NameSilo for those that don’t know is a public company. It trades in Canada and on the Pink Sheets under the symbols (CSE:URL) (OTC:URLOF). The company reported earnings yesterday and posted record revenues.
The Company had a net income during the three months ended September 30, 2020 of $2,723,317 compared to a net loss of $753,093 for the same period in 2019.
The net income is primarily due to non-realized gain on investments of $3,163,614 (2019 – $152,455), offset by non-cash costs, such as interest and loan accretion expense of $284,814 (2019 – $285,246), amortization of equipment and intangible assets of $614,856 (2019 – $609,458), and the share-based payment of $11,133 (2019 – $3,863).
Financial Highlights of the Company:
-Record Revenue. NameSilo LLC recorded revenues of $8,070,601 in Q3 2020 compared to $7,849,498 in Q3 2019, up 2.8%. Year-to-date ending September 30, 2020 revenues totaling $23,232,578 are up 9.1% over the nine-month period ended September 30, 2019. -Robust Customer Growth. NameSilo continues to be one of the fastest growing domain registrars in the world. -Strong Customer Base. NameSilo is one of the 15 Largest Domain Registrars in the world. As of the date of this news release, NameSilo has approximately 3.54 million active domains under management with customers in approximately 160 countries. -Loyal Customer Base. NameSilo maintains a customer retention rate of approximately 87%. Customer loyalty is driven by excellent customer service, array of services and affordable and consistent pricing. -Strong Portfolio Growth. The company’s portfolio value grew by approximately $3,160,000 in Q3 -Positive Net Income. Net income $2,723,317 -New Value-Added Services. Successfully launched new domain brokerage service, NameLot.com and domain backorder service Catch.Club. -Debt Payment. NameSilo Technologies reduced its outstanding debt from $10,510,034 Q2 to $7,593,769 in Q3 2020