ProntoForms sees promising signs in its recurring revenue growth

software

Ottawa-based ProntoForms Corporation (TSX-V: PFM) this week reported growth in recurring revenues for the fourth quarter and fiscal year ended December 31, 2021.

"We are pleased to report that our annual recurring revenue base increased by 15.6 per cent in 2021, compared to 8.7 per cent in 2020,” said Alvaro Pombo, founder and CEO in a news release. “The growth in the base has improved, but we are committed to getting more growth through an enterprise expansion focus.”

Recurring revenue for the year increased by 13 per cent to $18.32 million US, compared to $16.19 million US for 2020. Total revenue for the year increased by 10 per cent to $19.35 million US, while gross margin stayed steady year-over-year at 85 per cent of total revenue. Gross margin on recurring revenue was 90 per cent for 2021, compared to 92 per cent for 2020. 

The company saw a loss from operations for the fiscal year of $4.16 million US, up from $960,000 US for 2020. The net loss for the year was $4.46 million US, up from a net loss of $1.49 US million in 2020.

The net loss for the fourth quarter was $1.12 million US, up from a net loss of $920,000 US from the year-ago period and up from a net loss of $1.11 million US in the third quarter fiscal 2021.

"Our customers need to accelerate the speed of automation in the field and they see our product's agility and breadth of use cases as a catalyst in this digital transformation … Our focus continues to be on enterprise expansion and we are off to a strong start, having added enterprise sales resources and go-to-market infrastructure in early 2022," Pombo added.

During the fiscal, ProntoForms increased its debt facility from $6 million to $10 million to give the company more flexibility to execute on its growth strategy.

ProntoForms is a leader in no-code app development platforms for field teams. Its platform enables organizations to rapidly develop custom mobile apps and empower field teams to complete complex work effectively and safely.