Tucows Inc. (TCX) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Total Current Assets | 98.63M | 203.09M | 208.94M | 211.71M | 194.5M | 205.38M | 221.58M | 188.95M | 213.93M | 147.11M | 266.27M | 308.72M | 167.7M | 169.92M | 172.27M | 153.34M | 154.25M | 147M | 143.83M | 146.44M |
| Cash & Short-Term Investments | 49.67M | 46.76M | 54.08M | 52.02M | 38.08M | 56.9M | 75.21M | 39.28M | 66.59M | 96.33M | 110.74M | 147.86M | 11.77M | 23.5M | 30.51M | 6.51M | 6.2M | 9.11M | 5.54M | 7.26M |
| Cash Only | 49.67M | 46.76M | 54.08M | 52.02M | 38.08M | 56.9M | 75.21M | 39.28M | 66.59M | 96.33M | 110.74M | 147.86M | 11.77M | 23.5M | 30.51M | 6.51M | 6.2M | 9.11M | 5.54M | 7.26M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 28.43M | 24.49M | 27.98M | 24.44M | 24.14M | 21.09M | 19.42M | 18.44M | 20.15M | 24.33M | 27.95M | 29.9M | 31.55M | 26.03M | 20.91M | 24.75M | 22.92M | 18.83M | 21.5M | 18.85M |
| Days Sales Outstanding | 24.64 | 24.46 | 24.47 | 22.45 | 21.52 | 20.02 | 18.87 | 19.64 | 23.14 | 27.66 | 30.6 | 32.9 | 32.22 | 27.37 | 26.92 | 26.11 | 23.17 | 22.49 | 24.46 | 21.83 |
| Inventory | 3.19M | 0 | 4.02M | 3.44M | 3.9M | 3.98M | 4.81M | 5.54M | 6.09M | 6.79M | 7.79M | 7.8M | 6.54M | 7.28M | 5.89M | 4.8M | 3.56M | 3.28M | 3.11M | 2.84M |
| Days Inventory Outstanding | 3.96 | - | 4.62 | 4.38 | 4.99 | 5.66 | 6.79 | 7.72 | 8.48 | 9.38 | 10.21 | 9.75 | 9.37 | 9.79 | 8.18 | 6.23 | 5.13 | 5.08 | 4.73 | 4.12 |
| Other Current Assets | 17.36M | 102.47M | 105.33M | 112.31M | 112M | 106.09M | 105.69M | 104.57M | 104.95M | 19.66M | 100.4M | 102.7M | 99.51M | 96.1M | 96.34M | 97.97M | 98.34M | 94.81M | 94.97M | 97.85M |
| Total Non-Current Assets | 630.61M | 527.82M | 526.55M | 530.48M | 547.41M | 553.41M | 577.45M | 569.26M | 566.34M | 708.06M | 547.62M | 534.59M | 513.97M | 494.83M | 473.19M | 441.37M | 409.13M | 392.59M | 349.37M | 337.1M |
| Property, Plant & Equipment | 346.12M | 345.27M | 342.37M | 346.28M | 361.59M | 366.69M | 389.48M | 383.13M | 378.9M | 367.11M | 356.54M | 341.01M | 325.98M | 301.98M | 274.86M | 244.66M | 209.59M | 190.18M | 171.37M | 156.73M |
| Fixed Asset Turnover | 0.28x | 0.29x | 0.29x | 0.28x | 0.26x | 0.25x | 0.24x | 0.23x | 0.23x | 0.24x | 0.25x | 0.25x | 0.26x | 0.27x | 0.30x | 0.37x | 0.41x | 0.46x | 0.46x | 0.50x |
| Goodwill | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 130.41M | 116.3M | 116.3M |
| Intangible Assets | 19.48M | 19.7M | 20.98M | 21.89M | 23.55M | 24.75M | 25.97M | 26.7M | 27.9M | 29.48M | 32.1M | 34.69M | 37.08M | 39.79M | 42M | 44.84M | 47.66M | 50.41M | 40.41M | 42.7M |
| Long-Term Investments | 16.82M | 0 | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M | 10.66M | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M | 2.01M |
| Other Non-Current Assets | 117.78M | 32.43M | 30.78M | 29.88M | 29.85M | 29.55M | 29.57M | 27.01M | 27.12M | 113.65M | 26.55M | 26.46M | 18.47M | 20.63M | 23.9M | 19.43M | 19.44M | 19.56M | 19.11M | 19.19M |
