Renoworks Announces 2016 Fourth Quarter and Annual Financial Results for 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.

Click here to read the full press release.