NameSilo Technologies Corp. Announces 2024 Year End Results
- Record annual revenues of $55.23M, up 12.8% YoY
- Turned net loss into profit: $304,878 net income vs -$1.28M loss in 2023
- Operating income increased 118% to $4.08M from $1.87M in 2023
- Significant debt reduction to $419,378, down over $1M
- Domain portfolio grew by 650,000 domains in 5 months
- Operating cash flow increased 138% to $6.64M
- Gross margin improvement to 21.9% from 18.1% in 2023
- Net income margin remains relatively low at 0.55% of revenue
- High deferred revenue liability of $31.47M
Record Annual Revenues, Operating Income and Cash Flow
Financial Highlights of the Company:
The Company experienced financial results in fiscal 2024 as set forth below (all figures in Canadian dollars):
- 7th consecutive year of revenue growth
- Record annual revenues of
$55,233,043 $48,962,799 12.8% . The increase in revenues for 2024 was due to an increase in domains under management, marketplace revenues, and from the sale of ancillary services. - Gross Profit of
$12,080,059 21.9% of revenues vs$8,879,213 18.1% in 2023 - Operating income of
$4,077,711 $1,868,348 - Net income of
$304,878 $1,284,638 - Adjusted EBITDA* of
$2,884,190 16.0% as compared to$2,486,240 - Total Bookings* of
$60,643,416 21.5% compared to$49,898,134 - Total deferred revenues of
$31,470,667 $26,264,921 - Operating cash flow of
$6,635,791 $2,778,974
The Company experienced financial results in fiscal Q4 2024 as set forth below (all figures in Canadian dollars):
- Record Revenues of
$14,904,237 $12,590,417 18.4% . The increase in revenues for Q4 2024 was due to an increase in domains under management, marketplace revenues, and from the sale of ancillary services. - Gross Profit of
$3,319,874 22.3% of its revenues in Q4 2024 vs$2,425,588 19.3% in Q4 2023. - Operating income of
$762,721 $516,034 - Total Bookings* of
$16,919,028 $11,851,825 - Operating cash flow of
$2,988,046 $1,049,543
Additional 2024 highlights
- In the past 5 months Namesilo LLC has grown its domains under management by over 650,000 domains and is now one of the 10 largest domain registrars in the world.
- Cash and cash equivalents as of December 31, 2024, of
$3,003,106 - Increased investments in Ola Media, Alchemy Nanotech and Cheelcare
- Reduced promissory note payable and overall debt by over
$1 million $419,378 - Through the company's NCIB repurchased and cancelled 1,308,000 shares
Kristaps Ronka, CEO of Namesilo LLC states "It's been an exciting year at NameSilo—we've supercharged our site speed, rolled out powerful new features, and expanded our product lineup to better serve our growing global community. With a renewed focus on customer service, bold marketing initiatives, and our ongoing work with Saw.com to build a world-class brokerage platform, we're more energized than ever to keep raising the bar in the domain industry."
"2024 marked a pivotal year in our company's journey," said CEO Paul Andreola. "We achieved record-breaking results across revenue, gross profit, and operating profit, reflecting the strength and resilience of our business model. Our substantial growth in free cash flow has enabled us to reduce debt to near-zero levels and build a strong, expanding net cash position. Crossing the milestone of 5 million domains under management has firmly established us among the top-tier domain registrars in the industry. As we look ahead, we're excited to deploy our robust cash flow into strategic investments, including continuing to buy back Namesilo shares as appropriate, that will drive the next phase of our growth. I want to extend my sincere appreciation to our employees, customers, and shareholders for their continued dedication and support."
NameSilo LLC ("NameSilo") has grown to over 5.71 million active domains under management and customers in approximately 160 countries. Since acquiring NameSilo in August 2018 the new management team has grown revenues from full year 2017 revenues of approximately
NameSilo LLC will focus on adding value-added products to offer customers a one-stop source for essential services related to their domains. The Company believes that these new products will further increase core revenues and margin growth for NameSilo, improve customer retention and improve the value proposition to the customer base.
About NameSilo Technologies Corp. and NameSilo LLC
NameSilo Technologies Corp. invests its capital in companies and opportunities which management believes are undervalued and have potential for significant appreciation. The company makes investments in both public and private markets and focuses on opportunities in a wide variety of industries excluding the resource and resource service sectors. NameSilo does not invest on behalf of any third-party and it does not offer investment advice.
NameSilo LLC is a low-cost provider of domain name registration and management services. As an accredited ICANN registrar, NameSilo is one of the fastest growing domain registrars in the world with approximately 5.71 million active domains under management from approximately 160 countries.
Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding potential future investments by the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements.
*Non-IFRS Financial Measure
Readers are cautioned that "Adjusted EBITDA" and "total bookings" are measures not recognized under IFRS. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, share-based compensation, restructuring costs, impairment charges and other non-recurring gains or losses. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons. Total bookings includes the full amount of cash received from new domain bookings, renewals and other related services. Whereas, under IFRS, the Company records revenue from domain booking and renewal fees on a straight-line basis over the life of the contract term. However, the Company's management believes that "total bookings" provides investors with insight into management's decision-making process because management uses this measure to run the business and make financial, strategic and operating decisions. Further, "total bookings" also provides useful insight into the Company's operating performance on a yearly basis. "Total bookings" do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that "Adjusted EBITDA" and "total bookings" are not an alternative to measures determined in accordance with IFRS and should not, on their own, be construed as indicators of performance, cash flow or profitability.
NEITHER THE CSE NOR ITS REGULATION SERVICES PROVIDERS (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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SOURCE NameSilo Technologies Corp.
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