BeWhere Holdings Inc. Reports Fourth Quarter and Fiscal Year-end Financial Results and Provides Business Update
Toronto, Ontario (FSCwire) – (TSX-V: BEW, OTCQB: BEWFF) (“BeWhere” or the “Company” an Industrial Internet of Things (“IIOT”) solutions company that designs and sells hardware with sensors and software applications to track real-time information on movable assets. The company develops mobile applications, middle-ware and cloud based solutions that stand-alone or that can be readily integrated with existing software, announces its financial results for the three and twelve months ended December 31, 2017.
- Revenues increased by over 748% year over year, and 504% quarter over quarter – Revenues for the three months ended December 31, 2017 were $443 thousand compared to $88 thousand for the three months ended December 31, 2016: an increase of $355 thousand (504%). For the twelve months ended December 31, 2017, revenues were $1,686 thousand compared to $225 thousand for the twelve months ended December 31, 2016: an increase of $1,461 thousand (748%).
- Gross Profit continues to trend higher – Gross profits for the twelve months ended December 31, 2017 was $332 thousand compared to $57 thousand for the twelve months ended December 31, 2016: an increase of 580%. Gross profits increased primarily as a result of increased product and solution deliveries in the quarter and the positive effect of scaling the Company’s shipments as part of previously announced customer wins.
- Working Capital remains healthy – At December 31, 2017, the Company had a working capital balance improved and amounted to $3,640 thousand, including cash of $3,205 thousand. This compares favorably with the working capital balance of $1,765 thousand, including cash of $1,824 thousand at December 31, 2016.
- On November 9, 2017 BeWhere, Bell Canada 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 Pelham Winery in Pelham, Ontario show casing BeWhere’s disruptive technology for environmental monitoring