Renoworks Has Record Revenue

Renoworks Software Inc, a visualization platform for the home remodeling and new home construction industry, had record second quarter revenue of $1.48 million, an 11 per cent increase from the second quarter in 2020. Recurring revenue was $423,156, a seven per cent increase versus $423,156 in the year-ago quarter and design service revenue of $770,742, an 11 per cent increase from $696,692. The increase was driven primarily by a strong construction and repair and remodel season that began at the beginning of 2021 and continued through June. Overall gross margin was 62 per cent compared to 69 per cent in the second quarter of 2020, a decrease of 700 basis points. The company had a net loss of $47,976 for the quarter compared to a net income of $236,790 in 2020 quarter.