As promised, let’s dive into the full investment thesis and why I’m...
Juan Pablo Montero@jpmontero88
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Dec 16, 2025
~15 min read
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1
As promised, let’s dive into the full investment thesis and why I’m so excited about NameSilo Tech!
🚨 Disclosure: I currently hold ~5% of my combined portfolios in $URL.CN $URLOF
Credit to @lagourgue1 , several of the slides and insights I’ll be referencing come from his excellent presentation:
youtu.be/I3gU2NS3ltQ?si…
🧵👇
🚨 Disclosure: I currently hold ~5% of my combined portfolios in $URL.CN $URLOF
Credit to @lagourgue1 , several of the slides and insights I’ll be referencing come from his excellent presentation:
youtu.be/I3gU2NS3ltQ?si…
🧵👇
Juan Pablo Montero@jpmontero88
$URL.CA $URLOF nice!
I’m just trying to figure out how much of that revenue growth is actually pricing-driven.
📌 Reminder: next week I’ll be sharing my full investment thesis on this company!
I’m just trying to figure out how much of that revenue growth is actually pricing-driven.
📌 Reminder: next week I’ll be sharing my full investment thesis on this company!
2
1️⃣ BACKGROUND
As always, let’s start with a bit of background, where they came from, how they got here, so then we can try to figure out where they could go in the future!
$URL.CN $URLOF traces its origins back to 2014, when it was listed on the CSE under the name Brisio Innovations. At that time, Brisio functioned primarily as a micro-cap investment vehicle, deploying capital into early-stage technology opportunities, consistent with the investment style of its CEO, @PaulAndreola (remember this name, as it’s crucial for the thesis), who took the helm in 2014. Andreola, already known in Canadian small-cap circles as a disciplined deep-value investor, began steering Brisio toward opportunities that combined recurring revenue with scalable growth.
📈 The company’s pivotal transformation occurred in March 2018, when Brisio announced the acquisition of NameSilo LLC, a US based domain registrar founded in 2009 by Michael Goldfarb and Michael McCallister. At the time of the deal, NameSilo was managing about 1,85M domains and had demonstrated rapid growth (86% YoY). The acquisition closed in Aug’18 for roughly $9,5M upfront plus contingent earn-outs. Crucially, as part of the transaction, Andreola brought in Kristaps Ronka (the other key name in the thesis) as CEO of NameSilo LLC, while the two original founders exited. Ronka and his team (from a company called Digital Service Co.) received a minority equity stake (14.5%) in NameSilo, LLC as part of the structure, ensuring long-term alignment.
💎 In Nov’18, Brisio officially rebranded as NameSilo Tech, reflecting its transformation from a passive investment company to an operator of a fast-growing, cash-flow generative business. Domain count passed 0,7M at the beginning of 2017, 5,8M this year (+27% CAGR), making NameSilo one of the top 10 largest registrars globally.
Throughout this period:
✅ Paul Andreola remained CEO at the parent company level, overseeing capital allocation, financial discipline, and broader strategy.
✅ Kristaps Ronka has led the day-to-day operations of the registrar subsidiary, driving product expansion (hosting, marketplace, email, SSL) and customer growth (I’ll comment further on the business model).
This dual-leadership structure Andreola/Ronka has been central to NameSilo’s evolution!
As always, let’s start with a bit of background, where they came from, how they got here, so then we can try to figure out where they could go in the future!
$URL.CN $URLOF traces its origins back to 2014, when it was listed on the CSE under the name Brisio Innovations. At that time, Brisio functioned primarily as a micro-cap investment vehicle, deploying capital into early-stage technology opportunities, consistent with the investment style of its CEO, @PaulAndreola (remember this name, as it’s crucial for the thesis), who took the helm in 2014. Andreola, already known in Canadian small-cap circles as a disciplined deep-value investor, began steering Brisio toward opportunities that combined recurring revenue with scalable growth.
📈 The company’s pivotal transformation occurred in March 2018, when Brisio announced the acquisition of NameSilo LLC, a US based domain registrar founded in 2009 by Michael Goldfarb and Michael McCallister. At the time of the deal, NameSilo was managing about 1,85M domains and had demonstrated rapid growth (86% YoY). The acquisition closed in Aug’18 for roughly $9,5M upfront plus contingent earn-outs. Crucially, as part of the transaction, Andreola brought in Kristaps Ronka (the other key name in the thesis) as CEO of NameSilo LLC, while the two original founders exited. Ronka and his team (from a company called Digital Service Co.) received a minority equity stake (14.5%) in NameSilo, LLC as part of the structure, ensuring long-term alignment.
