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    PFM   CA74345T1057

PRONTOFORMS CORPORATION

(PFM)
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ProntoForms : Reports Q2 2021 Financial Results

08/19/2021 | 07:01am EDT

OTTAWA, Aug. 19, 2021 (GLOBE NEWSWIRE) -- ProntoForms Corporation (TSXV: PFM), the global leader in field-focused low-code application platforms for enterprise, announced today its second quarter (Q2) financial results for the period ended June 30, 2021.

“We are pleased to report that our Annual Recurring Revenue Base (ARR) increased by 4.2% in the 2021 second quarter following an increase of 4.7% in the first quarter. Our base is now $18.7 million and overall customer usage continues to be resilient with 40% of our base from customers with greater than $100,000 of ARR. We’re also continuing to steadily add new, large customer logos with good expansion profiles,” said Alvaro Pombo, Founder and Chief Executive Officer.

Mr. Pombo continued, “We are encouraged by the steady growth in bookings, strong retention, and enterprise opportunities. We continue to invest in our enterprise go-to-market with new leadership, more vertical product solutions, and improvements in customer experience through new community and learning platforms.”

Financial Highlights – 2021 Second Quarter

  • Recurring revenue in Q2 2021 increased by 17% to $4.55 million compared to $3.89 million in Q2 2020, and increased by 6% compared to $4.31 million in Q1 2021.

  • Total revenue for Q2 2021 increased by 16% to $4.84 million compared to $4.16 million in Q2 2020, and increased by 5% compared to $4.61 million in Q1 2021.
  • Gross margin for Q2 2021 was 85% of total revenue compared to 88% in Q2 2020 and 85% in Q1 2021. Gross margin on recurring revenue was 90% for Q2 2021 compared to 93% in Q2 2020 and 91% in Q1 2021.

  • Operating loss for Q2 2021 was $1.07 million, down from an operating income of $0.35 million in Q2 2020 and remained flat from an operating loss of $1.07 million in Q1 2021.

  • Net loss for Q2 2021 was $1.12 million, down from a net income of $0.21 million in Q2 2020 and from a net loss of $1.10 million in Q1 2021.

  • As at June 30, 2021, ProntoForms’ cash and net working capital balances were $7.13 million and $3.64 million respectively, compared to $7.75 million and $5.10 million as at December 31, 2020.

Recent Operational Highlights

  • Notable new and expansion progress from enterprise customers, including:

    • One of the world’s largest HVAC companies expanded its commitment by over $73K of ARR. They use ProntoForms in the field to empower thousands of field service technicians.
    • A Fortune 500 HVAC and refrigeration manufacturer deployed ProntoForms to over 1,000 technicians to improve asset management.
    • An enterprise utility company focused on construction and maintenance in the utility industry expanded its commitment to ProntoForms by over $43K ARR.
    • A consulting firm that provides solutions for operations, automation, and efficiency expanded its commitment to ProntoForms by over $40K ARR.
  • ProntoForms continued to engage with key customers through thought leadership events. These events included global, enterprise customers in target verticals and spanned multiple conference sessions and ProntoForms-hosted digital events and webinars.

Q2 Conference Call Date:
Date: Thursday, August 19th, 2021
Time: 9:00 AM Eastern Time

Participant Dial-in Numbers:
Local Toronto – (+1) 416 764 8688
Toll Free – (+1) 888 390 0546
Conference ID: 56488587

Recording Playback Numbers:
Local Toronto– (+1) 416 764 8677
Toll Free – (+1) 888 390 0541
Passcode: 488587 #
Expiry Date: August 25th, 2021 at 11:59pm EST

About ProntoForms Corporation
ProntoForms is the global leader in field-focused low-code application platforms for enterprise. The Company's solution is used to create apps and forms to collect and analyze field data with smartphones and tablets – either as a standalone solution or as a mobile front-end to enterprise systems of record. 

The Company’s 100,000+ subscribers harness the intuitive, secure, and scalable solution to increase productivity, improve quality of service, and mitigate risks. 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 Pombo
Chief Executive Officer
ProntoForms Corporation
613.599.8288 ext. 1111
apombo@prontoforms.com
Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
bpedram@virtusadvisory.com

Certain information in this press release may constitute forward-looking information. For example, statements about the Company’s future growth or value, expected increase in adoption and usage of the Company’s products, 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, product adoption and usage may not increase as expected or could decrease, 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, 2021 found at www.sedar.com for a discussion of such factors. Please also refer to the Company’s management discussion and analysis for the quarter ended June 30, 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 Income (Loss) and Comprehensive Income (Loss)   
             
For the three and six months ended June 30 2021 and 2020       
(in US dollars)            
             
             
     Three months ended June 30, Six months ended June 30, 
     2021  2020  2021  2020  
             
Revenue:          
Recurring revenue$4,550,398  3,890,920 $8,856,706  7,832,875  
Professional and other services 290,649  271,424  597,804  572,183  
     4,841,047  4,162,344  9,454,510  8,405,058  
             
Cost of revenue (1):         
Recurring revenue 451,556  275,865  845,385  597,665  
Professional and other services 292,818  216,129  574,753  514,100  
     744,374  491,994  1,420,138  1,111,765  
             
Gross margin 4,096,673  3,670,350  8,034,372  7,293,293  
             
Expenses:          
Research and development (1) 1,880,988  1,161,873  3,692,412  2,343,240  
Selling and marketing (1) 2,369,151  1,545,168  4,668,951  3,411,237  
General and administrative (1) 911,802  615,590  1,805,253  1,429,051  
     5,161,941  3,322,631  10,166,616  7,183,528  
             
