Cogent Communications Holdings, Inc. reported service revenue of $252.3 million for the fourth quarter ended December 31, 2024, marking a 1.9% sequential decrease and a 7.3% year-over-year decline. For the full year 2024, total service revenue reached $1,036.1 million, an increase of 10.1% compared to 2023. Revenue from the Commercial Agreement with T-Mobile was $1.5 million in Q4 2024, down from $4.1 million in the prior quarter.
In the fourth quarter, on-net revenue was $128.8 million, a 5.7% sequential decrease, while off-net revenue increased by 1.7% sequentially to $113.2 million. Wavelength revenue continued its strong growth trajectory, reaching $7.0 million in Q4 2024, a 31.8% sequential increase and a 124.1% year-over-year increase. For the full year, wavelength revenue was $19.2 million, up 239.6% from 2023, and IPv4 revenue was $12.560 million in Q4 2024.
The company's GAAP gross profit for Q4 2024 was $29.8 million, resulting in a GAAP gross margin of 11.8%. EBITDA as adjusted for Sprint acquisition costs and T-Mobile payments was $66.9 million for the quarter. Cogent reported a net loss per share of $(0.91) for Q4 2024 and a full-year net loss per share of $(4.28).
Cogent's Board approved a regular quarterly dividend increase to $1.005 per share, payable on March 28, 2025. Operationally, the company expanded its optical wavelength services to 808 data centers across the United States, Mexico, and Canada as of December 31, 2024, and increased its on-net buildings by 176 from December 31, 2023, to 3,453.
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