Shares in cloud-based software-as-a-service property management platform provider Urbanise.Com Ltd (ASX: UBN) crashed a whopping 28% today after the company logged an EBITDA loss of $5.4 million on revenue of $3.7 million for the six-month period ending December 31 2015.

The share price crashed due to the company owning up to a “sales backlog” of devices which have been contracted but not installed as revenues rose just 10% over the prior corresponding half in a result not expected from a supposedly fast-growing tech stock.

The company also signed just 13 new customers over the course of the half, compared to six in the prior corresponding half, with the group’s chief executive stating that its sales pipeline is increasing in size as the business continues to invest in customer acquisition.

The company recently raised $6.5 million to support growth and as at 24 February 2016 had $13.1 million in cash on its balance sheet, with no debt and a market cap around $150 million.

However, the disappointing growth and ballooning costs over the period are reflected in today’s big share price falls and I would not be surprised to see the shares come under more heavy selling pressure this week.

Other preferable looking options in the software-as-a-service space include genuinely fast-growing payment processing business Touchcorp Ltd (ASX: TCH), or online education provider 3P Learning Ltd (ASX: 3PL).

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Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.