ProntoForms (TSX-V:PFM) picked up its growth pace in 2018 as the Ottawa-based mobile form developer boosted recurring revenues with the addition of new enterprise customers.
ProntoForms, which develops a mobile platform to help clients collect and analyze field data, reported revenues of $12.1 million for the fiscal year ending Dec. 31, up 23 per cent from 2017. The firm’s largest sales segment, recurring revenue from subscriptions, was also up 21 per cent year-over-year to $10.9 million in 2018.
The company is finding success in scaling up its subscription base. ProntoForms’ annual recurring revenue base – income from all existing subscription customers projected over a yearly basis – stood at $12.4 million at the end of the year, up 24 per cent over the course of 2018 and double its growth rate from 2017.
ProntoForms also trimmed its net loss for 2018 to $2.4 million, down from $3.9 million a year ago.
The company pointed to a number of sizeable customer acquisitions over the course of the year, including a $900,000 contract with a global medical device manufacturer, as proof positive of its momentum in the enterprise space. ProntoForms also added enterprise customers in the oil and gas sector and transportation space.
CEO Alvaro Pombo said progress on its direct sales efforts, expansion of services with existing enterprise customers and support from channel partners drove the company’s growth this year.
ProntoForms closed up the year with a solid fourth quarter as well, reporting revenues of $3.3 million for the three-month period ending Dec. 31, an increase of 25 per cent year-over-year.