Cogent is a global internet backbone provider that sells high-speed connectivity and data center space, like a toll road for web traffic, serving businesses in 3,035 buildings across six continents.
Revenue comes from recurring monthly fees for internet access and private network links, with gross margins around 42% TTM, but the company is currently unprofitable, posting a net loss of USD 0.18B in 2025.
Cogent's own fiber network reaches 1,817 buildings directly, creating a physical barrier that AT&T and Lumen can't easily replicate, but the moat is eroding as cloud providers like Amazon Web Services and Microsoft Azure build their own private backbones, bypa
Key events, in time order
Multiple firms remind investors, covering purchases Feb 2024-May 2026
PT cut from $22 to $9, reflecting earnings and debt pressures
CEO updates on Sprint integration and wavelength growth, acknowledging slower payoff, impacting forecasts.
Two more firms issued reminders; class period and deadline unchanged
Company sold 10 owned data centers for net proceeds of $224.2M, recognizing $130.7M gain; service revenue was $235.6M.
None yet
None yet
Cogent Communications is facing scrutiny over its debt management and dividend payouts. A recent downgrade adds to concerns about its financial strategy.
Main discussion
Tough times at $CCOI, realizing you probably should have paid down some debt with the ~$1B of dividends they paid since 2020
Upgrades 8/19: $APA $CIEN $D $DLTR $FN $HONA $MRNA $NP $TWFG . Downgrades 8/19: $BIDU $CCOI $CME $CNR $CRSR $DEFT $KLAR $MD $MREO $NTSK $PS
No comments yet.
Facts and opinions separated · All items sourced · Not investment advice
