CALGARY, AB, April 26, 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 year ended December 31, 2023. 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 2023 with comparatives for 2022 are as follows: Annual revenues of $6,292,601, a slight increase from the prior year's $5,941,830. Deferred Revenue of $1,633,394 December 31, 2023 compared to $1,413,786 at December 31, 2022. Recurring revenue of $2,251,019 versus $1,869,674 for the same period in 2023, a 20% increase. Gross margin of 70% versus 64% in 2022. Net loss of $497,771 compared to a net loss of $1,320,786 in 2022, an improvement attributed primarily to the rise in licensing and hosting revenue of 20% and reductions in operational expenditures. Cash at December 30, 2023 was $645,549, down $58,531 from $704,080 at the end of fiscal 2022. The Company's working capital at December 31, 2023 was a negative $228,357 compared to a positive working capital of $207,163 at December 31, 2022 a decrease of $435,520 primarily due to an increase in deferred revenue balances of $240,515. Excluding deferred revenue, a significant non-cash item included in working capital, the Company's working capital at December 31, 2023 is positive $1,264,069 ($1,459,074 – Dec 31, 2022). As at December 31, 2023, the Company had 40,664,635 common shares issued and outstanding. Financial highlights for the fourth quarter of fiscal 2023 with comparatives for 2022 are as follows: Quarterly revenue of $1,503,032 for the three months ended December 31, 2023 versus $1,201,509 in 2022. Recurring revenue of $618,534 versus $473,155 for the same period in 2023, a 31% increase. Gross margins continue to be strong at 66% and 62%, respectively for the fourth quarters of 2023 and 2022. Net loss of $211,734 for the quarter ended December 31, 2023 compared to a net loss of $705,601 in 2022. Renoworks reported a total revenue of $6,292,601 for the year ending December 31, 2023, marking a 6% increase of $350,771 from the previous year's $5,941,830. This increase was primarily fueled by a 20% rise in licensing and hosting revenue, reflecting the Company's strategic advancement of its visualization solutions adoption within the remodel industry. The decrease in net loss for 2023 as compared to 2022 is primarily due to these increased revenues, and improvements to operational efficiencies which includes gains through reduced selling, general administrative costs, and research and development expenses. "Our financial results are a direct outcome of our focused investments in AI-driven solutions, partner integrations, Renoworks Pro through key partnerships, and resource management," explained Doug Vickerson, CEO of Renoworks. "These initiatives are helping to drive the adoption of our platform and brand awareness across the industry." For the fourth quarter ended December 31, 2023, Renoworks' Adjusted EBITDA was a negative $189,211, showing significant improvement with a rise of $461,836 ...