NameSilo Technologies Corp. Reports Record Financial Performance in Q3 2024

NameSilo Technologies Corp. Announces Record Q3 2024 Results

NameSilo Technologies Corp. (CSE: URL) is proud to share its astounding financial performance for the third quarter of 2024, emphasizing their growth and strength in the domain registration industry. This marks the eighth consecutive quarter and the sixth year in a row that the company has reported revenue growth, reflecting its solid positioning in a competitive market.

The financial figures for Q3 2024 illustrate a surge in revenue reaching $14,351,076, a notable increase from $12,454,667 in the same quarter of 2023. This 15.2% rise can be attributed to an increase in domains under management, enhanced marketplace revenues, and proceeds from ancillary services offered by the company.

Moreover, NameSilo achieved its highest gross profit to date, totaling $3,214,896, which translates to 22.4% of its revenues in Q3 2024, compared to 18.2% from the previous year. This achievement marks a significant milestone and indicates the company's growing operational efficiency. The record operating income stood at $1,240,660, further establishing a year-on-year growth as it surpassed $770,085 in Q3 2023.

Notably, the net income revealed a compelling turnaround with $488,064 realized in Q3 2024, contrasting with a net loss of $103,394 recorded in Q3 2023. This reflects NameSilo's capability to transform challenges into profitable outcomes. The adjusted EBITDA also highlights the company’s strength, posted at $1,445,761 for the quarter, a leap from $1,038,414 the previous year.

With total bookings reported at approximately $14,342,555, this reflects a steady trend of growth compared to $13,313,280 in Q3 2023. The deferred revenues ballooned to $29,660,503 as of September 30, 2024, evidencing the company's expanding market share and customer base.

Additionally, NameSilo reported a cash flow from operations amounting to $2,320,773, also showing robust fiscal health compared to $1,006,499 in Q3 2023. As of the end of the quarter, the total cash and cash equivalents stood at $4,981,005, alongside total investment holdings of $3,636,452, including $1,231,960 in Bitcoin holdings.

Significantly, the company has successfully eliminated all outstanding convertible debt and has made strides by canceling 850,500 shares, with more shares purchased for cancellation subsequently. This financial strategy has positioned NameSilo well, culminating in the management of over 5 million domains, reflecting its expansive reach and increasing popularity in the domain management sector.

Paul Andreola, the CEO of NameSilo Technologies, expressed pride in the company’s trajectory, stating, "We are very pleased with the ongoing growth of our operating business. Q3 was another record quarter in terms of revenues and gross margin and the significant increase in free cash flow. This has allowed us to extinguish all of our long-term convertible debt and reduce our interest expenses significantly."

Under new management since 2018, NameSilo has flourished, growing its domain portfolio from approximately 1.85 million to over 5.05 million active domains today, with an annual revenue surge from about $10.6 million in 2017 to over $48.96 million in 2023. The company continues to innovate, offering a variety of services including web hosting and security solutions, while maintaining competitive price points to cater to a wide customer base.

Looking ahead, NameSilo plans to further diversify its product offerings, aiming to enhance the customer experience and improve overall revenue and margin growth. The strategic addition of value-added services is expected to not only retain existing customers but also attract new consumers, solidifying NameSilo’s position as a leading domain registrar globally.

Through its innovative approach and dedication to customer satisfaction, NameSilo Technologies Corp. is poised for continued success in the evolving digital landscape.