Prontoforms Reports 26 Percent Increase In Revenue

Prontoforms (TSXV:PFM), mobile app company announced a 26 percent increase in revenue compared to the same time last year, as new enterprise customers drove figures to C$3.30 million for the quarter. Net loss stood at C$0.53, while cash increased to C$5.75 million compared to C$3.33 million last year.

As quoted in the press release:

Financial Highlights – 2019 Second Quarter

• Recurring revenue in Q2 2019 increased by 26% to $3.30 million compared to $2.62 million in Q2 2018, and by 5% compared to $3.16 million in Q1 2019.

• Total revenue for Q2 2019 increased by 26% to $3.68 million compared to $2.91 million in Q2 2018, and by 5% compared to $3.52 million in Q1 2019.

• Gross margin for Q2 2019 was 84% of total revenue compared to 83% in Q2 2018 and 81% in Q1 2019. Gross margin on recurring revenue was 90% for Q2 2019 compared to 88% in Q2 2018 and 89% in Q1 2019.

• Operating loss for Q2 2019 was $0.42 million, down from a loss of $0.63 million in Q2 2018 and up from a loss of $0.40 million in Q1 2019.

• Net loss for Q2 2019 was $0.53 million, down from a net loss of $0.67 million in Q2 2018 and flat compared to a net loss of $0.53 million in Q1 2019.

• As of June 30, 2019, ProntoForms’ cash and net working capital balances were $5.75 million and $3.79 million respectively, compared to $3.33 million and $2.28 million as at December 31, 2018.

Click here to read the full press release.