TCXNasdaqServices-Computer Processing & Data PreparationFiscal year ends December 31
TUCOWS INC /PA/
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$9.36−0.81 (-7.96%)
Close on Oct 19, 2026
- Market cap
- $104.35M
- P/E (TTM)
- –
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
56.8%
6M of 11M shares
Institutional holders
69
10 new, 8 sold out
Net institutional buying
0M
In Q2 2026
Insider trades, 12 months
0 buys · 0 sales
Open-market trades only
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Christian Finke | 601,155 | 5.40% | 13G (passive) | Mar 31, 2025 |
| EdgePoint Investment Group Inc. | 2,106,165 | 19.30% | 13G (passive) amendment | Dec 31, 2023 |
| Norman Rentrop | 1,413,439 | 12.80% | 13G (passive) | Dec 30, 2024 |
| Herdwick Capital Ltd. | 1,091,985 | 9.90% | 13G (passive) amendment | Mar 31, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of TCX | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| EdgePoint Investment Group Inc. | 2,118,575 | 18.95% | $28.70M | – | 0.22% |
| Blacksheep Fund Management Ltd | 1,091,985 | 9.77% | $14.71M | – | 4.75% |
| BlackRock, Inc. | 561,950 | 5.03% | $7.57M | +45,787 | 0.00% |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 545,873 | 4.88% | $7.35M | +12,000 | 0.01% |
| Vanguard Capital Management LLC | 351,800 | 3.15% | $4.74M | −9,444 | 0.00% |
| Geode Capital Management, LLC | 197,896 | 1.77% | $2.67M | −654 | 0.00% |
| State Street Corp | 186,518 | 1.67% | $2.51M | +2,034 | 0.00% |
| Baader Bank Aktiengesellschaft | 163,200 | 1.46% | $2.20M | −70 | 0.17% |
| Axxion S.A. | 139,110 | 1.24% | $1.87M | New | 0.13% |
| Renaissance Technologies LLC | 128,951 | 1.15% | $1.74M | −6,900 | 0.00% |
| Russell Investments Group, Ltd. | 114,654 | 1.03% | $1.54M | +2,264 | 0.00% |
| Charles Schwab Investment Management Inc | 72,693 | 0.65% | $979.18K | +2,033 | 0.00% |
| Quantinno Capital Management LP | 72,692 | 0.65% | $979.16K | +52,825 | 0.00% |
| Blackhawk Capital Partners LLC. | 63,478 | 0.57% | $855.05K | +1,400 | 0.28% |
| Northern Trust Corp | 60,475 | 0.54% | $814.60K | −3,752 | 0.00% |
| Vanguard Fiduciary Trust Co | 56,138 | 0.50% | $756.18K | +754 | 0.00% |
| Vanguard Portfolio Management LLC | 47,021 | 0.42% | $633.37K | +7,813 | 0.00% |
| D. E. Shaw & Co., Inc. | 46,334 | 0.41% | $624.12K | +9,426 | 0.00% |
| Aqr Capital Management LLC | 45,636 | 0.41% | $614.72K | +32,176 | 0.00% |
| Morgan Stanley | 38,572 | 0.34% | $519.56K | +14,967 | 0.00% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 69 | 6M | 56.8% | 10 / 31 | 17 / 8 | 0M | 0M |
| Q1 2026 | 68 | 6M | 54.2% | 11 / 26 | 24 / 11 | 1M | 0M |
| Q4 2025 | 70 | 6M | 54.4% | 10 / 18 | 33 / 2 | 0M | 0M |
| Q3 2025 | 62 | 6M | 55.1% | 7 / 17 | 21 / 6 | 0M | 0M |
