Tucows Q1 net loss $19.1M ($1.77/sh); revenue down 0.8% to $80.4M; Adj EBITDA $3.0M down 73%

Consolidated net revenue for the first quarter of 2023 decreased 0.8% to $80.4 million from $81.1 million for the first quarter of 2022. The growth in Ting and Wavelo revenues was offset primarily by a decrease in revenues in Tucows Domains. Although domains under management and transactions have stabilized post pandemic, there was a lower contribution from Expiry aftermarket sales in our Domains business. Gross profit for the first quarter of 2023 decreased 34% to $14.1 million from $21.2 million for the first quarter of 2022. The decrease in Gross profit was driven primarily by increased network depreciation and impairment costs, as well as lower margin from our Domains business related to the lower Expiry aftermarket sales and prior year’s elevated pandemic related results and the impact of the foreign exchange related price increases not being fully realized yet. The decrease in Gross profit was partially offset by growth in the gross margin for both Ting and Wavelo. Net loss for t