Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

ProntoForms Reports Annual and Q4 2021 Financial Results

Achieves 13% annual growth in recurring revenue and fourth quarter growth of 3% over Q3 2021

OTTAWA, March 10, 2022 (GLOBE NEWSWIRE) -- ProntoForms Corporation (TSXV: PFM), the global leader in no-code app development platforms for field teams, announced today its annual and fourth quarter (Q4) financial results for the period ended December 31, 2021. All amounts are in US dollars unless otherwise stated.

“We are pleased to report that our Annual Recurring Revenue Base (ARR) increased by 15.6% in 2021 compared to 8.7% in 2020. The growth in the base has improved but we are committed to getting more growth through an enterprise expansion focus. Our base is now $19.8 million with 41% from customers with greater than $100,000 of ARR,” said Alvaro Pombo, Founder and Chief Executive Officer.

Mr. Pombo continued, “Our customers need to accelerate the speed of automation in the field and they see our product’s agility and breadth of use cases as a catalyst in this digital transformation. We have compelling new use case stories and a Wakefield Research customer impact report demonstrating value across many industries and multiple tech stacks. Our focus continues to be on enterprise expansion and we are off to a strong start having added enterprise sales resources and go to market infrastructure in early 2022.”

Terence Matthews, Chairman of ProntoForms, said, “The addition of Conrad Smits, former Head of Services & Solution Delivery at Royal Philips, strengthens our board with real customer experience and advocacy.”

Subsequent to year-end, ProntoForms Corporation added financial capacity by increasing its debt facility from CAD $6 million to CAD $10 million. The access to additional funds provides more flexibility to execute on its growth strategy in 2022 and beyond.

Financial Highlights – 2021 Year

  • Recurring revenue for the year-ended December 31, 2021 increased by 13% to $18.32 million compared to $16.19 million for 2020.
  • Total revenue for the year-ended December 31, 2021 increased by 10% to $19.35 million compared to $17.67 million for 2020.
  • Gross margin for 2021 was $16.39 million or 85% of total revenue compared to $15.03 million or 85% in 2020. Gross margin on recurring revenue was 90% for 2021 compared to 92% for 2020.
  • Loss from operations was $4.16 million, for the year-ended December 31, 2020 up from $0.96 million for 2020.
  • Net loss for the year-ended December 31, 2021 was $4.46 million, up from a net loss of $1.49 million in 2020.
  • As at December 31, 2021, the Company’s cash and net working capital balances were $6.08 million and $7.75 million respectively.

Financial Highlights - 2021 Fourth Quarter

  • Recurring revenue in Q4 2021 increased by 11% to $4.80 million compared to $4.31 million in Q4 2020, and increased by 3% compared to $4.66 million in Q3 2021.
  • Total revenue for Q4 2021 increased by 6% to $5.01 million compared to $4.71 million in Q4 2020, and increased by 2% compared to $4.89 million in Q3 2021.
  • Gross margin for Q4 2021 was 84% of total revenue compared to 85% in Q4 2020 and 84% in Q3 2021. Gross margin on recurring revenue was 90% for Q4 2021 compared to 91% in Q4 2020 and 89% in Q3 2021.
  • Operating loss for Q4 2021 was $1.03 million, up from an operating loss of $0.57 million in Q4 2020 and up from an operating loss of $1.00 million in Q3 2021.
  • Net loss for Q4 2021 was $1.12 million, up from a net loss of $0.92 million in Q4 2020 and up from a net loss of $1.11 million in Q3 2021.

Recent Operational Highlights

  • Notable new and expansion progress from enterprise customers, including:
    • An existing Fortune 500 medical device customer expanded their ProntoForms implementation by 3500 subscriptions for a total of over 9000 subscriptions globally to support asset installation and preventive maintenance service across multiple business units.
    • A Fortune 500 oil & gas company expanded their ProntoForms implementation by 100 field technicians for a total of 800 to support their asset compliance and leak inspection workflows.
    • A Fortune 500 oil & gas company expanded their ProntoForms implementation by 150 for a total of over 700 subscriptions to support upstream engineering.
    • A Fortune 500 heavy manufacturing organization expanded their ProntoForms implementation by 250 in North America and 130 in EMEA for a total of 7500+ and 2000+ subscriptions respectively.
    • A transportation and warehouse enterprise expanded their ProntoForms implementation by 100 subscriptions for a total of 650 subscriptions.
    • A medical device manufacturing enterprise organization, in partnership with a leading field service management solution, deployed ProntoForms to 300 technicians to support installation and maintenance.
  • ProntoForms released its Customer Impact Report in collaboration with Wakefield Research, a top market research consultancy. It gathered key benefits that ProntoForms provides customers, including saving each technician 90 minutes per day on average and 83% of customers experiencing an increase in technician satisfaction.
  • ProntoForms CEO and Founder, Alvaro Pombo, was the main stage presenter during the Chairperson’s Opening Address and moderator at Field Service Medical.

