BeWhere Holdings Inc. Reports Second Quarter Financial Results of Fiscal 2019
TORONTO – August 27, 2019 – BeWhere (TSX-V: BEW, OTCQB: BEWFF) (“BeWhere” or the “Company”), a Mobile Internet of Things (M-IoT) solutions provider, is pleased to announce its financial results and operational highlights for the three months ended June 30, 2019.
“The Company posted its seventh consecutive quarter of record revenue,” said Owen Moore, CEO and Co-Founder. “Total revenue for the three months ending June 30, 2019, grew 159% year-over-year to $1,580,478. Moreover, device sales continue to translate to increased recurring revenue which grew 57% year-over-year to $481,341.”
Chris Panczuk, COO and Co-Founder, stated: “The company continues to expand its technology and distribution network with the recent signing of distribution agreements with two Tier-1 Mobile Network Operators, and an expected product launch in second half of 2019.”
Second Quarter 2019 Financial Highlights
- Revenues increased by 159% year-over-year – Revenues for the three months ended June 30, 2019 were $1,580,478 compared to $610,698 for the three months ended June 30, 2018: an increase of $969,780;
- Recurring revenue increased by 57% year-over-year – Recurring revenues for the three months ended June 30, 2019 were $481,341 compared to $306,423 for the three months ended June 30, 2018: an increase of $174,918;
- Recurring revenue increased by 25% quarter-over-quarter – Recurring revenues for the three months ended June 30, 2019 were $481,341 compared to $385,594 for the three months ended March 31, 2019: an increase of $95,747;
- Net loss – Net loss for the three months ended June 30, 2019 was $410,274 compared to $329,114 for the three months ended June 30, 2018: an increase of $81,160 or 25%. This is primarily due to planned increase in expenses associated to staffing levels and marketing; and
- Working Capital – At June 30, 2019, the Company had a working capital balance of $4,587,291 including cash of $3,086,032. The Company maintained a healthy working capital despite incurring development costs totaling $370,231 in last six months for its next generation of M-IoT sensors and solutions.
|Three months ended June 30,||Six months|
ended June 30,
|EPS – basic||(0.00)||(0.01)||(0.01)||(0.01)|
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
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 three and six months ended June 30, 2019 and 2018, 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.