💎 In Nov’18, Brisio officially rebranded as NameSilo Tech, reflecting its transformation from a passive investment company to an operator of a fast-growing, cash-flow generative business. Domain count passed 0,7M at the beginning of 2017, 5,8M this year (+27% CAGR), making NameSilo one of the top 10 largest registrars globally.
Throughout this period:
✅ Paul Andreola remained CEO at the parent company level, overseeing capital allocation, financial discipline, and broader strategy.
✅ Kristaps Ronka has led the day-to-day operations of the registrar subsidiary, driving product expansion (hosting, marketplace, email, SSL) and customer growth (I’ll comment further on the business model).
This dual-leadership structure Andreola/Ronka has been central to NameSilo’s evolution!
3
2️⃣ THE BUSINESS MODEL
So… $URL.CN $URLOF today operates under a dual-engine business model that combines the stability of a recurring-revenue core business with the upside of carefully selected investments:
💰 As I commented in the background, at the heart of the company lies NameSilo LLC, its flagship subsidiary and one of the top ten largest domain registrars worldwide. The economics of the registrar are attractive: domains must be renewed annually (or every few years), creating a steady, predictable stream of recurring revenue. NameSilo supplements this with a growing range of value-added services (such as web hosting, SSL certificates, email solutions, and a domain marketplace for buying and selling names) that not only increase average revenue per customer but also improve retention.
💼 Alongside the registrar business, the parent company, NameSilo Tech, plays the role of a capital allocator and venture-style investor. With cash flows from the domain business, it selectively invests in high-potential private/public companies. The portfolio is diverse but focused on areas where management sees strong asymmetric returns. These are early-stage, high-upside bets, risky on their own, but meaningful when financed by the company’s internally generated cash.
💡 The synergy between these two pillars is key. The registrar business provides recurring, reliable cash flows, the company’s “cash cow”, that funds growth, shareholder buybacks, and opportunistic investments, without the need to dilute shareholders or take on debt. Meanwhile, the investment portfolio offers optionality: the chance of transformational returns if even one company succeeds or goes public. This structure makes NameSilo both a steady compounder and a micro-cap venture studio, with the core business acting as the milk cow feeding the next generation of growth.
So… $URL.CN $URLOF today operates under a dual-engine business model that combines the stability of a recurring-revenue core business with the upside of carefully selected investments:
💰 As I commented in the background, at the heart of the company lies NameSilo LLC, its flagship subsidiary and one of the top ten largest domain registrars worldwide. The economics of the registrar are attractive: domains must be renewed annually (or every few years), creating a steady, predictable stream of recurring revenue. NameSilo supplements this with a growing range of value-added services (such as web hosting, SSL certificates, email solutions, and a domain marketplace for buying and selling names) that not only increase average revenue per customer but also improve retention.
💼 Alongside the registrar business, the parent company, NameSilo Tech, plays the role of a capital allocator and venture-style investor. With cash flows from the domain business, it selectively invests in high-potential private/public companies. The portfolio is diverse but focused on areas where management sees strong asymmetric returns. These are early-stage, high-upside bets, risky on their own, but meaningful when financed by the company’s internally generated cash.
💡 The synergy between these two pillars is key. The registrar business provides recurring, reliable cash flows, the company’s “cash cow”, that funds growth, shareholder buybacks, and opportunistic investments, without the need to dilute shareholders or take on debt. Meanwhile, the investment portfolio offers optionality: the chance of transformational returns if even one company succeeds or goes public. This structure makes NameSilo both a steady compounder and a micro-cap venture studio, with the core business acting as the milk cow feeding the next generation of growth.
4
3️⃣ DOMAIN REGISTRATION INDUSTRY
As I usually do when stepping into a new industry, I like to dig deep first (its evolution, market dynamics, key players, etc). So, before diving into NameSilo LLC or the investment portfolio, I’d like to start by setting the stage with a quick overview of the Domain Registration Industry itself:
The domain registration industry is the backbone of the internet’s addressing system. Every website begins with a domain name (e.g. nnnnn.com), and the industry exists to manage the lifecycle of those domains, from creation and renewal to ownership transfers.
At the top of this ecosystem sits ICANN (the Internet Corporation for Assigned Names and Numbers), a non-profit body that oversees the global domain name system (DNS). ICANN does not sell domains directly; instead, it accredits registries and registrars:
👉 Registries are organizations that operate specific top-level domains (TLDs). For example, VeriSign is the registry for .com and .net, maintaining the authoritative database and setting wholesale prices. As of September 2024, VeriSign charges $10,26 per year for .com domains, plus the $0,18 ICANN fee, meaning registrars face a real cost of ~$10,44 per domain-year.
