- NameSilo Technologies Corp. (URLOF, Financial) achieved record annual revenues of $55.23 million in 2024, a 12.8% increase over 2023.
- The company reported a net income of $304,878 for 2024, reversing a net loss from the previous year.
- Operating cash flow increased 138% to $6.64 million in 2024.
NameSilo Technologies Corp. (URLOF), a leading player in the domain registration industry, has reported robust financial results for the fiscal year 2024. The company has enjoyed its seventh consecutive year of revenue growth, reaching record annual revenues of $55.23 million, marking a 12.8% increase compared to 2023. This growth has been attributed to an increase in domains under management, marketplace revenues, and the sale of ancillary services.
Key financial highlights include a gross profit of $12.08 million, which represents a 21.9% margin, and operating income of $4.08 million, a significant rise of 118% from $1.87 million in 2023. The company also reported a net income of $304,878, compared to a net loss of $1.28 million in the previous year, highlighting a significant improvement in financial performance.
NameSilo has made significant strides in managing its debt, reducing it to nearly zero at $419,378, while strengthening its cash position to $3 million. The company's domain management business has witnessed significant growth, with over 5.71 million active domains under management across 160 countries. This expansion includes an increase of 650,000 domains in the past five months, consolidating NameSilo's position as one of the top ten domain registrars globally.
In a strategic move, the company repurchased 1.31 million shares through its NCIB program and expanded its product offerings to include hosting services, email products, security solutions, and various payment methods, including bitcoin. These enhancements aim to provide a comprehensive service offering to NameSilo's global customer base.
The company's strong financial performance and strategic initiatives have positioned it well for future growth, with a focus on continuing to add value-added products and driving customer retention. As NameSilo progresses, it aims to leverage its robust cash flow for strategic investments that will fuel the next phase of its growth trajectory.
