Business
BeWhere Holdings Inc. Reports First Quarter 2023 Results
Toronto, Ontario--(Newsfile Corp. - May 15, 2023) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) ("BeWhe...
About this update from Bewhere Holdings, Inc.
[{"type":"text","content":"BeWhere Holdings Inc. Reports First Quarter 2023 ResultsToronto, Ontario--(Newsfile Corp. - May 15, 2023) - 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, 2023.Owen Moore, CEO and Co-Founder stated, \"The company continued to perform well with Q1 2023, representing our 8th consecutive quarter of positive net income and our 14th consecutive quarter of positive EBITDA.\" He further noted \"high margin recurring revenue was a quarterly record, totaling $1.2 million and represents 48% year over year growth.\"Chris Panczuk, COO and Co-Founder stated, \"We are pleased with the results as the company recorded the highest ever quarterly Gross profit of $1,057,983.\" He further noted \"The Company improved cash position during the three months, by $307,959 to $3,534,938.\"First Quarter 2023 HighlightsTotal Revenue increased by 13% year over year - Total Revenue for the three months ended March 31, 2023, was $2,675,493 compared to $2,366,835 for the same period in 2022: an increase of $308,658. Recurring Revenue increased by 48% year over year - Recurring Revenue for the three months ended March 31, 2023, was $1,199,092 compared to $811,939 for the same period in 2022: an increase of $387,153.Gross Profit increased by 44% year over year - Gross profit for the three months ended March 31, 2023, was $1,057,983 compared to $736,981 for the same period in 2022: an improvement of $321,002.Net income before taxes increased by 772% year over year - The Company recorded net income for the three months ended March 31, 2023, of $140,951 compared to $16,162 for the same period in 2022: an increase of $124,789. Adjusted EBITDA (non-IFRS measure) improved by 138% year over year - Adjusted EBITDA for the three months ended March 31, 2023, was $332,400 compared to $139,709 for the same period in 2022, an improvement of $192,691.Non-IFRS MeasuresAdjusted EBITDA is a non-IFRS measure and does not have standardized meaning as it relates to performance measures and may not be comparable to other issuer disclosures of similar performance measures. The Company has provided a reconciliation of Adjusted EBITDA to IFRS profit (loss) in the Management's Discussion and Analysis for the period ended March 31, 2023. Adjusted...