Q&A Session Summary Question: Update on total company revenues and EBITDA for 2026 - Management indicated that they do not provide specific quarterly or annual guidance but expect to return to positive revenue growth and maintain a 6%-8% annual growth rate over the long term [43] Question: Progress on the Waves business and expected connections or revenues - Management noted that the wavelength business is gaining credibility and expects continued acceleration in revenue recognition and installations [44] Question: Status of data center transactions and tax implications - Management confirmed that negotiations for data center sales are ongoing and clarified that tax implications from the Sprint acquisition would not result in income taxes being paid due to existing NOLs [51][52] Question: Analysis of Sprint revenue versus Cogent Classic - Management explained the challenges in separating the two revenue streams post-acquisition and noted that the Sprint business is continuing to deteriorate [78]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $240.5 million, with a full year total of $975.8 million, reflecting a sequential decline of $1.4 million or 0.6% [19] - Gross margin for Q4 increased by $1.6 million to $112.5 million, with a gross margin percentage of 46.8%, up 100 basis points sequentially [20] - EBITDA for Q4, excluding payments under the IP Transit Agreement, increased sequentially by $3 million to $51.7 million, with an EBITDA margin of 21.5% [21] - Full year EBITDA increased by $70 million to $192.8 million, with an EBITDA margin of 19.8%, up from 11.9% in 2024 [22] Business Line Data and Key Metrics Changes - On-Net revenues increased from 47% of total revenues in Q3 2023 to 61% in Q4 2025, while Off-Net revenues decreased from 48% to 39% [4] - Wavelength revenue for Q4 was $12.1 million, a 74% year-over-year increase, with a sequential growth of 19% [5] - Non-core revenues decreased to less than 1% of total revenues in Q4 2025, down from 5% in Q3 2023 [4] Market Data and Key Metrics Changes - The company serves On-Net customers in 3,579 buildings, with a total On-Net revenue of $146.4 million for Q4, reflecting a year-over-year increase of 7.8% [28] - Off-Net revenue for Q4 was $92.9 million, a year-over-year decrease of 17.9% [29] - The NetCentric business represented 43% of revenues in Q4, with a quarterly revenue increase of 10.4% year-over-year [26] Company Strategy and Development Direction - The company anticipates revenue growth in the 6%-8% range over the multi-year period, with a focus on improving the On-Net service mix [15][44] - The strategy includes monetizing surplus data center facilities acquired from Sprint, which will aid in deleveraging and returning capital to equity holders [39] - The company aims to refinance its $750 million unsecured notes with new secured notes, maintaining the same aggregate face value [14][65] Management's Comments on Operating Environment and Future Outlook - Management noted that the decline in Sprint-acquired revenues has been significant, with a 64% decrease since the acquisition, while Cogent's legacy revenues have grown by 27% [43][79] - The company expects to continue improving margins through a shift towards more profitable On-Net services, with 80% of Q4 sales being On-Net [44][82] - Management expressed optimism about the Wavelength business, highlighting its potential for growth and contribution to margin expansion [45] Other Important Information - The company has improved its leverage ratios, with a gross debt leverage ratio of 7.35, down from 7.45 in the previous quarter [10] - IPv4 leasing revenue increased by 44% year-over-year to $64.5 million for the full year 2025 [11] - The company is currently leasing 15.3 million IPv4 addresses, an increase of 17% year-over-year [12] Q&A Session Summary Question: Update on total company revenues and EBITDA for 2026 - Management indicated that they do not provide specific quarterly or annual guidance but expect to return to positive revenue growth and maintain a 6%-8% annual growth rate [43] Question: Expectations for the Wavelength business scaling in 2026 - Management noted that Wavelength products are significant contributors to margin expansion and expect growth to accelerate as credibility with customers increases [44][45] Question: Progress on data center transactions and tax implications - Management confirmed that negotiations are ongoing for multiple facilities and that tax losses from the Sprint acquisition will offset any taxable income from sales [51][52] Question: EBITDA contribution of the Sprint business - Management estimated the EBITDA contribution from the Sprint business to be close to zero but slightly positive, indicating ongoing efforts to improve margins [85]

Cogent Communications (NasdaqGS:CCOI) Q4 2025 Earnings call February 20, 2026 08:30 AM ET Speaker9Good morning, and welcome to the Cogent Communications Holdings fourth quarter and full year 2025 earnings conference call. As a reminder, this conference call is being recorded, and it will be available for replay at www.cogent.com. A transcript of this conference call will be posted on Cogent's website when it becomes available. Cogent's summary of financial and operational results attached to its press relea ...

