Ottawa’s ProntoForms caps off 2019 with jump in recurring revenues

ProntoForms
ProntoForms CEO Alvaro Pombo. Photo by Mark Holleron

ProntoForms (TSX-V:PFM) is closing out fiscal 2019 on a high note. 

The Kanata-based company, which develops platforms for field workers to build their own apps and manage their workflows, said this week it boosted its subscription revenue base and trimmed its loss heading into its next fiscal period.

ProntoForms, which Techopia named one of its local tech firms to watch in 2020, reported revenues of $15.1 million for the year ending Dec. 31, an increase of 24 per cent year-over-year. The company’s base of annual recurring revenue hit $15.7 million at the end of the year, up 27 per cent from the end of 2018. ProntoForms also reported a net loss of $2.3 million for 2019, down from $2.5 million the previous year.

The Kanata firm also increased the proportion of sales coming from its biggest customers. Customers contributing more than $100,000 to the company’s annual recurring revenue represented 36 per cent of ProntoForm’s base, up from 26 per cent the previous year.

The new deals and client expansions included a $316,000 contract with a United States utilities company, and new deployments for a large elevator company and a major health-care enterprise, which now have subscriber counts of more than 12,000 and 6,400, respectively.

ProntoForms’ shares are trading at a price of 66 cents on the TSX Venture Exchange Friday, a decrease of 24 cents from the previous week – though that decline comes as stock markets have fallen across the board in recent days in response to COVID-19 concerns around the world.