Toronto, Ontario--(Newsfile Corp. - November 21, 2023) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) ("BeWhere" or the "Company"), a Mobile Internet of Things (M-IoT) company is pleased to announce its financial results for three and nine months ended September 30, 2023.
Owen Moore, CEO and Co-Founder stated, "The Company recorded a 91% year-over-year increase in Net income before income tax expense in the third quarter of 2023." He further noted, "The Company continued to perform well with Q3 2023, representing our 10th consecutive quarter of positive net income and our 16th consecutive quarter of positive EBITDA."
Chris Panczuk, COO and Co-Founder, stated, "We are pleased with the results as the Company recorded the highest ever quarterly Gross profit of $1,250,649." He further noted, "The Company continued to improve on all its key metrics, while controlling its operating expenses."
Third Quarter 2023 Highlights
- Total Revenue increased by 16% year over year - Total Revenue for the three months September 30, 2023, was $3,075,102 compared to $2,648,541 for the same period in 2022: an increase of $426,561.
- Recurring Revenue increased by 23% year over year - Recurring Revenue for the three months ended September 30, 2023, was $1,286,885 compared to $1,044,624 for the same period in 2022: an increase of $242,261.
- Gross Profit increased by 25% year over year - Gross profit for the three months ended September 30, 2023, was $1,250,649 compared to $997,221 for the same period in 2022: an improvement of $253,428.
- Net income before income tax expense increased by 91% year over year - The Company recorded net income before taxes for the three months ended September 30, 2023, of $413,260 compared to $216,771 for the same period in 2022: an increase of $196,489. The Company's efforts to increase recurring revenue, coupled by new products launched and product improvements, are showing desired results.
- Research and development - The Company spent $144,121 on research and development in the three months ended September 30, 2023, for its next generation M-IoT device. For the nine months ending September 30, 2023, research and development spend was $541,908 compared to $373,287 for the same period in 2022: an increase of $168,621.
- Cash in hand - The Company had $4,108,767 of cash in hand on September 30, 2023, as compared to $3,227,023 on Dec 31, 2023; an increase of $881,744 in nine months. The Company generated $484,218 from Operating activities in the third quarter.
- Adjusted EBITDA (non-IFRS measure) improved by 73% year over year - Adjusted EBITDA for the three months ended September 30, 2023, was $494,718 compared to $285,689 for the same period in 2022, an improvement of $209,029.
Non-IFRS Measures
Adjusted EBITDA is a non-IFRS measure and does not have standardized meaning as it relates to performance measures and may not be comparable to other issuer disclosures of similar performance measures. The Company has provided a reconciliation of Adjusted EBITDA to IFRS profit (loss) in the Management's Discussion and Analysis for the period ended June 30, 2023. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, share-based compensation, and other non-recurring gains and losses. Management believes that Adjusted EBITDA is a useful measure that facilitates period to period operating comparisons. Adjusted EBITDA should not be considered superior to IFRS net income (loss).
About BeWhere
BeWhere (TSXV: BEW) (OTCQB: BEWFF) is a Mobile Internet of Things ("M-IoT") solutions company that designs and sells self-powered hardware with sensors and software applications. Our solutions serve two main markets: (1) Asset Tracking, consisting of remote location tracking various non-powered fixed and movable assets such as trailers, dry vans etc., and (2) Connected Sensors, to remotely track information on assets for water pressure, water detection and soil moisture. BeWhere's devices use the latest available cellular technologies (LTE-M and NB-IoT) to transmit collected data into mobile applications and cloud-based platforms, at a much lower cost than traditional cellular networks. BeWhere also offer solutions that can be fully integrated with existing software, and white-labeled. BeWhere' solutions are cutting edge, offering low-cost sophisticated technology which allows customers to deploy remote tracking technology where cost was previously prohibitive.
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CONTACT INFORMATION
BeWhere Inc.
Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 107
info@bewhere.com
Cautionary Statements Regarding Forward Looking Information
Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs of future performance, are "forward-looking statements".
We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.
Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
BeWhere Holdings Inc. (the "Company") does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company's historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.
The Company's Unaudited Interim Consolidated Financial Statements for the period ended September 30, 2023and 2022, together with its corresponding Management's discussion and analysis can be found under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.bewhere.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the Policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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