NameSilo Technologies Corp. Announces 2024 Year End Results

Cision Canada

01-05-2025

VANCOUVER, BC, May 1, 2025 /CNW/ - NameSilo Technologies Corp. (CSE: URL) (PINKSHEETS: URLOF) (the " Company"), one of the largest domain registrars in the world, is pleased to announce the financial results for the year ending December 31, 2024. The financial statements and related management's discussion and analysis ("MD&A") can be viewed on SEDAR+ at www.sedarplus.ca.
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 for year end 2024 as compared to $48,962,799 in 2023, an increase of 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 or 21.9% of revenues vs $8,879,213 or 18.1% in 2023
Operating income of $4,077,711 in 2024 compared to $1,868,348 in 2023
Net income of $304,878 in 2024 compared to a net loss of $1,284,638 in 2023
Adjusted EBITDA* of $2,884,190 for 2024 up 16.0% as compared to $2,486,240 in 2023
Total Bookings* of $60,643,416 in 2024 up 21.5% compared to $49,898,134 in 2023
Total deferred revenues of $31,470,667 as of December 31, 2024, vs $26,264,921 at December 31 2023.
Operating cash flow of $6,635,791 in 2024 vs $2,778,974 in 2023
The Company experienced financial results in fiscal Q4 2024 as set forth below (all figures in Canadian dollars):
Record Revenues of $14,904,237 for Q4 2024 as compared to $12,590,417 in Q4 2023, an increase of 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 or 22.3% of its revenues in Q4 2024 vs $2,425,588 or 19.3% in Q4 2023.
Operating income of $762,721 for Q4 2024 compared to $516,034 in Q4 2023.
Total Bookings* of $16,919,028 in Q4 2024 compared to $11,851,825 in Q4 2023.
Operating cash flow of $2,988,046 in Q4 2024 vs $1,049,543 in Q4 2023
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 to $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 $10.6 million to over $55.23 million in 2024. Domains under management have grown from 1.85 million to over 5.71 million today. The Company has also invested significant resources to offer new products and services which have helped to increase revenues and improve gross margins. The Company offers hosting services, email products, a free logo maker, security products, several new domain services and more all while maintaining some of the lowest prices in the industry. NameSilo now accepts over 150 payment methods including most major credit cards, Web money payments such as Apple Pay, Venmo, Alipay and more. The Company was also one of the first companies in the industry to accept bitcoin.
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.
SOURCE NameSilo Technologies Corp.