Business
BeWhere Holdings Inc. Reports First Quarter Financial Results of Fiscal 2019
Toronto, Ontario--(Newsfile Corp. - May 27, 2019) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) ("Be...
About this update from Bewhere Holdings, Inc.
[{"type":"text","content":"BeWhere Holdings Inc. Reports First Quarter Financial Results of Fiscal 2019Toronto, Ontario--(Newsfile Corp. - May 27, 2019) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) (\"BeWhere\" or the \"Company\"), a Mobile Internet of Things (M-IoT) solutions provider, is pleased to announce its financial results and operational highlights for the three months ended March 31, 2019.First Quarter 2019 Operational HighlightsThe Company's mission is to disrupt the mobile asset tracking market with sophisticated low-cost solutions and to be a first-mover in the Mobile Internet of Things (M-IoT) connected sensor market. To that end, the Company progressed with a number of initiatives during and post Q1 2019;BeWhere showcased new M-IoT solutions at the Mobile World Congress Barcelona in February 2019. The Company demonstrated its clean water-supply monitoring, highlighted on CNBC and its connected-sensor solutions, highlighted on GSMA-TV;The company's technology and distribution partners launched additional marketing and awareness campaigns with Asset Tracking Fun with Mason and Macy;The company expanded the number of technology and distribution partners, such as new valued partners Fleet Hoster and Trakopolis; andThe Company continues to expand its technology and distribution network with the recent signing of a distribution agreement with a Tier 1 Mobile Network Operator, and an expected product launch date in Q3 2019.First Quarter 2019 Financial HighlightsRevenues increased by 168% year over year - Revenues for the three months ended March 31, 2019 were $1,433,928 compared to $534,614 for the three months ended March 31, 2018: an increase of $899,314; Recurring revenue increased by 42% year over year - Recurring revenues for the three months ended March 31, 2019 were $385,594 compared to $270,970 for the three months ended March 31, 2018: an increase of $114,624;Recurring revenue increased by 17% quarter over quarter - Recurring revenues for the three months ended March 31, 2019 were $385,594 compared to $330,878 for the three months ended December 31, 2018: an increase of $54,716; Net loss - Net loss for the three months ended March 31, 2019 was $506,603 compared to $454,588 for the three months ended March 31, 2018: an increase of $52,015 or 11%. This is primarily due to planned increase in expenses associated to staffing levels and mark...