ProntoForms (TSX-V:PFM) trimmed its losses while growing revenues in the third quarter of 2018.
The Ottawa-based firm, which develops a mobile workflow and analytics platform, reported revenues of $3.1 million for the three-month period ending Sept. 30, an increase of 30 per cent from last year. Most of that comes from recurring revenue, which accounted for $2.7 million of income and grew 24 per cent year-over-year and six per cent month-over-month.
ProntoForms cut its losses this past quarter as well, reporting a net loss of $642,066 compared with more than $1 million in the third quarter of 2017.
CEO Alvaro Pombo gave a straightforward explanation for the improved results in a statement: The firm is reducing its losses through an efficient model of growth; operating losses are coming down as the firm brings in new sales while reducing churn.
Following its earnings report, ProntoForms saw a decent bump in share price on Thursday. Shares were trading at 37 cents at market close on the TSX Venture exchange, an increase of almost three cents on the day.