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Tucows reports 2023 results
Kevin Murphy,
February 23, 2024, 11:44:24 (UTC),
Domain Registrars
Tucows reported a domains business that was slightly stronger in the fourth quarter, as the company’s overall revenue grew by over 10%.
The registrar said its Tucows Domains unit grew by 2.6% at $61.8 million in the period, compared to Q4 2022. Gross profit was up 2.5% at $18.9 million and adjusted EBITDA was $10.8 million, up 2.1%.
For the full year, Domains brought in revenue down slightly at $242.1 million from $243.2 million in 2022. Gross profit was down from $78.2 million to $66.7 million and adjusted EBITDA was down to $42.6 million from $44.8 million in 2022.
CEO Elliot Noss said that he expects EBITDA for the domains business in 2024 to be $43 million.
Tucows’ domains under management was up at bit at the end of December, with 24.56 million names compared to 24.54 million at the end of Q3 and 24.39 million at the end of 2022.
Domains represents about 31% of the company’s overall business, with its Ting internet access services and Wavelo telecoms software unit making up the rest.
The company’s total revenue for Q4 was flat sequentially at $86.9 million, up from $78 million in the year-ago period. Full-year revenue was $339.3 million, up from $321.1 million in 2022.
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