Mr. Kristaps Ronka reports
NAMESILO TECHNOLOGIES CORP. ANNOUNCES Q1 2021 RESULTS
Namesilo Technologies Corp. has released its financial results for the quarter ending March 31, 2021. The financial statements and related management's discussion and analysis (MD&A) can be viewed on SEDAR.
Financial highlights of the company:
The company experienced financial results in fiscal Q1 2021 as set forth below:
Revenues of $7,989,594 for Q1 2021 as compared with $7,568,804
in Q1 2020, an increase of 5.6 per cent. The increase in revenues for Q1 2021 was due to an increase in domains under management and from the sale of new ancillary services;
- Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization)* of $306,641 for Q1 2021 compared with $203,619 in Q1 2020;
Total bookings* of $9,150,792 in Q1 2021 as compared with $8,740,252 in Q1 2020;
Total debt outstanding in Q1 was reduced from $5,793,818 to $4,765,419.
Namesilo has grown to be the 12th-largest domain registrar in the world (according to
Registrar Owl) with over 3.99 million active domains under management and customers in approximately 160 countries.
Since acquiring Namesilo LLC in August, 2018, the new management team has grown revenues from full year 2017 revenues of approximately $10.6-million to over $31.05-million in 2020. Domains under management have grown from 1.85 million to over 3.99 million today. The company has also invested significant resources to launch a number of new products and services which are expected to significantly increase future revenues and improve gross margins. Along with a new and more functional website the company has launched hosting services, e-mail 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. In 2020 the company launched new marketing initiatives to build brand awareness and drive future revenue growth.
Namesilo LLC chief executive officer Kristaps Ronka states: "Q1 2021 was another quarter of solid operations. We have spent the last several quarters investing in new products, services and people in anticipation of continued growth. We launched new marketing initiatives which have helped lead to sustainable revenue growth including this past March where we reached over $3-million (U.S.) in monthly bookings for the first time in the company's history. Namesilo is now well positioned to take advantage of our team's hard work and further grow our company. We look forward to continuing to offer our customers new and best-in-class products and services at the best possible prices, all while maintaining world-class customer service"
As per the press release issued on Dec. 2, 2020, the company announced that it had entered into a non-binding letter of intent with WGH Holdings BV whereby the buyer, subject to the entry into a definitive agreement, will acquire all of the company's interest in Namesilo LLC. Both parties continue to work toward meeting the conditions to enter into a definitive agreement. More details will be announced when available.
Subsequent to the quarter ending March, 2021, Namesilo Technologies has paid down an additional $636,000 in outstanding loans. The company currently has approximately $4.1-million in debt outstanding. In the five months since the end 2020 Namesilo LLC has grown its domain names under management by approximately 480,000 domains or by 13.7 per cent. Management anticipates continued strong growth for the remainder of the year.
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 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 3.99 million active domains under management from approximately 160 countries.
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