Toronto, Ontario--(Newsfile Corp. - May 21, 2025) - 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 months ended March 31, 2025.
Owen Moore, CEO and Co-Founder stated, "We are pleased with how the company navigated the impact of U.S.- Canadian trade issues during the first quarter of 2025. Despite trade issues causing some short-term delays in orders, the Company still managed to grow revenue by 20%, increased net income by 49% and improved the cash position to an all-time high of $5.76M, of which $1.5M was contributed by operating activities in the first quarter."
Chris Panczuk, COO and Co-Founder stated, "We are pleased to report a strong start to the year, with first-quarter gross profit reaching $1,595,993, which improved by 19% from the first quarter of 2024." He further added, "We design, develop and manufacture our own hardware, middleware, firmware and applications, which uniquely positions us to address macro-economic and geopolitical factors, today and in the future."
First Quarter 2025 Highlights
- Total revenue increased by 20% year over year – Total Revenue for the three months ended March 31, 2025, was $4,214,793 compared to $3,500,137 for the same period in 2024: an increase of $714,656.
- Recurring revenue increased by 40% year over year – Recurring Revenue for the three months ended March 31, 2025, was $2,142,310 compared to $1,535,543 for the same period in 2024: an increase of $606,767.
- Gross profit increased by 19% year over year – Gross profit for the three months ended March 31, 2025, was $1,595,993 compared to $1,343,332 for the same period in 2024: an improvement of $252,661.
- Net income increased by 49% year over year – Net income for the three months ended March 31, 2025, was $312,679 compared to $210,379 for the same period in 2024: an increase of $102,300.
- Working capital – At March 31, 2025, the Company had a working capital balance of $7,611,938 (March 31, 2024 - $6,176,461) including cash of $5,766,063 (March 31, 2024 - $4,323,320). The Company maintained a healthy working capital level despite incurring research and development costs totaling $129,965 for its next generation of M-IOT sensors and solutions.
About BeWhere
BeWhere (TSXV: BEW) (OTCQB: BEWFF) specializes in low-power 5G IoT wide-area tracking technology, creating remote monitoring solutions that address cost, power, and environmental challenges. In just 6 years, the company has experienced rapid growth, collaborating with Fortune 500 companies, top resellers and installers to deploy hundreds of thousands of trackers across numerous sectors, including transportation, construction, logistics, utilities, health, and government.
BeWhere's tracking solutions are designed to be both cost-effective and simple to implement, significantly expanding the scope of assets that can be connected. These connected devices generate data that powers intelligent AI management platforms. By increasing the number of connected devices, BeWhere enhances the capabilities and growth potential of AI solutions.
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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".