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Story summary
- Cogent Communications shifts from Sprint wireline to high-capacity wavelength services, aiming for 25% of the North American market by 2027.
- Wavelength revenue rose 73.7% year over year to $12.1 million in Q4 2025.
- Connections grew 84.6%.
- Cogent faces $2.4 billion in gross debt and negative operating cash flow of $10.6 million in 2025.
- The stock has fallen about 66% over the past year.