| Total Assets | 729.24M | 730.91M | 735.49M | 742.18M | 741.91M | 758.8M | 799.03M | 758.21M | 780.27M | 855.17M | 813.89M | 843.3M | 681.67M | 664.75M | 645.47M | 594.71M | 563.38M | 539.6M | 493.2M | 483.53M |
| Asset Turnover | 0.13x | 0.13x | 0.13x | 0.13x | 0.13x | 0.12x | 0.12x | 0.12x | 0.11x | 0.10x | 0.10x | 0.11x | 0.12x | 0.12x | 0.13x | 0.14x | 0.15x | 0.16x | 0.16x | 0.16x |
| Asset Growth % | -1.71% | -3.68% | -7.95% | -2.11% | -4.92% | -11.27% | -1.83% | -10.09% | 14.46% | 28.65% | 26.09% | 41.8% | 21% | 23.19% | 30.87% | 22.99% | 21.39% | 19.41% | 10.85% | 9.35% |
| Total Current Liabilities | 337.1M | 330.43M | 194.55M | 200.62M | 192.97M | 199.85M | 198.87M | 204.19M | 208.19M | 201.34M | 188.38M | 194.13M | 192.12M | 188.19M | 185.95M | 423.8M | 182.84M | 173.68M | 168.38M | 170.7M |
| Accounts Payable | 9.54M | 35.27M | 9.84M | 8.89M | 11.34M | 9.01M | 9.13M | 11.23M | 12.77M | 12.68M | 11.68M | 11.96M | 16.64M | 17.17M | 18.54M | 28.18M | 14.1M | 10.02M | 9.26M | 7.43M |
| Days Payables Outstanding | 27.8 | 27.84 | 11.59 | 12.05 | 12.88 | 11.69 | 13.36 | 15.92 | 16.75 | 15.67 | 15.48 | 19.43 | 22.92 | 26.54 | 35.78 | 31.52 | 18.12 | 15.31 | 13.27 | 13.92 |
| Short-Term Debt | 148.41M | 136.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.4M | 0 | 0 | 0 | 0 | 0 | 226.45M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 135.79M | 0 | 0 | 157.92M | 157.11M | 152.31M | 151.93M | 152.47M | 151.14M | 126.73M | 146.84M | 148.32M | 145.1M | 138.68M | 139.24M | 144.29M | 144.76M | 141.09M | 142.93M | 145.91M |
| Other Current Liabilities | 42.01M | 152.42M | 154.14M | 0 | 479K | 1.27M | 0 | 13K | 0 | 55.3M | 0 | 0 | 129K | 1.99M | 3.94M | 1.94M | 2.97M | 3.2M | 453K | 110K |
| Current Ratio | 0.29x | 0.61x | 1.07x | 1.06x | 1.01x | 1.03x | 1.11x | 0.93x | 1.03x | 0.73x | 1.41x | 1.59x | 0.87x | 0.90x | 0.93x | 0.36x | 0.84x | 0.85x | 0.85x | 0.86x |
| Quick Ratio | 0.28x | 0.61x | 1.05x | 1.04x | 0.99x | 1.01x | 1.09x | 0.90x | 1.00x | 0.70x | 1.37x | 1.55x | 0.84x | 0.86x | 0.89x | 0.35x | 0.82x | 0.83x | 0.84x | 0.84x |
| Cash Conversion Cycle | 0.79 | - | 17.5 | 14.78 | 13.63 | 13.99 | 12.3 | 11.44 | 14.87 | 21.37 | 25.33 | 23.22 | 18.67 | 10.62 | -0.68 | 0.82 | 10.18 | 12.25 | 15.92 | 12.03 |
| Total Non-Current Liabilities | 573.47M | 564.68M | 685M | 663.24M | 657.19M | 654.25M | 653.23M | 587.09M | 588.02M | 643.95M | 595.47M | 598.07M | 409.9M | 379.9M | 353.97M | 57.41M | 265.52M | 250.82M | 211.6M | 202.01M |
| Long-Term Debt | 482.28M | 481.18M | 480.06M | 481.84M | 480.72M | 482.07M | 482.9M | 423.32M | 428.79M | 544.64M | 443.97M | 450.38M | 236.03M | 238.93M | 238.84M | 0 | 207.18M | 190.75M | 149.94M | 139.87M |
| Capital Lease Obligations | 64.85M | 57.82M | 48.7M | 34.76M | 29.68M | 25.9M | 23.95M | 19.22M | 18.91M | 18.25M | 16.66M | 13.02M | 13.66M | 12.44M | 12.83M | 12.88M | 12.22M | 11.85M | 11.1M | 10.2M |
| Deferred Tax Liabilities | 2.96M | 0 | 2.96M | 2.96M | 2.96M | 2.96M | 2.97M | 2.97M | 2.97M | 59.71M | 6.12M | 9.59M | 12.95M | 15.72M | 18.97M | 21.19M | 22.21M | 22.57M | 22.48M | 23.39M |
