TORONTO, ON. August 23, 2021 - BeWhere (TSX-V: 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 June 30, 2021.
Owen Moore, CEO and Co-Founder stated, “The Company progressed well during the second quarter having achieved both record quarterly revenue and record net income”. He further noted “record quarterly EBITDA of $248K represents the 7th consecutive quarter of positive EBITDA”.
Chris Panczuk, COO and Co-Founder stated, “We shipped a record number of devices during the second quarter, with the company poised for bigger and better things to come”. He further noted “we are pleased to see both strong demand for existing products in addition to the excitement generated with pre-sales for new product”.
Second Quarter 2021 Highlights
· Net profit increased by 432% year over year – The Company recorded its highest quarterly net profit in the second quarter. Net profit for the three months ended June 30, 2021 was $129,873 compared to net loss of ($39,133) for the same period in 2020: an improvement of $169,006.
· Gross Profit increased by 92% year over year – The Company recorded highest gross profit in the second quarter. Gross profit for the three months ended June 30, 2021 was $608,906 compared to $316,502 for the same period in 2020: an improvement of $292,404.
· Total Revenue increased by 41% year over year – The Company recorded highest total revenue in the second quarter. Total Revenue for the three months ended June 30, 2021 was $2,278,809 compared to $1,619,568 for the same period in 2020: an increase of $659,241.
· Working Capital – At June 30, 2021, the Company had a working capital balance of $3,698,458 including cash of $2,512,944. The Company maintained a healthy working capital despite incurring development costs totaling $317,919 for its next generation of M-IoT sensors and solutions.
· Adjusted EBITDA (non-IFRS measure) – The Company recorded highest adjusted EBITDA during the second quarter. Adjusted EBITDA for the three months ended June 30, 2021 was $248,190 compared to $54,239 for the same period in 2020. |