![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
RenoWorks Software Inc | TSXV:RW | 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% | 0.18 | 0.175 | 0.19 | 0 | 18:27:31 |
CALGARY, AB, April 19, 2023 /CNW/ - Renoworks Software Inc. (TSXV: RW) ("Renoworks" or the "Company), an industry leader in visualization and lead generation technology for the home renovation and new construction sector, announces its financial results for the fourth quarter and fiscal year ended December 31, 2022. The financial statements and related management's discussion and analysis ("MD&A") can be viewed on SEDAR at www.sedar.com. Unless otherwise stated, all dollar amounts are Canadian dollars.
Financial highlights for fiscal 2022:
Financial highlights for the fourth quarter of fiscal 2022:
"In 2022 we invested in the areas of our business that we feel will drive future growth for Renoworks, while also significantly improving our customer's outcomes," said Doug Vickerson, CEO of Renoworks. "To address these opportunities, investments in personnel were established early in the year and contributed to technology advancements across our platform. These investments have led to our recently deployed AI Gen 2, CostCertified estimation integration, refreshed Renoworks Pro solution for contractors and several other partnerships that were added in 2022, which should all pay off in 2023 and beyond. In summary, the Company made significant investments throughout the year, positioning us well as we move into 2023, all while strategically managing our cash position closely."
Mr. Vickerson added, "Renoworks saw growth in Design Services and enterprise sales, which grew by 11% and 13%, respectively. Furthermore, the Company's Renoworks Pro solution is re-establishing itself as a much-needed tool for contractors and remodelers and has evolved to meet the needs of its customers and the market. Initial results and feedback for Renoworks Pro and its new features has been strong."
Subsequent events to year end:
Furthermore, the Company was awarded a grant for over $100,000 through Alberta Innovates' R&D Associates program. The program supports high-potential, high-growth technology and knowledge-based SMEs in Alberta to employ an R&D professional with advanced technical skills required by the SME to make that last leap from research to a marketable product.
Financial results from operations for the fiscal year 2022 with comparatives for 2021 are as follows:
Twelve Months Ended December 31 | ||
2022 | 2021 | |
Revenue | $5,941,830 | $5,553,379 |
Gross Profit | $3,788,526 | $3,485,777 |
Expenses | $5,179,700 | $4,022,917 |
Net Loss | $1,320,786 | $608,960 |
Loss per share | $0.03 | $0.02 |
Adjusted EBITDA | ($1,064,609) | ($368,259) |
Weighted Average Shares Outstanding | 40,167,566 | 37,829,136 |
Cash increase/(decrease) from operations | ($1,184,487) | $93,930 |
Financial results from operations for the fourth quarter 2022 with comparatives for 2021 are as follows:
Three Months Ended December 31 | ||
2022 | 2021 | |
Revenue | $1,201,509 | $1,258,956 |
Gross Profit | $740,887 | $783,066 |
Expenses | $1,471,824 | $1,130,499 |
Net Loss | $705,601 | $360,626 |
Loss per share | $0.02 | $0.01 |
Adjusted EBITDA | ($651,047) | ($263,630) |
Weighted Average Shares Outstanding | 40,662,635 | 38,916,463 |
The Company's financial position as of December 30, 2022 with comparatives from 2021 is as follows:
December 31, 2022 | December 31, 2021 | |
Cash Balance | $704,080 | $1,189,346 |
Accounts Receivable | $734,706 | $596,182 |
Working Capital | $207,163 | $470,642 |
Deferred Revenue | $1,413,786 | $1,389,547 |
Long- term liabilities | $161,875 | $212,053 |
Shareholder's Equity (Deficiency) | $232,715 | $571,776 |
Deficit | ($9,735,016) | ($8,414,230) |
Total Assets | $1,788,806 | $2,214,085 |
About Renoworks
Renoworks Software Inc. develops and sells unique digital visualization software and integration solutions for the remodeling and new home construction industry. Renoworks delivers its technology to manufacturers, contractors, builders, and retailers offering solutions to one of the home improvement industry's greatest challenges: enabling homeowners to review their product selections in a hyper-realistic, virtual environment before committing to purchases and construction. Renoworks markets its technologies as an innovative engagement, sales, and marketing platform and generates revenues from five main business lines: Renoworks Enterprise, Renoworks PRO, Renoworks Design Services, Renoworks FastTrack, and Renoworks API (Application Programming Interface). For more information, visit www.renoworks.com and www.renoworkspro.com.
*Non-IFRS Measures
Adjusted EBITDA is a measure not recognized under IFRS. However, management of Renoworks believes that most shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, stock based compensation, restructuring costs, impairment charges and other non-recurring gains or losses. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons.
Adjusted EBITDA does not have any standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that Adjusted EBITDA is not an alternative to measures determined in accordance with IFRS and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to the Renoworks' Adjusted EBITDA should be read in conjunction with the financial statements and management's discussion and analysis of Renoworks posted on SEDAR (www.sedar.com).
Forward Looking Information
Certain statements in this news release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the Company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE RenoWorks Software Inc.
Copyright 2023 Canada NewsWire
1 Year RenoWorks Software Chart |
1 Month RenoWorks Software Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions