ProntoForms Reports Q2 2022 Financial Results
Reached a milestone of USD $20 million of base ARR at June 30, 2022
OTTAWA, August 18th, 2022 -- ProntoForms Corporation (TSXV: PFM), the global leader in no-code app development platforms for field teams, announced today its second quarter (Q2) financial results for the period ended June 30, 2022. All amounts are in US dollars unless otherwise stated.
“We started 2022 with a disappointing Q1. In the second half of 2021, we added new leadership followed by large changes to the sales organization. Q2 2022 showed improvement but didn’t reflect the volume that we expected. We finished Q2 with 9% annual growth in recurring revenue and 2% over Q1,” said Alvaro Pombo, Founder and Chief Executive Officer. “After the lag in bookings in the first half, we are seeing value building up. We had an important enterprise expansion in Q2 that added over $250,000 of ARR to bring that customer to over $940,000 in that quarter, and growth is expected to continue. We are seeing more new and expansion activity and are confident that we have a capable enterprise go-to-market structure that is scaling as our enterprise salespeople ramp.”
Mr. Pombo continued, “We recently passed the $20 million ARR milestone. 51% of the base now comes from enterprise-size customers (> 2,500 employees) and 41% of the base comes from customers with greater than $100,000 of ARR each. The challenge of technician enablement for enterprises is not going away any time soon.”
“I’m pleased with ProntoForms,” said Chairman Terence Matthews. “The company is experiencing unprecedented levels of business activity with partners, clients, evaluations, and contracts. Our technology comes at the right time to help our clients significantly improve agility and cost of their field automation while enabling them to continuously improve their workflows. This results in better customer and technician experience yielding higher service reliability and uptime.”
Financial Highlights – 2022 Second Quarter
- Recurring revenue in Q2 2022 increased by 9% to $4.97 million compared to $4.55 million in Q2 2021 and increased by 2% compared to $4.89 million in Q1 2022.
- Total revenue for Q2 2022 increased by 8% to $5.21 million compared to $4.84 million in Q2 2021 and increased by 3% compared to $5.04 million in Q1 2022.
- Gross margin for Q2 2022 was 84% of total revenue compared to 85% in Q2 2021 and 84% in Q1 2022. Gross margin on recurring revenue was 89% for Q2 2022 compared to 90% in Q2 2021 and 99% in Q1 2022.
- Operating loss for Q2 2022 was $1.32 million, up from an operating loss of $1.07 million in Q2 2021 and down from an operating loss of $1.49 million in Q1 2022.
- Net loss for Q2 2022 was $1.34 million, up from a net loss of $1.12 million in Q2 2021 and down from a net loss of $1.54 million in Q1 2022.
- As at June 30, 2022, the Company’s cash and net working capital balances were $7.52 million and $3.59 million respectively with CAD $1.84 million remaining unused on its CAD $10 million debt facility.
Recent Operational Highlights
- A Fortune 500 oil & gas enterprise has expanded its multi-year deployment of ProntoForms to reach over 2,000 subscriptions as part of a global Master Services Agreement (MSA) where ProntoForms is the prime mobile forms solution approved for use in field operations.
- A global heavy manufacturing enterprise increased its commitment to ProntoForms by over $250,000 ARR to reach over $940,000 ARR as a key technology driver for their full asset lifecycle business model.
- ProntoForms launched new automation capabilities for SharePoint. In addition, the ProntoForms platform is now available on Microsoft AppSource.
- Nucleus Research published a third-party ROI evaluation of PrimeLine Utility Services’ use of ProntoForms. They concluded that PrimeLine experienced in excess of 1,000% ROI by increasing service visibility and improving data collection. Read the report here.
- ProntoForms CEO and Founder was the keynote speaker at Copperberg’s Field Service Forum. Mr. Pombo discussed the importance of rapidly automating processes to overcome macroeconomic challenges in the service landscape.
- ProntoForms announced its EMPOWER’22 user conference that will take place in Austin, Texas from September 26-27.
- ProntoForms was highlighted in the “Mobility” segment of Gartner’s Hype Cycle for Oil & Gas 2022 Report. The report identifies the solutions that technology leaders deploy in the oil & gas industry.
Q2 Conference Call Date:
Date: Thursday, August 18th, 2022
Time: 9:00 AM Eastern Time
Participant Dial-in Numbers:
Local Toronto – (+1) 647-484-0475
Toll Free – (+1) 888-394-8218
Conference ID: 9129028
Recording Playback Numbers:
Local Toronto– (+1) 647-436-0148
Toll Free – (+1) 888-203-1112
Expiry Date: August 25th, 2022, at 11:59pm EST
About ProntoForms Corporation
ProntoForms is the global leader in no-code app development platforms for field teams. The Company's platform enables organizations to rapidly develop custom mobile apps with context and intelligence, empowering field teams to reliably complete complex work more effectively and safely.
The Company’s subscribers harness the intuitive, secure, and scalable solution to improve asset uptime and CSAT, while also reducing compliance incidents and work stoppages. 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