👉 Registrars like NameSilo, GoDaddy, or Namecheap act as the retail layer, selling domains to end-users. They pay the registry fee, then charge a retail markup. For instance, NameSilo currently sells .com domains at around US $17.29 for individual purchases, with lower prices ($11–12) for high-volume buyers. That implies a surplus of US $1–7 per domain, depending on scale, before factoring in upsells like hosting or SSL.
👉 Resellers expand distribution by plugging into registrar platforms and selling domains under their own brands.
👨💻 Customer experience: when someone buys nnnnn.com, the registrar checks availability with the registry, reserves the name, collects payment, forwards the wholesale fee to the registry, and books the domain under the customer’s account. Domains must be renewed each year (or pre-paid multi-year), creating recurring revenues with renewal rates often above 70%.
Market dynamics:
✅ The global market counts 350~360M registered domains, 4~5% CAGR.
✅ The industry shows a mix of concentration and fragmentation:
-> The top 5–6 players together hold about 40% of the market. GoDaddy (22% share) dominates, while Tucows (7%), Namecheap (5%), Squarespace (3%), and NameSilo (1,5%).
-> The remaining 60% (~210M domains) is highly fragmented among hundreds of regional and niche registrars, many with fewer than 1M domains each.
✅ Margins on domains alone are thin, so registrars compete on price and bundle value-added services (hosting, email, security, aftermarket sales) to boost profitability.
✅ Consolidation is a recurring theme, with large registrars acquiring smaller players to expand share.
🎯 In short
This is a mature but steadily growing industry, underpinned by recurring demand and high switching costs in practice, even if technically domains are easy to transfer. The challenge and opportunity for players like NameSilo is to keep winning market share organically (through price, service, product bundling) and inorganically (through acquisitions or partnerships) in order to climb further up the global rankings.
$URL.CN $URLOF
As I usually do when stepping into a new industry, I like to dig deep first (its evolution, market dynamics, key players, etc). So, before diving into NameSilo LLC or the investment portfolio, I’d like to start by setting the stage with a quick overview of the Domain Registration Industry itself:
The domain registration industry is the backbone of the internet’s addressing system. Every website begins with a domain name (e.g. nnnnn.com), and the industry exists to manage the lifecycle of those domains, from creation and renewal to ownership transfers.
At the top of this ecosystem sits ICANN (the Internet Corporation for Assigned Names and Numbers), a non-profit body that oversees the global domain name system (DNS). ICANN does not sell domains directly; instead, it accredits registries and registrars:
👉 Registries are organizations that operate specific top-level domains (TLDs). For example, VeriSign is the registry for .com and .net, maintaining the authoritative database and setting wholesale prices. As of September 2024, VeriSign charges $10,26 per year for .com domains, plus the $0,18 ICANN fee, meaning registrars face a real cost of ~$10,44 per domain-year.
👉 Registrars like NameSilo, GoDaddy, or Namecheap act as the retail layer, selling domains to end-users. They pay the registry fee, then charge a retail markup. For instance, NameSilo currently sells .com domains at around US $17.29 for individual purchases, with lower prices ($11–12) for high-volume buyers. That implies a surplus of US $1–7 per domain, depending on scale, before factoring in upsells like hosting or SSL.
👉 Resellers expand distribution by plugging into registrar platforms and selling domains under their own brands.
👨💻 Customer experience: when someone buys nnnnn.com, the registrar checks availability with the registry, reserves the name, collects payment, forwards the wholesale fee to the registry, and books the domain under the customer’s account. Domains must be renewed each year (or pre-paid multi-year), creating recurring revenues with renewal rates often above 70%.
Market dynamics:
✅ The global market counts 350~360M registered domains, 4~5% CAGR.
✅ The industry shows a mix of concentration and fragmentation:
-> The top 5–6 players together hold about 40% of the market. GoDaddy (22% share) dominates, while Tucows (7%), Namecheap (5%), Squarespace (3%), and NameSilo (1,5%).
-> The remaining 60% (~210M domains) is highly fragmented among hundreds of regional and niche registrars, many with fewer than 1M domains each.
✅ Margins on domains alone are thin, so registrars compete on price and bundle value-added services (hosting, email, security, aftermarket sales) to boost profitability.
✅ Consolidation is a recurring theme, with large registrars acquiring smaller players to expand share.
🎯 In short
This is a mature but steadily growing industry, underpinned by recurring demand and high switching costs in practice, even if technically domains are easy to transfer. The challenge and opportunity for players like NameSilo is to keep winning market share organically (through price, service, product bundling) and inorganically (through acquisitions or partnerships) in order to climb further up the global rankings.
