BeWhere Holdings Inc. Reports Second Quarter 2022 Results
TORONTO, ON. August 24, 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 and six months ended June 30, 2022.
Owen Moore, CEO and Co-Founder stated, “The Company progressed well during the second quarter further improving its cash position. During the six months, cash position increased by $658,169 to $3,216,842”.
Chris Panczuk, COO and Co-Founder stated, “We are pleased with the results as the company recorded highest ever quarterly Total revenue and highest ever quarterly Gross profit”.
Second Quarter 2022 Highlights
- Total Revenue increased by 20% year over year – Total Revenue for the three months ended June 30, 2022, was $2,727,436 compared to $2,278,809 for the same period in 2021: an increase of $448,627.
- Recurring Revenue increased by 42% year over year – Recurring Revenue for the three months ended June 30, 2022, was $902,246 compared to $635,271 for the same period in 2021: an increase of $266,975.
- Gross Profit increased by 44% year over year – Gross profit for the three months ended June 30, 2022, was $878,617 compared to $608,906 for the same period in 2021: an improvement of $269,711.
- Net operating income increased by 19% year over year – The Company recorded net operating income for the three months ended June 30, 2022, of $154,532 compared to $129,873 for the same period in 2021: an increase of $24,659.
- Research and development – The Company expensed $123,560 of Research and development expenses for the three months ended June 30, 2022, for its next generation M-IoT device. In Fiscal 2021, the Company capitalized its development cost projects and showed them as Intangible assets.
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.
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 June 30, 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.