NameSilo Technologies Corp. Announces 2024 Year End Results
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 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 ofDecember 31, 2024 , vs$26,264,921 atDecember 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
"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
About
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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/namesilo-technologies-corp-announces-2024-year-end-results-302444420.html
SOURCE
