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Cogent’s Q2 Earnings Call: Our Top 5 Analyst Questions

By: StockStory

CCOI Cover Image

Cogent’s second quarter was marked by a significant negative market reaction, as the company’s revenue results missed Wall Street expectations while reporting a year-over-year sales decline. Management attributed the underperformance primarily to the ongoing process of exiting low-margin, off-net contracts acquired from Sprint, which continued to weigh on the top line. CEO Dave Schaeffer described the current period as a transition, noting that “revenue growth that we are experiencing is almost exclusively on-net services,” and highlighted progress in expanding high-margin offerings like Wavelength and IPv4 leasing. The company’s focus on improving sales force productivity and cost control also contributed to sequential improvements in operating margin.

Is now the time to buy CCOI? Find out in our full research report (it’s free).

Cogent (CCOI) Q2 CY2025 Highlights:

  • Revenue: $246.2 million vs analyst estimates of $248.1 million (5.5% year-on-year decline, 0.7% miss)
  • Adjusted EPS: -$0.81 vs analyst estimates of -$1.18 (31.4% beat)
  • Adjusted EBITDA: $48.5 million vs analyst estimates of $74.84 million (19.7% margin, 35.2% miss)
  • Operating Margin: -12.8%, up from -18.1% in the same quarter last year
  • Market Capitalization: $1.66 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Cogent’s Q2 Earnings Call

  • Gregory Bradford Williams (TD Cowen) asked if the goal for Wavelength installs remains 400–500 circuits per month and about data center sale pricing. CEO Dave Schaeffer confirmed install capacity and noted pricing would be determined by market conditions, with no firm deals yet.

  • Christopher Joseph Schoell (UBS) asked about the return to top-line growth and margin targets. Schaeffer stated the company is close to positive revenue and reiterated confidence in annual margin expansion, citing the successful exit from low-margin business.

  • Walter Paul Piecyk (LightShed) questioned Cogent’s leverage calculations and future borrowing needs for dividend support. Schaeffer disagreed with Piecyk’s math, emphasizing available cash and expected declines in capital expenditures, while acknowledging leverage will be monitored as T-Mobile subsidies decline.

  • Nicholas Ralph Del Deo (MoffettNathanson) inquired about the number of provisioned but unbilled Wavelengths and reasons for delays in data center sales. Schaeffer explained that many Wavelengths are installed ahead of customer readiness and cited buyer caution and a lack of meaningful deposits as challenges for data center deals.

  • Michael J. Funk (Bank of America) questioned whether customer delays in accepting Wavelengths indicate overprovisioning. Schaeffer responded that delays are due to customers being unaccustomed to Cogent’s rapid provisioning, not excess purchasing, and maintained confidence in hitting run-rate targets.

Catalysts in Upcoming Quarters

Looking forward, StockStory analysts will monitor (1) Cogent’s ability to generate positive sequential revenue growth as legacy Sprint contracts expire, (2) progress in scaling Wavelength services and converting backlog to billable revenue, and (3) the outcome of ongoing efforts to monetize data center assets. Sustained improvements in sales force productivity and margin expansion will also serve as key indicators of execution.

Cogent currently trades at $35.93, down from $43.87 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free).

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