BeWhere Holdings Inc. Reports 2024 Fiscal Year-End Results

Rhea-AI Summary

BeWhere Holdings (TSXV: BEW) (OTCQB: BEWFF) reported strong financial results for FY 2024, with significant growth across key metrics. Total revenue increased 45% to $17.5M, while recurring revenue grew 36% to $6.9M. The company achieved a record-high annual gross profit of $5.8M, up 26% year-over-year.

Q4 2024 performance showed continued momentum with total revenue up 45% to $4.7M and recurring revenue increasing 51% to $2.0M. The company maintained a healthy working capital of $7.8M, including $4.5M in cash, while investing $330,778 in R&D for next-generation M-IOT sensors. Net income before tax improved 98% to $1.7M for the full year, with Q4 showing an 80% increase to $484,424.

Positive

• Total revenue increased 45% YoY to $17.5M
• Recurring revenue grew 36% YoY to $6.9M
• Record-high annual gross profit of $5.8M, up 26%
• Net income before tax increased 98% to $1.7M
• Strong Q4 performance with 51% growth in recurring revenue
• Healthy working capital position of $7.8M

Negative

• Cash position slightly decreased to $4.46M from $4.63M in 2023

Toronto, Ontario--(Newsfile Corp. - April 21, 2025) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) ("BeWhere" or the "Company"), a leading Mobile Internet of Things (M-IoT) company, is pleased to announce its financial results for twelve months ended December 31, 2024.

Owen Moore, CEO and Co-Founder stated, "Key performance indicators improved across the board, with Total revenue improving by 45% in Q4 while generating EBITDA margin of 12%". He further added "For the fiscal year 2024, Total revenue improved by 45% and Recurring revenue grew 36%, resulting in record income before taxes of $1,396,074".

Chris Panczuk, COO and Co-Founder added, "We are proud to report a record-high annual gross profit of $5,825,923, representing a 26% increase in fiscal 2024. Alongside this achievement, the Company maintained a strong working capital position while strategically increasing investments in research and development. This balanced growth underscores our commitment to driving long-term innovation."

FY 2024 Highlights

• Total Revenue increased by 45% year over year - Total Revenue for the twelve months ended December 31, 2024, was $17,531,574 compared to $12,054,770 for the same period in 2023: an increase of $5,476,804.

• Recurring Revenue increased by 36% year over year - Recurring Revenue for the twelve months ended December 31, 2024, was $6,921,208 compared to $5,071,771 for the same period in 2023: an increase of $1,849,437.

• Gross Profit increased by 26% year over year - Gross profit for the twelve months ended December 31, 2024, was $5,825,293 compared to $4,633,361 for the same period in 2023: an improvement of $1,191,932.

• Net income before tax and other items increased by 98% year over year - The Company recorded net operating income before tax and other items for the twelve months ended December 31, 2024, of $1,748,699 compared to $881,355 for the same period in 2023: an increase of $867,172.

• Working Capital - At December 31, 2024, the Company had a working capital balance of $7,822,570 (2023 - $5,878,157) including cash of $4,458,322 (2023 - $4,633,704). The Company maintained a healthy working capital level despite incurring Research and development costs totaling $330,778 for its next generation of M-IOT sensors and solutions.

Fourth Quarter 2024 Highlights

• Total Revenue increased by 45% year over year - Total Revenue for three months ended December 31, 2024, was $4,680,409 compared to $3,217,734 for the same period in 2023: an increase of $1,462,675.

• Recurring Revenue increased by 51% year over year - Recurring Revenue for the three months ended December 31, 2024, was $2,007,702 compared to $1,330,346 for the same period in 2023: an increase of $677,356.

• Gross Profit increased by 32% year over year - Gross profit for the three months ended December 31, 2024, was $1,648,556 compared to $1,247,052 for the same period in 2023: an improvement of $401,504.

• Net income before tax and other items increased by 80% year over year - The Company recorded a net operating income before tax and other items for the three months ended December 31, 2024, of $484,424 compared to $268,773 for the same period in 2023: an increase of $215,651.

About BeWhere

BeWhere (TSXV: BEW) (OTCQB: BEWFF) specializes in low-power 5G IoT wide-area tracking technology, creating remote monitoring solutions that address cost, power, and environmental challenges. In just 6 years, the company has experienced rapid growth, collaborating with Fortune 500 companies, top resellers and installers to deploy hundreds of thousands of trackers across numerous sectors, including transportation, construction, logistics, utilities, health, and government.

BeWhere's tracking solutions are designed to be both cost-effective and simple to implement, significantly expanding the scope of assets that can be connected. These connected devices generate data that powers intelligent AI management platforms. By increasing the number of connected devices, BeWhere enhances the capabilities and growth potential of AI solutions.

Follow BeWhere on LinkedIn, Facebook, and YouTube

CONTACT INFORMATION
BeWhere Inc.
Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 107
IR@bewhere.com

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 audited Consolidated Financial Statements for the period ended December 31, 2024 and 2023, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249163

FAQ

What was BeWhere Holdings (BEWFF) total revenue growth in 2024?

BeWhere Holdings reported a 45% increase in total revenue, reaching $17,531,574 in 2024 compared to $12,054,770 in 2023.

How much recurring revenue did BEWFF generate in FY 2024?

BEWFF generated $6,921,208 in recurring revenue for FY 2024, representing a 36% increase from $5,071,771 in 2023.

What was BeWhere's (BEWFF) net income before tax in Q4 2024?

BeWhere recorded net income before tax of $484,424 in Q4 2024, an 80% increase from $268,773 in Q4 2023.

How much working capital did BEWFF have at the end of 2024?

BEWFF maintained a working capital balance of $7,822,570 as of December 31, 2024, including $4,458,322 in cash.

What was BeWhere's (BEWFF) R&D investment in 2024?

BeWhere invested $330,778 in Research and Development for its next generation of M-IOT sensors and solutions in 2024.