$URL.CN $URLOF
5
4️⃣ NAMESILO LLC
So now yes, let’s dig into $URL.CN $URLOF core domain registrar business:
🏢 Business scope
As I already commented, NameSilo LLC is the operational heart of NameSilo Tech. It ranks among the top 10 largest domain registrars worldwide, with 5,8M+ domains under management as of mid-2025. Beyond simple registrations, the company has steadily built a full suite of services around domain management:
👉 Domain registration, renewals and transfers across hundreds of TLDs (.com, .net, .org, country codes, and new gTLDs).
👉 WHOIS privacy protection, bundled for free (a differentiator, as most competitors charge for it).
👉 Domain marketplace where users can buy and sell names.
👉 Web hosting and website builder tools.
👉 SSL certificates and email services, creating a one-stop shop for small businesses.
👉 API and bulk tools targeted at domain investors, enabling automation for large portfolios.
🥊 Competitive advantages
K Ronka: “Our unwavering focus on top-tier 24/7 human support, robust security, and low-cost pricing.”
📆 Recent developments
Acquisition of ShortURL: a URL-shortening service with ~38M active users, integrated into the NameSilo ecosystem to drive traffic and cross-sell domain services.
💰 Financial performance (Q2’25)
👉 Revenues of C$16M (+22,4% Y/Y).
The increase in revenues was due to an increase in domains under management, marketplace revenues, and from the sale of ancillary services.
👉 Gross Margin 25,6% (+370bps)
👉 Operating income of C$1,9M (+98,3%)
👉 Net income of C$1,2 (+420%)
👉 Adj EBITDA of C$1,5 (+212%)
👉 Total Bookings of C$16,1 (+4,5%)
🎯 Takeaway
NameSilo LLC has matured into a recurring-revenue engine with expanding margins, built on a foundation of price leadership, transparency, and loyalty from domain investors. With over 5,8M domains, it generates consistent cash that not only funds growth within the registrar but also fuels the parent company’s investment portfolio.
So now yes, let’s dig into $URL.CN $URLOF core domain registrar business:
🏢 Business scope
As I already commented, NameSilo LLC is the operational heart of NameSilo Tech. It ranks among the top 10 largest domain registrars worldwide, with 5,8M+ domains under management as of mid-2025. Beyond simple registrations, the company has steadily built a full suite of services around domain management:
👉 Domain registration, renewals and transfers across hundreds of TLDs (.com, .net, .org, country codes, and new gTLDs).
👉 WHOIS privacy protection, bundled for free (a differentiator, as most competitors charge for it).
👉 Domain marketplace where users can buy and sell names.
👉 Web hosting and website builder tools.
👉 SSL certificates and email services, creating a one-stop shop for small businesses.
👉 API and bulk tools targeted at domain investors, enabling automation for large portfolios.
🥊 Competitive advantages
K Ronka: “Our unwavering focus on top-tier 24/7 human support, robust security, and low-cost pricing.”
📆 Recent developments
Acquisition of ShortURL: a URL-shortening service with ~38M active users, integrated into the NameSilo ecosystem to drive traffic and cross-sell domain services.
💰 Financial performance (Q2’25)
👉 Revenues of C$16M (+22,4% Y/Y).
The increase in revenues was due to an increase in domains under management, marketplace revenues, and from the sale of ancillary services.
👉 Gross Margin 25,6% (+370bps)
👉 Operating income of C$1,9M (+98,3%)
👉 Net income of C$1,2 (+420%)
👉 Adj EBITDA of C$1,5 (+212%)
👉 Total Bookings of C$16,1 (+4,5%)
🎯 Takeaway
NameSilo LLC has matured into a recurring-revenue engine with expanding margins, built on a foundation of price leadership, transparency, and loyalty from domain investors. With over 5,8M domains, it generates consistent cash that not only funds growth within the registrar but also fuels the parent company’s investment portfolio.
6
5️⃣ INVESTMENT PORTFOLIO
Besides its profitable domain registrar engine, $URL.CN $URLOF deploys part of its cash into a curated portfolio of early-stage companies. Here’s the snapshot from its most recent MD&A:
> Ola Media (~20% ownership): Ad-tech company in Mexico installing digital screens inside ride-share vehicles (Uber, Didi, etc.). They run campaigns for Coca-Cola, Netflix, HBO and others. Ola remains private but has signaled a planned Canadian IPO. For H1-2025, Ola posted a net loss of C$2.26M
> Alchemy Labs (~4% equity + convertible loans): Developer of nanotech coatings. NameSilo owns ~4% plus has extended a convertible loan facility up to C$1.35M (with 12% annual interest), much of it already drawn. For H1-2025, Alchemy recorded a net loss of C$2.16M. Like Ola, Alchemy is also preparing for a Canadian public listing, and NameSilo’s convertible loans are structured to convert into equity at IPO, giving it even greater upside potential.
