BEW Q2 Earnings BeWhere Holdings Inc. Reports Second Quarter 2022 Results
Toronto, Ontario--(Newsfile Corp. - August 24, 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 and six months ended June 30, 2022.
Owen Moore, CEO and Co-Founder stated, "The Company progressed well during the second quarter further improving its cash position. During the six months, cash position increased by $658,169 to $3,216,842."
Chris Panczuk, COO and Co-Founder stated, "We are pleased with the results as the company recorded highest ever quarterly Total revenue and highest ever quarterly Gross profit."
Second Quarter 2022 Highlights
- Total Revenue increased by 20% year over year - Total Revenue for the three months ended June 30, 2022, was $2,727,436 compared to $2,278,809 for the same period in 2021: an increase of $448,627.
- Recurring Revenue increased by 42% year over year - Recurring Revenue for the three months ended June 30, 2022, was $902,246 compared to $635,271 for the same period in 2021: an increase of $266,975.
- Gross Profit increased by 44% year over year - Gross profit for the three months ended June 30, 2022, was $878,617 compared to $608,906 for the same period in 2021: an improvement of $269,711.
- Net operating income increased by 19% year over year - The Company recorded net operating income for the three months ended June 30, 2022, of $154,532 compared to $129,873 for the same period in 2021: an increase of $24,659.
- Research and development - The Company expensed $123,560 of Research and development expenses for the three months ended June 30, 2022, for its next generation M-IoT device. In Fiscal 2021, the Company capitalized its development cost projects and showed them as Intangible assets.
| | Three months ended June 30 | Six months ended June 30 |
| | 2022 | 2021 | 2022 | 2021 |
| Total Revenue | 2,727,436 | 2,278,809 | 5,094,271 | 4,009,259 |
| Gross profit | 878,617 | 608,906 | 1,615,598 | 1,043,016 |
| Net profit | 154,532 | 129,873 | 170,694 | 94,184 |
| EPS - basic | 0.00 | 0.00 | 0.00 | 0.00 |
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.
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CONTACT INFORMATION
BeWhere Inc.
Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 107
info@bewhere.com