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MMX: New CEO, settlement with ICM, layoffs, and prelim earnings

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New top level domain company provides updates and preliminary 2020 numbers.

New top level domain name company MMX (aka Minds + Machines) (London AIM: MMX) made several announcements Sunday.

First, interim CEO Tony Farrow has been appointed CEO. Farrow took over after the company booted out its former CEO and CFO following an accounting investigation. Farrow worked for ICM Registry and was then COO of MMX after MMX acquired ICM Registry. He had left the company before being asked to return in the interim role.

Second, the company agreed to pay $1.0 million to settle alleged warranty claims brought by ICM Registry founder Stuart Lawley and others related to MMX’s acquisition of ICM. While the announcement doesn’t detail the allegations, I suspect it has to do with warranties MMX made about the state of its business and financials because part of the acquisition was paid in equity.

Third, MMX laid off 20% of its staff last year.

Finally, the company provided a financial update. For FY 2020, it revealed the following unaudited numbers:

  • 2020 revenues were in line with 2019
  • Billings declined 3% year over year due to a drop in AdultBlock billings
  • Renewal rates remained consistent at 68%
  • Domains under management fell 19% with no loss in contribution due to shifting to “more profitable transactions.”
  • Cashflow from operations was $6.4 million, which was down slightly from 2019 if you ignore a $6.6 million onerous contract payment that year

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