> Cheelcare (exposure via warrants): A medtech company designing mobility devices (powered wheelchairs, rehabilitation solutions). NameSilo holds 300,000 warrants valued at ~C$57k. Still private, no IPO announced.
Other Small Stakes & Public Equities:
> Atlas Engineered: ~971k shares, valued at C$884k.
> Allur Group: ~523k shares, valued at C$79k.
> West Mining: 18k shares, valued at C$540
> Yuansfer (fintech): stake valued at C$63k.
> Bomb Beverages: stake valued at C$32k.
> Domai Technologies: minor position.
> Joint Venture – Saw Technologies / NameLot: NameSilo and Saw.com combined their domain brokerage businesses into a JV in 2023. NameSilo owns 40.75% of the new entity, “Newco.” For H1-2025, the JV generated C$4.3M revenue and C$832k net gain, with NameSilo recognizing C$339k equity income.
🔑 In summary
The portfolio is a blend of private high-risk/high-reward bets (Ola, Alchemy, Cheelcare), plus public micro-cap equities (Atlas, Allur, West Mining) and a strategic joint venture in domain brokerage (Saw/NameLot).
✅ Ola Media and Alchemy are the big optionality drivers: Ola preparing for IPO, Alchemy with defense contracts and convertible loans that could flip into equity.
✅ Cheelcare and minor stakes add long-tail optionality.
✅ The JV with Saw is already profitable and strategic, tied to the core domain business.
Besides its profitable domain registrar engine, $URL.CN $URLOF deploys part of its cash into a curated portfolio of early-stage companies. Here’s the snapshot from its most recent MD&A:
> Ola Media (~20% ownership): Ad-tech company in Mexico installing digital screens inside ride-share vehicles (Uber, Didi, etc.). They run campaigns for Coca-Cola, Netflix, HBO and others. Ola remains private but has signaled a planned Canadian IPO. For H1-2025, Ola posted a net loss of C$2.26M
> Alchemy Labs (~4% equity + convertible loans): Developer of nanotech coatings. NameSilo owns ~4% plus has extended a convertible loan facility up to C$1.35M (with 12% annual interest), much of it already drawn. For H1-2025, Alchemy recorded a net loss of C$2.16M. Like Ola, Alchemy is also preparing for a Canadian public listing, and NameSilo’s convertible loans are structured to convert into equity at IPO, giving it even greater upside potential.
> Cheelcare (exposure via warrants): A medtech company designing mobility devices (powered wheelchairs, rehabilitation solutions). NameSilo holds 300,000 warrants valued at ~C$57k. Still private, no IPO announced.
Other Small Stakes & Public Equities:
> Atlas Engineered: ~971k shares, valued at C$884k.
> Allur Group: ~523k shares, valued at C$79k.
> West Mining: 18k shares, valued at C$540
> Yuansfer (fintech): stake valued at C$63k.
> Bomb Beverages: stake valued at C$32k.
> Domai Technologies: minor position.
> Joint Venture – Saw Technologies / NameLot: NameSilo and Saw.com combined their domain brokerage businesses into a JV in 2023. NameSilo owns 40.75% of the new entity, “Newco.” For H1-2025, the JV generated C$4.3M revenue and C$832k net gain, with NameSilo recognizing C$339k equity income.
🔑 In summary
The portfolio is a blend of private high-risk/high-reward bets (Ola, Alchemy, Cheelcare), plus public micro-cap equities (Atlas, Allur, West Mining) and a strategic joint venture in domain brokerage (Saw/NameLot).
✅ Ola Media and Alchemy are the big optionality drivers: Ola preparing for IPO, Alchemy with defense contracts and convertible loans that could flip into equity.
✅ Cheelcare and minor stakes add long-tail optionality.
✅ The JV with Saw is already profitable and strategic, tied to the core domain business.
7
6️⃣ THE MAN BEHIND THE SCENE
So, if you’ve made it this far, I hope it’s clear: this investment thesis is all about backing a steadily growing, cash-generative business led by a strong CEO, a business that reliably funds @PaulAndreola ’s ability to invest in high-upside “venture-style” microcaps.
