Minds + Machines (LON:MMX) reported its audited results for the year ended 31 December 2014.
Minds + Machines reported a profit before in 2014 of $22.06 million against a profit of $1.14 million in 2013, largely as a result of receiving $33.72 Million for withdrawing applications for new gTLD’s that were in private auctions.
The company made $6.44 million in 2013 for withdrawing applications
Revenue from registry and registrar services, and this totaled $1.92 Million in 2014, up from $56,000 the year before.
In 2014 Minds + Machines acquired six TLDs in 2014, launched nine TLDs for itself and three for clients in which Minds + Machines operate as a back end for other registries .London, .Kiwi and .GOP.
Minds + Machines finished 2014 with $45.80 Million in the bank up from $14.88mln at the end of 2013.
The company said as of the end of April they have more than $48 Million in the bank.
2014 Operational Highlights
· Gross receipts of $37.5 million from private auctions;
· Acquired 6 TLDs;
· Built main distribution channel for its portfolio of TLDs with all major registrars;
· Launched 9 TLDs into General Availability beginning September 2014;
· Generated premium domain name portfolio for each TLD.
Registry Service Provider
· Launched 3 TLDs -.london, .kiwi, and .gop;
· Enhanced infrastructure to secure future registry clients.
In total, 108,000 domain registrations were recorded across MMX’s portfolio primarily from those top-level domains launched in the final four months of 2014.
Post Period Highlights
· MMX uncontested portfolio increased to 34 of which:
o 20 wholly/majority owned,
o 5 owned or operated with the relevant city governing body on a revenue share basis,
o 4 in partnership with third parties, and
o 5 where the Company acts as the Registry Service Provider on behalf of clients;
· 8 portfolio top-level domains launched since year-end – 20 of the Group’s portfolio having now been launched;
· Cash reserves increased to over $48m (as of 30 April 2015);
· Domain registrations increased to over 177,000 (as of 15 May 2015);
· Sales team appointed to drive Premium Name revenues forward.
Earlier today we reported that Fred Krueger a co-founder of the company was leaving and will be succeeded as chairman by Keith Teare.
Shares of the company fell more than 12% today in trading to 9.00P
The company has a 52-week High of 13.75p and a 52-week Low of 6.80p
The market cap of the company is 75.24M or just about 50% higher than cash on hand.