Tucows Inc. (TCX): PESTLE Analysis [Nov-2025 Updated]

You're looking at Tucows Inc. (TCX) and wondering what truly moves the needle beyond their stable domain business. The answer, especially in 2025, is the capital-intensive Ting Internet buildout, which faces a perfect storm of external forces. We've mapped the Political risks-like the critical availability of federal BEAD infrastructure funding and local permitting-against the Economic pressures of high interest rates and inflation that directly impact the cost of fiber deployment. Plus, the Sociological demand for high-speed connectivity driven by remote work is a massive tailwind, but it's all governed by ICANN policies and evolving telecom regulations. Let's cut straight to the core risks and opportunities shaping TCX's path to profitability.

Tucows Inc. (TCX) - PESTLE Analysis: Political factors

US federal infrastructure funding (BEAD, etc.) availability for Ting Internet

The federal government's massive push to close the digital divide presents a complex political landscape for Ting Internet. The Broadband Equity, Access, and Deployment (BEAD) program, a $42.45 billion initiative, was initially seen as a boon for fiber-first builders like Ting. However, the political reality has shifted in 2025.

The National Telecommunications and Information Administration (NTIA) issued a major policy restructuring in June 2025, moving away from a 'fiber-first' priority to a 'tech-neutral' approach that prioritizes the lowest cost per location for awards. For a fiber-optic provider like Ting, which has a higher initial capital expenditure per passing, this federal policy change increases competition from lower-cost alternatives like fixed wireless and satellite internet.

To be fair, Ting has already been pivoting to a 'capital-light' model, relying less on direct federal grants and more on private financing, such as the $63 million asset-backed securitization closed in 2024. Still, the political tension between state-level preference for fiber (like Colorado's initial plan to allocate 91% of its BEAD funds to fiber providers) and the new federal emphasis on cost-efficiency creates regulatory uncertainty in key markets.

Geopolitical tensions impacting global domain name system (DNS) stability

Tucows Domains, which manages approximately 25 million domain names, sits squarely in the crosshairs of escalating geopolitical tensions. The political conflicts in Europe, the Middle East, and the ongoing US-China strategic competition are not just abstract risks; they are weaponized in cyberspace, directly impacting the stability of the global Domain Name System (DNS).

The first half of 2025 saw a dramatic escalation in Distributed Denial-of-Service (DDoS) attacks, with over 8 million strikes observed globally. These attacks are increasingly being leveraged by politically motivated hacktivist groups. For instance, one hacktivist group claimed responsibility for 475 attacks in March 2025 alone, focusing on critical infrastructure. This means that Tucows must continually increase its investment in network security to shield its core domain registration business from state-backed or politically aligned cyber warfare, a non-negotiable cost of operating in this sector. The political environment is forcing a security-first posture.

Local municipal agreements and permitting for fiber deployment

The success of Ting Internet hinges on hyper-local political and regulatory agreements. The difference between a smooth rollout and a costly delay often comes down to municipal permitting. We see this play out clearly in their operations.

In Greenwood Village, Colorado, the local government has been a partner, committing a maximum financial contribution of $5 million to Ting based on meeting construction milestones, with Phase 1 and 2 service availability scheduled for Summer 2025. This cooperative model is a significant political tailwind.

However, the opposite is true in other areas. In Alexandria, Virginia, Ting 'temporarily paused fiber deployment' in January 2025, citing a need for better coordination with the city's existing infrastructure. This pause, following a significant workforce reduction, shows how local permitting friction and coordination challenges can halt capital deployment and impact the company's subscriber growth, which saw a loss of 200 broadband subscribers in the third quarter of 2025.

Net neutrality policy shifts affecting mobile and internet service providers

The long-running political battle over net neutrality reached a critical turning point in early 2025. In January/February 2025, a U.S. Court of Appeals for the Sixth Circuit struck down the Federal Communications Commission's (FCC) rules, effectively ending federal net neutrality protections.

This court decision stripped broadband internet of its Title II classification (common carrier) and reclassified Internet Service Providers (ISPs) as Title I information services. For Ting, this means the regulatory environment is now less restrictive, allowing greater freedom in traffic management and pricing models without the threat of federal mandates against throttling or paid prioritization. While Ting has historically championed net neutrality, the new policy environment gives them the legal latitude to experiment with differentiated services, which could be an opportunity for revenue growth, especially as consolidated net revenue for the second quarter of 2025 was $98.5 million. The political risk shifts from federal regulation to potential state-level net neutrality laws, which may create a patchwork of compliance issues.

Tucows Inc. (TCX) - PESTLE Analysis: Economic factors

You're looking at Tucows Inc. (TCX) and trying to map the economic landscape, which is essential because the company operates in two capital-intensive, rate-sensitive sectors: fiber internet and telecom software. The direct takeaway is that Domain Services remains a powerful, high-margin hedge against the high cost of capital and inflation currently challenging the Ting Internet fiber buildout.

High interest rates increasing the cost of capital for fiber buildouts.

The persistent high interest rate environment in the US is defintely the biggest headwind for Ting Internet, which requires massive upfront capital expenditure (CapEx). When the Federal Funds Rate sits in a high range-for context, a September 2024 cut still left the rate at 4.75% to 5%-the cost of debt for long-term infrastructure projects skyrockets. This makes the math on fiber-to-the-home (FTTH) projects much harder.

Here's the quick math: a peer fiber infrastructure company recently issued asset-backed securitized notes at a 6.2% weighted average coupon in February 2025. That is a concrete cost of borrowing, and it forces a complete re-evaluation of project returns. This is why Ting Internet has shifted to a capital-light model, relying more on strategic partnerships and less on self-funded builds, to mitigate this financial risk.

Domain name renewal revenue remaining a stable, high-margin cash cow.

Tucows' Domain Services segment is the financial anchor, acting as a reliable cash cow that offsets the investment losses in Ting Internet. This business thrives on recurring revenue from domain name renewals, which are non-discretionary for most businesses. The segment's financial performance in Q2 2025 confirms this stability, showing both top-line growth and margin expansion.

The Domain Services segment reported Q2 2025 revenue of $67.6 million, an increase of 8% year-over-year. More importantly, the gross margin for the segment grew 14% to $21.6 million. The business is incredibly efficient, with the wholesale portion alone delivering a gross margin of $10.4 million in the quarter. This segment's consistent, high-margin cash flow provides the necessary liquidity and balance sheet strength to fund the long-term strategic growth of the other businesses.

Here is a snapshot of the Domain Services segment performance:

Inflationary pressures on labor and equipment for Ting Internet construction.

Inflation is hitting the fiber buildout directly through labor and material costs. Fiber deployment is a civil construction project at its core, and labor is the single largest expense. Industry reports for 2025 show that labor alone accounts for a massive 60% to 80% of total fiber deployment costs. This is not a small variable; it's the main driver.

What this estimate hides is the regional variance, but the trend is clear: higher wages and a shortage of skilled labor drive up the cost-per-home-passed. Providers generally expect construction costs to increase by up to 10% in 2025. This cost pressure is another critical reason why Ting Internet is focusing on optimizing penetration in its existing footprint and has planned no new fiber construction for the near term, as management targets an EBITDA breakeven for the Ting segment in 2025.

Competition driving down pricing in the mobile virtual network operator (MVNO) space.

While Tucows sold its retail MVNO business (Ting Mobile) to Dish Network, its Wavelo platform now serves as a Mobile Services Enabler (MSE) for other operators, including Boost Mobile. The hyper-competitive MVNO space, characterized by aggressive pricing, is actually a tailwind for Wavelo.

As MVNOs fight to lower their customer acquisition cost (CAC) and overall operating expense (OpEx), they need efficient, modern software platforms like Wavelo to manage billing, provisioning, and network access. Wavelo's strong Q2 2025 performance reflects this demand, with revenue increasing 20.5% year-over-year to $12.7 million and Adjusted EBITDA growing 37% to $5.4 million. The economic pressure on MVNOs to cut costs is driving demand for Wavelo's platform, which simplifies complex systems.

The key economic factors impacting Tucows are:

• High interest rates make Ting's CapEx-heavy model expensive.
• Inflation pushes labor costs for fiber construction up by 60% to 80%.
• Domain Services provides a stable, high-margin revenue stream.
• MVNO competition creates demand for Wavelo's cost-saving software.

Next step: Review the Domain Services' capital allocation plan to see how much of the segment's $12.5 million in Adjusted EBITDA is earmarked for Ting Internet's continued expansion.

Tucows Inc. (TCX) - PESTLE Analysis: Social factors

Increasing consumer demand for high-speed, reliable fiber internet access.

You can defintely see the social shift toward fiber-to-the-home (FTTH) as a must-have utility, not a luxury. This trend is a significant tailwind for Tucows' Ting Internet segment, which focuses on providing pure fiber connectivity. The US market is seeing a massive build-out, with a total of 76.5 million unique homes passed by fiber as of 2025, marking a 13% growth from 2024.

Consumers are voting with their wallets and their preferences. Currently, 35 million US homes are actively connected to fiber, and the average take rate (the percentage of homes passed that subscribe) is now exceeding 45%. That's a clear signal that when fiber is available, people switch. In fact, 65% of internet users now consider fiber the best connectivity technology available, which puts Ting Internet in a strong position against legacy cable providers.

Here's the quick math on Ting's recent performance reflecting this demand:

• Q1 2025 Ting Revenue: $16.3 million (a 16% year-over-year increase).
• Q2 2025 Ting Revenue: $16.4 million (a 12% year-over-year increase).
• Q2 2025 Ting Subscribers: 52,100 total subscribers (an 8% year-over-year increase).

The demand is there, but Ting's total subscriber count did see a minor dip to 51,900 in Q3 2025, largely due to the strategic divestment of non-core assets like the southern part of the Cedar footprint. This shows the company is prioritizing capital efficiency over raw subscriber numbers in markets where they can't build efficiently.

Shift to digital-first business models boosting demand for domain registration.

The social imperative to have an online presence-for everything from a side-hustle to a major enterprise-is driving the domain market, which directly benefits the Tucows Domains segment. The global domain name industry is still growing, closing Q3 2025 with 378.5 million registrations across all Top-Level Domains (TLDs). This 4.5% year-over-year growth shows the digital economy is still expanding, and Tucows is a key infrastructure provider to that growth.

What's key for Tucows is the shift in where the growth is happening. The saturation of the traditional .com and .net space is pushing new businesses toward new generic TLDs (ngTLDs), which reached 42.9 million registrations by the end of Q3 2025, a significant 21.0% year-over-year increase. Tucows, as a major wholesale registrar, is well-positioned to capture this diversification. This is clearly reflected in their Q1 2025 Domains revenue, which grew 6% year-over-year to $65.3 million.

The company also secured a major contract in 2025 to manage an additional 10 million domains for Radix, which will boost their total domains under management to nearly 17 million globally. That's a huge, sticky revenue stream.

Growing public concern over data privacy and digital security.

Consumer trust is now a core social currency, and a lack of it is a major risk for any internet company. This is a critical factor for both the Ting Internet and Tucows Domains segments. A staggering 83% of consumers consider data protection a top priority, and 80% of respondents in a January 2025 survey expressed unease about how their personal data is being used. This heightened awareness means any data breach or opaque privacy policy can lead to immediate churn.

The market impact is real: 48% of users have stopped shopping with a company over privacy concerns, and 37% have terminated relationships with companies over data, including ISPs. For Ting Internet, this creates an opportunity, as smaller, fiber-focused providers can often market themselves as more privacy-respecting than large, legacy carriers that rely heavily on data collection. Tucows' domain services, through its registrar brands like Hover, also benefit from offering strong, transparent privacy protections like WHOIS privacy.

The global regulatory environment is catching up to this social concern, with approximately 82% of the world's population now covered under national data privacy laws as of February 2025.

Remote work trends driving sustained demand for robust home connectivity.

The lasting impact of remote and hybrid work models has fundamentally changed the social contract around home internet service. High-speed internet is no longer just for entertainment; it's a macro-economic driver, on par with 21st-century infrastructure. This trend is the bedrock of the demand for the high-capacity, symmetrical speeds that Ting Internet's fiber network provides.

The need for robust home connectivity is amplified by the proliferation of bandwidth-heavy applications like cloud computing, high-definition video conferencing, and the increasing use of Artificial Intelligence (AI) tools that require fast, reliable uploads and downloads. The social expectation is now for a connection that can handle multiple simultaneous high-demand users-a work-from-home parent, a student doing remote learning, and a gamer-all at once. This sustained demand is what is fueling the projected 60% growth in fiber connections between 2024 and 2029 in the US.

The fiber-to-the-home model is the only one that truly meets this social need. This is why Ting Internet continues to see significant revenue growth, with Q2 2025 revenue hitting $16.4 million. The social shift to working from anywhere ensures that the demand for the product Ting sells-high-reliability, high-speed fiber-will remain strong for the foreseeable future.

Tucows Inc. (TCX) - PESTLE Analysis: Technological factors

You're looking at Tucows Inc. (TCX) and its technology stack, which is smart. The company's value is increasingly tied to its software and its ability to run complex internet services efficiently. The core takeaway for 2025 is that Tucows is successfully pivoting from a capital-intensive builder of fiber networks to a capital-light, software-driven enabler, using automation and platform services to drive margin expansion.

This shift is defintely visible in the financials: Consolidated Adjusted EBITDA grew 37% to $12.6 million in Q2 2025, fueled by cost discipline and AI-driven efficiencies across all segments. That's a huge jump that shows the technology strategy is working.

Continued fiber-to-the-home (FTTH) technology advancements improving deployment efficiency.

The technological advancement here is less about a new fiber optic cable and more about a new, capital-light operational model for Ting Internet. Tucows made the strategic decision to pause new organic fiber construction in 2025, shifting its focus entirely to increasing subscriber penetration within its existing footprint and partner markets like Memphis and Colorado Springs.

This pivot immediately reduced the capital expenditure (CapEx) burden. For example, Ting's CapEx was reduced to $8.2 million in Q3 2024, down from over $12 million in the prior quarter, and the expectation for 2025 is for CapEx to be near-exclusively success-based (only spending when a customer is acquired). The goal is for Ting to reach Adjusted EBITDA breakeven in 2025, a significant operational milestone driven by this efficiency change.

The operational focus is now on maximizing returns from the existing infrastructure and partner networks, a classic ISP strategy. They even sold non-strategic assets for a total value in excess of $15 million in 2025 to reinforce this capital-light approach. That's just smart financial engineering.

Evolution of the Domain Name System (DNS) and new top-level domains (TLDs).

Tucows Domains is positioned as a critical infrastructure provider for the evolution of the Domain Name System (DNS), especially for new generic Top-Level Domains (gTLDs). The company's Registry Services platform is winning major contracts, demonstrating its technical scalability and reliability.

The biggest near-term technological opportunity is the migration of massive domain portfolios onto their platform. Here's the quick math on their recent gains:

• In May 2025, Tucows successfully migrated over 4.2 million .in domains (National Internet Exchange of India) to its platform.
• The entire migration was completed in approximately six hours with zero DNS interruption.
• In Q2 2025, Tucows signed a landmark contract with Radix, the largest new gTLD registry, to migrate over 10 million domains across 11 TLDs (including .online and .tech).

This Radix deal alone will lift the Tucows Registry segment to managing close to 17 million domains, cementing their position as a core player in the global DNS infrastructure. The Domains segment's Adjusted EBITDA improved 12% year-over-year to $12.5 million in Q2 2025, showing this scalability translates directly to profit.

5G network expansion impacting Ting Mobile's underlying carrier agreements.

Tucows no longer owns the Ting Mobile retail business (it was sold to DISH Network in 2020), but it retains the core technological asset: the Mobile Services Enabler (MSE) platform, Wavelo. This platform is what DISH uses to run its retail wireless business, including its 5G build-out.

The 5G expansion is a huge technological opportunity for Wavelo, as it requires a modern, agile platform to manage the new network architecture (like Open RAN) and the associated billing and provisioning (BSS/OSS). Wavelo's Q2 2025 revenue increased 21% to $12.7 million, and its Adjusted EBITDA rose 37%, largely due to an upgraded rate card with DISH, reflecting the value of its enabling technology.

The new 'Free Your Data' solution, unveiled in September 2025, is Wavelo's direct response to the complexity of 5G. It's an event-driven architecture that converts static data from legacy telecom systems into real-time event streams, which is essential for Communications Service Providers (CSPs) to accelerate their AI-driven productivity and automation strategies. This positions Wavelo as a key technological partner in the broader US 5G ecosystem, not just a mobile reseller.

Automation in domain management reducing operational costs.

Automation is the silent hero driving the profitability of the Domains business (OpenSRS/Enom). The technological maturity of this segment allows for high-volume, low-touch transactions, which is the definition of operating leverage.

