Lithuanian webhosting firm Hostinger, which bills itself as a European rival to U.S. market leader GoDaddy GDDY, said on Thursday it had reached profitability for the first time, as European tech startups try and catch up with bigger U.S peers.

Hostinger, founded in 2004, made earnings before interest, tax, depreciation and amortisation (EBITDA) of 2.4 million euros ($2.60 million) last year, up from an EBITDA loss of 7.1 million euros a year earlier.

Growth was driven by a 57% increase in consolidated revenues, which rose to 110.2 million euros. By comparison, GoDaddy reported this month a first-quarter net profit of $401.5 million.

Hostinger is one of several tech startups from Lithuania, such as Nord Security and Vinted, which are emerging as the European Union eyes reforms to ensure it can compete more strongly against the United States’ tech giants.

($1 = 0.9225 euros)