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    PFM   CA74345T1057

PRONTOFORMS CORPORATION

(PFM)
  Report
Delayed Quote. Delayed Bourse de Toronto - 07/28 03:28:59 pm
1.11 CAD   +4.72%
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06/29ProntoForms Corporation Names Michael Kramer as CRO
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ProntoForms : Reports Q3 2020 Financial Results

11/05/2020 | 07:02am EDT

OTTAWA, Nov. 05, 2020 (GLOBE NEWSWIRE) -- ProntoForms Corporation (TSXV: PFM), the global leader in field-focused low-code application platforms for enterprise, announced today its third quarter (Q3) financial results for the period ended September 30, 2020.

“We are experiencing rebounding momentum as evidenced by our third quarter recurring revenue increase of 16% over Q3 2019 and 4% over Q2 2020. We increased our Annualized Recurring Revenue (“ARR”) Base to $17 million at September 30, 2020 representing 5% growth over the June 30, 2020 balance. We continued strong enterprise expansion and customers with more than $100,000 of ARR each represented 39% of that base, up from 35% a year ago,” said Alvaro Pombo, Founder and Chief Executive Officer of ProntoForms. “We also solidified our financial position, finishing the quarter with $5.7 million in cash, and since quarter end we received an additional CAD $1,957,500 in proceeds from the exercise of warrants. We also recently replaced our legacy mezzanine debt with a senior credit facility to provide lower rates and more financial flexibility over the longer term.”

Mr. Pombo continued “These results provide further evidence that our strategic role as a platform for frontline workers is being acknowledged by the market. We are pleased to be featured in the 2020 Gartner Magic Quadrant for Low-Code Application Development Platforms. Additionally, we were named the leader in G2’s Mobile Forms Automation Software category, determined by verified customer reviews. This strong market position is the result of listening to our customers’ feedback and continuing to invest in our platform to offer the most advanced capabilities without sacrificing ease of use. That fundamental formula is working.”

Financial Highlights – 2020 Third Quarter

  • Recurring revenue in Q3 2020 increased by 16% to $4.06 million compared to $3.50 million in Q3 2019 and increased by 4% compared to $3.89 million in Q2 2020.
  • Total revenue for Q3 2020 increased by 19% to $4.55 million compared to $3.84 million in Q3 2019 and increased by 9% compared to $4.16 million in Q2 2020.
  • Gross margin for Q3 2020 was 82% of total revenue compared to 84% in Q3 2019 and 88% in Q2 2020. Gross margin on recurring revenue was 91% for Q3 2020 compared to 90% in Q3 2019 and 93% in Q2 2020.
  • Operating loss for Q3 2020 was $0.49 million, up from an operating loss of $0.46 million in Q3 2019 and down from operating income of $0.35 million in Q2 2020. Second quarter gross margins and operating income were positively impacted by COVID-19 government assistance of $0.6 million. No COVID-19 assistance was recognized during the third quarter of 2020.
  • Net loss for Q3 2020 was $0.61 million, up from a net loss of $0.42 million in Q3 2019 and down from net income of $0.21 million in Q2 2020.
  • As at September 30, 2020, ProntoForms’ cash and net working capital balances were $5.68 million and $0.70 million respectively, compared to $5.70 million and $3.37 million as at December 31, 2019.
  • Subsequent to quarter end CAD $1,957,500 was received from the exercise of warrants. Also, a new CAD $6 million senior credit facility was entered and partially drawn to settle existing obligations to BDC Capital Inc.

Recent Operational Highlights

  • Notable contract expansions from enterprise customers:

