Cogent Communications Holdings, Inc. reported total service revenue of $246.2 million for the three months ended June 30, 2025. This represents a 0.3% sequential decrease and a 5.5% decline compared to the same period in 2024. Revenue from the Commercial Agreement with T-Mobile was $1.1 million, an increase from $0.7 million in the prior quarter.
In the second quarter, on-net revenue was $132.3 million, a 2.1% sequential increase, while off-net revenue decreased by 4.8% sequentially to $102.2 million. Wavelength revenue continued its strong growth, reaching $9.1 million, a 27.2% sequential increase and a 149.8% year-over-year increase. IPv4 revenue also grew, increasing by 6.3% sequentially to $15.320 million.
The company's GAAP gross profit for Q2 2025 was $33.5 million, with a GAAP gross margin of 13.6%. EBITDA as adjusted for Sprint acquisition costs and T-Mobile payments was $73.5 million. Cogent reported a net loss per share of $(1.21) for the quarter.
Cogent's Board approved a regular quarterly dividend increase to $1.015 per share, payable on September 5, 2025. This marks the latest in a series of consistent dividend increases.
The Board also approved a significant $100.0 million increase to its stock buyback program, extending the authorization through December 31, 2026. This move signals management's confidence in the company's valuation and commitment to returning capital to shareholders.
Operationally, Cogent increased its on-net buildings by 143 from June 30, 2024, to a total of 3,529 as of June 30, 2025. The company was offering optical wavelength services in 938 data centers across the United States, Mexico, and Canada, further expanding its high-capacity network reach.
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