ProntoForms Reports Q1 2018 Financial Results
- Achieves 5% Sequential Growth in Recurring Revenue Over Q4-
OTTAWA, Ont. – May 10, 2018 – ProntoForms Corporation (TSXV: PFM), the global leader in smart mobile forms for enterprise, today announced its first quarter (Q1) financial results for the three months ended March 31, 2018.
PLEASE NOTE THAT THE PRESENTATION CURRENCY HAS CHANGED FROM CANADIAN TO U.S. DOLLARS COMMENCING THIS REPORTING PERIOD.
“ProntoForms demonstrated continued momentum in Q1 with 5% sequential growth in recurring revenue following on the heels of 6% sequential growth in the fourth quarter. The company has commenced reporting US Dollar Annual Recurring Revenue base (“ARR”) at the end of each period as a key performance indicator. The increase in Q1 ARR was 5.9% continuing the growth trend going into Q2,” said Alvaro Pombo, CEO of ProntoForms.
“We have proven that our platform is built for the enterprise, with the scalability, security, and cloud integrations that major global enterprises require. Our recurring revenue base now includes 11 customers that contribute more than $100,000 of ARR, which is up from 4 such customers at the end of Q1 last year. These same customers represent 19% of our recurring revenue base, up from 9% in Q1 of last year. This growth comes from both new enterprise customers and significant expansion from existing customers. Our growing roster of channel partners is also bringing us to opportunities where enterprise grade cloud-based mobile workflows are needed.”
Financial Highlights – 2018 First Quarter – Presented in US dollars
- Recurring revenue in Q1 2018 increased by 15% to $2,495,068, compared to $2,164,211 in Q1 2017, and increased by 5% compared to $2,376,458 in Q4 2017
- Recurring revenue consisted of non-operator channel recurring revenue of $1,768,080 (32% growth vs. Q1 2017 and 7% growth vs. Q4 2017) and operator channel recurring revenue of $726,987 (12% decrease vs. Q1 2017 and effectively flat vs Q4 2017)
- Total revenue for Q1 2018 increased by 18% to $2,748,548, compared to $2,338,746 in Q1 2017, and increased by 4% compared to $2,648,687, in Q4 2017
- Gross margin for Q1 2018 was 82% of total revenue compared to 83% in Q1 2017 and 80% in Q4 2017. Gross margin on recurring revenue was 89% for Q1 2018 compared to 91% for Q1 2017 and 89% in Q4 2017
- Operating loss for Q1 2018 was $776,701, up slightly from a loss of $766,532 in Q1 2017, down from a loss of and $952,769 in Q4 2017
- Net loss for Q1 2018 was $775,163, up from a net loss of $870,290 in Q1 2017, and down from a net loss of $1,057,672 in Q4 2017
- Comprehensive loss for Q1 2018 was $822,823, down from a comprehensive loss of $862,895 in Q1 2017, and $1,075,705 in Q4 2017
- As at March 31, 2018, the Company’s cash and net working capital balances were $4,530,944 and $3,726,310 respectively
Recent Operational Highlights
- The leading American SaaS research and advisory firm issued a report, authored by their lead analysts for Field Service Management and Rapid Mobile Application Development (RMAD), outlining critical capabilities of Field Service Management solutions. The report prioritizes extensibility with smart mobile forms and workflows as a crucial integrated add-on to increase field technician enablement and productivity
- Introduced new RMAD/no-code tools for building enterprise-grade mobile apps for the field
- Launched mobile solution on Geotab Marketplace, making it available to large fleet tracking ecosystem with over 1 million subscribers
- Alvaro Pombo, our CEO, co-presented with the Global Asset Manager for one of the world’s largest Oil & Gas service providers, detailing how they are using ProntoForms’ RMAD/no-code platform to build mobile apps for Enterprise Asset Management
- One of America’s top ten gas and electric companies won the Verdantix International Innovation Award in the Power Utilities category for their use of ProntoForms for safety management
- Received G2 Crowd #1 Enterprise Forms Automation Software Award
About ProntoForms Corporation
ProntoForms is a leading provider of smart mobile forms for enterprise. The Company's solution is used to collect and analyze field data with smartphones and tablets – either as a standalone solution or as a mobile front-end to corporate systems of record.
The Company’s 100,000+ subscribers harness the intuitive, secure, and scalable solution to increase productivity, improve quality of service, and mitigate risks. The Company is based in Ottawa, Canada, and trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chief Executive Officer
613.599.8288 ext. 1111
Virtus Advisory Group Inc.