Welcome to Tucows question and answer dialogue for Q1 2026. David Woroch, President and Chief Executive Officer of Tucows and Tucows Domains, will be responding to your questions. For your convenience, this audio file is also available as a transcript in the investors section of our website, along with our Q1 2026 financial results and updated reports. I would also like to remind investors that if you would like to receive our quarterly results and Q&A via email, please make the request to ir@tucows.com. Please note that the following discussion may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially. These risk factors are described in detail in the company's documents filed with the SEC, specifically the most recent reports on the forms 10-Q and 10-K.
The company urges you to read its security filings for a full description of the risk factors applicable to its business. Today's commentary includes responses to questions submitted to us following the prerecorded management remarks regarding the quarter and outlook for the company. We are grouping similar questions into categories that we feel are addressing common queries. If your questions reach a certain threshold or volume, we may ask to schedule a call instead to ensure we can address the full scope of your questions. If you feel that the recorded questions and/or any direct email you may receive do not address the full body of your questions, please let us know. Go ahead, Dave.
Thank you, Monica, and welcome to our Q&A for our first quarter financial results. Our first question relates to our increased investment in Wavelo, discussed in the Q1 management remarks. We are looking at Wavelo through the same lens we are applying across all Tucows businesses, strategic fit, capital requirements, growth potential, and contribution to shareholder value. As I talked about in Q4, our goal is to transition Tucows into a more focused capital-light company with a lean operating model built around businesses that have recurring revenue, strong retention, platform economics, business-critical workflows, and clear opportunities to benefit from shared infrastructure and operational discipline. Wavelo has many of those attributes, which is why we made targeted investments, particularly in product and go-to-market, but those investments are not open-ended. They are being evaluated against clear expectations for bookings conversion and long-term value creation, and how those are both best achieved.
More broadly, every business in the Tucows portfolio is being assessed for strategic fit and how it can create the most value. Ting is in a process because we believe its best path is with an operator that has the capital and operating scale to bring it to profitability. The remaining mobile business is only strategic as part of a converged offering with Ting Internet, and we are working to solve for that in parallel with the Ting process. Tucows Domains' path to growth involves continuing to gain scale and expand margin, where the primary gains will come from expanding the channel and new products. Accelerating that growth is contingent on improving liquidity, another key focus for our management team. Another investor asks where we are in the renewal process for our syndicated debt, which expires in September 2027. We are in active discussions on the Tucows renewal.
I will remind investors that our syndicated debt peaked at $238.9 million in Q4 2022, and it's now at $189.6 million, plus Tucows $27.4 million in cash. Thank you for listening to our Q&A. A reminder that if you feel that the recorded answers or any direct email you receive do not address your question, please follow up with us at ir@tucows.com.