Renoworks Announces Third Quarter 2024 Financial Results and Record Third Quarter Revenue
CALGARY, AB, Nov. 5, 2024 /CNW/ - Renoworks Software Inc. (TSXV:RW) ("Renoworks" or the "Company), an industry leader in visualization and lead generation technology for the home renovation and new construction sector, announces its financial results for the nine-months ended September 30, 2024. The financial statements and related management's discussion and analysis ("MD&A") can be viewed on SEDAR+ at www.sedarplus.ca. Unless otherwise stated, all dollar amounts are Canadian dollars.
Financial highlights for the fiscal year to date 2024 with comparatives for 2023 are as follows:
Revenues of $5,210,091, a 9% increase from the prior period's $4,789,569.
Deferred Revenue of $2,589,790 at September 30, 2024 compared to $1,633,394 at December 31, 2023.
Recurring revenue of $1,961,850 versus $1,632,48 for the same period in 2023, a 20% increase.
Gross margin of 74% versus 72% in 2023.
Net loss of $2,333 compared to a net loss of $284,664 for the same period in 2023, an improvement attributed primarily to the rise in licensing and hosting revenue of 20% and improved profit margins.
Cash at September 30, 2024 was $748,223, an increase of $102,674 from $645,549 at the end of fiscal 2023.
The Company's working capital at September 30, 2024 was a negative $228,292 compared to a negative working capital of $228,357 at December 31, 2023 an increase of $65 primarily due to an increase in accounts receivable balances of $581,424. Excluding deferred revenue, a significant non-cash item included in working capital, the Company's working capital at September 30, 2024 is positive $2,081,183 ($1,264,069, Dec 31, 2023).
As at September 30, 2024, the Company had 40,664,635 common shares issued and outstanding.
Financial highlights for the third quarter of fiscal 2024 with comparatives for 2023 are as follows:
Quarterly revenue of $1,894,911 for the three months ended September 30, 2024 versus $1,716,307 in 2023.
Recurring revenue of $662,321 versus $559,660 for the same period in 2023, an 18% increase.
Gross margins continue to be strong at 74% and 71%, respectively for the third quarters of 2024 and 2023.
Net income of $110,364 for the quarter ended September 30,2024 compared to a net income of $68,174 in 2023.
Renoworks reported a 9% increase in revenues for the first nine months of 2024 compared to the same period in 2023.
Renoworks reported a 9% increase in revenues for the first nine months of 2024 compared to the same period in 2023. This growth was driven by a 20% rise in licensing revenue and an 8% increase in design services revenue. The Company earned aggregate revenues of $5,210,091, an increase of $420,522 from the $4,789,569 revenues earned in the nine months ended September 30, 2023.
Net loss for the nine months ended September 30, 2024, was $2,333, a significant improvement when compared to the net loss of $284,664 reported for the same period in 2023. This improvement is attributed to ...