| Q2 2025 | 61 | 6M | 56.4% | 3 / 17 | 29 / 3 | 0M | 0M |
| Q1 2025 | 61 | 6M | 55.2% | 9 / 20 | 19 / 6 | 1M | 2M |
| Q4 2024 | 59 | 7M | 67.0% | 6 / 20 | 15 / 7 | 0M | 0M |
| Q3 2024 | 60 | 8M | 68.8% | 6 / 21 | 20 / 5 | 1M | 0M |
| Q2 2024 | 60 | 8M | 69.1% | 9 / 15 | 24 / 6 | 0M | 0M |
| Q1 2024 | 57 | 8M | 72.0% | 6 / 22 | 17 / 9 | 0M | 0M |
| Q4 2023 | 60 | 8M | 72.0% | 6 / 27 | 20 / 4 | 0M | 0M |
| Q3 2023 | 58 | 8M | 70.7% | 2 / 20 | 23 / 6 | 0M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of TCX | Value | % of fund | As of |
|---|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | 247,111 | 2.21% | $3.33M | 0.00% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 177,204 | 1.58% | $2.39M | 0.00% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 98,374 | 0.88% | $1.33M | 0.00% | Jun 30, 2026 |
| Fidelity Small Cap Index Fund | 72,227 | 0.65% | $1.12M | 0.00% | Jul 31, 2026 |
| iShares Russell 2000 Value ETF | 52,425 | 0.47% | $706.16K | 0.00% | Jun 30, 2026 |
| Fidelity Extended Market Index Fund | 51,591 | 0.46% | $782.12K | 0.00% | May 31, 2026 |
| iShares Russell 2000 Growth ETF | 43,713 | 0.39% | $588.81K | 0.00% | Jun 30, 2026 |
| Schwab U.S. Small-Cap ETF | 42,613 | 0.38% | $646.01K | 0.00% | May 31, 2026 |
| Vanguard Russell 2000 Index Fund | 34,431 | 0.31% | $521.97K | 0.00% | May 31, 2026 |
| iShares Micro-Cap ETF | 23,126 | 0.21% | $311.51K | 0.02% | Jun 30, 2026 |
| Fidelity Total Market Index Fund | 18,279 | 0.16% | $277.11K | 0.00% | May 31, 2026 |
| Schwab Small-Cap Index Fund | 17,474 | 0.16% | $269.80K | 0.00% | Jul 31, 2026 |
| Goldman Sachs Absolute Return Tracker Fund | 13,984 | 0.13% | $188.36K | 0.00% | Jun 30, 2026 |
| Fidelity Series Total Market Index Fund | 13,920 | 0.12% | $211.03K | 0.00% | May 31, 2026 |
| Master Small Cap Index Series | 10,808 | 0.10% | $145.58K | 0.00% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Ivan Ivanov | Chief Financial Officer | 755 | 0.01% | Feb 13, 2026 |
| Bret Fausett | Chief Legal Officer & VP | 33,128 | 0.30% | Feb 13, 2026 |
| David John Woroch | Chief Executive Officer | 125,348 | 1.12% | Dec 2, 2025 |
| Michael Alan Koenig | Chief Operating Officer | 2,013 | 0.02% | Feb 27, 2025 |
| Davinder Singh | CFO | 8,454 | 0.08% | Feb 27, 2025 |
| Laurenz Malte Nienaber | Director | 100 | 0.00% | Jun 9, 2026 |
| Marlene Carl | Director | 18 | 0.00% | Jun 9, 2026 |
| Lee Matheson | Director | – | – | Jun 9, 2026 |
| Sandra Carola Matz-Cerf | Director | – | – | Jun 9, 2026 |
| Christian Stephan Uhrenbacher | Director | 1,388 | 0.01% | Jun 9, 2026 |
| Allen Gordon Taylor | Director | 15,600 | 0.14% | Jun 9, 2026 |
| Jeffrey Stewart Donald Tory | Director | 2,900 | 0.03% | Jun 9, 2026 |
| Elliot Noss | Director | 547,827 | 4.90% | Jan 12, 2026 |
