BeWhere Holdings Inc. Reports Second Quarter Financial Results
TORONTO, ON. August 21, 2018 – (TSX-V: BEW, OTCQB: BEWFF) (“BeWhere” or the “Company”) is an Industrial Internet of Things (“IIOT”) solutions company that designs and sells hardware with sensors and software applications to track real-time information and environmental conditions on fixed or movable assets. BeWhere is pleased to announce its financial results for the three months ended June 30, 2018.
Owen Moore, CEO and Co-Founder stated “the second quarter closed with improved metrics on key indicators including revenues, margins, operating expenses and earnings. The Company is poised to illustrate further gains and leverage in our business model with the launch of our mobile-IOT solutions in the US market”.
Chris Panczuk, COO and Co-Founder stated “the highlight of the second quarter was the receipt of a 20,000 unit order for our new mobile-IOT solutions announced May 28th. The company expects to see additional near-term demand for our mobile-IOT solutions in the US market and is looking forward to launching the products in additional geographies”.
Second Quarter Fiscal 2018 Highlights
- Revenues increased by 51% year over year – Revenues for the three months ended June 30, 2018 were $611 thousand compared to $405 thousand for the three months ended June 30, 2017: an increase of $206 thousand or 51%.
- Revenues increased by 14% quarter over quarter – Revenues for the three months ended June 30, 2018 were $611 thousand compared to $535 thousand for the three months ended March 31, 2018: an increase of $76 thousand or 14%.
- Gross Profit continues to trend higher – Gross profits for the three months ended June 30, 2018 was $259 thousand compared to $160 thousand for the three months ended June 30, 2017: an increase of $99 thousand or 62%.
- Net loss – Net loss for the three months ended June 30, 2018 was $329 thousand compared to $389 thousand for the three months ended June 30, 2017: an improvement of $49 thousand or 13%. Net loss excluding the non-cash items of Share-based expense and Amortization for the three months ended June 30, 2018 was $167 thousand compared to $284 thousand for the three months ended June 30, 2017: an improvement of $117 thousand or 41%.
- Working Capital remains healthy – At June 30, 2018, the Company had a working capital balance improved and amounted to $2,540 thousand, including cash of $2,006 thousand. During the three months ended June 30, 2018, the Company maintained a healthy working capital despite incurring development costs totaling $222 thousand for its next generation of M-IOT sensors and solutions during the quarter.
|Unaudited||Q2 FY2018||Q2 FY 2017|
|Total Revenue||$ 610,698||$ 404,816|
|Gross profit||$ 259,230||$ 160,130|
|Net loss||$ (329,114)||$ (388,393)|
|EPS – basic||$ (0.01)||$ (0.01)|
|EPS – fully diluted||$ (0.00)||$ (0.01)|
|Cash||$ 2,006,413||$ 1,016,415|
BeWhere (TSXV: BEW, OTCQB: BEWFF) is an Industrial Internet of Things (“IIOT”) solutions company that designs and sells hardware with sensors and software applications to track real-time information on non-powered fixed and moveable assets. The company develops mobile applications, middle-ware and cloud-based solutions that stand-alone or that can be readily integrated with existing software. Its solutions enable end-users a level of operational visibility that is more easily accessible and significantly easier to implement than in the past.
BeWhere sells its products through a worldwide network of distribution and technology companies. BeWhere has secured distribution agreements and technology partnerships with a large roster of companies including major telecommunications providers, leading vehicle telematics providers and logistic and supply chain management solution providers.
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 three months ending June 30, 2018 and 2017, 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.
BeWhere Inc. Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 107
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.