Q1 2025 Financial Highlights
- Service revenue was $247.0 million for Q1 2025 and was $252.3 million for Q4 2024.
- Revenue from leasing IPv4 addresses increased by 14.8%, from Q4 2024 and increased by 42.0% from Q1- 2024. Revenue from leasing IPv4 addresses was $14.4 million for Q1 2025, $12.6 million for Q4 2024 and $10.2 million for Q1 2024.
- Wavelength revenue increased by 2.2%, sequentially, and increased by 114.0% from Q1- 2024 and was $7.1 million for Q1 2025, $7.0 million for Q4 2024 and $3.3 million for Q1 2024.
- Wavelength customer connections increased by 18.2%, sequentially, and by 90.8% from Q1 2024.
- EBITDA increased by 4.6% to $43.8 million for Q1 2025 from Q4 2024 and increased by 137.2% from $18.5 million for Q1 2024.
- EBITDA margin was 17.7% for Q1 2025, 16.6% for Q4 2024 and was 6.9% for Q1 2024.
- Net cash provided by operating activities was $36.4 million for Q1 2025, $14.5 million for Q4 2024 and was $19.2 million for Q1 2024
- EBITDA, as adjusted, increased by 2.9% to $68.8 million for Q1 2025 from Q4 2024.
- EBITDA, as adjusted, margin was 27.8% for Q1 2025 and was 26.5% for Q4 2024.
- Gross margin – Non-GAAP - was 44.6% for Q1 2025, 38.7% for Q4 2024 and was 36.7% for Q1 2024.
- Gross margin was 13.6% for Q1 2025, 11.8% for Q4 2024 and was 9.9% for Q1 2024.
- Cogent closed its issuance of $174.4 million of its 6.6% IPv4 Securitized Notes on April 11, 2025.
- Cogent purchased 94,856 shares of its common stock for $5.0 million in April 2025 under its buyback program.
- Cogent approved an increase of $0.005 per share to its regular quarterly dividend for a total of $1.01 per share for Q2 2025 as compared to $1.005 per share for Q1 2025 – Cogent’s fifty-first consecutive quarterly dividend increase.