| Norman Rentrop | 10% owner | 1,413,439 | 12.64% | Jan 7, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Elliot Noss Director | Dec 24, 2025 | Gift | −20,250 | – | – | 423,048 |
| Elliot Noss Chief Executive Officer, Director | Jul 17, 2025 | Sale(10b5-1 plan) | −500 | $22.52 | $11.26K | 443,298 |
| Elliot Noss Chief Executive Officer, Director | Jul 11, 2025 | Sale(10b5-1 plan) | −700 | $22.86 | $16.00K | 443,798 |
| Elliot Noss Chief Executive Officer, Director | Jul 10, 2025 | Sale(10b5-1 plan) | −1,600 | $21.73 | $34.77K | 444,498 |
| Elliot Noss Chief Executive Officer, Director | Jul 10, 2025 | Sale(10b5-1 plan) | −400 | $22.44 | $8.98K | 446,098 |
| Elliot Noss Chief Executive Officer, Director | Jul 9, 2025 | Sale(10b5-1 plan) | −500 | $21.21 | $10.61K | 446,498 |
| Elliot Noss Chief Executive Officer, Director | Jul 8, 2025 | Sale(10b5-1 plan) | −2,500 | $20.81 | $52.03K | 446,998 |
| Elliot Noss Chief Executive Officer, Director | Jul 7, 2025 | Sale(10b5-1 plan) | −2,600 | $20.51 | $53.33K | 449,498 |
| Elliot Noss Chief Executive Officer, Director | Jul 2, 2025 | Sale(10b5-1 plan) | −3,200 | $20.44 | $65.41K | 452,098 |
| Elliot Noss Chief Executive Officer, Director | May 15, 2025 | Sale(10b5-1 plan) | −3,000 | $17.75 | $53.25K | 455,298 |
| Elliot Noss Chief Executive Officer, Director | May 14, 2025 | Sale(10b5-1 plan) | −500 | $17.35 | $8.68K | 458,298 |
| Elliot Noss Chief Executive Officer, Director | May 9, 2025 | Sale(10b5-1 plan) | −100 | $17.69 | $1.77K | 458,798 |
| Elliot Noss Chief Executive Officer, Director | May 8, 2025 | Sale(10b5-1 plan) | −1,600 | $17.30 | $27.68K | 458,898 |
| Elliot Noss Chief Executive Officer, Director | May 7, 2025 | Sale(10b5-1 plan) | −700 | $16.39 | $11.47K | 460,498 |
| Elliot Noss Chief Executive Officer, Director | May 6, 2025 | Sale(10b5-1 plan) | −700 | $16.32 | $11.42K | 461,198 |
| Elliot Noss Chief Executive Officer, Director | May 5, 2025 | Sale(10b5-1 plan) | −800 | $16.21 | $12.97K | 461,898 |
| Elliot Noss Chief Executive Officer, Director | Apr 24, 2025 | Sale(10b5-1 plan) | −500 | $17.06 | $8.53K | 462,698 |
| Elliot Noss Chief Executive Officer, Director | Apr 23, 2025 | Sale(10b5-1 plan) | −500 | $16.58 | $8.29K | 463,198 |
| Elliot Noss Chief Executive Officer, Director | Apr 22, 2025 | Sale(10b5-1 plan) | −500 | $16.37 | $8.19K | 463,698 |
| Elliot Noss Chief Executive Officer, Director | Apr 17, 2025 | Sale(10b5-1 plan) | −1,000 | $16.18 | $16.18K | 464,198 |
| Elliot Noss Chief Executive Officer, Director | Apr 14, 2025 | Sale(10b5-1 plan) | −1,000 | $16.24 | $16.24K | 465,198 |
| Elliot Noss Chief Executive Officer, Director | Apr 11, 2025 | Sale(10b5-1 plan) | −1,000 | $15.56 | $15.56K | 466,198 |
