BeWhere Holdings Inc. Reports 2022 Fiscal Year-end Results
TORONTO, ON. April 17, 2023 – BeWhere (TSX-V: BEW, OTCQB: BEWFF) (“BeWhere” or the “Company”), a Mobile Internet of Things (M-IoT) company is pleased to announce its financial results for twelve months ended December 31, 2022.
Owen Moore, CEO and Co-Founder stated, “Key performance indicators improved across the board, with Total revenue improving by 17% and Recurring revenue growth of 35% year over year in fiscal 2022, resulting in record income before taxes of $526,134”.
Chris Panczuk, COO and Co-Founder stated, “We are pleased with the results as the company recorded highest ever quarterly Gross profit, which improved by 55% in fiscal 2022”.
FY 2022 Highlights
- Net income before taxes increased by 26% year over year – The Company recorded a net income for the twelve months ended December 31, 2022 of $526,134 compared to $416,521 for the same period in 2021: an improvement of $109,613.
- Total comprehensive profit – Total comprehensive profit for the twelve months ended December 31, 2022, was $2,103,835 as compared to $416,521 for the same period in 2021 an improvement $1,687,314. As the Company showed profitability for two consecutive years, it recorded Deferred income tax recovery and Deferred tax asset of $1,559,112 for the first time.
- Gross Profit increased by 55% year over year – Gross profit for the twelve months ended December 31, 2022 was $3,548,596 compared to $2,288,891 for the same period in 2021: an improvement of $1,259,705.
- Total Revenue increased by 17% year over year – Total Revenue for the twelve months ended December 31, 2022 was $10,924,902 compared to $8,541,075 for the same period in 2021: an increase of $1,483,827.
- Recurring Revenue increased by 35% year over year – Recurring Revenue for the twelve months ended December 31, 2022, was $3,877,020 compared to $2,877,876 for the same period in 2021: an increase of $999,144.
- Working Capital – At December 31, 2022, the Company had a working capital balance of $4,717,203 including cash of $3,227,023. The Company maintained a healthy working capital level despite incurring development costs totaling $512,388 for its next generation of M-IOT sensors and solutions.
Fourth Quarter 2022 Highlights
- Total Revenue increased by 8% year over year – Total Revenue for the three months ended December 31, 2022, was $2,282,090 compared to $2,109,965 for the same period in 2021: an increase of $172,125.
- Recurring Revenue increased by 46% year over year – Recurring Revenue for the three months ended December 31, 2022, was $1,118,211 compared to $765,178 for the same period in 2021: an increase of $353,033.
- Gross Profit increased by 33% year over year – Gross profit for the three months ended December 31, 2022, was $935,777 compared to $703,840 for the same period in 2021: an improvement of $231,937.
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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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 December 31, 2022 and 2021, 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.
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