ProntoForms Reports Annual and Q4 2022 Financial Results
Achieves 11% Annual Growth in Recurring Revenue
OTTAWA, March 9th, 2023 - ProntoForms Corporation (TSXV: PFM), the global leader in field intelligence, announced today its annual and fourth quarter (Q4) financial results for the period ended December 31, 2022. All amounts are in US dollars unless otherwise stated.
“In 2022, we grew our recurring revenue by 11% as we continued to develop our enterprise go-to-market teams and by the 4th quarter made solid progress in closing the gap to EBITDA breakeven,” said Alvaro Pombo, Founder and co-CEO of ProntoForms. “We have achieved notable successes in expanding our footprint in major enterprise customers based on the strong return on investment that our platform continues to deliver. In the last quarter, we announced a major expansion at a global oil company valued at $2.5 million over 5 years.”
“We are rapidly moving to capitalize on the strong satisfaction and ROI that our customers generate though the deployment of our platform. Our sales and marketing efforts are focused on market segments where we have established strong referenceable customer success and are working to create a mature enterprise sales organization to deliver consistently higher growth,” said Philip Deck, ProntoForms’ newly appointed co-CEO. “ProntoForms has made significant progress in establishing ourselves as a mature enterprise competitor and I am excited to lead the completion of the transition.”
Financial Highlights – 2022 Year (All results in USD)
- Recurring revenue for the year-ended December 31, 2022 increased by 11% to $20.37 million compared to $18.32 million for 2021.
- Total revenue for the year-ended December 31, 2022 increased by 10% to $21.33 million compared to $19.35 million for 2021.
- Gross margin for 2022 was $18.18 million or 85% of total revenue compared to $16.39 million or 85% in 2021. Gross margin on recurring revenue was 90% for 2022 compared to 90% for 2021.
- Loss from operations was $4.33 million, for the year-ended December 31, 2022 up from $4.16 million for 2021.
- Net loss for the year-ended December 31, 2022 was $4.45 million compared to a net loss of $4.46 million in 2021.
- As at December 31, 2022, the Company's cash and net working capital balances were $6.11 million and $2.68 million respectively.
Financial Highlights - 2022 Fourth Quarter
- Recurring revenue in Q4 2022 increased by 10% to $5.29 million compared to $4.80 million in Q4 2021 and increased by 1% compared to $5.23 million in Q3 2022.
- Total revenue for Q4 2022 increased by 12% to $5.61 million compared to $5.01 million in Q4 2021 and increased by 3% compared to $5.46 million in Q3 2022.
- Gross margin for Q4 2022 was 87% of total revenue compared to 84% in Q4 2021 and 85% in Q3 2022. Gross margin on recurring revenue was 91% for Q4 2022 compared to 90% in Q4 2021 and 90% in Q3 2022.
- Operating loss for Q4 2022 was $0.45 million, down from an operating loss of $1.03 million in Q4 2021 and down from an operating loss of $1.07 million in Q3 2022.
- Net loss for Q4 2022 was $0.55 million, down from a net loss of $1.12 million in Q4 2021 and down from a net loss of $1.11 million in Q3 2022.
Recent Operational Highlights
Notable new and expansion progress from enterprise customers, including:
- A global top 20 oil & gas enterprise expanded their deployment of ProntoForms with a five-year $2.5M agreement to support their asset compliance, EHS, work standardization, and leak inspection workflows.
- A Global 500 oil & gas company expanded their deployment of ProntoForms to support inspections.
- An energy company expanded their ProntoForms deployment for existing solutions in both the sales and service business groups.
- A utility enterprise expanded their deployment of ProntoForms for digital pre-work briefings for risk identification, safety audits, incident reporting, and equipment tracking. The solution is additionally being used for daily jobsite reporting and timesheets.
Medical Device Manufacturing
- A Fortune 500 global medial manufacturer deployed ProntoForms to support their end customer workflows.
- Co-CEO Alvaro Pombo was the keynote speaker at Field Service Europe. This was the first time ProntoForms attended the European event to support a continued and growing presence in the European market.
- ProntoForms launched a new partnership with ServiceNow to provide customers with the best possible field service experience. The new partnership encompasses updates to the product, including data sources, data destinations, and an app-to-app ServiceNow integration.
- ProntoForms was named the Enterprise Grid Leader for mobile forms automation in G2's Winter 2022 Grid for the fourth year in a row.
Q4 Conference Call Date:
Date: Thursday, March 9th, 2023
Time: 9:00 AM Eastern Time
Participant Dial-in Numbers:
Local Toronto – (+1) 647-484-0478
Toll Free – (+1) 888-256-1007
Conference ID: 5738218
Recording Playback Numbers:
Local Toronto– (+1) 647-436-0148
Toll Free – (+1) 888-203-1112
Expiry Date: March 16th, 2023, at 11:59pm EST
About ProntoForms Corporation
ProntoForms is the global leader in field intelligence. The platform's field workflows and data collection capabilities enable enterprise field teams to optimize decision-making, decrease organizational risk, maximize the uptime of valuable assets, and deliver exceptional service experiences. Over 100,000 subscribers use ProntoForms across multiple use cases, including asset inspection, compliance, installation, repair, maintenance, and environmental, health & safety with quantifiable business impacts.
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.
co-Chief Executive Officer
Chief Financial Officer