2022 Q1 Numbers - Great Progress & Profit BeWhere Holdings Inc. Reports First Quarter 2022 Results
Toronto, Ontario--(Newsfile Corp. - May 16, 2022) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) ("BeWhere" or the "Company"), a Mobile Internet of Things (M-IoT) company, is pleased to announce its financial results for three months ended March 31, 2022.
Owen Moore, CEO and Co-Founder stated, "The Company progressed well during the quarter having achieved record Q1 revenue and income". He further noted "the company's cash position during the quarter increased substantially to $2,999,364, as it generated $465,859 from operating activities."
Chris Panczuk, COO and Co-Founder stated, "We are pleased with the results as the company managed to record revenue despite Covid related shutdown in China". He further noted "we remain focused on maintaining healthy gross profit on our products."
First Quarter 2022 Highlights
- Total Revenue increased by 37% year over year - Total Revenue for the three months ended March 31, 2022, was $2,366,835 compared to $1,730,450 for the same period in 2021: an increase of $636,385.
- Recurring Revenue increased by 10% year over year - Recurring Revenue for the three months ended March 31, 2022, was $811,939 compared to $737,764 for the same period in 2021: an increase of $74,175.
- Gross Profit increased by 70% year over year - Gross profit for the three months ended March 31, 2022, was $736,981 compared to $434,110 for the same period in 2021: an improvement of $302,871.
- Net operating income increased by 145% year over year - The Company recorded net operating income for the three months ended March 31, 2022, was $16,162 compared to Loss of $35,689 for the same period in 2021: an increase of $51,851.
- Research and development - The Company, for the first time, expensed one hundred percent of Research and development ($122,255) for its next generation M-IoT device in the first quarter.
- Adjusted EBITDA (non-IFRS measure) - Adjusted EBITDA for the three months ended March 31, 2022, was $139,709 compared to $72,940 for the same period in 2021, an improvement of $66,769 or 92%.
- Funding - The Company was approved for an interest free subordinate loan of $500,000 for 'Business Scale Up Initiative'. The funds are expected to be received over the next eight quarters. The repayment will be in sixty equal monthly installments starting January 2025.
Non-IFRS Measures
Adjusted EBITDA is a non-IFRS measure and does not have standardized meaning as it relates to performance measures and may not be comparable to other issuer disclosures of similar performance measures. The Company has provided a reconciliation of Adjusted EBITDA to IFRS profit (loss) in the Management's Discussion and Analysis for the period ended March 31, 2022. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, share-based compensation, and other non-recurring gains and losses. Management believes that Adjusted EBITDA is a useful measure that facilitates period to period operating comparisons. Adjusted EBITDA should not be considered superior to IFRS net income (loss).
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 offer solutions that can be fully integrated with existing software, and white-labeled. BeWhere' solutions are cutting edge, offering low-cost sophisticated technology which allows customers to deploy remote tracking technology where cost was previously prohibitive.
Follow BeWhere on LinkedIn, Facebook, Twitter, Instagram and YouTube
CONTACT INFORMATION
BeWhere Inc.
Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 107
info@bewhere.com