| Elliot Noss Chief Executive Officer, Director | Apr 9, 2025 | Sale(10b5-1 plan) | −300 | $15.02 | $4.51K | 467,198 |
| Elliot Noss Chief Executive Officer, Director | Apr 7, 2025 | Sale(10b5-1 plan) | −500 | $15.44 | $7.72K | 467,498 |
| Elliot Noss Chief Executive Officer, Director | Apr 4, 2025 | Sale(10b5-1 plan) | −1,000 | $16.23 | $16.23K | 467,998 |
| Elliot Noss Chief Executive Officer, Director | Apr 3, 2025 | Sale(10b5-1 plan) | −1,000 | $16.57 | $16.57K | 468,998 |
| Elliot Noss Chief Executive Officer, Director | Apr 2, 2025 | Sale(10b5-1 plan) | −200 | $16.98 | $3.40K | 469,998 |
| Elliot Noss Chief Executive Officer, Director | Feb 14, 2025 | Sale(10b5-1 plan) | −2,500 | $16.83 | $42.07K | 473,458 |
| Elliot Noss Chief Executive Officer, Director | Feb 14, 2025 | Sale(10b5-1 plan) | −2,000 | $18.00 | $36.00K | 471,458 |
| Elliot Noss Chief Executive Officer, Director | Feb 14, 2025 | Sale(10b5-1 plan) | −1,260 | $18.94 | $23.86K | 470,198 |
| Elliot Noss Chief Executive Officer, Director | Feb 14, 2025 | Sale(10b5-1 plan) | −2,000 | $15.97 | $31.94K | 475,958 |
| Elliot Noss Chief Executive Officer, Director | Feb 6, 2025 | Sale(10b5-1 plan) | −500 | $15.76 | $7.88K | 477,958 |
| Elliot Noss Chief Executive Officer, Director | Feb 5, 2025 | Sale(10b5-1 plan) | −300 | $15.68 | $4.70K | 478,458 |
| Elliot Noss Chief Executive Officer, Director | Feb 4, 2025 | Sale(10b5-1 plan) | −500 | $15.66 | $7.83K | 478,758 |
| Elliot Noss Chief Executive Officer, Director | Jan 27, 2025 | Sale(10b5-1 plan) | −100 | $17.12 | $1.71K | 479,258 |
| Elliot Noss Chief Executive Officer, Director | Jan 24, 2025 | Sale(10b5-1 plan) | −2,000 | $16.91 | $33.82K | 479,358 |
| Elliot Noss Chief Executive Officer, Director | Jan 23, 2025 | Sale(10b5-1 plan) | −500 | $16.48 | $8.24K | 481,358 |
| Elliot Noss Chief Executive Officer, Director | Jan 22, 2025 | Sale(10b5-1 plan) | −2,000 | $16.22 | $32.44K | 481,858 |
| Elliot Noss Chief Executive Officer, Director | Jan 15, 2025 | Sale(10b5-1 plan) | −200 | $16.57 | $3.31K | 483,858 |
| Elliot Noss Chief Executive Officer, Director | Jan 13, 2025 | Sale(10b5-1 plan) | −100 | $16.32 | $1.63K | 484,058 |
| Elliot Noss Chief Executive Officer, Director | Jan 8, 2025 | Sale(10b5-1 plan) | −1,100 | $16.79 | $18.47K | 484,158 |
| Elliot Noss Chief Executive Officer, Director | Oct 18, 2024 | Sale(10b5-1 plan) | −500 | $19.61 | $9.81K | 485,258 |
| Elliot Noss Chief Executive Officer, Director | Oct 17, 2024 | Sale(10b5-1 plan) | −1,500 | $19.02 | $28.53K | 485,758 |
| Elliot Noss Chief Executive Officer, Director | Oct 15, 2024 | Sale(10b5-1 plan) | −1,000 | $19.61 | $19.61K | 487,258 |
| Elliot Noss Chief Executive Officer, Director | Oct 14, 2024 | Sale(10b5-1 plan) | −500 | $19.70 | $9.85K | 488,258 |
