ProntoForms Corp. Releases Q4 and Annual Financial Results

ProntoForms Corp. (TSXV:PFM) has released its fourth quarter and annual financial results for the period ended Dec. 31, 2015.
According to the press release:

“We are pleased to report 46% growth in total revenue and 64% growth in recurring revenue for the 2015 year, including 72% recurring revenue growth in the fourth quarter over the 2014 comparable fourth quarter,” said Alvaro Pombo, CEO of ProntoForms. “Our 2015 growth was evidence of the success of increased investments in sales and support for our channel partners. We continue to focus on growth in our core business and we are building new paths to market with complementary solutions.”
Financial Highlights — 2015 Year
-Recurring revenue for the year ended December 31, 2015 increased by 64% to $8,101,311, compared to $4,953,633 for twelve months ended December 31, 2014. -Approximately 90% of the recurring revenue base is in US dollars and the strengthening of the US dollar against the Canadian dollar had a positive impact on our recurring revenue growth and results. -Total revenue for year ended December 31, 2015 increased by 46% to $9,192,287, compared to $6,277,250 for the year ended December 31, 2014. -Gross margin for 2015 was 7,302,055 or 79% of total revenue compared to $4,636,210 or 74% in 2014. Gross margin on recurring revenue was 90% for 2015 compared to 89% for 2014. -Loss from operations was $2,686,506 for twelve months ended December 31, 2015, up from $1,188,120 for the comparable twelve months in 2014. The increase in operating loss is attributed to a conscious approach to invest more in operational and sales productivity. – Net loss and comprehensive loss for the year ended December 31, 2015 was $2,609,354, up from a net loss of $1,349,961 in 2014. -As at December 31, 2015, the Company’s cash balance and net working capital balances were $3,987,388 and $4,287,384 respectively.

Click here to read the full press release.