NameSilo Q3 2024 financial results

NameSilo Technologies Corp. (CSE: URL) (PINKSHEETS: URLOF), announced the financial results for the quarter ending September 30, 2024.

Financial Highlights of the Company:

The Company experienced financial results in fiscal Q3 2024 as set forth below (all figures in Canadian dollars):

• 8th consecutive quarter and 6th year of consecutive revenue growth
• Record Revenues of $14,351,076 for Q3 2024 as compared to $12,454,667 in Q3 2023, an increase of 15.2%. The increase in revenues for Q3 2024 was due to an increase in domains under management, marketplace revenues, and from the sale of ancillary services.
• Gross Profit of $3,214,896 or 22.4% of its revenues in Q3 2024 vs $2,263,532 or 18.2% in Q3 2023. Highest gross margin in company’s history.
• Record operating income of $1,240,660 for Q3 2024 compared to $770,085 in Q3 2023.
• Net income of $488,064 in Q3 2024 compared to a net loss of $103,394 in Q3 2023.
• Record adjusted EBITDA* of $1,445,761 for Q3 2024 as compared to $1,038,414 in Q3 2023
• Total Bookings* of $14,342,555 in Q3 2024 compared to $13,313,280 in Q3 2023.
• Total deferred revenues of $29,660,503 as of September 30, 2024, vs $26,264,921,782 at September 30, 2023.
• Cash flow generated from operations of $2,320,773 for Q3 2024 vs $1,006,499 in Q3 2023
• Cash and cash equivalents as of September 30, 2024 of $4,981,005
• Investments holdings totalling $3,636,452
• Value of bitcoin holdings $1,231,960 as of September 30, 2024
• Entered into a $1.5 million non dilutive draw down loan facility

Subsequent to the quarter end the company has:

• Eliminated all of its outstanding convertible debt
• Cancelled 850,500 shares
• As of the date of this news release, purchased for cancellation an additional 438,500 shares
• Surpassed 5 million domains under management

“We are very pleased with the ongoing growth of our operating business,” commented Paul Andreola, CEO of NameSilo Technologies. “Q3 was another record quarter in terms of revenues and gross margin and the significant increase in free cash flow, increased cash position and the new $1.5 draw down facility has allowed us to extinguish all of our long term convertible debt, significantly reduced our interest expense, and now has us in a net cash position for the first time since current management purchased the company in 2017. The company has never been better positioned to continue to grow and deploy capital to new opportunities and to continue to buy back shares. We would like to thank all our employees, customers and shareholders for their support and hard work.”

NameSilo LLC (“NameSilo”) has grown to over 5.05 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 $48.96 million in 2023. Domains under management have grown from 1.85 million to over 5.05 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.