Q4 Conference Call Date:

Date: Thursday, March 10th, 2022
Time: 9:00 AM Eastern Time

Participant Dial-in Numbers:
Local Toronto – (+1) 647-484-0478
Toll Free – (+1) 888-254-3590
Conference ID: 8795721

Recording Playback Numbers:
Local Toronto– (+1) 647-436-0148
Toll Free – (+1) 888-203-1112
Passcode: 8795721
Expiry Date: March 17th, 2022 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.

For additional information, please contact:

Alvaro Pombo
Chief Executive Officer
ProntoForms Corporation
613.599.8288 ext. 1111
[email protected]
Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
[email protected]

Certain information in this press release may constitute forward-looking information. For example, statements about the Company’s future growth or value, the revenues anticipated to be received by the Company from recent contracts referred to above and anticipated market trends are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company’s business and value may not grow as anticipated or at all, revenue anticipated from contracts may not be received due to many risks, including factors specific to the customer, and anticipated market trends may not occur or continue. Historical growth levels and results may not be indicative of future growth levels or results. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Please see “Risk Factors Affecting Future Results” in the Company’s annual management discussion and analysis dated March 10, 2021 found at www.sedar.com for a discussion of such factors. Please also refer to the Company’s management discussion and analysis for the year ended December 31, 2020 for a description of how the Company determines and uses ARR. ARR is a key performance indicator used by the Company and is not meant as an indication such amounts will necessarily be included in revenues in any given fiscal year.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

PRONTOFORMS CORPORATION
Consolidated statements of loss and comprehensive loss
             
Years ended December 31, 2021 and 2020         
(in US dollars)       
             
     Three months ended December 31, Year ended December 31, 
     2021  2020  2021  2020  
             
Revenue:
         
 Recurring revenue$4,795,940  4,305,505  18,316,046  16,194,453  
 Professional and other services 210,783  405,080  1,037,701  1,471,627  
     5,006,723  4,710,585  19,353,747  17,666,080  
             
Cost of revenue(1):         
 Recurring revenue 495,294  374,145  1,831,614  1,342,540  
 Professional and other services 282,913  325,060  1,136,130  1,289,593  
     778,207  699,205  2,967,744  2,632,133  
             
Gross margin 4,228,516  4,011,380  16,386,003  15,033,947  
             
Expenses:
         
 Research and development(1) 1,709,265  1,582,595  7,063,717  5,406,112  
 Selling and marketing(1) 2,580,664  2,043,448  9,897,139  7,445,790  
 General and administrative(1) 970,370  959,488  3,586,404  3,138,922  
     5,260,299  4,585,531  20,547,260  15,990,824  
             
Loss from operations (1,031,783) (574,151) (4,161,257) (956,877) 
             
Foreign exchange (loss) gain (58,859) (51,165) (187,301) 49,916  
Finance costs (29,229) (289,914) (115,630) (578,206) 
             
Net loss and comprehensive loss$(1,119,871) (915,230) (4,464,188) (1,485,167) 
             
Net loss and comprehensive loss         
 per common share basic and diluted$(0.01) (0.01) (0.04) (0.01) 
             
Weighted average number of common shares         
 basic and diluted 127,757,048  122,222,924  125,869,247  118,676,861  
             
(1)Amounts include share-based compensation expense as follows:      
             
Cost of revenue$17,680  2,626  40,249 $44,145  
Research and development 79,175  49,207  182,214  147,581  
Selling and marketing 151,730  79,417  252,769  187,004  
General and administrative 164,835  101,697  390,836  248,500  
Total share-based compensation expense$413,420  232,947  866,068 $627,230  
             


PRONTOFORMS CORPORATION    
Consolidated statements of financial position      
          
as at December 31, 2021 and 2020      
(in US dollars)      
          
