ProntoForms’ bid to beef up sales to larger enterprise customers paid off in the fourth quarter as its revenues rose 12 per cent compared with a year earlier, the Ottawa software firm said Thursday.
ProntoForms, which keeps its books in U.S. dollars, reported revenues of $5.61 million in the three-month period ending Dec. 31. That’s up from $5.01 million in the fourth quarter of 2021.
The firm posted a net loss of $550,000, down from $1.12 million a year earlier.
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The Ottawa-based company 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.
About half of ProntoForms’ revenues come from 150 or so multinationals that include Chevron, Shell, elevator manufacturer Otis Worldwide, and medical equipment powerhouse Philips Healthcare. Recurring subscription fees account for nearly 95 per cent of its total revenues, with maintenance, support and other professional services fees comprising the rest.
The company boosted its sales and marketing budget by nearly 20 per cent in 2022 and recently appointed veteran tech executive Philip Deck as co-CEO to lead its pursuit of bigger customers and more lucrative contracts.
Founder and co-CEO Alvaro Pombo said those moves are paying dividends on the balance sheet.
As an example, he cited the firm’s recent five-year, $2.5-million agreement with a major oil and gas customer to expand its deployment of ProntoForms’ software.
“We have achieved notable successes in expanding our footprint in major enterprise customers based on the strong return on investment that our platform continues to deliver,” Pombo said in a statement.
ProntoForms’ overall revenues increased 10 per cent in fiscal 2022 to $21.33 million. Its net loss for the year was $4.45 million, about the same as in 2021.
“Our sales and marketing efforts are focused on market segments where we have established strong referenceable customer success and are working to create a mature enterprise sales organization to deliver consistently higher growth,” Deck, who spent seven-and-a-half years on the company’s board of directors before moving into the executive suite, said in a statement.
“ProntoForms has made significant progress in establishing ourselves as a mature enterprise competitor and I am excited to lead the completion of the transition.”
ProntoForms’ shares gained two cents, or four per cent, in midday trading to sit at 50 cents on the TSX Venture Exchange.