Renoworks Announces 2016 Fourth Quarter and Annual Financial Results for 2016

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Renoworks Software (TSXV:RW) has announced audited financial results for the fourth quarter and year ended December 31, 2016. As quoted in the press release: he financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR at www.sedar.com. Annual and Quarterly financial and business highlights: Record revenues of $2,782,940 for fiscal 2016, …

Renoworks Software (TSXV:RW) has announced audited financial results for the fourth quarter and year ended December 31, 2016.
As quoted in the press release:

he financial statements and related management’s discussion and analysis (“MD&A”) can be viewed on SEDAR at www.sedar.com.
Annual and Quarterly financial and business highlights:
Record revenues of $2,782,940 for fiscal 2016, an increase of 32%, versus $2,110,083 in 2015.
Record quarterly revenues of $726,957 for the three months ended December 31, 2016 compared to $434,031 in 2015, an increase of 67%.
Implementation revenues increased 64% year over year.
Renoworks Pro revenues increased 171% from $80,000 in 2015 to $217,000 in 2016.
Annual Recurring Revenue of $408,055 for the quarter ending December 30, 2016 increased from $367,514 for the same period in 2015, an increase of 11%.
56% of the fourth quarter’s revenue in 2016 is attributable to annual recurring customer contracts.
Net loss of $119,748 for the year ended December 31, 2016 compared to a net loss of $360,475 in 2015.
Gross margins continue to be strong at 72% and 76%, respectively for the fourth quarter 2016 and year ended December 2016.
Reduced long-term liabilities from $241,284 to $163,780.
Adjusted EBITDA for fiscal 2016 of $71,605 compared to a loss of $276,457 for fiscal 2015.
Launched Renoworks SDK, a software development kit allowing key development partners to easily integrate the power of software visualization into existing applications.
Launched Renoworks PRO, a software-as-a-service (SaaS) offering for contractors and interior designers that allows users to create professional designs of interior and exterior remodel projects for homeowners.
In 2016, Renoworks entered key industry partnerships to enhance the Company’s suite of visualization solutions, including MarketSharp and Tilelook.
Converted revolving note receivable resulting in a 33 1/3% ownership of Remote Sales Force Inc., a brand new service integrating the Company’s visualizer technology with Remote Sales Force’s SaaS functionality enabling contractors to sell remodel projects remotely.