Growth continues at ProntoForms in 2016 Q1

Fresh off being named one of Ottawa’s fastest-growing companies for 2016 by OBJ, it looks as if ProntoForms is showing no signs of slowing down.

The mobile data collection and analytics platform provider Thursday reported a 53 per cent year-over-year increase in first-quarter revenue.

“This is further evidence of the success of increased investments in sales operations, and support of our existing routes to market,” CEO Alvaro Pombo said in a statement. “We continue to focus on growth in our core business and we are building new paths for our leading mobile forms platform to become an industry standard."

ProntoForms (TSX VENTURE: PFM) posted first-quarter revenue of $2.9 million, up from $1.9 million for the same quarter last year.

At $2.6 million, the company’s recurring revenue was up 56 per cent from the same quarter last year and up four per cent from the fourth quarter of 2015.

The firm’s gross margin for the first quarter was 81 per cent of total revenue, while gross margin on recurring revenue was 89 per cent.

ProntoForms posted a first-quarter operating loss of $898,878, an increase from the losses posted in the previous quarter and the same quarter last year, with the company attributing that to its “conscious approach to invest more in operational and sales productivity.”

The company’s net loss in the first quarter was $1.1 million, up from $636,349 in the same quarter last year.

As of March 31, ProntoForms had $3.3 million in cash.