Toronto, Ontario--(Newsfile Corp. - May 15, 2024) - 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 months ended March 31, 2024.
Owen Moore, CEO and Co-Founder stated, "The company continued to perform well with Q1 2024, representing our 13th consecutive quarter of positive net income." He further noted, "High margin recurring revenue was a quarterly record, totaling $1.5 million and represents 28% year over year growth."
Chris Panczuk, COO and Co-Founder stated, "We are pleased with the results as the company recorded the highest ever quarterly Gross profit of $1,343,332." He further noted, "The Company continued to improve on all its key metrics, while controlling its operating expenses and investing in research and development on its next generation M-IoT devices."
First Quarter 2024 Highlights
Total Revenue increased by 31% year over year - Total Revenue for the three months ended March 31, 2024, was $3,500,137 compared to $2,675,493 for the same period in 2023: an increase of $824,644.
Recurring Revenue increased by 28% year over year - Recurring Revenue for the three months ended March 31, 2024, was $1,535,543 compared to $1,199,092 for the same period in 2023: an increase of $336,451.
Gross Profit increased by 27% year over year - Gross profit for the three months ended March 31, 2024, was $1,343,332 compared to $1,057,983 for the same period in 2023: an improvement of $285,349.
Net income before taxes increased by 185% year over year - The Company recorded net income for the three months ended March 31, 2024, of $401,269 compared to $140,951 for the same period in 2023: an increase of $260,318.
Working capital and Cash in hand - At March 31, 2024, the Company had working capital of $6,176,461. Cash balance on March 31, 2024 was $4,323,320.
Grant of Options - The Company announces that it has granted an aggregate of 150,000 options each to purchase 150,000 Common Shares at an exercise price of $0.375 per share which options will expire in May 2029, to two independent directors and CFO.
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 December 31, 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 offers 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 audited Interim Consolidated Financial Statements for the period ended December 31, 2023 and 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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SOURCE: BeWhere Holdings Inc.
