NameSilo Technologies Corp. Announces Q3 2022 Results Record Quarterly Revenues up 25.5% – Yahoo Finance

VANCOUVER, BC, Nov. 22, 2022 /CNW/ – NameSilo Technologies Corp. (CSE: URL) (PINKSHEETS: URLOF) (the “Company“), one of the fastest growing domain registrars in the world, is pleased to announce the financial results for the quarter ending September 30, 2022. The financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR at www.sedar.com.
Financial Highlights of the Company:
The Company experienced financial results in fiscal Q3 2022 as set forth below (all figures in Canadian dollars):
Record Revenues of $11,569,000 for Q3 2022 as compared to $9,217,902 in Q3 2021, an increase of 25.5%. The increase in revenues for Q3 2022 was due to an increase in domains under management, marketplace revenues, and from the sale of ancillary services.
Gross Profit of $1,986,385 or 17.2.% of its revenues in Q3 2022 vs $1,348,599 or 14.6% in Q3 2021 up 47.2%
Net income of $716,496 for Q3 2022 compared to a loss of $503,078 in Q3 2021: a net increase of $1,219,574.
Total comprehensive income of $1,032,047 in Q3 2022 compared to a loss of $307,097 in Q3 2021
Adjusted EBITDA* of $775,647 for Q3 2022 compared to $97,886 in Q3 2021 up 692%
Total deferred revenues of $26,612,312 as at September 30 2022 vs $25,317,610 at June 30 2022.
SELECTED FINANCIAL RESULTS
Three Months Ended
Nine Months Ended
Sept 2022
Sept 2021
Sept 2022
Sept 2021
Revenues
$11,569,000
$9,217,902
$33,577,394
$25,618,698
Cost of Sales
$9,582,615
$7,869,303
$27,170,422
$21,863,144
Gross Profit
$1,986,385
$1,348,599
$6,406,972
$3,755,554
Gross Margin %
17.2 %
14.6 %
19.1 %
14.7 %
Operating Expenses
$1,495,402
$1,523,386
$4,595,588
$3,743,326
Operating Income
$490,983
($174,787)
$1,811,384
$12,228
Gain (Loss) on Investments
$474,604
$453,120
($804,622)
($6,272,564)
Other Items
($247,959)
($677,730)
($641,561)
($784,601)
Income (Loss) Before Income
Tax
$717,628
($399,397)
$365,201
($7,044,937)
Income Tax Expense
($1,132)
($103,681)
($1,132)
$189,003
Net Income (Loss)
$716,496
($503,078)
$364,062
($7,233,940)
Other Comprehensive Income (Loss)
$315,551
$195,981
$37,899
($93,796)
Total Comprehensive Income
(Loss)
$1,032,047
($307,097)
$701,968
($7,327,736)
Comprehensive (Loss) Income
Attributable to:

