BeWhere Holdings Inc. Reports First Quarter 2025 Fiscal Results

Rhea-AI Summary

BeWhere Holdings (OTCQB: BEWFF), a Mobile Internet of Things company, reported strong financial results for Q1 2025. The company achieved 20% year-over-year revenue growth to $4.21M, with recurring revenue increasing 40% to $2.14M. Net income surged 49% to $312,679, while gross profit improved 19% to $1.59M.

Despite U.S.-Canadian trade issues causing some order delays, BeWhere maintained robust performance and reached an all-time high cash position of $5.76M, with $1.5M generated from Q1 operating activities. The company's working capital stood at $7.61M, up from $6.17M in the previous year, while investing $129,965 in R&D for next-generation M-IOT sensors.

Positive

• Revenue grew 20% YoY to $4.21M
• Recurring revenue increased 40% YoY to $2.14M
• Net income surged 49% YoY to $312,679
• Cash position reached all-time high of $5.76M
• Strong working capital of $7.61M, up from $6.17M previous year

Negative

• U.S.-Canadian trade issues caused short-term delays in orders

Toronto, Ontario--(Newsfile Corp. - May 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 three months ended March 31, 2025.

Owen Moore, CEO and Co-Founder stated, "We are pleased with how the company navigated the impact of U.S.- Canadian trade issues during the first quarter of 2025. Despite trade issues causing some short-term delays in orders, the Company still managed to grow revenue by 20%, increased net income by 49% and improved the cash position to an all-time high of $5.76M, of which $1.5M was contributed by operating activities in the first quarter."

Chris Panczuk, COO and Co-Founder stated, "We are pleased to report a strong start to the year, with first-quarter gross profit reaching $1,595,993, which improved by 19% from the first quarter of 2024." He further added, "We design, develop and manufacture our own hardware, middleware, firmware and applications, which uniquely positions us to address macro-economic and geopolitical factors, today and in the future."

First Quarter 2025 Highlights

• Total revenue increased by 20% year over year – Total Revenue for the three months ended March 31, 2025, was $4,214,793 compared to $3,500,137 for the same period in 2024: an increase of $714,656.

• Recurring revenue increased by 40% year over year – Recurring Revenue for the three months ended March 31, 2025, was $2,142,310 compared to $1,535,543 for the same period in 2024: an increase of $606,767.

• Gross profit increased by 19% year over year – Gross profit for the three months ended March 31, 2025, was $1,595,993 compared to $1,343,332 for the same period in 2024: an improvement of $252,661.

• Net income increased by 49% year over year – Net income for the three months ended March 31, 2025, was $312,679 compared to $210,379 for the same period in 2024: an increase of $102,300.

• Working capital – At March 31, 2025, the Company had a working capital balance of $7,611,938 (March 31, 2024 - $6,176,461) including cash of $5,766,063 (March 31, 2024 - $4,323,320). The Company maintained a healthy working capital level despite incurring research and development costs totaling $129,965 for its next generation of M-IOT sensors and solutions.

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 March 31, 2025 and 2024, 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/252919

FAQ

What was BeWhere Holdings (BEWFF) revenue growth in Q1 2025?

BeWhere Holdings reported a 20% year-over-year revenue growth, reaching $4,214,793 in Q1 2025 compared to $3,500,137 in Q1 2024.

How much did BEWFF's recurring revenue increase in Q1 2025?

BeWhere's recurring revenue increased by 40% year-over-year, reaching $2,142,310 in Q1 2025 compared to $1,535,543 in Q1 2024.

What was BeWhere Holdings' net income for Q1 2025?

BeWhere Holdings reported a net income of $312,679 in Q1 2025, representing a 49% increase from $210,379 in Q1 2024.

How much cash does BeWhere Holdings (BEWFF) have as of Q1 2025?

BeWhere Holdings reported a cash position of $5,766,063 as of March 31, 2025, reaching an all-time high with $1.5M contributed from Q1 operating activities.

What challenges did BeWhere face in Q1 2025?

BeWhere faced challenges from U.S.-Canadian trade issues during Q1 2025, which caused some short-term delays in orders.