ProntoForms, a local firm that provides mobile business tools to collect and analyze data, dramatically boosted revenues last year but recorded a deeper net loss as it made a “conscious effort” to increase sales productivity and product development, the Ottawa-based firm said this week.
ProntoForms (TSX-V: PFM) develops a platform used by field workers, such as safety inspectors, to collect and analyze data with smartphones and tablets.
Its full-year revenues increased 28 per cent in 2016 to $11.8 million. The company’s net loss during the same period was $3.4 million, which compares to a loss of $2.6 million in 2015.
"Our strategy is to maintain the rapid growth of our direct channel using additional resources, and leverage the increasing lead flow provided by strategic partners,” ProntoForms CEO Alvaro Pombo said in a statement.
The company also released its fourth-quarter results this week. The company increased its revenues by 10 per cent, year-over-year, to $3 million during the three months that ended Dec. 31.
Its net loss for the quarter was $1 million, which compares to a loss of $702,975 in the fourth quarter of 2015.