| Other Non-Current Liabilities | 1.37M | 25.68M | 131.76M | 122.21M | 122.18M | 122.16M | 122.13M | 120.04M | 115.61M | 0 | 107.07M | 102.97M | 124.8M | 90.58M | 60.67M | 150K | 156K | 1.97M | 3.88M | 3.79M |
| Total Liabilities | 910.57M | 895.11M | 879.55M | 863.87M | 850.17M | 854.1M | 852.1M | 791.28M | 796.22M | 845.29M | 783.85M | 792.2M | 602.02M | 568.09M | 539.92M | 481.21M | 448.37M | 424.5M | 379.98M | 372.71M |
| Total Debt | 695.54M | 681.73M | 534.22M | 521.68M | 515.44M | 513.12M | 512.4M | 448M | 453.22M | 568.29M | 465.91M | 468.49M | 254.72M | 256.01M | 256.26M | 243.33M | 222.87M | 205.75M | 163.63M | 152.34M |
| Net Debt | 645.87M | 634.98M | 480.14M | 469.67M | 477.37M | 456.22M | 437.19M | 408.73M | 386.63M | 471.96M | 355.17M | 320.63M | 242.95M | 232.51M | 225.75M | 236.82M | 216.66M | 196.65M | 158.09M | 145.08M |
| Debt / Equity | - | - | - | - | - | - | - | - | - | 57.55x | 15.51x | 9.17x | 3.20x | 2.65x | 2.43x | 2.14x | 1.94x | 1.79x | 1.45x | 1.37x |
| Debt / EBITDA | 12.72x | 292.97x | 61.70x | 59.45x | 53.51x | - | 744.77x | 161.33x | - | 12.21x | - | - | - | - | 343.51x | 47.31x | 55.19x | 31.04x | 42.81x | 33.68x |
| Net Debt / EBITDA | 11.81x | 272.87x | 55.45x | 53.52x | 49.56x | - | 635.45x | 147.18x | - | 10.14x | - | - | - | - | 302.62x | 46.05x | 53.66x | 29.67x | 41.36x | 32.08x |
| Interest Coverage | -0.16x | -0.40x | -0.43x | 0.05x | 0.08x | -1.63x | -0.47x | -0.31x | -1.00x | - | -1.20x | -2.20x | -1.64x | -1.45x | -1.08x | 0.01x | -0.08x | 1.84x | 1.92x | 2.68x |
| Total Equity | -181.33M | -164.2M | -144.06M | -121.69M | -108.26M | -95.3M | -53.07M | -33.07M | -15.94M | 9.88M | 30.05M | 51.11M | 79.65M | 96.66M | 105.55M | 113.5M | 115.01M | 115.09M | 113.22M | 110.82M |
| Equity Growth % | -67.49% | -72.3% | -171.43% | -267.99% | -579% | -1065.06% | -276.65% | -164.7% | -120.02% | -89.78% | -71.54% | -54.97% | -30.74% | -16.02% | -6.77% | 2.41% | 7.07% | 9.93% | 12.79% | 13.81% |
| Book Value per Share | -16.30 | -14.76 | -13.00 | -11.00 | -9.81 | -8.65 | -4.83 | -3.02 | -1.46 | 0.91 | 2.76 | 4.72 | 7.37 | 8.94 | 9.79 | 10.54 | 10.69 | 10.64 | 10.46 | 10.26 |
| Total Shareholders' Equity | -181.33M | -164.2M | -144.06M | -121.69M | -108.26M | -95.3M | -53.07M | -33.07M | -15.94M | 9.88M | 30.05M | 51.11M | 79.65M | 96.66M | 105.55M | 113.5M | 115.01M | 115.09M | 113.22M | 110.82M |
| Common Stock | 38.79M | 38.31M | 37.91M | 37.43M | 37.03M | 36.58M | 36.14M | 35.53M | 35.03M | 34.37M | 33.59M | 32.95M | 32.46M | 31.87M | 31.04M | 30.19M | 29.66M | 28.52M | 25.52M | 23.46M |
| Retained Earnings | -244.08M | -225.98M | -203.95M | -180.93M | -165.29M | -150.16M | -107.68M | -85.39M | -66.78M | -40.3M | -16.92M | 5.85M | 36.82M | 55.9M | 69.34M | 77.33M | 80.45M | 83.47M | 85.44M | 84.06M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -190K | -57K | -431K | 362K | -364K | -964K | 537K | 129K | 433K | 1.73M | 140K | 804K | 616K | 784K | -276K | 1.5M | 1.38M | 343K | -288K | 1.1M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |