Domain business chugs along and wins a large registry contract.

Tucows (NASDAQ; TCX) reported quarterly and full-year 2024 earnings after the market closed yesterday.

For Q4, revenue increased 7.1% to $93.1 million from $87.0 in the same quarter a year ago.

The company posted a steep net loss of $45.3 million in the quarter, with a one-time impairment cost in Ting and restructuring charges contributing to the loss. Taking those out of the picture, the company posted a loss of $15.8 million.

Tucows’ domain name business continues to be a bright spot. Q4 domain revenue was $65.7 million, up 6% from $61.8 million for the same quarter last year. The business grew 5% for the full year 2024 compared to 2023.

Revenue grew despite flat domains under management and a 1% decrease in new registrations. A bright spot in Q4 was the value-added services line item, which grew 36% year-over-year to $5 million. The company credited strong revenue from selling expired domains.

Tucows announced it won the contract to run the backend registry services for India’s .in country code domain. The company is migrating about 4 million .in domains to its platform. It didn’t disclose the actual contract terms but stated, “The pricing and margin contribution for this piece of business is typical of a large, high volume customer.” (I attempted to check the website for NIXI, which oversees .in, for details. Its website isn’t fully resolving for me.)