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BeWhere Holdings Inc. reports developments tied to its low-power 5G IoT asset tracking and remote monitoring business. The company designs wide-area tracking devices and cloud-connected solutions used to monitor tools, trailers, equipment, cargo and other mobile assets across transportation, construction, logistics, utilities, health, government and related sectors.
Recurring news includes financial results, product refreshes, customer deployments, channel and telematics integrations, and network-connectivity developments for devices such as BeMini, BeSol+, BeTen+, BeWired+ and BeBatt. Updates also cover product revenue, recurring revenue, supply-chain execution and the expansion of BeWhere trackers through enterprise, fleet, public-safety and industrial asset-management use cases.
On May 16, 2024, BeWhere (TSXV: BEW, OTCQB: BEWFF), a Mobile Internet of Things (M-IoT) company, announced that its new suite of devices has received Network Optimized (NO) and FirstNet Trusted certification from AT&T. These certifications include the BeSol+, BeWired+, BeTen+, and BeMini products, which provide real-time asset tracking and inventory management for various enterprises. The AT&T certification ensures that these devices meet criteria for SIM and RAN compatibility, user experience, and security readiness. These certifications position BeWhere and AT&T's combined offerings as a leading solution in the U.S. The products support diverse applications, from tracking outdoor assets like dry vans to monitoring medical equipment. BeWhere's cloud-based platform enhances tracker management with features such as geofencing, motion alerts, and temperature reports. The company highlights the significance of these certifications in validating the quality of their technology and expanding their market reach.
BeWhere Holdings (TSXV: BEW, OTCQB: BEWFF) announced its Q1 2024 financial results, showcasing its 13th consecutive quarter of positive net income.
Total revenue increased by 31% year-over-year, reaching $3.5 million. Recurring revenue saw a 28% year-over-year rise, totaling $1.5 million. Gross profit also improved by 27% to $1.34 million.
Net income before taxes surged by 185%, amounting to $401,269. The company's working capital stood at $6.18 million, with a cash balance of $4.32 million.
Additionally, the company granted 150,000 options at an exercise price of $0.375 per share to two independent directors and the CFO, expiring in May 2029.
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BeWhere Holdings has received approval from the TSX Venture Exchange for a Normal Course Issuer Bid to buy back up to 4,416,074 common shares, representing approximately 5% of its outstanding shares. The buyback period will run from May 24, 2022 to May 23, 2023, or until all shares are purchased. The shares will be acquired at market price through the TSX Venture Exchange. After repurchase, the shares will be cancelled to reduce the total outstanding shares.