The company explicitly credits 'AI-driven efficiencies' for its overall financial performance in 2025. This is most evident in the Domains segment's margin profile. The Wholesale channel Gross Margin grew 14% in Q2 2025, but the real standout is the Value-Added Services segment (which includes high-margin expired domain sales), which delivered $5.3 million in Q2 2025, representing an exceptional year-over-year gross margin gain of 32%. This level of margin growth is only possible because the underlying domain management process-from registration to renewal to auction-is highly automated.

Tucows Inc. (TCX) - PESTLE Analysis: Legal factors

ICANN (Internet Corporation for Assigned Names and Numbers) policies governing domain registration

The legal landscape for Tucows Domains is fundamentally shaped by the Internet Corporation for Assigned Names and Numbers (ICANN), the non-profit body that coordinates the global Domain Name System. As one of the largest domain registrars globally, compliance with new policies is an ongoing, high-stakes operational and legal cost. A major shift in 2025 is the new Registration Data Policy (RDP) which clarifies domain ownership.

Specifically, a key part of the RDP update taking effect on August 21, 2025, is that if the Organization field in the registrant contact is filled out, that entity-not the individual name-will be deemed the legal owner of the domain. This is a critical change for Tucows' OpenSRS and Hover brands, which manage approximately 24.5 million domain names. The new policy also streamlines data collection, reducing the need to collect administrative, billing, and technical contact data for generic Top-Level Domains (gTLDs).

This change is defintely good for legal clarity, but it forces a massive, system-wide data validation and customer communication effort.

• May 28, 2025: Start of mandatory email notification to registrants regarding the Organization field change.
• August 21, 2025: New policy officially takes effect, changing the legal definition of domain ownership.
• Risk: Non-compliance can lead to the loss of ICANN accreditation, which would instantly destroy the Domains segment, the primary source of recurring revenue.

State and federal telecom regulations (e.g., universal service obligations)

Tucows' Ting Internet and Ting Mobile segments operate under a complex patchwork of state and federal telecommunications regulations. The primary federal regulator is the Federal Communications Commission (FCC). A major area of legal exposure is the Universal Service Fund (USF), which subsidizes telecommunications services in rural areas and for low-income consumers. As a contributing provider, Ting must adhere to strict record-keeping rules, retaining all records that demonstrate compliance for at least five years.

The regulatory environment remains highly dynamic, especially around broadband access. For instance, a ruling is expected in the first half of 2025 on legal challenges to the FCC's new rules prohibiting digital discrimination of access to broadband service, which could impact Ting Internet's service quality and pricing terms across its US markets. Ting is also committed to net neutrality principles, which aligns with state-level laws that have generally been permitted to stand.

Here's the quick math: While the specific USF contribution amount isn't public, for a telecom provider, it's a non-trivial, mandated tax on interstate and international end-user revenues.

Data protection laws (e.g., CCPA, GDPR) affecting customer data handling

The global reach of Tucows Domains (OpenSRS, EPAG) and the US-based customer base of Ting Internet expose the company to the world's strictest data privacy regimes. Non-compliance carries severe financial risk, far exceeding typical operating costs.

The European Union's General Data Protection Regulation (GDPR) poses the largest financial threat, with penalties reaching up to €20 million or 4% of a company's annual global turnover, whichever is higher. Given Tucows' consolidated net revenue for the third quarter of 2025 was $98.6 million, a maximum fine could be substantial. In the U.S., the California Consumer Privacy Act (CCPA) is the benchmark, with fines increasing as of January 1, 2025.

The company must maintain a robust and defintely expensive compliance framework across all segments to manage this exposure.

Municipal franchise agreements for Ting Internet operations

Ting Internet's fiber-to-the-home (FTTH) expansion relies entirely on securing local municipal franchise agreements or permits, which are essentially legal contracts granting the right-of-way to build network infrastructure. These agreements often come with specific obligations that go beyond standard service provision.

For example, the agreement with the City of Alexandria, Virginia, requires a significant digital equity and inclusion commitment. As part of the agreement, Ting is obligated to provide free symmetrical gigabit Internet to all Alexandria residents who qualify for the Affordable Connectivity Program (ACP), including 4,000 affordable housing units. This is a legal obligation tied to their right to operate.

