BeWhere Holdings Inc. Reports First Quarter Financial Results of Fiscal 2020
TORONTO, ON. May 25, 2020 – BeWhere (TSX-V: BEW, OTCQB: BEWFF) (“BeWhere” or the “Company”), a MobileInternet of Things (M-IoT) solutions provider, is pleased to announce its financial results for three months ended March 31, 2020.
Owen Moore, CEO and Co-Founder stated “The Company progressed well during the first quarter in spite of the Covid-19 related headwinds which delayed some large government projects. Gross Profit improved for the second consecutive quarter resulting in recording lowest Net loss in Company’s history”. He further noted that “As a provider of remote monitoring and track & trace solutions, BeWhere has demonstrated the critical value of its solutions during the challenges presented by Covid-19”.
Chris Panczuk, COO and Co-Founder said “The Company remains focused on increasing its Recurring Revenue which increased 90% year over year in the first quarter. We made efforts in controlling the Operating Expenses while maintaining the marketing initiatives, which resulted in positive Adjusted EBITDA for the second consecutive quarter”.
First Quarter 2020 Highlights
- Recurring Revenue increased by 90% year over year – Recurring Revenue for the three months ended March 31, 2020 was $732,298 compared to $358,594 for the same period in 2019: an increase of $346,704.
- Revenue decreased by 2% year over year – Total Revenue for the three months ended March 31, 2020 was $1,406,248 compared to $1,433,928 for the same period in 2019: a decrease of $27,680.
- Gross Profit increased by 84% year over year – Gross profit for the three months ended March 31, 2020 was $346,716 compared to $188,003 for the same period in 2019: an improvement of $158,713 or 84%.
- Net loss – Net loss for the three months ended March 31, 2020 was $85,179 compared to $506,603 for the same period in 2019, which is an improvement of $421,424 or 83%. The Company recorded its lowest quarterly Comprehensive loss.
- Working Capital – At March 31, 2020, the Company had a working capital balance of $3,991,246 including cash of $2,358,559. During the three months ended March 31, 2020, the Company maintained a healthy working capital despite incurring development costs totaling $753,228 for its next generation of M-IoT sensors and solutions.
- Adjusted EBITDA (non-IFRS measure) – The Company recorded positive adjusted EBITDA for the first quarter, for the second consecutive quarter in Company’s history. Adjusted EBITDA for the three months ended March 31, 2020 was $1,844 compared to $(334,629) for the same period in 2019.
Because BeWhere provides remote monitoring and track & trace solutions to the food, distribution, security, construction and government industries, the company has been designated an essential service by its mobile network operator partners at AT&T and Bell Mobility; and therefore continues to operate during the COVID-19 pandemic.
The monitoring solutions provided by BeWhere allow clients to monitor key equipment and gather significant relevant data. Such data allows maximum efficient use of resources, it is particularly valuable at times of stress and need:
- Medical equipment utilization and distribution,
- Municipal clean water supply for rapid detection of pipe bursts and operational performance,
- Construction site conditions (flooding, temperature, air pressure, humidity, and equipment location,
- Transportation trailer location, conditions and utilization.
BeWhere is well positioned to assist with collection of key data and solutions that keep essential operations running.
BeWhere (TSXV: BEW, OTCQB: BEWFF) is a Mobile Internet of Things (“M-IoT”) solutions company that designs and sells hardware with sensors and software applications to track real-time information on non-powered fixed and movable assets, as well as monitor environmental conditions. The company develops mobile applications, middle-ware and cloud-based solutions that stand-alone or that can be readily integrated with existing software. BeWhere’ solutions are cutting edge, using the latest available cellular technologies (LTE-M and NB-IoT) and offering customers low-cost sophisticated technology to implement a new level of visibility to their businesses.
Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 107
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 loss in the Management’s Discussion and Analysis for the year ended March 31, 2020. 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).
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, 2020 and 2019, 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.