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Record $1.48
million in total quarterly revenue, $452,940 of which is recurring
CALGARY, AB, Aug. 25, 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, is pleased
to announce that its financial results for the second quarter
ended June 30, 2021, had record
quarterly revenues of $1.48
million. 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 2021, ending
June 30, 2021:
- Total revenue of $1,478,095
versus $1,334,140 in the year-ago
quarter, an 11% increase;
- Recurring revenue of $452,940
versus $423,156 in the year-ago
quarter, a 7% increase;
- Design Services revenue of $770,742 versus $696,692 in the year-ago quarter, an 11%
increase;
- Gross margins of 62% versus 69% in Q2 2020, a decrease of
700bps;
- Net loss of $47,976 compared to a
net income of $236,790 in the
year-ago quarter;
- Cash of $1,598,610 versus
$523,555 as December 31, 2021 and $846,236 of working capital;
- As at June 30, 2021, the Company
had 38,419,302 common shares issued and outstanding.
"Continued investment in the Renoworks platform has resulted in
more clients adopting our visualization technology that removes
home repair and remodeling frictions," said Doug Vickerson, CEO of Renoworks. "This resulted
in record quarterly revenues, driven primarily by a strong
construction and repair and remodel season that began at the
beginning of 2021 and has continued through June 2021. Construction product brands continue
to capitalize on these trends, evolving their design-focused
approach by putting Renoworks' visualization technology at its
core. As a result, Renoworks has focused on bringing new innovative
solutions to its platform, strengthening relationships with
clients, and improving its technology to better help our clients'
businesses. Our pipeline remains robust; our clients see
increased traffic and more conversions of high quality leads, and
we anticipate this trajectory to continue through the rest of the
year."
Financial results from operations for the second quarter 2021
with comparatives for 2020 are as follows:
|
Three Months Ended
June 30
|
2021
|
2020
|
Revenue
|
$1,478,095
|
$1,334,140
|
Gross
Profit
|
$914,331
|
$925,383
|
Expenses
|
$913,311
|
$661,360
|
Income
(Loss)
|
($47,976)
|
$236,790
|
Income (Loss) per
share
|
($0.00)
|
$0.01
|
Adjusted
EBITDA
|
$581
|
$299,244
|
Weighted Average
Shares
Outstanding
|
37,108,810
|
36,610,507
|
Financial results from operations year-to-date 2021 with
comparatives for 2020 are as follows:
|
Six Months Ended June
30
|
2021
|
2020
|
Revenue
|
$2,899,436
|
$2,451,994
|
Gross
Margin
|
$1,841,744
|
$1,698,987
|
Expenses
|
$1,840,438
|
$1,524,088
|
Income
(Loss)
|
($90,901)
|
$166,123
|
Income (Loss) per
share
|
($0.00)
|
$0.00
|
Adjusted
EBITDA
|
$6,575
|
$291,829
|
Weighted Average
Shares
Outstanding
|
36,735,209
|
36,610,507
|
The Company's financial position as of June 30, 2021 and December
31, 2020 is as follows:
|
June 30,
2021
|
December 31,
2020
|
Cash
Balance
|
$1,598,610
|
$523,555
|
Accounts
Receivable
|
$658,810
|
$617,161
|
Working
Capital
|
$846,236
|
$276,098
|
Deferred
Revenue
|
$1,511,643
|
$970,835
|
Long- term
liabilities
|
$245,892
|
$344,434
|
Shareholder's
Equity
|
$832,373
|
$203,577
|
Deficit
|
($7,896,171)
|
($7,805,270)
|
Total
Assets
|
$2,611,744
|
$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.