Second Quarter 2021 Financial Results 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.