So… who is Andreola? 👀
📜 Background
Paul Andreola is a seasoned Canadian micro-cap investor with over 25 years of experience, particularly skilled at identifying undervalued, overlooked companies and pulling them along powerful growth inflection points. He previously served as a licensed investment advisor for more than a decade and co-founded/led multiple public companies in both resource and tech sectors
He also founded @smallcapdisc , a research platform that shares his micro-cap insights and case studies, further cementing his reputation in the sector.
📈 The “Discovery” Philosophy & Performance
Andreola is best known for his powerful “discovery” investment approach, seeking out small-cap stocks that are profitable or near profitability, but deeply ignored and undervalued.
Industry media and fellow investors frequently spotlight Andreola as one of the “superinvestors of micro-cap”, with multiple multi-bagger wins across his career.
⚙️ Methodology & Strategic Edge
> Focused Universe: He closely studies Canadian small-caps, identifying mispriced, lean, efficient businesses that endure early-stage challenges without early VC backing.
> Manual, Deep Analysis: Rather than relying solely on screeners, Andreola and his partner physically read filings
> Trigger Points: He pays close attention to two consecutive positive earnings quarters as a sign of sustainable momentum, but only after extensive due diligence.
> High Hit Rate: Despite focusing on micro-cap space, his methodology limits risk. He estimates a 60–70% hit rate, well above average benchmarks.
> Big Winner Focus: His strategy is to let “great companies” ride. He embraces concentration when appropriate, and doubles down on major winners, ideally capturing asymmetrical returns.
📊 Track record
Off course $XPEL , which he profiled it at just US $0.36 per share in 2013, a stock that subsequently appreciated more than 8,000x
But there’re plenty of other cases:
”Okay, so Boflex was a big win. I mean, I can’t say no to 10 12x a return. […] So a company called Sanco Tech was a 10x, nobody’s ever heard of that. Still Hamilton Thorn, which is now quite institutionally owned and is a great example of discovery process. That was a 15 x for us, so that was a sizable one. So Boflex Mifa was a US listed company. That’s one of those a hundred baggers that slipped through my fingers. We were buying it in the 20 cent level, I think after splits. That’s become a hundred dollars plus stock. […] We recently had one called Invents that’s turned into a 10 bagger for us. I can give you a massive list there.”
🎯 So… in summary
Paul Andreola stands as a proven micro-cap super-investor, engineered success through small-cap discovery, deep proprietary diligence, and asymmetric thinking. $URL.CN $URLOF , he uniquely leverages his investing acumen by combining a dependable, recurring-revenue core with a high-upside investment portfolio, creating a hybrid model of stability, option value, and founder-aligned capital allocation.
Here are some useful links if you want to dig deeper into his background, methodology, and track record:
youtu.be/pU3icMR2dcM
microcapclub.com/the-superinves…
youtu.be/m1ZFt4UYfhc?si…
So, if you’ve made it this far, I hope it’s clear: this investment thesis is all about backing a steadily growing, cash-generative business led by a strong CEO, a business that reliably funds @PaulAndreola ’s ability to invest in high-upside “venture-style” microcaps.
So… who is Andreola? 👀
📜 Background
Paul Andreola is a seasoned Canadian micro-cap investor with over 25 years of experience, particularly skilled at identifying undervalued, overlooked companies and pulling them along powerful growth inflection points. He previously served as a licensed investment advisor for more than a decade and co-founded/led multiple public companies in both resource and tech sectors
He also founded @smallcapdisc , a research platform that shares his micro-cap insights and case studies, further cementing his reputation in the sector.
📈 The “Discovery” Philosophy & Performance
Andreola is best known for his powerful “discovery” investment approach, seeking out small-cap stocks that are profitable or near profitability, but deeply ignored and undervalued.
Industry media and fellow investors frequently spotlight Andreola as one of the “superinvestors of micro-cap”, with multiple multi-bagger wins across his career.
⚙️ Methodology & Strategic Edge
> Focused Universe: He closely studies Canadian small-caps, identifying mispriced, lean, efficient businesses that endure early-stage challenges without early VC backing.
> Manual, Deep Analysis: Rather than relying solely on screeners, Andreola and his partner physically read filings
> Trigger Points: He pays close attention to two consecutive positive earnings quarters as a sign of sustainable momentum, but only after extensive due diligence.
> High Hit Rate: Despite focusing on micro-cap space, his methodology limits risk. He estimates a 60–70% hit rate, well above average benchmarks.
> Big Winner Focus: His strategy is to let “great companies” ride. He embraces concentration when appropriate, and doubles down on major winners, ideally capturing asymmetrical returns.