| Elliot Noss Chief Executive Officer, Director | Oct 11, 2024 | Sale(10b5-1 plan) | −3,000 | $19.24 | $57.72K | 488,758 |
| Elliot Noss Chief Executive Officer, Director | Oct 10, 2024 | Sale(10b5-1 plan) | −2,000 | $18.87 | $37.74K | 491,758 |
| Elliot Noss Chief Executive Officer, Director | Oct 9, 2024 | Sale(10b5-1 plan) | −1,000 | $19.34 | $19.34K | 493,758 |
| Elliot Noss Chief Executive Officer, Director | Oct 8, 2024 | Sale(10b5-1 plan) | −200 | $19.43 | $3.89K | 494,758 |
| Elliot Noss Chief Executive Officer, Director | Oct 7, 2024 | Sale(10b5-1 plan) | −100 | $19.82 | $1.98K | 494,958 |
| Elliot Noss Chief Executive Officer, Director | Oct 4, 2024 | Sale(10b5-1 plan) | −1,600 | $19.91 | $31.86K | 495,058 |
| Elliot Noss Chief Executive Officer, Director | Oct 2, 2024 | Sale(10b5-1 plan) | −1,700 | $19.99 | $33.98K | 496,658 |
| Elliot Noss Chief Executive Officer, Director | Sep 27, 2024 | Sale(10b5-1 plan) | −1,500 | $21.27 | $31.91K | 498,358 |
| Elliot Noss Chief Executive Officer, Director | Sep 26, 2024 | Sale(10b5-1 plan) | −2,000 | $20.76 | $41.52K | 499,858 |
| Elliot Noss Chief Executive Officer, Director | Sep 25, 2024 | Sale(10b5-1 plan) | −1,000 | $20.33 | $20.33K | 501,858 |
| Elliot Noss Chief Executive Officer, Director | Sep 23, 2024 | Sale(10b5-1 plan) | −400 | $21.43 | $8.57K | 502,858 |
| Elliot Noss Chief Executive Officer, Director | Sep 20, 2024 | Sale(10b5-1 plan) | −7,800 | $21.98 | $171.44K | 503,258 |
| Elliot Noss Chief Executive Officer, Director | Sep 19, 2024 | Sale(10b5-1 plan) | −5,700 | $22.03 | $125.57K | 511,058 |
| Elliot Noss Chief Executive Officer, Director | Apr 1, 2024 | Sale(10b5-1 plan) | −5,175 | $18.43 | $95.38K | 516,758 |
| Elliot Noss Chief Executive Officer, Director | Mar 6, 2024 | Sale(10b5-1 plan) | −200 | $18.13 | $3.63K | 521,933 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Noss, Elliot Officer, Director | Jul 1, 2025 | 12,937 | $254.99K | Jul 1, 2025 | Stock Option Exchange |
| Noss, Elliot Officer, Director | Apr 1, 2025 | 15,106 | $254.99K | Apr 1, 2025 | Stock Option Exchange |
| Noss, Elliot Officer, Director | Jan 2, 2025 | 14,877 | $254.99K | Jan 3, 2025 | Stock Option Exchange |
| Noss, Elliot Officer, Director | Oct 1, 2024 | 30,606 | $654.34K | Sep 19, 2024 | Stock Option Exchange |
| Noss, Elliot (TCX) Officer, Director | Sep 19, 2024 | 18,283 | $415.05K | Sep 19, 2024 | Stock Option Exchange |
| Noss, Elliot Officer, Director | Apr 1, 2024 | 13,739 | $255.00K | Apr 1, 2024 | Stock Option Exchange |
| Noss, Elliot Officer, Director | Mar 4, 2024 | 13,709 | $254.99K | Mar 4, 2024 | Stock Option Exchange |
| Noss, Elliot (TCX) Officer, Director | Dec 21, 2023 | 10,691 | $254.98K | Dec 21, 2023 | Stock Option Exchange |