CALGARY,
AB, April 22, 2022 /CNW/ - Renoworks
Software Inc. (TSXV: RW) ("Renoworks" or the
"Company"), the leading end-to-end visualization platform
for the building construction industry, today announced financial
results for the fourth quarter and fiscal year ended December 31, 2021. The financial statements and
related management's discussion and analysis ("MD&A") can be
viewed on SEDAR at www.sedar.com.
Financial and business highlights for
the fourth quarter and fiscal 2021:
- Annual revenues of $5,553,379 up
8% over the prior year.
- Quarterly revenue of $1,258,956
for the three months ended December 31,
2021 compared to $1,265,642 in
2020.
- Deferred Revenue of $1,389,547
for the year ended December 31, 2021
compared to $970,835 in 2020, up
43%.
- Gross margins continue to be strong at 62% and 66%,
respectively for the fourth quarter 2021 and 2020.
- Net loss of $360,626 for the
quarter ended December 31, 2021
compared to a net loss of $69,583 in
2020.
- As at December 31, 2021, the
Company had 38,985,968 common shares issued and outstanding.
"Renoworks finished 2021 with the achievement of several
financial records, including our highest-ever annual revenue," said
Renoworks CEO Doug Vickerson. "In
addition to record-setting revenue, our pipeline of client deals
that are closed and in development, represented by deferred
revenue, grew 43% over 2020."
Mr. Vickerson continued, "These successes were driven by
increasing client demand for advanced consumer data insights, lead
conversion technology, A.I. image preparation, and 3D modeling and
measurement solutions on the Renoworks platform – solutions that
are filling a technology gap in a historically digital-lagging
industry. As we look to the future, equipped with a boost of
capital from our recently-closed $805,000 private placement, Renoworks will
continue to invest in talent acquisition and platform value to
develop ROI for our clients and empower them to gain more insight,
influence, and control over the construction and remodeling journey
of their end consumers."
Financial results from operations for
the fourth quarter 2021 with comparatives for 2020 are as
follows:
|
Three Months Ended
December 31
|
2021
|
2020
|
Revenue
|
$1,258,956
|
$1,265,642
|
Gross Margin
|
$783,066
|
$839,423
|
Expenses
|
$1,130,499
|
$851,484
|
Net Loss
|
$360,626
|
$69,583
|
Loss per
share
|
($0.01)
|
($0.00)
|
Adjusted
EBITDA
|
($263,630)
|
($22,301)
|
Weighted Average
Shares
Outstanding
|
38,916,463
|
36,610,507
|
Financial results from operations for
the fiscal year 2021 with comparatives for 2020 are as
follows:
|
Twelve Months Ended
December 31
|
2021
|
2020
|
Revenue
|
$5,553,379
|
$5,132,109
|
Gross Margin
|
$3,485,777
|
$3,457,640
|
Expenses
|
$4,022,917
|
$3,215,556
|
Income
(Loss)
|
($608,960)
|
$123,582
|
Income (Loss) per
share
|
($0.02)
|
$0.00
|
Adjusted
EBITDA
|
($368,259)
|
$355,892
|
Weighted Average
Shares Outstanding
|
37,829,136
|
36,610,507
|
Cash increase from
operations
|
$93,930
|
$181,524
|
The Company's financial position as
of December 30, 2021 with
comparatives from 2020 is as follows:
|
December 31,
2021
|
December 31,
2020
|
Cash Balance
|
$1,189,346
|
$523,555
|
Accounts
Receivable
|
$596,182
|
$617,161
|
Working
Capital
|
$470,642
|
$276,098
|
Deferred
Revenue
|
$1,389,547
|
$970,835
|
Long- term
liabilities
|
$212,053
|
$344,434
|
Shareholder's
Equity
|
$571,776
|
$203,577
|
Deficit
|
($8,414,230)
|
($7,805,270)
|
Total Assets
|
$2,214,085
|
$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, realize a revenue or other return on technology
and platform development, capitalize on actual or perceived
opportunities in the marketplace, or adequately cope with the
impact of COVID-19, 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.
Not for dissemination in the United States or for distribution to
United States news wire
services.
SOURCE RenoWorks Software Inc.