MMX notes first half results
Revenue down as expected, renewals covering OPEX.
MMX (Minds + Machines London AIM:MMX), one of the few remaining public firms selling fresh top level domain names, released earnings for the first half of the year today.
The results are a mixed bag. The firm prepared the market for a drop in revenue since of a spike last year when .VIP was launched.
Billings decreased from $8.05 million in the same period last year to $5.61 million. Revenue dropped from $7.38 million to $5.28 million.
At the same time that topline numbers dropped, partner payments and cost of sales increased.
Still, the firm is achieving one of CEO Toby Hall’s key goals, which is to get renewal revenue to cover fixed OPEX “allowing fresh sales to increasingly drop to the bottom line.”
The firm also sold over $3 million of .VIP domains subsequent to the end of half.
One of the tricks for MMX will be to increase registrations in the TLDs other than .VIP so that fluctuations in .VIP doesn’t have an outsized impact on results. The firm disclosed contracts of $1.0 million for premium .London domains, so that might help.
The firm also revealed this it pocketed $2.4 million from losing auctions for the .inc and .llc domain names.
