AppFolio had another strong year but losses nearly doubled as the company expanded in 2015.
Goleta-based AppFolio, which makes property management software for small- to medium-sized businesses, released fourth quarter earnings and 2015 earnings results after markets closed Feb. 22. Yearly revenue increased 57 percent in 2015 to about $75 million. Fourth quarter revenues also increased 54 percent to $20.4 million.
But AppFolio also lost $15.67 million during the year.
AppFolio CEO Brian Donahoo said during a fourth quarter earnings call the company made significant investments in expanding its mobile platform for customers. Chief Financial Officer Ida Kane said the company spent heavily when it acquired San Diego startup Rentlinx in April.
AppFolio is continuing to grow, so the company also invested heavily by hiring more employees and leasing more space in its current building.
AppFolio revenues shot up during the fourth quarter from $13.2 million during the fourth quarter of 2014 to $20.4 million during the same quarter in 2015. The company did narrow its losses during the quarter from $4.57 million in 2014 to $3.85 million in 2015.
AppFolio showed significant growth during the year. Property management customers using AppFolio’s software increased from 5,885 in 2014 to 8,218 in 2015. Customers using AppFolio’s legal software also increased from 3,658 in 2014 to 6,145 in 2015.
According to Yahoo finance, AppFolio just beat analyst revenue estimates of $20.31 million. With losses of 12 cents per share, AppFolio still beat analyst estimates of losses of 15 cents per share.
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