CALGARY, AB, May 29, 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 first quarter ended March 31, 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 first quarter of fiscal 2024 with comparatives for 2023 are as follows: Quarterly revenue of $1,479,390 for the three months ended March 31, 2024 versus $1,354,175 in 2023. Recurring revenue of $616,638 versus $515,333 for the same period in 2023, a 20% increase. Gross margins continue to be strong at 75% and 73%, respectively for the first quarters of 2024 and 2023. Net loss of $125,753 for the quarter ended March 31, 2024 compared to a net loss of $384,653 in 2023. Deferred Revenue of $2,057,303 March 31, 2024 compared to $1,633,394 at December 31, 2023. Cash at March 31, 2024 was $814,964, up $169,415 from $645,549 at the end of fiscal 2023.  The Company's working capital at March 31, 2024 was a negative $316,682 compared to a negative working capital of $228,357 at December 31, 2023 a decrease of $88,325 primarily due to an increase in deferred revenue balances of $423,909.  Excluding deferred revenue, a significant non-cash item included in working capital, the Company's working capital at March 31, 2024 is positive $1,523,220 ($1,264,069 – Dec 31, 2023). As at March 31, 2024, the Company had 40,664,635 common shares issued and outstanding. The Company reported a 9% increase in revenue for the first quarter of 2024 compared to the same period in 2023, reaching $1,479,390. This growth was primarily driven by a 20% rise in licensing, hosting, and recurring revenues, due to the onboarding of new manufacturers and existing clients adopting new product lines, including data science and AI solutions. Steady growth of the Company's contractor solution Renoworks Pro also contributed. The net loss for the first quarter was reduced to $125,753 from $384,653 compared to the same period in 2023, attributed to increased revenues and decreased personnel costs and professional fees. Additionally, the Company saw an improvement in gross margin percentage, mainly due to higher margins from hosting and licensing revenues and investments in efficient project delivery. "Renoworks continues its strategy of advancing its platform with its AI Gen 2.0, Renoworks Pro software-as-a-service offering, and partner integrations while maintaining vigilance over its operational efficiency practices," commented Doug Vickerson, CEO of ...