NASDAQ CCOI INVESTOR PRESENTATION Cautionary Note Regarding Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future, not past, events and are subject to risks and uncertainties. The forward-looking statements, which address the Company's expected business and financial performance, among other matters, contain words such as: "will", "expect", "believe", "continue ", "optimistic", "shou ...

FOR IMMEDIATE RELEASE Cogent Contacts: For Public Relations: For Investor Relations: Jocelyn Johnson John Chang + 1 (202) 295-4299 + 1 (202) 295-4212 jajohnson@cogentco.com investor.relations@cogentco.com Cogent Communications Reports Fourth Quarter 2025 and Full Year 2025 Results Financial and Business Highlights [WASHINGTON, D.C. February 20, 2026] Cogent Communications Holdings, Inc. (NASDAQ: CCOI) ("Cogent") today announced service revenue of $240.5 million for the three months ended December 31, 2025, ...

Core Insights - Cogent Communications reported a service revenue of $975.8 million for the full year 2025, a decrease from $1,036 million in 2024, with a notable increase in wavelength revenue by 100.3% to $38.5 million for the same period [1] - The company experienced a decrease in total customer connections by 4.7% year-over-year, totaling 117,643 as of December 31, 2025 [1] - EBITDA, as adjusted, for Q4 2025 was $76.7 million, reflecting a 4.0% increase from Q3 2025 and a 14.8% increase from Q4 2024 [1] Financial Performance - Service revenue for Q4 2025 was $240.5 million, down 0.6% from Q3 2025 and down 4.7% from Q4 2024 [1] - On-net revenue for Q4 2025 was $134.3 million, a decrease of 0.7% from Q3 2025 but an increase of 4.3% from Q4 2024 [1] - Off-net revenue for Q4 2025 was $92.9 million, down 2.3% from Q3 2025 and down 17.9% from Q4 2024 [1] Customer Connections - On-net customer connections increased by 0.5% year-over-year to 87,944 as of December 31, 2025, while off-net connections decreased by 14.9% to 24,656 [1] - Wavelength customer connections rose by 84.6% year-over-year to 2,064 as of December 31, 2025 [1] - Non-core customer connections decreased to 2,979 as of December 31, 2025, down from 5,802 a year earlier [1] Dividends and Tax Treatment - Cogent paid a total of $150.1 million in dividends for 2025, equating to $3.05 per share, with 100% treated as a return of capital for tax purposes [1] - A regular quarterly dividend of $0.02 per share was approved on February 18, 2026, payable on March 20, 2026 [1] Operational Highlights - The company has expanded its optical wavelength services to 1,068 locations across the U.S., Mexico, and Canada as of December 31, 2025 [1] - The acquisition of the Sprint network has allowed Cogent to enhance its product offerings significantly [1]

In case you’re new to options, the bull call spread involves buying a call option at one price and selling a call option at a higher strike price for premium income to lower the overall cost of the trade, where both have the same expiration date.Here are the various combinations based on going long the $35 call and short the $50 call, and four other strike prices, as I am writing this early in Thursday trading.As you can see, four of the five trades were for June 18 calls. You’ve got 5,000 each for the $35 ...

Company Overview - Cogent Communications Holdings is a global provider of internet access and network services, operating 54 data centers and connecting thousands of commercial buildings [6] - The company focuses on recurring service revenue and has a broad geographic reach, which underpins its competitive position in the telecommunications sector [6] - Revenue for the trailing twelve months (TTM) is $987.53 million, with a net income of -$194.71 million, and a dividend yield of 12.6% [4] Recent Developments - Taylor Frigon Capital Management fully exited its position in Cogent Communications Holdings in the fourth quarter, selling 73,271 shares valued at approximately $2.81 million [1][2] - As of January 23, shares of Cogent were priced at $24.29, reflecting a significant decline of 65.4% over the prior year, underperforming the S&P 500's gain of roughly 14% during the same period [3] Financial Performance - Cogent's latest results indicated some progress, with wavelength revenue increasing sharply year over year and EBITDA growing, leading to margins expanding to just over 20% in the third quarter [11] - However, core service revenue experienced a sequential decline, operating cash flow remained thin, and the stock continued to slide, indicating investor skepticism about the company's ability to generate durable free cash flow [11] Market Position and Strategy - Cogent operates a network-centric business model, generating income through recurring service contracts and colocation fees for bandwidth-intensive organizations [9] - The company serves small and medium-sized businesses, communications service providers, and enterprises that require reliable, high-capacity data connectivity [9] - The exit by Taylor Frigon Capital Management reflects a growing mismatch between the demands of Cogent's business and the portfolio's design, highlighting the challenges faced by capital-heavy network operators [10][12]