15:31:47 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



ProntoForms Corp
Symbol PFM
Shares Issued 117,947,747
Close 2019-08-21 C$ 0.51
Market Cap C$ 60,153,351
Recent Sedar Documents

ProntoForms loses $530,042 (U.S.) in Q2

2019-08-22 08:00 ET - News Release

Mr. Alvaro Pombo reports

PRONTOFORMS REPORTS Q2 2019 FINANCIAL RESULTS

ProntoForms Corp. has released its second quarter financial results for the period ended June 30, 2019. All currency figures are in U.S. dollars.

"We are pleased to report that our TTM recurring revenue continues to accelerate, growing to over 25 per cent this quarter. Quarterly recurring revenue continued to grow well in the second quarter with a 5-per-cent increase over the first quarter of 2019. Our annual recurring revenue (ARR) base grew 26 per cent year to year reaching $13.71-million at June 30, 2019. Our strongest area of growth is enterprise expansion; accounts with more than $100,000 of ARR now represent 30 per cent of our base, up from 23 per cent a year ago," said Alvaro Pombo, chief executive officer and founder of ProntoForms.

Mr. Pombo continued: "We entered 2019 with a focused plan to expand our enterprise presence. As part of this strategy, we continue building our enterprise go-to-market capabilities with additional investment in product and sales expertise. Recently, a leading global IT analyst firm profiled us as a field-focused leader in the growing LCAP (low-code application platform) market segment. This multibillion-dollar market is comprised of platforms that allow IT and line of business owners to scale digital transformation by empowering non-developers to easily build apps. Recognition in this report further validates our approach of enabling enterprises to scale their field-centric automation with the use of our powerful and intuitive solution."

Financial highlights -- 2019 second quarter

  • Recurring revenue in Q2 2019 increased by 26 per cent to $3.30-million compared with $2.62-million in Q2 2018, and by 5 per cent compared with $3.16-million in Q1 2019.
  • Total revenue for Q2 2019 increased by 26 per cent to $3.68-million compared with $2.91-million in Q2 2018, and by 5 per cent compared with $3.52-million in Q1 2019.
  • Gross margin for Q2 2019 was 84 per cent of total revenue compared with 83 per cent in Q2 2018 and 81 per cent in Q1 2019. Gross margin on recurring revenue was 90 per cent for Q2 2019 compared with 88 per cent in Q2 2018 and 89 per cent in Q1 2019.
  • Operating loss for Q2 2019 was $420,000, down from a loss of $630,000 in Q2 2018 and up from a loss of $400,000 in Q1 2019.
  • Net loss for Q2 2019 was $530,000, down from a net loss of $670,000 in Q2 2018 and flat compared with a net loss of $530,000 in Q1 2019.
  • As of June 30, 2019, ProntoForms' cash and net working capital balances were $5.75-million and $3.79-million, respectively, compared with $3.33-million and $2.28-million as at Dec. 31, 2018.

Q2 2019 operational highlights

  • The company was recently recognized in an August, 2019, LCAP Solution report produced by a prominent global IT analyst firm. It was one of 18 leading solutions featured from a group of 200 considered companies and was the only field-focused LCAP solution in the report. The report also highlighted that by 2024 the majority of enterprises will use at least four low-code platforms to support custom application needs.
  • The company hosted its first annual user conference: Empower'19. The two-day event provided enterprise customers the opportunity to learn and exchange with peers, gain a deeper understanding of new solution capabilities and view the platform road map.
  • As part of the company's enterprise product development plan, it achieved service organization control (SOC) Type 2 certification.
  • Notable new customers and expansion progress from enterprise customers, including:
    • A global medical device manufacturer continued its contractual expansion with 2,700 additional subscribers.
    • One of America's top five utility companies added over 600 new subscribers to improve its field operations and regulatory compliance reporting.
    • A global manufacturer of electronics and HVAC (heating, ventilation and air conditioning) systems continued expanding its deployment, adding 500 new subscribers.
    • A European-based health sciences medical device manufacturer launched a new deployment of over 175 subscribers to manage the delivery, set-up and maintenance of sophisticated medical devices.
    • A leading global video streaming service company launched a new account to inspect facilities across the globe.

Q2 conference call date:

Date:  Aug. 22, 2019

Time:  9 a.m. Eastern Time

Participant dial-in numbers:

Local Toronto:  1-416-764-8688

Toll-free:  1-888-390-0546

Conference ID:  32792964

Recording playback numbers:

Local Toronto:  1-416-764-8677

Toll-free:  1-888-390-0541

Pass code:  051268 followed by the number sign

Expiry date:  Thursday, Aug. 29, 2019, 11:59 p.m.

About ProntoForms Corp.

ProntoForms is a leading provider of smart mobile forms for enterprise. The company's solution is used to collect and analyze field data with smart phones and tablets -- either as a stand-alone solution or as a mobile front-end to corporate systems of record.

                  CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)
                                                     
                                       Three months ended June 30,       Six months ended June 30,
                                              2019            2018            2019            2018
Revenue
Recurring revenue                       $3,304,579      $2,624,680      $6,463,530      $5,119,748
Professional and other services            371,688         281,485         729,922         534,965
                                         3,676,267       2,906,165       7,193,452       5,654,713
Cost of revenue
Recurring revenue                          339,635         303,639         701,074         571,836
Professional and other services            264,038         203,818         554,792         421,119
                                           603,673         507,457       1,255,866         992,955
Gross margin                             3,072,594       2,398,708       5,937,586       4,661,758
Expenses
Research and development                 1,245,161       1,030,752       2,285,248       2,084,033
Selling and marketing                    1,561,004       1,406,359       3,103,827       2,812,953
General and administrative                 683,665         588,666       1,364,084       1,168,542
                                         3,489,830       3,025,777       6,753,159       6,065,528
(Loss) from operations                    (417,236)       (627,069)       (815,573)     (1,403,770)
Foreign exchange (loss) gain               (17,118)         46,245         (53,145)        136,316
Interest and accretion (loss)              (94,808)        (85,489)       (183,851)       (166,415)
Change (loss) in fair value
of derivative liability                       (880)         (7,501)        (10,407)        (15,108)
Net (loss)                                (530,042)       (673,814)     (1,062,976)     (1,448,977)
Other comprehensive (loss)
Foreign currency translation
adjustment (loss)                                -         (33,995)              -         (81,655)
Total comprehensive (loss)                (530,042)       (707,809)     (1,062,976)     (1,530,632)
Net (loss) per common share
basic and diluted                            (0.00)          (0.01)          (0.01)          (0.01)

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.