ProntoForms said its ramped-up marketing efforts paid off in the second quarter as the Ottawa-based software firm’s revenues increased eight per cent year-over-year.
The company, which trades on the TSX Venture Exchange, reported total revenues of $5.21 million for the three-month period ending June 30, up from $4.84 million a year earlier.
ProntoForms, which generates most of its income from monthly subscription fees for its platform, said its recurring revenues rose nine per cent in the second quarter to $4.97 million, compared with $4.55 million in the same period in 2021.
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The company reported a net loss of $1.34 million, up from $1.12 million the previous year. ProntoForms said the increase was due mainly to its decision to invest more money in sales and marketing.
ProntoForms’ platform helps customers develop custom mobile apps that allow field workers to complete complex tasks safely and more efficiently. The firm said it continues to target enterprise customers in four main verticals: medical equipment, heavy manufacturing, utilities and oil and gas.
While revenues were up year-over-year, CEO Alvaro Pombo said the second-quarter results “didn’t reflect the volume that we expected.” He said the company’s efforts to beef up its marketing staff will bear more fruit as 2022 goes on.
“We are seeing more new and expansion activity and are confident that we have a capable enterprise go-to-market structure that is scaling as our enterprise salespeople ramp,” Pombo said in a statement.
ProntoForm shares were up one cent to 54 cents in mid-afternoon trading Thursday on the TSX Venture Exchange. Since the start of the year, the company’s stock has fallen 31 cents, or nearly 37 per cent.
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