Toronto-based internet services company Tucows has announced significant layoffs, with nearly half of its fiber internet subsidiary Ting Fiber’s workforce affected. The move is part of a broader cost-saving effort aimed at making Ting Fiber self-sufficient. Tucows also implemented cuts at the head office level, restructuring shared services. Overall, the reductions represent around 17% of Tucows’ total workforce.

CEO Elliot Noss explained that the decision came after exploring alternative financing options for Ting’s expansion and path to profitability. With a leaner cost structure and funds from a recent asset-backed securitization, Tucows is now focusing on increasing market penetration in areas like Memphis and Colorado Springs.

The company expects these adjustments to drive notable growth in adjusted EBITDA by 2025 and anticipates Ting Fiber will achieve a break-even point on the metric by then.