Q3 2026 Financial Highlights
- Service revenue totaled $231.2 million for Q3 2026 compared to $235.6 million for Q2 2026.
- On-net revenue, including wavelengths, increased by 2.4% sequentially from Q2 2026 to $153.9 million for Q3 2026 and increased by 5.8% from Q3 2025.
- Wavelength revenue, increased by 7.8% sequentially from Q2 2026 to $16.0 million for Q3 2026 and increased by 57.0% from Q3 2025.
- EBITDA, as adjusted, was $73.9 million for Q3 2026 and increased by 3.9% from Q2 2026.
- EBITDA, as adjusted, margin was 32.0% for Q3 2026 and was 30.2% for Q2 2026.
- Network operations expenses, excluding equity-based compensation expense, were $121.0 million for Q3 2026 and decreased by 3.1% from Q2 2026.
- Selling, general and administrative expenses, excluding equity-based compensation expense, were $61.3 million for Q3 2026 and decreased by 5.1% from Q2 2026.
- Capital expenditures were $36.3 million for Q3 2026 and decreased by 5.8% from Q2 2026.
- IP Network traffic for Q3 2026 increased by 4% from Q2 2026 and increased by 14% from Q3 2025.
- Total cash, including restricted cash, at the end of Q3 2026 was $181.3 million.
- Cogent purchased $118.4 million par value of its 2032 secured notes at a discount for $106.7 million for a gain of $11.3 million during Q3 2026 and in total purchased $138.8 million par value of its 2032 secured notes at a discount for $125.4 million for a gain of $12.9 million in 2026.
- Cogent purchased $50.0 million par value of its 2027 unsecured notes at a discount for $49.6 million for a gain of $0.1 million during Q3 2026.
- Cogent has entered into two non-binding letters of intent with two counter parties to sell four data centers Cogent acquired and repurposed in connection with its Sprint acquisition for a total of approximately $100.0 million in cash.