Renoworks Announces Record First Quarter 2020 Financial Results

Renoworks Software Inc. had revenue of $1.12 million for the first quarter of 2020, an increase of five per cent compared to revenue of $1.06 million in the first quarter of 2019. Design services revenue increased 50 per cent year-over-year to $478,403. Adjusted EBITDA for the quarter was a loss of $7,415, down from a loss of $44,517 in the year-ago period. Gross margins were 69 per cent for 2020 compared to 74 per cent in 2019. The company had a net loss of $70,667 for the quarter compared to a loss of $116,955 in the 2019 quarter. Demand for online tools and services remains strong as contractors and homeowners are forced to seek virtual solutions to design, measure, estimate, and plan their construction and remodeling projects, says Doug Vickerson, the company's CEO.