Bewhere Holdings Inc V.BEW

BEW: Great Q / Great 2023

[kulewater]

BeWhere Holdings Inc Reports 2023 Fiscal Year-end Results

Toronto, Ontario--(Newsfile Corp. - April 18, 2024) - 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 twelve months ended December 31, 2023.

Owen Moore, CEO and Co-Founder stated, "Key performance indicators improved across the board, with Total revenue improving by 41% in Q4 while generating EBITDA margin of 12%." He further added, "For the fiscal year 2023, Total revenue improved by 20% and Recurring revenue grew 31%, resulting in record income before taxes of $828,902."

Chris Panczuk, COO and Co-Founder stated, "We are pleased with the results as the company recorded highest ever annual Gross profit of $4,633,361, which improved by 31% in fiscal 2023." He further noted, "The Company continued to invest in research and development, while controlling its operating expenses."

FY 2023 Highlights

• Total Revenue increased by 20% year over year - Total Revenue for the twelve months ended December 31, 2023, was $12,054,770 compared to $10,024,902 for the same period in 2022: an increase of $2,029,868.

• Recurring Revenue increased by 31% year over year - Recurring Revenue for the twelve months ended December 31, 2023, was $5,071,771 compared to $3,877,020 for the same period in 2022: an increase of $1,194,751.

• Gross Profit increased by 31% year over year - Gross profit for the twelve months ended December 31, 2023, was $4,633,361 compared to $3,548,596 for the same period in 2022: an improvement of $1,084,765.

• Net income before taxes increased by 58% year over year - The Company recorded a net income for the twelve months ended December 31, 2023, of $828,902 compared to $526,134 for the same period in 2022: an improvement of $302,768.

• Working Capital - At December 31, 2023, the Company had a working capital balance of $5,878,157 (2022 - $4,717,203) including cash of $4,633,704 (2022 - $3,227,023). The Company maintained a healthy working capital level despite incurring Research and development costs totaling $681,647 for its next generation of M-IOT sensors and solutions.

• Adjusted EBITDA (non-IFRS measure)improved by 54% year over year - Adjusted EBITDA for the twelve months ended December 31, 2023, was $1,381,568 compared to $896,557 for the same period in 2022: an improvement of $485,011.

Fourth Quarter 2023 Highlights

• Total Revenue increased by 41% year over year - Total Revenue for the three months ended December 31, 2023, was $3,217,734 compared to $2,282,090 for the same period in 2022: an increase of $935,644. 

• Recurring Revenue increased by 19% year over year - Recurring Revenue for the three months ended December 31, 2023, was $1,330,346 compared to $1,118,211 for the same period in 2022: an increase of $212,135.

• Gross Profit increased by 33% year over year - Gross profit for the three months ended December 31, 2023, was $1,247,052 compared to $935,777 for the same period in 2022: an improvement of $311,257.

• Adjusted EBITDA (non-IFRS measure)improved by 63% year over year - Adjusted EBITDA for the three months ended December 31, 2023, was $371,526 compared to $227,416 for the same period in 2022: an improvement of $144,110.

[kulewater]

Lets get the NCIB moving again. 2024 will he another record year based on hardware sales and growth. Also this: The Company maintained a healthy working capital level despite incurring Research and development costs totaling $681,647 for its next generation of M-IOT sensors and solutions. :)