BeWhere Holdings Inc. Reports Second Quarter 2023 Results
TORONTO, ON. August 24, 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 three and six months ended June 30, 2023.
Owen Moore, CEO and Co-Founder stated, “The company recorded its highest ever quarterly revenue in the second quarter of 2023”. He further noted “the Company continued to perform well with Q2 2023, representing our 9th consecutive quarter of positive net income and our 15th consecutive quarter of positive EBITDA”.
Chris Panczuk, COO and Co-Founder stated, “We are pleased with the results as the company recorded the highest ever quarterly Gross profit of $1,077,677”.
Second Quarter 2023 Highlights
- Total Revenue increased by 13% year over year – Total Revenue for the three months June 30, 2023, was $3,086,441 compared to $2,727,436 for the same period in 2022: an increase of $359,005.
- Recurring Revenue increased by 39% year over year – Recurring Revenue for the three months ended June 30, 2023, was $1,255,448 compared to $902,246 for the same period in 2022: an increase of $353,202.
- Gross Profit increased by 23% year over year – Gross profit for the three months ended June 30, 2023, was $1,077,677 compared to $878,617 for the same period in 2022: an improvement of $199,060.
- Net income before other items and income tax increased by 25% year over year – The Company recorded net income before other items and taxes for the three months ended June 30, 2023, of $138,122 compared to $110,760 for the same period in 2022: an increase of $27,362.
- Research and development – The Company increased its spend on research and development to $230,428 for the three months ended June 30, 2023, for its next generation M-IoT device.
- Adjusted EBITDA (non-IFRS measure) improved by 6% year over year – Adjusted EBITDA for the three months ended June 30, 2023, was $259,536 compared to $243,743 for the same period in 2022, an improvement of $15,793.
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 June 30, 2023. 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.
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, 2023 and 2022, 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.