Q3 2025 Financial Highlights
- Service revenue was $241.9 million for Q3 2025 and was $246.2 million for Q2 2025.
- On-net revenue increased by 2.2% from Q2 2025 to Q3 2025.
- On-net revenue was $135.3 million for Q3 2025 and $132.3 million for Q2 2025.
- Wavelength revenue increased by 12.4%, sequentially, and increased by 92.5% from Q3 2024.
- Wavelength revenue was $10.2 million for Q3 2025, $9.1 million for Q2 2025 and $5.3 million for Q3 2024.
- Wavelength customer connections increased by 19.1%, sequentially from Q2 2025 and increased by 68.1% from Q3 2024.
- Revenue from leasing IPv4 addresses increased by 14.1%, from Q2 2025 and increased by 55.5% from Q3 2024.
- Revenue from leasing IPv4 addresses was $17.5 million for Q3 2025, $15.3 million for Q2 2025 and $11.2 million for Q3 2024.
- On-net revenue increased by 2.2% from Q2 2025 to Q3 2025.
- In October 2025, Cogent entered into a letter of intent to sell two data centers Cogent acquired and repurposed in connection with its Sprint acquisition for $144 million in cash.
- EBITDA increased by 0.6% to $48.8 million for Q3 2025 from Q2 2025 and increased by 36.0% from $35.9 million for Q3 2024.
- EBITDA margin was 20.2% for Q3 2025,19.7% for Q2 2025 and was 13.9% for Q3 2024.
- Net cash provided by operating activities was $3.1 million for Q3 2025. Net cash used in operating activities was $44.0 million for Q2 2025 and was $20.2 million for Q3 2024.
- EBITDA, as adjusted, increased by 0.4% to $73.8 million for Q3 2025 from Q2 2025 and increased by 21.2% from $60.9 million for Q3 2024.
- EBITDA, as adjusted, margin was 30.5% for Q3 2025, 29.8% for Q2 2025 and was 23.7% for Q3 2024.
- Capital expenditures decreased by 35.5% to $36.3 million for Q3 2025 from Q2 2025 and decreased by 38.8% from $59.2 million for Q3 2024.
- Cogent approved a quarterly dividend of $0.02 per share for Q4 2025.