BeWhere Holdings Inc. Reports First Quarter 2022 Results
TORONTO, ON. May 16, 2022 – 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 three months ended March 31, 2022.
Owen Moore, CEO and Co-Founder stated, “The Company progressed well during the quarter having achieved record Q1 revenue and income”. He further noted “the company’s cash position during the quarter increased substantially to $2,999,364, as it generated $465,859 from operating activities”.
Chris Panczuk, COO and Co-Founder stated, “We are pleased with the results as the company managed to record revenue despite Covid related shutdown in China”. He further noted “we remain focused on maintaining healthy gross profit on our products”.
First Quarter 2022 Highlights
- Total Revenue increased by 37% year over year – Total Revenue for the three months ended March 31, 2022, was $2,366,835 compared to $1,730,450 for the same period in 2021: an increase of $636,385.
- Recurring Revenue increased by 10% year over year – Recurring Revenue for the three months ended March 31, 2022, was $811,939 compared to $737,764 for the same period in 2021: an increase of $74,175.
- Gross Profit increased by 70% year over year – Gross profit for the three months ended March 31, 2022, was $736,981 compared to $434,110 for the same period in 2021: an improvement of $302,871.
- Net operating income increased by 145% year over year – The Company recorded net operating income for the three months ended March 31, 2022, was $16,162 compared to Loss of $35,689 for the same period in 2021: an increase of $51,851.
- Research and development – The Company, for the first time, expensed one hundred percent of Research and development ($122,255) for its next generation M-IoT device in the first quarter.
- Adjusted EBITDA (non-IFRS measure) – Adjusted EBITDA for the three months ended March 31, 2022, was $139,709 compared to $72,940 for the same period in 2021, an improvement of $66,769 or 92%.
- Funding – The Company was approved for an interest free subordinate loan of $500,000 for ‘Business Scale Up Initiative’. The funds are expected to be received over the next eight quarters. The repayment will be in sixty equal monthly installments starting January 2025.
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 March 31, 2022. 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).
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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Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 107
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 March 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.
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.