Cogent Communications (NASDAQ: CCOI) saw its stock price plummet 15.14% in pre-market trading on Thursday following the release of its third-quarter 2025 financial results. The significant drop comes as investors react to the company's continued losses and weak financial performance.

The telecommunications company reported a Q3 loss of $0.87 per share, which, while better than the FactSet estimate of a $1.10 loss, still represents a substantial negative earnings figure. Cogent's EBIT (Earnings Before Interest and Taxes) came in at -$18.128 million, surpassing the estimated -$27.9 million but remaining deeply in the red. The company's net income for the quarter was a concerning -$41.544 million.

Despite some metrics beating lowered expectations, Cogent's overall financial health appears to be struggling. The company reported a gross margin of 20.6% and an adjusted gross margin of 45.8%. While Cogent approved a quarterly dividend of $0.02 per share for Q4 2025, this token amount does little to offset investor concerns about the company's profitability. The pre-market plunge suggests that shareholders are losing confidence in Cogent's ability to turn its financials around in the near term, leading to a significant sell-off ahead of the regular trading session.