Toronto, Ontario--(Newsfile Corp. - November 20, 2024) - 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 and nine months ended September 30, 2024.
Owen Moore, CEO and Co-Founder stated, "The company recorded its highest ever quarterly revenue with year over year growth of 64%." He further noted, "The Company is very excited with the orders since launch of its next generation devices and is expecting continued growth."
Chris Panczuk, COO and Co-Founder stated, "We are pleased that the Company successfully shipped a record number of devices on short notice demonstrating our capability to handle large orders in the future."
Third Quarter 2024 Highlights
- Total Revenue increased by 64% year over year – Total Revenue for the three months ended September 30, 2024, was $5,030,356 compared to $3,075,102 for the same period in 2023: an increase of $1,955,254.
- Recurring Revenue increased by 33% year over year – Recurring Revenue for the three months ended September 30, 2024, was $1,717,274 compared to $1,286,885 for the same period in 2023: an increase of $430,389.
- Operating income increased by 57% year over year – The Company recorded net income for the three months ended September 30, 2024, of $532,660 compared to $339,246 for the same period in 2023: an increase of $193,414.
- Working capital and Cash in hand – At September 30, 2024, the Company had working capital of $7,252,145. The cash balance on September 30, 2024 was $4,810,367.
- Adjusted EBITDA (non-IFRS measure) improved by 35% year over year – Adjusted EBITDA for the three months ended September 30, 2024, was $665,450 compared to $494,718 for the same period in 2023, an improvement of $170,732.
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".
We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.
Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
BeWhere Holdings Inc. (the "Company") does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company's historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.
The Company's audited Interim Consolidated Financial Statements for the period ended September 2024 and 2023, together with its corresponding Management's discussion and analysis can be found under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.bewhere.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the Policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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