The legal complexity of these deals is a major factor in the speed and cost of expansion. If a municipality revokes or delays a permit, the capital expenditure on fiber build-out is immediately stalled, directly impacting Ting's subscriber growth, which was reported to be below internal forecasts in Q3 2025. The legal team's success here directly maps to the segment's financial performance.

Tucows Inc. (TCX) - PESTLE Analysis: Environmental factors

E-waste regulations for mobile and network hardware disposal

You're an internet services leader, so you're also an electronics distributor. That means the growing patchwork of E-waste (electronic waste) regulations across the U.S. is a direct operational cost and a compliance risk for both Ting Mobile and Ting Internet, which handles customer premise equipment (CPE) like routers and modems.

The federal framework is the Resource Conservation and Recovery Act (RCRA), which classifies some e-waste as hazardous. But the real complexity is at the state level. Currently, 25 states and the District of Columbia have enacted electronics recycling laws. California, a key market, continues to lead with stricter rules. For example, the state's updated Electronic Waste Recycling Act (EWRA) is introducing new rules in 2025 for battery-embedded products, requiring manufacturers to provide an annual notice listing covered and exempt products by July 1, 2025. The state's Cell Phone Recycling Act of 2004 also mandates that retailers-which includes Tucows' mobile segment-must have a take-back program for used cell phones.

This isn't just about compliance; it's about managing a significant volume of aging hardware. The global e-waste stream is growing faster than recycling efforts, making proper, certified disposal a critical supply chain and reputation issue.

• 25 states have mandatory e-waste laws.
• California is adding new rules for battery-embedded products in 2025.
• Improper disposal of e-waste is illegal and carries updated penalty structures in states like California.

Energy consumption of data centers and network infrastructure

The energy profile of the digital economy is changing fast, and Tucows' Domains and Wavelo segments are right in the middle of it. Data centers are the invisible backbone of these services, and their energy appetite is exploding, driven partly by AI and continued cloud growth. In 2023, U.S. data centers collectively consumed approximately 176 terawatt-hours (TWh) of electricity. Projections now suggest this figure could more than double, reaching between 325 TWh and 580 TWh by 2028, potentially consuming up to 12% of total U.S. electricity generation.

For a company like Tucows, which relies on co-location and cloud services, this translates directly into escalating operational costs and a growing carbon footprint, which is a key negative impact area identified in its ESG profile. Cooling remains a huge part of the problem, often accounting for roughly 40% of a data center's total power consumption, similar to the computing equipment itself. The shift to more efficient fiber-optic cabling in data centers is a positive trend, as it can reduce energy loss by up to 50%.

Demand for sustainable business practices from investors and customers

Honesty, investors and customers are no longer accepting vague promises; they want measurable impact. Tucows has a net positive sustainability impact, with a net impact ratio of 28.9% according to The Upright Project. That's a solid starting point, but the negative impact is clearly tied to its core products: Domain name sales, Mobile consumer internet provision, and Fixed consumer fiber optics internet provision, primarily through GHG Emissions.

The remote-first workforce helps, eliminating commuting and lowering the corporate carbon footprint. Still, the company needs to translate its fiber-optic network's inherent efficiency (fiber is much more energy-efficient than copper) into a clear, quantifiable ESG narrative to satisfy the market. The financial community is now using specific metrics to judge this, and the pressure will only increase as more federal funding, like BEAD (Broadband Equity, Access, and Deployment), ties to sustainability goals.

Permitting challenges related to environmental impact of fiber trenching

This is where the rubber meets the road for Ting Internet's growth. Fiber deployment is heavily constrained by permitting, and environmental review is a major bottleneck. The National Environmental Policy Act (NEPA) and the National Historic Preservation Act (NHPA) are the primary federal statutes that require extensive reviews, especially when trenching impacts wetlands, stream crossings, or cultural heritage sites.

The Fiber Broadband Association noted in September 2025 that overly complex and inconsistent permitting across states is slowing deployment and jeopardizing billions in federal investment. Large infrastructure projects in the U.S. are facing permitting wait times that stretch for years. For Ting Internet, this means capital expenditure (CapEx) for fiber build-out is at risk of delays, which directly impacts the return on investment for new markets. Early coordination with environmental and permitting specialists is the only way to mitigate the risk of long lead times, which can stall a project entirely.

Finance: Track Ting Internet's capital expenditure against their planned fiber miles by year-end 2025, and defintely check for new BEAD program awards.