Business
BeWhere Holdings Inc. Reports First Quarter 2022 Results
Toronto, Ontario--(Newsfile Corp. - May 16, 2022) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) ("Be...
About this update from Bewhere Holdings, Inc.
[{"type":"text","content":"BeWhere Holdings Inc. Reports First Quarter 2022 ResultsToronto, Ontario--(Newsfile Corp. - May 16, 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 months ended March 31, 2022.Owen Moore, CEO and Co-Founder stated, \"The Company progressed well during the quarter having achieved record Q1 revenue and income\". He further noted \"the company's cash position during the quarter increased substantially to $2,999,364, as it generated $465,859 from operating activities.\"Chris Panczuk, COO and Co-Founder stated, \"We are pleased with the results as the company managed to record revenue despite Covid related shutdown in China\". He further noted \"we remain focused on maintaining healthy gross profit on our products.\"First Quarter 2022 HighlightsTotal Revenue increased by 37% year over year - Total Revenue for the three months ended March 31, 2022, was $2,366,835 compared to $1,730,450 for the same period in 2021: an increase of $636,385. Recurring Revenue increased by 10% year over year - Recurring Revenue for the three months ended March 31, 2022, was $811,939 compared to $737,764 for the same period in 2021: an increase of $74,175.Gross Profit increased by 70% year over year - Gross profit for the three months ended March 31, 2022, was $736,981 compared to $434,110 for the same period in 2021: an improvement of $302,871.Net operating income increased by 145% year over year - The Company recorded net operating income for the three months ended March 31, 2022, was $16,162 compared to Loss of $35,689 for the same period in 2021: an increase of $51,851. Research and development - The Company, for the first time, expensed one hundred percent of Research and development ($122,255) for its next generation M-IoT device in the first quarter. Adjusted EBITDA (non-IFRS measure) - Adjusted EBITDA for the three months ended March 31, 2022, was $139,709 compared to $72,940 for the same period in 2021, an improvement of $66,769 or 92%. Funding - The Company was approved for an interest free subordinate loan of $500,000 for 'Business Scale Up Initiative'. The funds are expected to be received over the next eight quarters. The repayment will be in sixty equal monthly installments starting January 2025.Three months ended M...