Cogent Communications Holdings Inc

Cogent Communications delivered a disappointing second quarter, missing on both top and bottom lines as the ongoing wind-down of its T-Mobile Commercial Agreement continued to weigh on results. The company posted revenue of $246.25 million, falling short of the $247.67 million consensus by 0.58% and declining 5.5% year-over-year, while a net loss of $1.21 per diluted share came in worse than the $1.18 estimate by 2.83%, pressured by $48.69 million in interest expense and a $5.61 million loss on debt extinguishment tied to the refinancing of its 2026 notes. Bright spots were harder to ignore entirely, with wavelength revenue surging 149.8% year-over-year to $9.06 million and IPv4 leasing revenue climbing 40.1% to $15.32 million, though neither was large enough to offset broader declines in legacy off-net business. Shares fell sharply following the announcement, reflecting investor concern over a net loss that widened 79% from a year ago, even as Cogent raised its quarterly dividend for the 52nd consecutive quarter to $1.01 per share.