Highlights

  • Third quarter service Revenue was USD 231.2 million against USD 241.9 million.
  • The net loss was USD 29.8 million, or USD 0.62 per share.
  • On-net revenues were USD 153.9 million, up 5.8% year over year.
  • The board suspended the Dividend program while it settles on a path forward.

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) shares fell 17.27% to USD 3.88 on November 6, 2026, trading near their 52-week low. The company reported third quarter service revenue of USD 231.2 million against USD 241.9 million, and a net loss of USD 29.8 million against USD 41.5 million.

Cogent has a market Capitalization of about USD 198.72 million at the current price. It had 51,203,883 shares outstanding as of October 31, 2026.

Third Quarter Results

Total operating expenses fell to USD 243.3 million from USD 262.5 million, and the operating loss narrowed to USD 6.9 million from USD 18.1 million. Loss per share was USD 0.62 against USD 0.87. Management said Adjusted EBITDA increased by USD 2 million in the quarter and the Adjusted EBITDA Margin rose 150 basis points sequentially to 32%. On-net revenues, including wavelength revenues, rose 5.8% year over year and 2.4% sequentially. Off-net revenues decreased on cancellations of low margin off-net customers acquired with the Cogent Fiber Business.

Nine Month Results

Service revenue was USD 705.9 million against USD 735.2 million. The net loss narrowed to USD 2.7 million from USD 151.4 million. Net cash provided by Operating Activities was USD 21.8 million against net cash used of USD 4.6 million. Capital expenditures fell 5.8% sequentially to USD 36.3 million in the quarter.

Going Concern and Debt

The company stated that substantial doubt exists about its ability to continue as a Going Concern over the next twelve months, given its 2027 Notes and 2027 Mirror Notes. Total gross Debt at par was USD 2.2 billion at quarter end, and the 2027 notes were reduced to USD 700 million. The company purchased USD 50 million of its 2027 notes and USD 138.8 million of its 2032 notes, for total Par Value purchases of USD 188.8 million. Management said it has engaged Evercore and Latham to help address the 2027 notes.

Dividend and Data Centers

The board suspended the dividend program, which it described as modest, until a path forward is settled. Enterprise Business represented 11.7% of revenues. The company's data centers offer approximately 150 MW of power and approximately 1.5 million square feet of floor space, and it expects 200 basis points to be a normal annual rate of margin improvement over the long run.

Balance Sheet

Cash and cash equivalents were USD 166.9 million against USD 148.5 million at the end of 2025. Total Assets were USD 2,892.7 million and total liabilities were USD 2,949.8 million, leaving a stockholders' Deficit of USD 57.0 million.