Recurring revenue continued to rise for Ottawa-based ProntoForms in 2014, according to year-end results released Friday.
“I am pleased with our ongoing growth in this area,” ProntoForms CEO Alvaro Pombo said in a statement. According to the statement, the firm’s total and recurring revenue last year increased by about 45 per cent over 2013, while the company recorded an 11 per cent sequential increase for the fourth quarter over the third quarter.
Mr. Pombo said while recurring revenue might not provide immediate revenue and profit, ProntoForms thinks it will be a source of more predictable cash flow in the future. The company said it has invested in sales to boost recurring growth.
“We have a solid framework for business growth and we are encouraged by the continuing flow of opportunities we see,” he said.
The company, which builds custom mobile forms for tablets and smartphones and stores data in the cloud, reported a net loss of $1.4 million in 2014, compared with a loss of $361,288 a year earlier. But it said the sale of certain patents and deferred revenue contributed to the lower figure for 2013.
As of Dec. 31, 2014, the company had cash and cash equivalents of $2.3 million and net working capital of $2.9 million.