BeWhere Holdings Inc. Reports Second Quarter 2024 Results

Rhea-AI Summary

BeWhere Holdings Inc. (TSXV: BEW) (OTCQB: BEWFF) reported its highest ever quarterly revenue and earnings for Q2 2024, with a 40% revenue growth and 13% earnings margin. Key highlights include:

- Total Revenue: $4,320,672 (40% YoY increase)
- Recurring Revenue: $1,660,689 (32% YoY increase)
- Gross Profit: $1,411,263 (31% YoY increase)
- Net income before taxes: $558,892 (510% YoY increase)
- Working capital: $6,768,741
- Cash balance: $4,780,030
- Adjusted EBITDA: $566,317 (118% YoY improvement)

The company demonstrated strong growth across all key metrics while controlling operating expenses and investing in R&D for next-generation M-IoT devices.

Positive

• Record-breaking quarterly revenue of $4,320,672, a 40% year-over-year increase
• Highest ever quarterly gross profit of $1,411,263, a 31% year-over-year increase
• Net income before taxes surged by 510% year-over-year to $558,892
• Recurring revenue grew by 32% year-over-year to $1,660,689
• Adjusted EBITDA improved by 118% year-over-year to $566,317
• Strong working capital position of $6,768,741 and cash balance of $4,780,030

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - August 22, 2024) - 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 and six months ended June 30, 2024.

Owen Moore, CEO and Co-Founder stated, "The company recorded its highest ever quarterly revenue and earnings, while achieving 40% revenue growth and 13% earnings margin."

Chris Panczuk, COO and Co-Founder stated, "We are pleased with the results as the company recorded the highest ever quarterly Gross profit of $1,411,263." He further noted, "The Company continued to improve on all its key metrics, while controlling its operating expenses and investing in research and development on its next generation M-IoT devices."

Second Quarter 2024 Highlights

• Total Revenue increased by 40% year over year - Total Revenue for the three months ended June 30, 2024, was $4,320,672 compared to $3,086,441 for the same period in 2023: an increase of $1,234,231.

• Recurring Revenue increased by 32% year over year - Recurring Revenue for the three months ended June 30, 2024, was $1,660,689 compared to $1,255,448 for the same period in 2023: an increase of $405,241.

• Gross Profit increased by 31% year over year - Gross profit for the three months ended June 30, 2024, was $1,411,263 compared to $1,077,677 for the same period in 2023: an improvement of $333,586.

• Net income before taxes increased by 510% year over year - The Company recorded net income for the three months ended June 30, 2024, of $558,892 compared to $91,623 for the same period in 2023: an increase of $467,269.

• Working capital and Cash in hand - At June 30, 2024, the Company had working capital of $6,768,741. Cash balance on June 30, 2024 was $4,780,030.

• Adjusted EBITDA (non-IFRS measure) improved by 118% year over year - Adjusted EBITDA for the three months ended June 30, 2024, was $566,317 compared to $259,536 for the same period in 2023, an improvement of $306,781.

About BeWhere

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 offers solutions that can be fully integrated with existing software, and white-labeled. BeWhere' solutions are innovative, offering low-cost sophisticated technology which allows customers to deploy remote tracking technology where cost was previously prohibitive.

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CONTACT INFORMATION

BeWhere Inc.
Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 107
info@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 Interim Consolidated Financial Statements for the period ended June 30, 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/220741

FAQ

What was BeWhere's (BEWFF) total revenue for Q2 2024?

BeWhere's total revenue for Q2 2024 was $4,320,672, representing a 40% increase compared to the same period in 2023.

How much did BeWhere's (BEWFF) net income before taxes increase in Q2 2024?

BeWhere's net income before taxes increased by 510% year-over-year, reaching $558,892 in Q2 2024 compared to $91,623 in Q2 2023.

What was BeWhere's (BEWFF) recurring revenue for Q2 2024?

BeWhere's recurring revenue for Q2 2024 was $1,660,689, showing a 32% increase compared to $1,255,448 in the same period of 2023.

How much cash did BeWhere (BEWFF) have on hand as of June 30, 2024?

BeWhere reported a cash balance of $4,780,030 as of June 30, 2024.