    ○ One of the United States’ largest utility companies expanded their ARR to $1.25M. The utility company uses the solution to improve heavy asset installation, maintenance, and service, as well as improve adherence to stringent work and environmental guidelines.
    ○ A global manufacturer of solar power products expanded their ARR commitment to $98K. The manufacturer uses the solution to improve asset installation and maintenance processes to increase product uptime and customer satisfaction.
    ○ A leading utility services provider expanded their commitment to $139K. ProntoForms enables over 200 of their technicians to reliably handle complex large asset installations and maintenance within compliance.
    ○ A leading cable services provider in the United States expanded their commitment to over $200K ARR. The ProntoForms platform is used to create custom apps supporting field technicians to reliably install and maintain assets deployed in customer locations.
    ○ An oil and gas exploration company, a division of a Fortune 20 company, expanded its ARR commitment to $96K. The company creates custom apps with ProntoForms to improve site operations as well as ensure technicians meet strict requirements for health, safety, and environmental compliance.
  • ProntoForms hosted its annual user conference, EMPOWER’20, with over 640 registrants. It featured product experts and multiple customer speakers from Fortune 500 companies.
  • ProntoForms was featured in Gartner’s Low-Code Application Platform Magic Quadrant for the second year in a row. It was one of 19 platforms chosen from a pool of 300 competitive platforms.
    ○ Link to the report: https://www.gartner.com/en/documents/3991199
  • G2 named ProntoForms the leader in Mobile Forms Automation Software for Fall 2020, retaining this ranking for the 9th time. ProntoForms was rated a 92 through real-time user satisfaction ratings, 33 points above the nearest competitor in the Enterprise segment. G2 also awarded ProntoForms the High Performer badge for Low-Code Development Platforms and the highest relationship rating available for products included in the Mobile Forms Automation Software category.
    ○ Link to report: https://www.g2.com/categories/mobile-forms-automation#grid
  • ProntoForms, with Service Council, hosted an invitation-only executive Zoom event on the topic of digital transformation in the heavy manufacturing industry. The event included a keynote from the CIO of one of the world’s largest elevator companies and a panel discussion moderated by the North American Innovation Director for Field Services of a global brand diesel engine manufacturer.
    ○ Link to recorded event: https://www.prontoforms.com/solutions/mobile-apps-heavy-manufacturing
  • ProntoForms launched the new Teamwork feature that increases collaboration between field technicians. Forms can now be submitted as incomplete and reassigned or continued by other technicians with all data aggregated into one data record. This feature is highly sought after by organizations with sophisticated asset processes that involve multiple technicians.
  • ProntoForms released a new COVID-19 response solution blueprint that helps organizations accelerate custom app deployments to respond to new health and safety measures. The blueprint combines industry best practices and app building expertise that accelerates deployment from months to days.

Date: Thursday, November 5th, 2020
Time: 9:00 AM Eastern Time

Participant Dial-in Numbers:
Local Toronto – (+1) 416 764 8688
Toll Free – (+1) 888 390 0546
Conference ID: 97448962

Recording Playback Numbers:
Local Toronto– (+1) 416 764 8677
Toll Free – (+1) 888 390 0541
Passcode: 448962 #
Expiry Date: Thursday, November 12th, 2020 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, 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 April 10, 2019 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, 2019 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 net and comprehensive loss
For the three and nine months ended September 30, 2020 and 2019
(in United States dollars)
      
 Three months ended September 30, Nine months ended September 30,
 2020 2019  2020 2019 
 $ $  $ $ 
Revenue     
Recurring revenue4,056,073  3,502,035  11,888,948  9,965,565 
Professional and other services494,364  337,966  1,066,547  1,067,888 
 4,550,437  3,840,001  12,955,495  11,033,453 
      
Cost of Revenue     
Recurring revenue370,730  336,224  968,395  1,037,298 
Professional and other services450,433  294,584  964,533  849,376 
 821,163  630,808  1,932,928  1,886,674 
      
Gross Margin3,729,274  3,209,193  11,022,567  9,146,779 
      
Expenses     
Research and development1,480,276  1,229,575  3,823,516  3,514,823 
Selling and marketing1,991,105  1,790,166  5,402,342  4,893,993 
General and administrative750,383  648,942  2,179,434  2,013,026 
 4,221,764  3,668,683  11,405,292  10,421,842 
      
Loss from operations(492,490)(459,490) (382,725)(1,275,063)
      
Foreign exchange (loss) gain(14,221)33,839  108,884  (19,306)
Interest and accretion(101,743)(97,163) (293,300)(281,014)
Change in fair value of derivative liability(1,257)101,703  (2,794)91,296 
Net loss and comprehensive loss(609,711)(421,111) (569,935)(1,484,087)
      
