ProntoForms Reports Q3 2019 Financial Results
Achieves 26% growth in recurring revenue over Q3 2018
OTTAWA, Ont. – November 7, 2019 – ProntoForms Corporation (TSXV: PFM), the global leader in field-focused low-code application platforms for enterprise, announced today its third quarter (Q3) financial results for the period ended September 30, 2019.
“We are pleased to report that our Annual Recurring Revenue (ARR) base grew 30% year-to-year to reach $15.03 million by September 30, 2019. Recurring revenue continued to grow reaching $3.5 million in Q3, representing a 6% increase over Q2 2019 and 26% over Q3 2018. Our accelerating growth continues to be driven by enterprise expansion; accounts with more than $100K of ARR now represent 35% of our base, up from 24% a year ago,” said Alvaro Pombo, Chief Executive Officer and Founder of ProntoForms.
Mr. Pombo continued, “Enterprise demand for field automation is a powerful trend propelling our growth. In the opinion of leading IT analysts, enterprises can no longer rely on traditional software development practices to equip employees with the apps they require. ProntoForms low-code app development platform addresses this need. It works seamlessly with other leading systems and systems of record, and empowers enterprise field operations to develop and manage new apps—quickly and at scale—from an IT-approved platform.”
Financial Highlights – 2019 Third Quarter
- Recurring revenue in Q3 2019 increased by 26% to $3.50 million compared to $2.78 million in Q3 2018, and by 6% compared to $3.30 million in Q2 2019.
- Total revenue for Q3 2019 increased by 21% to $3.84 million compared to $3.18 million in Q3 2018, and by 4% compared to $3.68 million in Q2 2019.
- Gross margin for Q3 2019 was 84% of total revenue compared to 81% in Q3 2018 and 84% in Q2 2019. Gross margin on recurring revenue was 90% for Q3 2019 compared to 88% in Q3 2018 and 90% in Q2 2019.
- Operating loss for Q3 2019 was $0.46 million, down from $0.51 million in Q3 2018 and up from an operating loss of $0.42 million in Q2 2019.
- Net loss for Q3 2019 was $0.42 million, down from a net loss of $0.644 million in Q3 2018 and down from a net loss of $0.53 million in Q2 2019.
- As at September 30, 2019, ProntoForms' cash and net working capital balances were $5.70 million and $3.96 million respectively, compared to $3.33 million and $2.28 million as at December 31, 2018.
Q3 2019 Operational Highlights
- Notable new customers and expansion progress from enterprise customers, including:
- A Fortune Global 500 company added more than $390,000 in ARR to bring it to over $1,000,000.
- A utility in the United States added more than $175,000 in ARR to bring it to $960,000 to expand technician inspections and compliance reporting.
- A national leader in the electrical industry expanded its number of technicians utilizing the platform for equipment installation and maintenance.
- A Fortune 500 snack and beverage corporation launched a new deployment for manufacturing process improvements with the ProntoForms platform.
- A Fortune 500 personal care corporation launched a new deployment for inspections and quality control.
- A leading gas utility launched a new deployment to empower its field technicians to handle asset maintenance and inspections.
- ProntoForms is one of 18 solutions to be featured in the August 2019 Gartner Magic Quadrant for Enterprise Low-Code Application Platforms.
- ProntoForms was the recipient of the Service Council™ Symposium's 2019 Innovation Award. A panel of 25 judges—comprised of business and IT executives from primarily Fortune 500 companies—considered over a dozen participants for the honor.
Click here to download the 2019 Q3 Financials.
Q3 Conference Call Date:
Date: Thursday, November 7th, 2019
Time: 9:00 AM Eastern Time
Participant Dial-in Numbers:
Local Toronto – (+1) 416 764 8688
Toll Free – (+1) 888 390 0546
Conference ID: 63525349
Recording Playback Numbers:
Local Toronto – (+1) 416 764 8677
Toll Free – (+1) 888 390 0541
Passcode: 525349 #
Expiry Date: Thursday, November 14th, 2019, 11:59pm
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.
Chief Executive Officer
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