BeWhere Holdings Inc. Reports 3rd Quarter Financial Results Hit Record Revenue Level – 804% Year-over-Year Nine Month Growth
Toronto, Ontario (FSCwire) – (TSX-V: BEW, OTCQB: BEWFF) (“BeWhere” or the “Company”)
BeWhere, is pleased to announce today its financial results for the third quarter ended September 30, 2017, and with the following highlights:
- Revenues increased by over 804% year-over-year for the nine-month period, and 75% quarter over quarter – Revenues for the three months ended September 30, 2017 were $707 thousand compared to $42 thousand for the three months ended September 30, 2016: an increase of $665 thousand (1,583%). For the nine months ended September 30, 2017, revenues were $1,244 thousand compared to $138 thousand for the nine months ended September 30, 2016: an increase of $1,106 thousand (804%).
- Gross Profit continues to trend higher – Gross profits for the three months ended September 30, 2017 were $218 thousand compared to $22 thousand for the three months ended September 30, 2016: an increase of $196 thousand (891%), as the Company scaled its shipments as part of previously announced customer wins.
- Working Capital remains healthy and cash level increases – The Company increased its cash balance to $1.18 million, an increase of $163 thousand in the third quarter, and had a working capital balance of approximately $1.35 million at quarter end.
- On September 11, 2017 BeWhere’s Chief Executive Officer, Owen Moore, presented at the 5th GSMA Global Mobile IoT Summit in San Francisco.
- On October 11, 2017 the Company announced that it had raised a total of $2,149,500 from the successful completion of its private placement financing, whereby the Company issued 7,165,000 common shares.
- On October 13, 2017 BeWhere announced the implementation and rollout of an advanced mobile safety solution, providing enhanced security for Brinks Canada Operations.
- On November 9, 2017 BeWhere, BELL, and Huawei, together with The Premier of Ontario Kathleen Wynne, announced the successful completion of the first Low-Powered Wide Area (“LPWA”) cellular case study at Henry of Pelham Family Estate Winery in Pelham, Ontario showcasing BeWhere’s disruptive technology for environmental monitoring.