As ProntoForms (TSX-V:PFM) expands its business with Fortune 500 customers, the Ottawa-based company continues to report solid growth in recurring revenues.
ProntoForms, which develops apps to help companies collect and analyze field data, announced Thursday that it brought in revenues of $3.84 million for the three-months ending Sept. 30 – an increase of 21 per cent year-over-year. Recurring revenue, which stood at $3.5 million, was the firm’s biggest growth segment in the period, up 26 per cent year-over-year and up six per cent quarter-to-quarter. (All figures in U.S. dollars unless otherwise stated.)
ProntoForms said in a release that its growth can be attributed to new deployments with Fortune 500 customers. One such enterprise client added $390,000 in annual recurring revenue this past quarter, bringing its ARR contributions to more than $1 million.
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Net loss for ProntoForms’ third quarter was $420,000, down from $640,000 a year ago.
The local company also recently struck a deal to receive C$750,000 in funding from the federal government’s Industrial Research Assistance Program.