Investments in new features and functionality
drive record quarterly revenue
CALGARY,
AB, Aug. 24, 2022 /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 second quarter ended June 30, 2022. 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 second quarter 2022, ending
June 30, 2022:
- Total revenue grew 19% to $1,770,960 versus $1,478,095 in the same period in 2021;
- Recurring revenue of $458,822
versus $452,940 for the same period
in 2021, a 1% increase;
- Design Services revenue of $1,048,816 compared to $770,742 in Q2 2021, a 36% increase;
- Gross margins of 67% versus 62% in the second quarter
2021;
- Net loss of $57,529 compared to a
net loss of $47,976 in the year ago
quarter;
- Cash of $1,151,331 versus
$1,189,346 as December 31, 2021;
- As at June 30, 2022, the Company
had 40,662,635 common shares issued and outstanding.
"Renoworks' second quarter total revenue grew 19% year-over-year
as customers adopted our SaaS-based data analytics tools to uncover
product and consumer behavioral insights," said Doug Vickerson, CEO of Renoworks. "Historically,
second quarters are strong for the home improvement industry, and
by taking advantage of prior investments in sales and marketing
efforts, we were able to launch our lead generation and
qualification platform in time to take advantage of this
seasonality. We continue to improve the platform's extensibility
with deeper ties to CRMs and streamlining lead conversions for our
clients. As we deepen our relationship with clients as well as
expand further in the contractor market, we expect growth in
revenue to continue."
Financial results from operations for the second quarter 2022
with comparatives for 2021 are as follows:
|
Three Months Ended June
30
|
2022
|
2021
|
Revenue
|
$1,770,960
|
$1,478,095
|
Gross Margin
|
$1,180,201
|
$914,331
|
Expenses
|
$1,237,730
|
$962,307
|
Loss
|
$57,529
|
$47,976
|
Loss per
share
|
$0.00
|
$0.00
|
Adjusted
EBITDA
|
$10,182
|
$523
|
Weighted Average
Shares
Outstanding
|
40,265,318
|
37,108,810
|
Financial results from operations year-to-date 2022 with
comparatives for 2021 are as follows:
|
Six Months Ended June
30
|
2022
|
2021
|
Revenue
|
$3,086,877
|
$2,899,436
|
Gross Margin
|
$2,003,246
|
$1,841,744
|
Expenses
|
$2,393,321
|
$1,932,645
|
Loss
|
$390,075
|
$90,901
|
Income (Loss) per
share
|
($0.01)
|
($0.00)
|
Adjusted
EBITDA
|
($253,205)
|
$6,575
|
Weighted Average
Shares
Outstanding
|
39,009,164
|
36,735,209
|
The Company's financial position as of June 30, 2022 and December
31, 2021 is as follows:
|
June 30, 2022
|
December 31, 2021
|
Cash Balance
|
$1,151,331
|
$1,189,346
|
Accounts
Receivable
|
$925,869
|
$596,182
|
Working
Capital
|
$1,030,308
|
$470,642
|
Deferred
Revenue
|
$1,544,384
|
$970,835
|
Long- term
liabilities
|
$164,576
|
$212,053
|
Shareholder's
Equity
|
$1,071,511
|
$571,776
|
Deficit
|
($8,804,305)
|
($8,414,230)
|
Total Assets
|
$2,489,520
|
$2,214,085
|
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.