Pronto Sprints on Q3 Figures

By: Tomas Ronolski - AllPennyStocks.com News

Thursday, November 7, 2019

Ottawa-based ProntoForms Corporation (TSX-Venture:PFM) got pulses racing late Thursday with promising economic news.

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, 2019.

To quote CEO Alvaro Pombo, “We are pleased to report that our Annual Recurring Revenue (ARR) base grew 30% year-to-year to reach $15.03 million (by the end of September). Recurring revenue continued to grow reaching $3.5 million in Q3, representing a 6% increase over Q2 2019 and 26% over Q3 2018.

“Our accelerating growth continues to be driven by enterprise expansion; accounts with more than $100,000 of ARR now represent 35% of our base, up from 24% a year ago.”

Net loss for Q2 2019 was $0.42 million, down from a net loss of $0.64 million in Q3 2018 and down from a net loss of $0.53 million in Q2 2019.

Shares in PFM gained three cents, or 5.7%, to 56 cents, on volume of 766,000 shares.

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