📊 Track record
Off course $XPEL , which he profiled it at just US $0.36 per share in 2013, a stock that subsequently appreciated more than 8,000x
But there’re plenty of other cases:
”Okay, so Boflex was a big win. I mean, I can’t say no to 10 12x a return. […] So a company called Sanco Tech was a 10x, nobody’s ever heard of that. Still Hamilton Thorn, which is now quite institutionally owned and is a great example of discovery process. That was a 15 x for us, so that was a sizable one. So Boflex Mifa was a US listed company. That’s one of those a hundred baggers that slipped through my fingers. We were buying it in the 20 cent level, I think after splits. That’s become a hundred dollars plus stock. […] We recently had one called Invents that’s turned into a 10 bagger for us. I can give you a massive list there.”
🎯 So… in summary
Paul Andreola stands as a proven micro-cap super-investor, engineered success through small-cap discovery, deep proprietary diligence, and asymmetric thinking. $URL.CN $URLOF , he uniquely leverages his investing acumen by combining a dependable, recurring-revenue core with a high-upside investment portfolio, creating a hybrid model of stability, option value, and founder-aligned capital allocation.
Here are some useful links if you want to dig deeper into his background, methodology, and track record:
youtu.be/pU3icMR2dcM
microcapclub.com/the-superinves…
youtu.be/m1ZFt4UYfhc?si…
8
7️⃣ INVESTMENT OPORTUNITY
So,IMO a proper way to think about $URL.CN $URLOF is as a sum of two distinct buckets of value: (1) its core, cash-generating registrar business, and (2) its portfolio of minority investments, layered on top of a clean, net cash balance sheet.
1. Core Domain Business
> Revenues: In 2024, NameSilo delivered C$ 55.2M in sales, up ~13% YoY, and in Q1–Q2 2025 it accelerated to ~C$32M in just six months (+23% YoY).
> Margins: Gross margins have expanded from ~19% (2022–23) to 26% in Q1 2025, with operating leverage beginning to flow through (operating income +98% YoY in Q2’25).
> Run-rate profitability: Based on H1’25 numbers (EBITDA ~ C$3,5M), a forward run-rate of C$7M annualized EBITDA appears conservative.
Valuation multiples:
-> Applying 2~3× NTM EV/S (modest given growth, peers like GoDaddy trade at 4,5× EV/S with slower growth) yields C$130~192M.
This suggests the registrar alone underpins nearly all of today’s market cap (~C$120M), meaning investors essentially get the investment portfolio and net cash “for free.”
2. Investment Portfolio
> Reported at C$6.6M as of Q2’25, including Ola Media (~20%), Alchemy (~4% + convertibles), Cheelcare (warrants), and small-cap equities like Atlas Engineered.
> Near-term catalysts: Both Ola Media and Alchemy Nanotech are preparing Canadian IPOs, providing a tangible path to liquidity and revaluation. If either lists successfully, NameSilo could crystallize returns several times its cost base.
> Optionality: The convertible loan to Alchemy (C$1.35M facility at 12% interest) could convert into additional equity at IPO pricing, magnifying exposure if the market values Alchemy at a high multiple. Similarly, Ola’s pre-IPO valuation was already strong enough to attract outside capital (Plaza Capital, $1.6M in 2024).
> Strategic JV: The Saw.com brokerage venture (40.75% stake) generated C$4.3M in revenue in H1 2025, with NameSilo booking C$339k equity income. This is an already profitable, synergistic piece that may not be fully reflected in book value.
In short, while booked at C$6.6M, the portfolio’s fair value could plausibly be multiples higher if IPOs materialize or if strategic exits occur.
3. Net Cash
> As of June 30, 2025, NameSilo held C$4.1M in cash and no meaningful debt.
> This pristine balance sheet offers a margin of safety and flexibility to continue buybacks or pursue acquisitions.
Putting It All Together (conservative SOTP)
✅ Core registrar: ~C$160M
✅ Portfolio (book): C$6.6M
✅ Net cash: C$4.1M
→ Total: C$170M, offering a nice margin of safety over current market cap.
📈 Upside scenario:
> If Ola and/or Alchemy IPO successfully, portfolio could revalue 2–3× (adding CAD 10–20M+).
> If registrar growth continues at 20–25% YoY with margin expansion, a higher multiple is possible.
🎯 Key takeaway: Today’s market cap values only the core registrar at conservative multiples, giving investors the investment portfolio (run under the discipline of arguably one of the best micro-cap investors of our time) and net cash essentially for free. With two portfolio IPOs in preparation and the registrar accelerating profitability, the sum-of-the-parts points to undervaluation and meaningful upside optionality
So,IMO a proper way to think about $URL.CN $URLOF is as a sum of two distinct buckets of value: (1) its core, cash-generating registrar business, and (2) its portfolio of minority investments, layered on top of a clean, net cash balance sheet.
