NameSilo Technologies Corp. Announces Impressive Q3 2024 Results
CSE: URL / OTC: URLOF
Record Quarterly Revenues and Operating Income
NameSilo Technologies Corp. (CSE: URL) (OTC: URLOF), one of the foremost domain registrars globally, proudly presents its financial highlights for the quarter ending September 30, 2024. The company has shown remarkable performance throughout this period.
Financial Highlights
The company achieved significant financial milestones in Q3 2024, reflecting substantial growth:
- Marking the eighth consecutive quarter and the sixth year of increasing revenues.
- Generating record revenues of $14,351,076 in Q3 2024, up 15.2% from $12,454,667 in Q3 2023. This growth came from an increase in domains under management, robust marketplace revenues, and ancillary services.
- Achieving gross profit of $3,214,896, equivalent to 22.4% of revenues, compared to $2,263,532, or 18.2%, in Q3 2023, marking the highest gross margin in the company's history.
- Operating income reached a record $1,240,660 for Q3 2024, a notable increase compared to $770,085 in Q3 2023.
- The company reported net income of $488,064 for Q3 2024, a considerable improvement from a net loss of $103,394 in the same period last year.
- Adjusted EBITDA hit $1,445,761, up from $1,038,414 in Q3 2023.
- Total bookings reached $14,342,555, surpassing the $13,313,280 recorded in Q3 2023.
- Total deferred revenues stood at $29,660,503 as of September 30, 2024, compared to $26,264,921 in the previous year.
- Generating cash flow from operations of $2,320,773 for Q3 2024, noticeably higher than $1,006,499 in Q3 2023.
- Cash and cash equivalents totaled $4,981,005 as of September 30, 2024.
- Investment holdings reached $3,636,452.
- The company's bitcoin holdings were valued at $1,231,960 as of September 30, 2024.
- NameSilo successfully entered into a $1.5 million non-dilutive drawdown loan facility.
In the following weeks after the quarter closed, NameSilo has:
- Eliminated all outstanding convertible debt.
- Cancelled a total of 850,500 shares.
- Purchased an additional 438,500 shares for cancellation.
- Surpassed the milestone of managing over 5 million domains.
"We are thrilled with the ongoing progress of our operations," stated Paul Andreola, CEO of NameSilo Technologies. "Q3 has been a record-breaking period for revenues and gross margins while the significant growth in free cash flow, alongside our reinforced cash position and the new $1.5 million facility, has empowered us to extinguish our long-term convertible debt. This places us in a favorable net cash position for the first time since our management team took over in 2017. We feel exceptionally well-equipped for continued growth and to explore new investment opportunities while pursuing share buybacks. We extend our gratitude to all our employees, customers, and shareholders for their unwavering support and effort."
NameSilo LLC has achieved management of over 5.05 million active domains across around 160 countries. The current leadership has propelled revenues from approximately $10.6 million in 2017 to over $48.96 million in 2023. Meanwhile, domains under management have skyrocketed from 1.85 million to 5.05 million today. The company has committed substantial resources to develop new products and services that have played a crucial role in enhancing revenues and gross margins. Offering hosting services, email products, a complimentary logo maker, security enhancements, among numerous other domain-related services, while maintaining some of the most competitive prices in the industry.
NameSilo now supports over 150 payment options, encompassing most major credit cards and digital payment methods like Apple Pay and Venmo. Additionally, NameSilo was a pioneer in the industry, being one of the earliest to accept bitcoin payments.
The company is committed to introducing value-added products, creating a comprehensive source of essential services for customers related to their domains. These innovations are anticipated to further enhance core revenues, boost margin growth, and improve customer loyalty.
About NameSilo Technologies Corp. and NameSilo LLC
NameSilo Technologies Corp. strategically invests in undervalued opportunities with promising appreciation potential across diverse industries, avoiding the resource and resource service sectors. The company does not engage in third-party investments and refrains from providing investment advice.
NameSilo LLC is a renowned low-cost provider of domain name registration and management services, as an accredited ICANN registrar. With approximately 4.75 million active domains under management, NameSilo is recognized as one of the world's fastest-growing domain registrars, serving clients in around 160 countries.
Frequently Asked Questions
What are the recent financial highlights of NameSilo Technologies?
NameSilo Technologies reported record revenues of $14.35 million in Q3 2024, net income of $488,064, and record operating income.
How has NameSilo's domain management grown?
NameSilo LLC now manages over 5.05 million active domains worldwide, reflecting significant growth since 2018.
What strategic changes has NameSilo made this quarter?
The company has eliminated all convertible debt, cancelled shares, and entered a $1.5 million drawdown facility.
Which payment methods does NameSilo accept?
NameSilo accepts over 150 payment methods, including major credit cards and digital payments like Apple Pay and Venmo.
What is the future direction for NameSilo LLC?
NameSilo plans to introduce additional value-added products to enhance revenue streams and improve customer retention.
