ProntoForms bounced back from a shaky start to fiscal 2020 to end its year with significant year-over-year revenue gains and trim its losses compared with 2019, the company said Thursday.
The Kanata-based software firm, which develops platforms for field workers to build their own apps and manage their workflows, reported total revenues of $17.67 million for the year ended Dec. 31, up from $15.1 million in 2019.
Recurring revenues – a key source of income for the software-as-a-service company that sells most of its products on a monthly subscription basis – rose nearly 20 per cent, from $13.7 million in 2019 to $16.2 million last year.
Meanwhile, ProntoForms booked a net loss of $1.5 million for 2020, an improvement from the $2.3-million loss it recorded the previous year.
Founder and CEO Alvaro Pombo said the company had a bumpy first quarter as a larger-than-usual number of small and medium-sized customers left the platform at the onset of the pandemic. He said the firm’s fortunes improved in the second and third quarters as more enterprise customers signed on.
Discontinued deal with AT&T
Fourth-quarter revenues took a bit of hit after ProntoForms discontinued its reseller agreement with AT&T, but overall revenues from October through December were still up 16 per cent year-over-year to $4.7 million.
“We look forward to 2021, and we do so with clarity on our business strategy,” Pombo said in a statement.
“As we prepare for the next level of growth, we do so with a strengthened balance sheet, a proven resilience, a tighter go-to-market (strategy), and a stronger-than-ever customer base to grow upon.”
ProntoForms scored several major customer wins during the pandemic, including a “multibillion-dollar global medical device manufacturing company” that deployed the company’s technology to 850 frontline workers and a multinational consulting firm that added 22,000 users to the platform to help conduct energy audit inspections.
ProntoForms shares were down five cents to $1.20 in late afternoon trading Thursday on the TSX Venture Exchange.