Business
BeWhere Holdings Inc. Reports Second Quarter 2023 Results
Toronto, Ontario--(Newsfile Corp. - August 24, 2023) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) ("Be...
About this update from Bewhere Holdings, Inc.
[{"type":"text","content":"BeWhere Holdings Inc. Reports Second Quarter 2023 ResultsToronto, Ontario--(Newsfile Corp. - August 24, 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 and six months ended June 30, 2023.Owen Moore, CEO and Co-Founder stated, \"The company recorded its highest ever quarterly revenue in the second quarter of 2023\". He further noted \"the Company continued to perform well with Q2 2023, representing our 9th consecutive quarter of positive net income and our 15th consecutive quarter of positive EBITDA.\"Chris Panczuk, COO and Co-Founder stated, \"We are pleased with the results as the company recorded the highest ever quarterly Gross profit of $1,077,677.\"Second Quarter 2023 HighlightsTotal Revenue increased by 13% year over year - Total Revenue for the three months June 30, 2023, was $3,086,441 compared to $2,727,436 for the same period in 2022: an increase of $359,005. Recurring Revenue increased by 39% year over year - Recurring Revenue for the three months ended June 30, 2023, was $1,255,448 compared to $902,246 for the same period in 2022: an increase of $353,202.Gross Profit increased by 23% year over year - Gross profit for the three months ended June 30, 2023, was $1,077,677 compared to $878,617 for the same period in 2022: an improvement of $199,060.Net income before other items and income tax increased by 25% year over year - The Company recorded net income before other items and taxes for the three months ended June 30, 2023, of $138,122 compared to $110,760 for the same period in 2022: an increase of $27,362. Research and development - The Company increased its spend on research and development to $230,428 for the three months ended June 30, 2023, for its next generation M-IoT device.Adjusted EBITDA (non-IFRS measure) improved by 6% year over year - Adjusted EBITDA for the three months ended June 30, 2023, was $259,536 compared to $243,743 for the same period in 2022, an improvement of $15,793.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 ...