Tucows (TCX) Owned Infrastructure Serviceable Address

Count of addresses reachable over Tucows’ own network, showing the company’s direct market reach, potential for higher margins, and control over service quality and monetization.

Owned infrastructure serviceable addresses grew steadily through 2023–2024 but stalled and declined modestly across 2025, implying expansion has paused and some assets or customers may have been removed or reclassified amid the ongoing Ting divestiture. Management’s conservative capital allocation, limited liquidity ex‑Ting, and focus on deleveraging help explain the pullback; this trend raises near‑term fee and revenue risk for Wavelo unless addresses stabilize or the divestiture restores balance‑sheet flexibility.