Cogent Communications Holdings, Inc. reported total service revenue of $247.0 million for the three months ended March 31, 2025. This represents a 2.1% decrease from the previous quarter and a 7.2% decline compared to the same period in 2024. Revenue from the Commercial Agreement with T-Mobile was $0.7 million, a decrease from $1.5 million in the prior quarter.
In the first quarter, on-net revenue was $129.6 million, a 0.7% sequential increase, while off-net revenue decreased by 5.2% sequentially to $107.3 million. Wavelength revenue continued its strong growth, reaching $7.1 million, a 2.2% sequential increase and a 114.0% year-over-year increase. IPv4 revenue also saw significant growth, increasing by 14.8% sequentially to $14.413 million.
The company's GAAP gross profit for Q1 2025 was $33.6 million, with a GAAP gross margin of 13.6%. EBITDA as adjusted for Sprint acquisition costs and T-Mobile payments was $68.8 million. Cogent reported a net loss per share of $(1.09) for the quarter, and its Board approved a regular quarterly dividend increase to $1.01 per share, payable on June 6, 2025.
Operationally, Cogent increased its on-net buildings by 179 from March 31, 2024, to a total of 3,500 as of March 31, 2025. The company was offering optical wavelength services in 883 data centers across the United States, Mexico, and Canada, demonstrating continued expansion of its high-capacity offerings.
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