Shareholders of the Company
$870,209
($301,413)
$226,960
($7,374,686)
Non-controlling Interest
$161,838
($5,684)
$475,008
$46,950
 Weighted Average Number of
 Shares Outstanding
92,464,648
92,464,648
92,464,648
92,464,648
Income (Loss) per Share, Basic
($ per share)
0.01
(0.00)
0.00
(0.08)
Adjusted EBITDA*
$775,647
$97,886
$2,650,614
$839,871
NameSilo LLC (“NameSilo”) has grown to be one of the largest domain registrars in the world (according to RegistrarOwl.com) with over 4.58 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 $36.4 million in 2021. Domains under management have grown from 1.85 million to over 4.58 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 CEO Kristaps Ronka states, “We continue to see positive trends in both our revenues and earnings as we achieved over $10 million in revenue this quarter and are well on track to exceed $40 million in annual revenue for the first time in company history. 
We have also seen a positive trend in our customer base with a larger percentage of new clients being single-purchase end users. This leads to a greater number of our client base that has more potential interest in purchasing our ancillary add-on services.
Additionally, we are excited to advise that we intend on launching two new website development products by the end of the year, which we believe will provide substantial value to our existing client base as well as providing incentive for new clients to join the Namesilo family.  We will provide additional details on these exciting new offerings as we near the release dates.”
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.
Normal Course Issuer Bid (“NCIB”) Update:
From the commencement of the NCIB on February 23, 2022, the Company has acquired 958,000 shares for cancellation. Once all shares are cancelled that have been acquired the number of shares outstanding would be 91,506,648. The NCIB is ongoing until February 23, 2023 and the Company may purchase up to 4,500,000 common shares of the Company. All purchases of common shares will be made on the open market through the facilities of the Canadian Securities Exchange and will be purchased for cancellation.
Namesilo’s board of directors continues to believe that the current market price for the Company’s common shares do not currently reflect the underlying value of the Company. As a result, depending on the future price movements and other factors, Namesilo’s board of directors believes that the purchase of the shares is an appropriate use of Namesilo’s funds and in the best interests of Namesilo’s shareholders.
About NameSilo Technologies Corp. and NameSilo LLC
NameSilo Technologies Corp. 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 largest domain registrars in the world with approximately 4.58 million active domains under management from approximately 160 countries.
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” is a measure 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. Readers are cautioned that “Adjusted EBITDA” is 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-q3-2022-results-record-quarterly-revenues-up-25-5-301685082.html
SOURCE NameSilo Technologies Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/22/c7902.html
Related Quotes
Clio, the world's leading provider of cloud-based legal technology, has announced the launch of Clio Payments in Canada—a foundational payments technology built for the legal industry—enabling lawyers to provide client-centered payment options in Canada.
good natured Products Inc. (the "Company" or "good natured®") (TSXV: GDNP) (OTCQX: GDNPF), a North American leader in plant-based products, today announced its financial results for the three months ("Q3 2022") and nine months ("YTD 2022") ended September 30, 2022.
Elon Musk has evolved in a world apart. For more than 10 months he was the only member of the most select financial club on the planet, one that has never welcomed more than two members at the same time. The Tesla CEO and owner of microblogging website Twitter was a regular member there for the past few months — until he was ousted a few weeks ago.
Novavax (NASDAQ: NVAX) shares were down more than 16% in late-afternoon trading. On Tuesday, a dispute between the biotech maker of vaccines to treat infectious diseases and global nonprofit Gavi sent Novavax's shares dropping. On Monday, Novavax canceled its contract with Gavi, saying the nonprofit had breached an agreement to purchase, in advance, 350 million doses of Nuvaxovid, Novavax's COVID-19 vaccine.
It’s difficult to put a positive spin on the current state of the stock market. While 2022’s action has seen moments of relief, for the most part, the trend has been resolutely downbeat, as reflected in the main indexes’ performances. All are down by at least double-digits; the tech-heavy NASDAQ’s 30% drop has been the most acute, while the S&P 500 now sits 17% lower year-to-date. That said, while it’s hard to watch any owned stock sink to the bottom, the upside to the downside is that investors
Wall Street believes mean reversion and geopolitical tensions could play a key role
FTX collapsed. These players held the keys.
Coinbase CEO Brian Armstrong is reassuring users about the financial health of the Nasdaq-listed crypto exchange, following a tweet — since deleted — from CZ of Binance.
In this article, we talk about 10 stocks that billionaire Ray Dalio dumped from his portfolio. If you want to see more stocks in this selection, check out Billionaire Ray Dalio is Dumping These 5 Stocks. Ray Dalio is an American billionaire hedge fund manager, philanthropist, and the founder of Bridgewater Associates, one of the […]
Market conditions these days are best described as ‘unsettled.’ Inflation was lower in the October print, but remains stubbornly high, while the Fed’s reactive interest rate policy is pushing up the price of capital, but has not yet constricted retail or other purchasing activity – or inflation. Other headwinds include continued bottlenecks in global supply chains, made worse by recurring COVID lockdown policies in China, and the ongoing Russian war in Ukraine. So, should investors stick to a de
Tsakos (TNP) delivered earnings and revenue surprises of -31.48% and 8.53%, respectively, for the quarter ended September 2022. Do the numbers hold clues to what lies ahead for the stock?
Here's the trading schedule for stocks and the bond market as investors prepare for Thanksgiving.
In minds and numbers, Tesla remains the star of the automotive industry. The market capitalization of Elon Musk's group is above $532 billion at last check. Toyota , General Motors , Ford and Volkswagen are far behind with market values $199 billion, $57 billion, $56.5 billion and nearly $100 billion, respectively.
Some Twitter employees who chose to stay at the company as it transformed to "Twitter 2.0" are being shown the door.
The S&P 500 moved back above the key 4,000 level in a strong day for the market rally. Riots hit Apple's main China iPhone factory. Enphase Energy leads 5 stocks in buy areas.
(Bloomberg) — European stocks and US equity futures were steady as investors awaited the release of policy minutes from the Federal Reserve’s latest meeting for insights on the path of rate hikes.Most Read from BloombergViolent Protests Erupt at Apple’s Main iPhone Plant in ChinaHow Bad Will Housing Get? The Chill Gripping a Once-Hot Market Offers a TestTrump Had Losses of $900 Million in Two Years, Jury ToldMalaysia Latest: Muhyiddin Turns Down King on Unity GovernmentElizabeth Holmes Judge Pr
Reuters China To Reportedly Impose Over $1B Fine On Jack Ma's Ant Group Ending 2-Year Long Regulatory Overhaul Ending Jack Ma's Ant Group's two-year-long regulatory feud, Chinese authorities will reportedly impose a fine of more than $1 billion on the billionaire's fintech company. China's central bank – which has been driving the revamp at Ant after the Xi Jinping-led administration scuttled the company's $37 billion IPO at the last minute in 2020 – is the regulator readying the fine. Warren Bu
Biden announced he's extending the federal student loan repayment moratorium until June 30, 2023.
For anyone looking to get ahead in the investing game, following in the footsteps of stock picking legends is an obvious path to follow. Hardly any are more legendary than George Soros, forever known as the ‘man who broke the Bank of England,’ after pocketing a cool billion dollars in one day when betting against the Pound back in 1992. That single act, however, does not define Soros, who has made sound investment decisions throughout his career which bought decades-long returns of 30% to his Qu
In this article, we will be taking a look at 10 Reddit stocks that are too cheap to ignore. To skip our detailed analysis of these stocks, you can go directly to see the 5 Reddit Stocks That Are Too Cheap To Ignore. Reddit, an online platform, caught the attention of investors last year with the […]

source