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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ProntoForms Corporation | TSXV:PFM | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.60 | 0.56 | 0.68 | 0 | 00:00:00 |
“We started 2022 with a disappointing Q1. In the second half of 2021, we added new leadership followed by large changes to the sales organization. Q2 2022 showed improvement but didn’t reflect the volume that we expected. We finished Q2 with 9% annual growth in recurring revenue and 2% over Q1,” said Alvaro Pombo, Founder and Chief Executive Officer. “After the lag in bookings in the first half, we are seeing value building up. We had an important enterprise expansion in Q2 that added over $250,000 of ARR to bring that customer to over $940,000 in that quarter, and growth is expected to continue. We are seeing more new and expansion activity and are confident that we have a capable enterprise go-to-market structure that is scaling as our enterprise salespeople ramp.”
Mr. Pombo continued, “We recently passed the $20 million ARR milestone. 51% of the base now comes from enterprise-size customers (> 2,500 employees) and 41% of the base comes from customers with greater than $100,000 of ARR each. The challenge of technician enablement for enterprises is not going away any time soon.”
“I’m pleased with ProntoForms,” said Chairman Terence Matthews. “The company is experiencing unprecedented levels of business activity with partners, clients, evaluations, and contracts. Our technology comes at the right time to help our clients significantly improve agility and cost of their field automation while enabling them to continuously improve their workflows. This results in better customer and technician experience yielding higher service reliability and uptime.”
Financial Highlights - 2022 Second Quarter
Recent Operational Highlights
Q2 Conference Call Date: Date: Thursday, August 18th, 2022Time: 9:00 AM Eastern Time
Participant Dial-in Numbers:Local Toronto – (+1) 647-484-0475Toll Free – (+1) 888-394-8218Conference ID: 9129028
Recording Playback Numbers:Local Toronto– (+1) 647-436-0148Toll Free – (+1) 888-203-1112Passcode: 9129028Expiry Date: August 25th, 2022, at 11:59pm ESTAbout ProntoForms Corporation ProntoForms is the global leader in no-code app development platforms for field teams. The Company's platform enables organizations to rapidly develop custom mobile apps with context and intelligence, empowering field teams to reliably complete complex work more effectively and safely.
The Company’s subscribers harness the intuitive, secure, and scalable solution to improve asset uptime and CSAT, while also reducing compliance incidents and work stoppages. The Company is based in Ottawa, Canada, and trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.
For additional information, please contact:
Alvaro PomboChief Executive Officer ProntoForms Corporation 613.599.8288 ext. 1111 apombo@prontoforms.com | Babak PedramInvestor RelationsVirtus Advisory Group Inc.416-644-5081bpedram@virtusadvisory.com |
Certain information in this press release may constitute forward-looking information. For example, statements about the Company’s future growth or value, potential benefits of using the Company’s products, customers’ commitment to use the Company’s products going forward, the recurring nature of the Company’s revenues, the revenues anticipated to be received by the Company from recent contracts referred to above and anticipated market trends are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company’s business and value may not grow as anticipated or at all, revenue anticipated from contracts may not be received due to many risks, including factors specific to the customer, and anticipated market trends may not occur or continue. Historical growth levels and results may not be indicative of future growth levels or results. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Please see “Risk Factors Affecting Future Results” in the Company’s annual management discussion and analysis dated March 10, 2022 found at www.sedar.com for a discussion of such factors. Please also refer to the Company’s management discussion and analysis for the year ended December 31, 2021 for a description of how the Company determines and uses ARR. ARR is a key performance indicator used by the Company and is not meant as an indication such amounts will necessarily be included in revenues in any given fiscal year.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
PRONTOFORMS CORPORATION | ||||||||||||||
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss | ||||||||||||||
For the three months ended March 31, 2022 and 2021 | ||||||||||||||
(in US dollars) | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Revenue: | ||||||||||||||
Recurring revenue | $ | 4,968,802 | 4,550,398 | 9,859,517 | 8,856,706 | |||||||||
Professional and other services | 242,814 | 290,649 | 393,207 | 597,804 | ||||||||||
5,211,616 | 4,841,047 | 10,252,725 | 9,454,510 | |||||||||||
Cost of revenue: (1) | ||||||||||||||
Recurring revenue | 555,304 | 451,556 | 1,107,376 | 845,385 | ||||||||||
Professional and other services | 262,132 | 292,818 | 517,509 | 574,753 | ||||||||||
817,436 | 744,374 | 1,624,885 | 1,420,138 | |||||||||||
Gross margin | 4,394,180 | 4,096,673 | 8,627,840 | 8,034,372 | ||||||||||
