ProntoForms says its third-quarter revenues rose 13 per cent year-over-year as the company prepares to rebrand itself to reflect its evolving technology.
The Ottawa-based software firm’s revenue for the quarter ended Sept. 30 was $6.16 million, up from $5.46 million a year earlier. The company trimmed its net loss to $270,000, a drop from $1.01 million in the same period last year, due in part to an 11 per cent decrease in operating expenses.
ProntoForms develops “low-code” custom mobile apps that allow field workers in heavy industries such as oil and gas to collect, send, and receive data like maintenance and compliance reports.
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About half of its revenues come from 150 or so multinationals that include Chevron, Shell, elevator manufacturer Otis Worldwide, and medical equipment powerhouse Philips Healthcare.
“Revenue retention continues to be strong, particularly with our enterprise customers,” co-CEO Philip Deck said in a statement on Wednesday. “We are maintaining our focus on key vertical markets where we deliver a significant return on investment to customers through reduced field service costs, richer data, and higher levels of compliance.”
Earlier this year, ProntoForms announced it would be changing back to its original name, TrueContext, a move that’s expected to occur in the fourth quarter.
The firm, which now trades on the TSX Venture Exchange under the symbol PFM, will shift to the symbol TCXT once the name change takes effect.
The company said it had outgrown its origins as an organization that digitized manual workflows through paperless forms and “needed a more cogent way to communicate its promise, purpose, and value.”
ProntoForms’ stock price has risen six cents, or 12 per cent, to 56 cents since the start of 2023.