1. Core Domain Business
> Revenues: In 2024, NameSilo delivered C$ 55.2M in sales, up ~13% YoY, and in Q1–Q2 2025 it accelerated to ~C$32M in just six months (+23% YoY).
> Margins: Gross margins have expanded from ~19% (2022–23) to 26% in Q1 2025, with operating leverage beginning to flow through (operating income +98% YoY in Q2’25).
> Run-rate profitability: Based on H1’25 numbers (EBITDA ~ C$3,5M), a forward run-rate of C$7M annualized EBITDA appears conservative.
Valuation multiples:
-> Applying 2~3× NTM EV/S (modest given growth, peers like GoDaddy trade at 4,5× EV/S with slower growth) yields C$130~192M.
This suggests the registrar alone underpins nearly all of today’s market cap (~C$120M), meaning investors essentially get the investment portfolio and net cash “for free.”
2. Investment Portfolio
> Reported at C$6.6M as of Q2’25, including Ola Media (~20%), Alchemy (~4% + convertibles), Cheelcare (warrants), and small-cap equities like Atlas Engineered.
> Near-term catalysts: Both Ola Media and Alchemy Nanotech are preparing Canadian IPOs, providing a tangible path to liquidity and revaluation. If either lists successfully, NameSilo could crystallize returns several times its cost base.
> Optionality: The convertible loan to Alchemy (C$1.35M facility at 12% interest) could convert into additional equity at IPO pricing, magnifying exposure if the market values Alchemy at a high multiple. Similarly, Ola’s pre-IPO valuation was already strong enough to attract outside capital (Plaza Capital, $1.6M in 2024).
> Strategic JV: The Saw.com brokerage venture (40.75% stake) generated C$4.3M in revenue in H1 2025, with NameSilo booking C$339k equity income. This is an already profitable, synergistic piece that may not be fully reflected in book value.
In short, while booked at C$6.6M, the portfolio’s fair value could plausibly be multiples higher if IPOs materialize or if strategic exits occur.
3. Net Cash
> As of June 30, 2025, NameSilo held C$4.1M in cash and no meaningful debt.
> This pristine balance sheet offers a margin of safety and flexibility to continue buybacks or pursue acquisitions.
Putting It All Together (conservative SOTP)
✅ Core registrar: ~C$160M
✅ Portfolio (book): C$6.6M
✅ Net cash: C$4.1M
→ Total: C$170M, offering a nice margin of safety over current market cap.
📈 Upside scenario:
> If Ola and/or Alchemy IPO successfully, portfolio could revalue 2–3× (adding CAD 10–20M+).
> If registrar growth continues at 20–25% YoY with margin expansion, a higher multiple is possible.
🎯 Key takeaway: Today’s market cap values only the core registrar at conservative multiples, giving investors the investment portfolio (run under the discipline of arguably one of the best micro-cap investors of our time) and net cash essentially for free. With two portfolio IPOs in preparation and the registrar accelerating profitability, the sum-of-the-parts points to undervaluation and meaningful upside optionality
9
8️⃣ CONCLUSION
$URL.CN $URLOF offers a compelling micro-cap investment case: a scalable, cash-generative core business in domain registration, producing steady growth and cash flow, combined with a venture-style investment portfolio providing asymmetric upside. Under the stewardship of Paul Andreola, one of the most accomplished micro-cap investors in Canada, the company has transformed into a debt-free, profitable growth story with shareholder-aligned capital allocation. With expanding margins, accelerating revenue growth, and strategic investments nearing inflection points, NameSilo stands at a sweet spot where its “cash cow” domain engine funds both buybacks and high-upside bets. For investors seeking exposure to a rare blend of stability and optionality in the micro-cap space, NameSilo presents a unique, under-the-radar growth opportunity.
$URL.CN $URLOF offers a compelling micro-cap investment case: a scalable, cash-generative core business in domain registration, producing steady growth and cash flow, combined with a venture-style investment portfolio providing asymmetric upside. Under the stewardship of Paul Andreola, one of the most accomplished micro-cap investors in Canada, the company has transformed into a debt-free, profitable growth story with shareholder-aligned capital allocation. With expanding margins, accelerating revenue growth, and strategic investments nearing inflection points, NameSilo stands at a sweet spot where its “cash cow” domain engine funds both buybacks and high-upside bets. For investors seeking exposure to a rare blend of stability and optionality in the micro-cap space, NameSilo presents a unique, under-the-radar growth opportunity.