New Features and Functionality Resonates with
Industry Participants; Should Lead to Continued Growth
Ahead
CALGARY, AB, Nov. 26, 2021 /CNW/ - Renoworks
Software Inc. (TSXV: RW) ("Renoworks" or the
"Company), the leading end-to-end visualization platform for
the home remodeling and new home construction
industry, announced financial results for the third quarter
ended September 30, 2021. 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 the third quarter 2021, ending
September 30, 2021:
- Total revenue of $1,394,987
versus $1,414,472 in the year-ago
quarter;
- Recurring revenue of $454,329
versus $416,931 in Q3 2020, a 9%
increase;
- Design Services revenue of $709,092 compared to $767,109 in Q3 2020;
- Gross Margin of 61.7% versus 65.0% in the year-ago
quarter;
- Cash of $1,433,889 versus
$523,555 as December 31, 2021;
- As at September 30, 2021, the
Company had 38,660,968 common shares issued and outstanding.
"The strong alignment between our platform solution and the
business needs of our growing client base is one reason why our
recurring revenues grew 9% year-over-year in the third quarter of
fiscal 2021," said Renoworks CEO Doug
Vickerson.
"During the quarter, the Company worked toward progressing
several opportunities in its deep integration strategy, which sees
it working with several large industry players including technology
partners, customers and service providers. Attracted by the
Company's platform technologies and solutions, ranging from
AI-assisted design, digital library assets, design services and
data-infused offerings, Renoworks is positioned to expand its reach
and presence in the market. These technologies are resonating
deeply with our partners, customers and their end-user consumers,
and we are confident in the potential for meaningful growth in the
future."
Financial results from operations for the third quarter 2021
with comparatives for 2020 are as follows:
|
Three Months Ended
September 30
|
2021
|
2020
|
Revenue
|
$1,394,987
|
$1,414,472
|
Gross
Profit
|
$860,966
|
$919,229
|
Expenses
|
$1,051,980
|
$839,985
|
Income
(Loss)
|
($157,434)
|
$27,042
|
Income (Loss) per
share
|
($0.00)
|
$0.00
|
Adjusted
EBITDA
|
($111,207)
|
$88,671
|
Weighted Average
Shares Outstanding
|
38,515,822
|
36,610,507
|
Financial results from operations year-to-date 2021 with
comparatives for 2020 are as follows:
|
Nine Months Ended
September 30
|
2021
|
2020
|
Revenue
|
$4,294,423
|
$3,866,467
|
Gross
Profit
|
$2,702,711
|
$2,618,217
|
Expenses
|
$2,892,418
|
$2,364,072
|
Income
(Loss)
|
($248,334)
|
$193,165
|
Income (Loss) per
share
|
($0.00)
|
$0.00
|
Adjusted
EBITDA
|
($104,630)
|
$378,193
|
Weighted Average
Shares Outstanding
|
37,221,489
|
36,610,507
|
The Company's financial position as of September 30, 2021 and December 31, 2020 is as follows:
|
September 30,
2021
|
December 31,
2020
|
Cash
Balance
|
$1,433,889
|
$523,555
|
Accounts
Receivable
|
$781,664
|
$617,161
|
Working
Capital
|
$709,732
|
$276,098
|
Deferred
Revenue
|
$1,544,384
|
$970,835
|
Long- term
liabilities
|
$158,431
|
$344,434
|
Shareholder's
Equity
|
$767,362
|
$203,577
|
Deficit
|
($8,053,604)
|
($7,805,270)
|
Total
Assets
|
$2,584,474
|
$1,534,171
|
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.