---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-029043"
form_type: "8-K"
ticker: "CCOI"
cik: "0001158324"
company_name: "COGENT COMMUNICATIONS HOLDINGS, INC."
filed_at: "2024-02-29T23:59:59+00:00"
generated_at: "2026-06-05T06:10:19.851457+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Cogent Q4 EPS $4.17 on $254M Sprint gain; revenue $272.1M (+79% YoY); gross margin falls to 10.9%

## Summary
- GAAP diluted EPS $4.17 (Q4) and $26.62 (FY 2023) vs $0.02 and $0.11 in prior year; results inflated by $1.4B bargain purchase gain (incl. $458M IPv4 valuation).
- Service revenue $272.1M (Q4), up 79% YoY; full year $940.9M, up 56.9%. On-net revenue up 6.9% QoQ, off-net down 5.3%.
- GAAP gross margin collapsed to 10.9% (Q4) from 47% (Q4 2022); Non-GAAP gross margin 36% vs 62.6%. Adjusted EBITDA margin 40.6% (Q4) vs 47.7% (Q3).
- Operating cash flow negative $48.7M in Q4; full year $17.3M vs $173.7M in 2022. Net leverage improved to 3.75 from 4.23.
- Quarterly dividend raised to $0.965/share (+$0.01), payable April 9, 2024; 46th consecutive increase.

## SEC filing metadata
- accession: 0001104659-24-029043
- form_type: 8-K
- ticker: CCOI
- cik: 0001158324
- company_name: COGENT COMMUNICATIONS HOLDINGS, INC.
- filed_at: 2024-02-29T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1158324/000110465924029043/0001104659-24-029043-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1158324/000110465924029043/tm247220d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-029043
- JSON: https://secwatch.observer/filing/0001104659-24-029043.json
- Plain text: https://secwatch.observer/filing/0001104659-24-029043.txt

## Key facts
- Earnings Releases
  COGENT COMMUNICATIONS HOLDINGS, INC. reported financial results for the full year of 2023.
  - Period: the full year of 2023
  - Result: reported results
  source text: On February 29, 2024, Cogent Communications Holdings, Inc. issued a press release summarizing its financial results for the fourth quarter of 2023 and the full year of 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1158324/000110465924029043/0001104659-24-029043-index.htm
- Earnings Releases
  COGENT COMMUNICATIONS HOLDINGS, INC. reported financial results for the fourth quarter of 2023.
  - Period: the fourth quarter of 2023
  - Result: reported results
  source text: On February 29, 2024, Cogent Communications Holdings, Inc. issued a press release summarizing its financial results for the fourth quarter of 2023 and the full year of 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1158324/000110465924029043/0001104659-24-029043-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.