Join our Live Demo Webinars hosted every Wednesday.    Register Now.

ProntoForms Reports Q1 2022 Financial Results | TrueContext, formerly ProntoForms

Product

Solutions

Pricing

Resources

close

Product

Solutions

Pricing

Resources

west

Why TrueContext

Field Service App Platform

Adapt, automate, and transform your field operation

Advanced Automation

Double the productivity, half the effort

Connected Data

Break down data silos across your business

Compliance & Security

A platform that meets your IT requirements

Capabilities

Workflow Creation

Built for complex field environments

Mobile App

Equip your teams anywhere and in any language

Reporting & Analytics

Visibility now, predictability for tomorrow

west

Use Cases

Installation

More assets in less time with guided workflows

Maintenance & Repair

Improve asset uptime with predictive maintenance

Inspections & Compliance

Optimize your operational excellence

Environment, Health & Safety

Protect workers, the public, and the environment

Industries

Industrial Equipment

Power asset performance and human safety

Medical Equipment

Precision for sophisticated instrumentation

Oil & Gas

Operational excellence across the energy stream

Field Service

Break new ground in productivity, quality, and safety

Use Case Spotlight

west

Explore

Customer Stories

TrueContext applied in enterprise environments

Professional Services

Digitization at speed and at scale

Events

Explore emerging trends with us at upcoming events

Blog

Stories and insights from the field

Learn

Knowledge Base

Answers to the most common product questions

Product Documentation

TrueContext features, usage, and technical details

TrueContext University

Hands-on training to optimize your deployment

Resource Library

Content for your industry and application

Connect

Community

Collaborate with industry peers

Contact Support

Having trouble? Ask our product support team

Talk to Sales

See how TrueContext can help your business

ProntoForms Reports Q1 2022 Financial Results

Achieves 14% annual growth in recurring revenue and fourth quarter growth of 2% over Q4 2021

OTTAWA, May 5, 2022 — ProntoForms Corporation (TSXV: PFM), the global leader in no-code app development platforms for field teams, announced today its first quarter (Q1) financial results for the period ended March 31, 2022. All amounts are in US dollars unless otherwise stated.

“We achieved 14% growth in recurring revenue over the 2021 comparable quarter. Our Annual Recurring Revenue (ARR) base at the end of Q1 was $19.6 million with 41% from customers with greater than $100,000 of ARR. As we continue our transition to focus on enterprise sales, we saw a Q1 decrease in our ARR base by 0.7%. The decrease can be attributed partly to a 1.5% reduction in ARR from the completion of a one-year project and lower new bookings in the quarter as we transition through the longer sales cycles typical of the larger enterprise sales on which we are increasingly focused. We are pleased that we were able to follow up our first quarter with a recent enterprise expansion of over $180,000 ARR, bringing that customer to a total of approximately $870,000 ARR,” said Alvaro Pombo, Founder and Chief Executive Officer.

Mr. Pombo continued, “Our most recent customer expansion win demonstrates the success of our enhanced go-to-market. We’re scaling conversations with our customers on how our platform can help them address pressing business challenges, like inflation and the labor market. Our improved team is uncovering more enterprise expansion opportunities.”


Financial Highlights – 2022 First Quarter

  • Recurring revenue in Q1 2022 increased by 14% to $4.89 million compared to $4.31 million in Q1 2021, and increased by 2% compared to $4.80 million in Q4 2021.
  • Total revenue for Q1 2022 increased by 9% to $5.04 million compared to $4.61 million in Q1 2021, and increased by 1% compared to $5.01 million in Q4 2021. 
  • Gross margin for Q1 2022 was 84% of total revenue compared to 85% in Q1 2021 and 84% in Q4 2021. Gross margin on recurring revenue was 89% for Q1 2022 compared to 91% in Q1 2021 and 90% in Q4 2021.
  • Operating loss for Q1 2022 was $1.49 million, up from an operating loss of $1.07 million in Q1 2021 and up from an operating loss of $1.03 million in Q4 2021. 
  • Net loss for Q1 2022 was $1.54 million, up from a net loss of $1.10 million in Q1 2021 and up from a net loss of $1.12 million in Q4 2021.


Recent Operational Highlights

Notable new and expansion progress from enterprise customers, including:

  • Subsequent to Q1, a global heavy manufacturing organization increased their commitment to ProntoForms by over $180K ARR to approximately $870K ARR. This ARR is contractually committed through contracts expiring at various times from late 2022 through the end of 2023. This increase will support their full asset lifecycle business model.    
  • A Fortune 500 power and renewable energy global enterprise deployed ProntoForms’ technology starting with 450 subscriptions across two sub-divisions. ProntoForms supports health and safety reporting, inspection processes for wind and hydro turbines, and gathering performance metrics to enable their field engineers and salespeople.
  • A Fortune 500 oil & gas enterprise has expanded its multi-year deployment of ProntoForms by 200 subscriptions for a total of over 2000 subscriptions as part of a global Master Services Agreement (MSA) where ProntoForms is the sole mobile forms solution approved for use in field operations.
  • A Fortune 500 HVAC and refrigeration organization added over 510 ProntoForms subscriptions to support field technicians in reliably completing complex work.
  • ProntoForms announced the general availability of a new client app for the macOS® operating system software, now available on the macOS App Store® online store.


Q1 Conference Call Date:

Date: Thursday, May 5th, 2022
Time: 9:00 AM Eastern Time

Participant Dial-in Numbers:
Local Toronto – (+1) 647-794-4605
Toll Free – (+1) 866-575-6539
Conference ID: 9536629

Recording Playback Numbers:
Local Toronto– (+1) 647-436-0148
Toll Free – (+1) 888-203-1112
Passcode: 9536629
Expiry Date: May 12th, 2022 at 11:59pm EST



About 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.

Alvaro Pombo
co-Chief Executive Officer
TrueContext Corporation
613.599.8288 ext. 1111
apombo@truecontext.com

Philip Deck
co-Chief Executive Officer
TrueContext Corporation
416.702.3974
pdeck@truecontext.com

Dave Croucher
Chief Financial Officer
TrueContext Corporation
613.286.9212
dcroucher@truecontext.com