ProntoForms Reports Q1 2021 Financial Results
Achieves 9% annual growth in recurring revenue over Q1 2020
OTTAWA, May 6th, 2021 -- ProntoForms Corporation (TSXV: PFM), the global leader in field-focused low-code application platforms for enterprise, announced today its first quarter (Q1) financial results for the period ended March 31, 2021.
“We are pleased to report that our Annual Recurring Revenue Base (ARR) increased by 4.7% to $17.9 million. In spite of COVID-19’s continued impact on some of our customers’ industries, our overall customer usage continues to be resilient—customers with more than $100,000 of ARR each represented 40% of that base, up from 37% a year ago—demonstrating that our platform is utilized for essential business processes,” said Alvaro Pombo, Founder and Chief Executive Officer.
Mr. Pombo continued, “In Q1 we saw steady growth in bookings, continued enterprise expansion, increased customer term commitment, and further investment in both our key verticals and sales team. Our strengthened balance sheet and revenue base give us leverage to increase adoption and usage of our powerful mobile solution by frontline workers in our key verticals.”
Terence Matthews, Chairman of ProntoForms said, “The addition of Scott Berg, former CEO of ServiceMax and current Managing Director at 10X CEO, strengthens our board and adds more enterprise field automation go-to-market knowledge.”
Financial Highlights – First Quarter
- Recurring revenue in Q1 2021 increased by 9% to $4.31 million compared to $3.94 million in Q1 2020, and remained flat compared to $4.31 million in Q4 2020.
- Total revenue for Q1 2021 increased by 9% to $4.61 million compared to $4.24 million in Q1 2020, and decreased by 2% compared to $4.71 million in Q4 2020.
- Gross margin for Q1 2021 was 85% of total revenue compared to 85% in Q1 2020 and 85% in Q4 2020. Gross margin on recurring revenue was 91% for Q1 2021 compared to 92% in Q1 2020 and 91% in Q4 2020.
- Operating loss for Q1 2021 was $1.07 million, up from an operating loss of $0.24 million in Q1 2020 and up from an operating loss of $0.57 million in Q4 2020.
- Net loss for Q1 2021 was $1.10 million, up from a net loss of $0.17 million in Q1 2020 and up from a net loss of $0.92 million in Q4 2020.
- As at March 31, 2021, ProntoForms' cash and net working capital balances were $8.19 million and $4.43 million respectively, compared to $7.75 million and $5.10 million as at December 31, 2020.
Recent Operational Highlights
- Notable new and expansion progress from enterprise customers, including:
- A global oil and gas enterprise expanded their ProntoForms deployment for a three-year agreement with 400 subscriptions. The deployment of ProntoForms improves their safety compliance workflows.
- A global medical manufacturing organization expanded their deployment of ProntoForms to over 1,300 additional subscriptions on a three-year agreement. They integrate ProntoForms with a leading field service management system.
- A global energy enterprise customer deployed ProntoForms to over 100 technicians to remove paper from the field and to reduce risks in data collection during propane inspections. Their technicians can now perform more efficient inspections and make informed decisions on-site.
- A global medical brand that manufactures sophisticated healthcare equipment deployed ProntoForms in a staged roll-out to over 800 field technicians. The organization uses ProntoForms for multiple use cases, including administering preventative maintenance, mandating FDA compliance, and completing inspections.
- ProntoForms was featured in both the Magic Quadrant for LCAP and Gartner's Voice of the Customer report for LCAP.
- ProntoForms' Salesforce partnership was further strengthened by a new Salesforce AppExchange test drive functionality as well as the upcoming release of the AppExchange trial.
Q1 Conference Call Date:
Date: Thursday, May 6th, 2021
Time: 9:00 AM Eastern Time
Participant Dial-in Numbers:
Local Toronto – (+1) 416 764 8688
Toll Free – (+1) 888 390 0546
Conference ID: 53560936
Recording Playback Numbers:
Local Toronto– (+1) 416 764 8677
Toll Free – (+1) 888 390 0541
Passcode: 560936 #
Expiry Date: Thursday, May 13th, 2021 at 11:59pm EST
About ProntoForms Corporation
ProntoForms is the global leader in field-focused low-code application platforms for enterprise. The Company's solution is used to create apps and forms to collect and analyze field data with smartphones and tablets – either as a standalone solution or as a mobile front-end to enterprise 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
613.599.8288 ext. 1111
Chief Financial Officer