Ottawa’s ProntoForms grows Q1 revenues through enterprise expansion

prontoforms

More business with higher-value customers lifted revenues at ProntoForms (TSX-V:PFM) in the first quarter of 2019.

The Ottawa-based software firm, which develops mobile forms for companies to collect and analyze field data, reported revenues of $3.5 million for the three months ending March 31, an increase of 28 per cent over the same period last year.

The vast majority of those revenues were in the firm’s recurring segment. ProntoForms earned $3.2 million in subscription-based sales this past quarter, up 27 per cent year-over-year and up seven per cent quarter-to-quarter.

Chief executive Alvaro Pombo said in a statement that the company is finding success with enterprise customers and expanding business with existing clients. Customers with more than $100,000 in annual recurring revenue represented 28 per cent of ProntoForm’s customer base at the end up the quarter, an increase of eight percentage points from a year ago.

ProntoForms trimmed its net loss for the quarter to $532,934 compared with $775,163 in 2018.