Net comprehensive loss per common share     
basic and diluted(0.01)(0.00) (0.00)(0.01)
      
Weighted average number of common shares     
basic and diluted117,666,390  115,545,497  118,536,260  111,404,404 
      
      
Share-based compensation included in accounts:     
Cost of revenue11,823  10,548  41,520  32,890 
Research and development46,455  28,887  98,373  61,449 
Selling and marketing38,762  15,191  107,587  83,315 
General and administrative50,975  26,616  146,804  97,420 
 148,015  81,242  394,284  275,074 


ProntoForms Corporation
Condensed interim consolidated statements of financial position
as at September 30, 2020 and December 31, 2019
(in United States dollars)
   
 September 30, December 31, 
 2020 2019 
 $ $ 
   
Assets  
Current assets  
Cash and cash equivalents5,684,821  5,700,003 
Accounts receivable2,242,143  2,538,530 
Investment tax credits receivable13,686  185,213 
Unbilled receivables342,146  197,264 
Related party loan receivable80,556  82,694 
Prepaid expenses and other receivables1,142,094  1,031,390 
 9,505,446  9,735,094 
   
Property, plant and equipment421,046  481,242 
Right-of-use asset721,428  912,399 
 10,647,920  11,128,735 
   
Liabilities  
Current liabilities  
Accounts payable and accrued liabilities2,195,623  2,493,913 
Deferred revenue3,490,548  3,562,816 
Derivative liability - current portion75,235  65,041 
Long-term debt - current portion2,789,484  - 
Lease obligation - current portion253,299  246,517 
 8,804,189  6,368,287 
   
Long-term debt-    2,717,146 
Lease obligation533,963  745,599 
Derivative liability-    61,524 
 9,338,152  9,892,556 
   
Shareholders' equity  
Share capital25,505,822  25,069,032 
Contributed surplus864,907  864,907 
Share-based payment reserve3,552,694  3,345,960 
Warrant reserve692,960  692,960 
Deficit(29,491,050)(28,921,115)
Accumulated other comprehensive income184,435  184,435 
 1,309,768  1,236,179 
 10,647,920  11,128,735 


ProntoForms Corporation
Condensed interim consolidated statements of cash flows
For the nine months ended September 30, 2020 and 2019
(in United States dollars) 
   
 Nine months ended September 30,
 2020 2019 
 $ $ 
   
Operating activities  
Net loss(569,935)(1,484,087)
Items not affecting cash  
Share-based compensation394,284  275,074 
Accretion on long-term debt141,527  122,877 
Accretion on lease obligations35,151  46,397 
Change in fair value of derivative liability2,794  (91,296)
Amortization of property, plant and equipment119,380  94,531 
Amortization of right-of-use asset190,971  202,203 
Unrealized foreign exchange (gains) losses(144,741)51,691 
Lease interest paid(35,151)(46,397)
Changes in non-cash operating working capital items(158,230)417,510 
 (23,950)(411,497)
   
Financing activities  
Payment of lease obligations(176,926)(181,684)
Partial settlement of derivative liability(50,075)(49,542)
Proceeds from the exercise of warrants-    2,433,948 
Proceeds from the exercise of options249,240  631,199 
 22,239  2,833,921 
   
Investing activities  
Purchase of property, plant and equipment(59,184)(158,911)
   
Effect of exchange rate changes on cash45,713  110,984 
   
Net cash (outflow) inflow(15,182)2,374,497 
Cash and cash equivalents, beginning of year5,700,003  3,325,241 
Cash and cash equivalents, end of year5,684,821  5,699,738 

ProntoForms_logo_2018.jpg

Source: ProntoForms Corporation

2020 GlobeNewswire, Inc., source Press Releases

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Financials
Sales 2021 24,3 M 19,4 M 19,4 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 142 M 113 M 114 M
Capi. / Sales 2021 5,86x
Capi. / Sales 2022 4,88x
Nbr of Employees -
Free-Float 66,2%
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 1,11 CAD
Average target price 1,75 CAD
Spread / Average Target 57,7%
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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