ProntoForms says it continues to add “large logos” to its growing customer base as it looks to build on the market momentum that saw its recurring revenues surge in the third quarter.
The Kanata-based firm, which makes platforms that help field workers in oil and gas, heavy manufacturing, medical equipment and other industries manage their workflows, reported total revenues of $4.89 million for the three-month period ending Sept. 30, up from $4.55 million a year earlier.
ProntoForms, which generates most of its income from monthly subscription fees for its platform, reported recurring revenues of $4.66 million, up from $4.06 million in the same period in 2020.
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“We continue to steadily add new, large customer logos with good expansion profiles,” CEO Alvaro Pombo said in a statement, adding he is encouraged by the company’s “steady growth” in net bookings during the quarter.
The firm touted several big customer wins over the past few months, including a Fortune 500 oil and gas company and a major energy supplier that signed on to the platform.
In addition, ProntoForms said a Fortune 500 building materials supplier expanded its subscriptions, while a “global leader in fuel storage” also deployed its software to inspectors in the field.
The company booked a net loss of $1.11 million, nearly double its loss of $610,000 a year earlier, as it significantly boosted spending on R&D and sales and marketing.
In financial filings this week, ProntoForms said it expects its go-to-market strategy – which includes partnerships with resellers in North America, South America and Western Europe – will fuel ongoing growth as demand for big-data analytics spikes and more customers turn to mobile technology such as tablets and smartphones to manage their workflows.
The company’s shares were down four cents to $1.04 in late-afternoon trading Thursday on the TSX Venture Exchange.