Expenses: | ||||||||||||||
Research and development (1) | 1,814,774 | 1,880,988 | 3,586,525 | 3,692,412 | ||||||||||
Selling and marketing (1) | 2,922,742 | 2,369,151 | 5,856,982 | 4,668,951 | ||||||||||
General and administrative (1) | 973,382 | 911,802 | 1,990,756 | 1,805,253 | ||||||||||
5,710,898 | 5,161,941 | 11,434,263 | 10,166,616 | |||||||||||
Loss from operations | (1,316,718 | ) | (1,065,268 | ) | (2,806,423 | ) | (2,132,244 | ) | ||||||
Foreign exchange loss | 29,212 | (29,276 | ) | 1,374 | (38,950 | ) | ||||||||
Finance costs | (55,127 | ) | (30,072 | ) | (81,187 | ) | (58,236 | ) | ||||||
Net loss and comprehensive loss | $ | (1,342,633 | ) | (1,124,616 | ) | (2,886,236 | ) | (2,229,429 | ) | |||||
Net loss and comprehensive loss | ||||||||||||||
per common share basic and diluted | $ | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | |||||
Weighted average number of common shares | ||||||||||||||
basic and diluted | 128,278,739 | 125,277,003 | 128,048,879 | 124,886,200 | ||||||||||
(1) Amounts include share-based compensation expense as follows: | ||||||||||||||
Cost of revenue | $ | 5,040 | 2,348 | 5,359 | 3,214 | |||||||||
Research and development | 72,550 | 32,790 | 101,667 | 82,866 | ||||||||||
Selling and marketing | 116,892 | 14,080 | 170,089 | 40,326 | ||||||||||
General and administrative | 121,355 | 64,019 | 151,088 | 149,368 | ||||||||||
Total share-based compensation expense | $ | 315,837 | 113,237 | 428,203 | 275,774 | |||||||||
PRONTOFORMS CORPORATION | |||||||||||
Condensed Interim Consolidated Statements of Financial Position | |||||||||||
June 30, 2022 and December 31, 2021 | |||||||||||
(in US dollars) | |||||||||||
June 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 7,518,063 | $ | 6,082,289 | |||||||
Accounts receivable | 1,961,279 | 3,199,216 | |||||||||
Investment tax credits receivable | 154,727 | 117,599 | |||||||||
Unbilled receivables | 59,506 | 36,406 | |||||||||
Related party loan receivable | 83,382 | 84,757 | |||||||||
Prepaid expenses and other receivables | 1,468,311 | 907,228 | |||||||||
Contract acquisition costs | 250,811 | 273,062 | |||||||||
11,496,079 | 10,700,557 | ||||||||||
Property, plant and equipment | 296,264 | 331,717 | |||||||||
Contract acquisition costs | 123,725 | 157,693 | |||||||||
Right-of-use asset | 275,829 | 403,143 | |||||||||
$ | 12,191,897 | $ | 11,593,110 | ||||||||
Liabilities and Shareholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 2,206,842 | $ | 2,533,743 | |||||||
Deferred revenue - current portion | 5,394,756 | 5,411,380 | |||||||||
Lease obligation - current portion | 306,829 | 303,650 | |||||||||
7,908,427 | 8,248,773 | ||||||||||
Long-term debt | 6,316,459 | 3,261,825 | |||||||||
Deferred revenue | 4,835 | 33,068 | |||||||||
Lease obligation | 26,304 | 184,766 | |||||||||
14,256,025 | 11,728,432 | ||||||||||
Shareholders' equity: | |||||||||||
Share capital | 31,457,611 | 31,141,138 | |||||||||
Contributed surplus | 864,907 | 864,907 | |||||||||
Share-based payment reserve | 3,185,625 | 2,544,668 | |||||||||
Deficit | (37,756,706 | ) | (34,870,470 | ) | |||||||
Accumulated other comprehensive income | 184,435 | 184,435 | |||||||||
(2,064,128 | ) | (135,322 | ) | ||||||||
$ | 12,191,897 | $ | 11,593,110 | ||||||||
PRONTOFORMS CORPORATION | |||||||||||
Condensed Interim Consolidated Statements of Cash Flows | |||||||||||
For the six months ended June 30, 2022 and 2021 | |||||||||||
(in US dollars) | |||||||||||
Six months ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash (used in) provided by: | |||||||||||
Operating activities: | |||||||||||
Net loss | $ | (2,886,236 | ) | $ | (2,229,429 | ) | |||||
Items not involving cash: | |||||||||||
Share-based compensation | 744,039 | 275,774 | |||||||||
Accretion on long-term debt | |||||||||||
Accretion on lease obligations | 11,435 | 19,349 | |||||||||
Accretion of transaction costs | 3,945 | 14,090 | |||||||||
Amortization of property, plant and equipment | 75,727 | 81,461 | |||||||||
Amortization of right-of-use asset | 127,314 | 127,314 | |||||||||
Unrealized foreign exchange losses | (76,033 | ) | 31,136 | ||||||||
Other finance costs | 77,242 | 44,146 | |||||||||
Interest paid | (86,012 | ) | (49,840 | ) | |||||||
Interest received | 8,770 | 5,694 | |||||||||
Lease interest paid | (11,435 | ) | (19,349 | ) | |||||||
Changes in non-cash operating working capital items | 301,087 | 847,631 | |||||||||
(1,710,157 | ) | (852,023 | ) | ||||||||
Financing activities | |||||||||||
Payment of lease obligations | (149,789 | ) | (133,114 | ) | |||||||
Proceeds from drawdown of credit facility | 3,178,124 | - | |||||||||
Proceeds from the exercise of options | 213,391 | 326,992 | |||||||||
3,241,726 | 193,878 | ||||||||||
Investing activities | |||||||||||
Purchase of property, plant and equipment | (40,274 | ) | (36,311 | ) | |||||||
(40,274 | ) | (36,311 | ) | ||||||||
Effect of exchange rate changes on cash | (55,521 | ) | 75,091 | ||||||||
Increase in cash and cash equivalents | 1,435,774 | (619,365 | ) | ||||||||
Cash and cash equivalents, beginning of period | 6,082,289 | 7,747,542 | |||||||||
Cash and cash equivalents, end of period | $ | 7,518,063 | $ | 7,128,177 | |||||||
1 Year ProntoForms Chart |
1 Month ProntoForms Chart |
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