     December 31,   December 31,  
     2021   2020  
          
Assets       
          
Current assets:      
 Cash and cash equivalents$6,082,289  $7,747,542  
 Accounts receivable 3,199,216   3,333,139  
 Investment tax credits receivable 117,599   117,092  
 Unbilled receivables 36,406   235,518  
 Related party loan receivable 84,757   84,392  
 Prepaid expenses and other receivables 907,228   738,415  
 Contract acquisition costs 273,062   214,583  
     10,700,557   12,470,681  
          
Property, plant and equipment 331,717   407,522  
Contract acquisition costs 157,693   28,950  
Right-of-use asset 403,143   657,771  
          
    $11,593,110  $13,564,924  
          
Liabilities and Shareholders' Equity      
          
Current liabilities:      
 Accounts payable and accrued liabilities$2,533,743  $2,434,376  
 Deferred revenue - current portion 5,411,380   4,657,581  
 Lease obligation - current portion 303,650   274,312  
     8,248,773   7,366,269  
          
Long-term debt 3,261,825   3,219,484  
Deferred revenue 33,068   -  
Lease obligation 184,766   486,302  
     11,728,432   11,072,055  
          
Shareholders' equity:      
 Share capital 31,141,138   28,342,861  
 Contributed surplus 864,907   864,907  
 Share-based payment reserve 2,544,668   3,506,948  
 Deficit  (34,870,470)  (30,406,282) 
 Accumulated other comprehensive income 184,435   184,435  
     (135,322)  2,492,869  
          
    $11,593,110  $13,564,924  
          
          


PRONTOFORMS CORPORATION             
Consolidated statements of cash flows          
              
Years ended December 31, 2021 and 2020   
(in US dollars)             
              
     Three months ended December 31,  Year ended December 31, 
     2021  2020   2021  2020  
              
Cash provided by (used in):          
              
Operating activities:          
 Net loss$(1,119,871) (915,230) $(4,464,188) (1,485,167) 
 Items not involving cash:          
  Share-based compensation 413,420  232,947   866,068  627,230  
  Accretion on long-term debt -  17,303   -  158,830  
  Accretion on lease obligations 7,248  10,553   34,823  45,704  
  Accretion of early extinguishment of debt -  192,347   -  192,347  
  Accretion of transaction costs 7,045  4,697   28,181  4,697  
  Change in fair value of derivative liability -  476   -  3,270  
  Amortization of property, plant and equipment 39,359  40,005   160,987  159,385  
  Amortization of right-of-use asset 63,657  63,657   254,628  254,628  
  Unrealized foreign exchange losses (gains) 73,743  102,524   193,829  (42,217) 
  Loss from disposal of property, plant and equipment  621  615   621  615  
 Other finance costs 22,184  75,091   87,449  219,062  
 Interest paid (25,371) (77,834)  (99,809) (229,608) 
 Interest received 3,187  2,743   12,360  10,546  
 Lease interest paid (7,248) (10,553)  (34,823) (45,704) 
 Changes in non-cash operating working capital items218,337  478,158   862,727  319,928  
     (303,689) 217,499   (2,097,147) 193,546  
              
Financing activities          
 Payment of lease obligations (73,748) (61,746)  (278,666) (238,672) 
 Settlement of derivative liability -  (75,861)  -  (125,936) 
 Proceeds from issuance of long-term debt -  3,127,458   -  3,127,458  
 Repayment of long-term debt -  (3,003,600)  -  (3,003,600) 
 Transaction costs -  (56,362)  -  (56,362) 
 Proceeds with exercise of warrants -  1,480,575   -  1,480,575  
 Proceeds from the exercise of options 22,550  384,812   969,929  634,052  
     (51,198) 1,795,276   691,263  1,817,515  
              
Investing activities          
 Purchase of property, plant and equipment (20,096) (27,097)  (85,803) (86,280) 
     (20,096) (27,097)  (85,803) (86,280) 
              
Effect of exchange rate changes on cash (54,797) 77,043   (173,566) 122,758  
              
(Decrease) increase in cash and cash equivalents (429,780) 2,062,721   (1,665,253) 2,047,539  
              
Cash and cash equivalents, beginning of period 6,512,069  5,684,821   7,747,542  5,700,003  
              
Cash and cash equivalents, end of period$6,082,289  7,747,542  $6,082,289  7,747,542  
              

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).