Income (loss) from operations (1,065,268) 347,719  (2,132,244) 109,765  
             
Foreign exchange (loss) gain (29,276) (43,813) (38,950) 123,104  
Finance costs (30,072) (96,186) (58,236) (193,094) 
             
Net income (loss) and comprehensive income (loss)

 $(1,124,616) 207,720 $(2,229,429) 39,775  
             
Net loss and comprehensive loss per common share       
basic and diluted$(0.01) 0.00 $(0.02) 0.00  
             
Weighted average number of common shares         
basic and diluted 125,277,003  117,455,093  124,886,200  117,437,968  
             
(1) Amounts include share-based compensation expense as follows:     
             
Cost of revenue$2,348 $8,243  3,214  29,697  
Research and development 32,790  24,327  82,866  51,918  
Selling and marketing 14,080  27,937  40,326  68,825  
General and administrative 64,019  37,563  149,368  95,829  
Total share-based compensation expense$113,237 $98,070 $275,774 $246,269  
             



PRONTOFORMS CORPORATION   
Condensed Interim Consolidated Statements of Financial Position  
         
June 30, 2021 and December 31, 2020     
(in US dollars)     
         
     June 30,   December 31, 
     2021   2020 
         
Assets      
         
Current assets:     
 Cash and cash equivalents$7,128,177  $7,747,542 
 Accounts receivable 1,679,376   3,333,139 
 Investment tax credits receivable 160,376   117,092 
 Unbilled receivables 244,770   235,518 
 Related party loan receivable 86,691   84,392 
 Prepaid expenses and other receivables 1,137,136   738,415 
 Contract acquisition costs 200,872   214,583 
     10,637,398   12,470,681 
         
Property, plant and equipment 362,372   407,522 
Contract acquisition costs 61,852   28,950 
Right-of-use asset 530,457   657,771 
         
    $11,592,079  $13,564,924 
         
Liabilities and Shareholders' Equity     
         
Current liabilities:     
 Accounts payable and accrued liabilities$2,292,852  $2,434,376 
 Deferred revenue - current portion 4,401,836   4,657,581 
 Lease obligation - current portion 300,550   274,312 
     6,995,238   7,366,269 
         
Long-term debt 3,322,704   3,219,484 
Deferred revenue 61,585   - 
Lease obligations 346,346   486,302 
     10,725,873   11,072,055 
         
Shareholders' equity:     
 Share capital 29,290,771   28,342,861 
 Contributed surplus 864,907   864,907 
 Share-based payment reserve 3,161,804   3,506,948 
 Warrant reserve -   - 
 Deficit  (32,635,711)  (30,406,282)
 Accumulated other comprehensive income 184,435   184,435 
     866,206   2,492,869 
         
    $11,592,079  $13,564,924 
         



PRONTOFORMS CORPORATION        
Condensed Interim Consolidated Statements of Cash Flows        
        
For the six months ended June 30, 2021 and 2020        
(in US dollars)(in US dollars)       
        
    Six months ended June 30,
    2021   2020 
        
Cash provided by (used in):      
        
Operating activities:       
Net loss$(2,229,429) $39,775 
Items not involving cash:     
Share-based compensation 275,774   246,269 
Accretion on long-term debt -   90,913 
Accretion on lease obligations 19,349   23,984 
Accretion of transaction costs 14,090   - 
Change in fair value of derivative liability -   1,537 
Amortization of property, plant and equipment 81,461   80,371 
Amortization of right-of-use asset 127,314   127,314 
Unrealized foreign exchange losses (gains) 31,136   (133,599)
Other finance costs 44,146   100,644 
Interest paid (49,840)  (101,494)
Interest received 5,694   850 
Lease interest paid (19,349)  (23,984)
Changes in non-cash operating working capital items847,631   (408,600)
    (852,023)  43,980 
        
Financing activities       
Payment of lease obligations (133,114)  (116,808)
Settlement of derivative liability -   (33,028)
Proceeds from the exercise of options 326,992   12,085 
    193,878   (137,751)
        
Investing activities       
Purchase of property, plant and equipment (36,311)  (41,419)
    (36,311)  (41,419)
        
Effect of exchange rate changes on cash   75,091   (41,262)
        
Decrease in cash   (619,365)  (176,452)
        
Cash and cash equivalents, beginning of period   7,747,542   5,700,003 
        
Cash, end of period  $7,128,177  $5,523,551 
        

 


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Source: ProntoForms Corporation

2021 GlobeNewswire, Inc., source Press Releases - Canada

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Financials
Sales 2021 25,0 M 20,3 M 20,3 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 140 M 113 M 113 M
Capi. / Sales 2021 5,58x
Capi. / Sales 2022 4,62x
Nbr of Employees -
Free-Float 66,5%
Chart PRONTOFORMS CORPORATION
Duration : Period :
ProntoForms Corporation Technical Analysis Chart | PFM | CA74345T1057 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 1,07 CAD
Average target price 1,75 CAD
Spread / Average Target 63,6%
Managers and Directors
Alvaro Pombo President, Chief Executive Officer & Director
David Croucher Chief Financial Officer
Terry Hedley Matthews Chairman
Aly Mawani Vice President-Client Success & Operations
Jonathan Shantz Independent Director
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