Business
BeWhere Holdings Inc. Reports Second Quarter 2024 Results
Toronto, Ontario--(Newsfile Corp. - August 22, 2024) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) ("Be...
About this update from Bewhere Holdings, Inc.
[{"type":"text","content":"BeWhere Holdings Inc. Reports Second Quarter 2024 ResultsToronto, Ontario--(Newsfile Corp. - August 22, 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 six months ended June 30, 2024.Owen Moore, CEO and Co-Founder stated, \"The company recorded its highest ever quarterly revenue and earnings, while achieving 40% revenue growth and 13% earnings margin.\"Chris Panczuk, COO and Co-Founder stated, \"We are pleased with the results as the company recorded the highest ever quarterly Gross profit of $1,411,263.\" He further noted, \"The Company continued to improve on all its key metrics, while controlling its operating expenses and investing in research and development on its next generation M-IoT devices.\"Second Quarter 2024 HighlightsTotal Revenue increased by 40% year over year - Total Revenue for the three months ended June 30, 2024, was $4,320,672 compared to $3,086,441 for the same period in 2023: an increase of $1,234,231. Recurring Revenue increased by 32% year over year - Recurring Revenue for the three months ended June 30, 2024, was $1,660,689 compared to $1,255,448 for the same period in 2023: an increase of $405,241.Gross Profit increased by 31% year over year - Gross profit for the three months ended June 30, 2024, was $1,411,263 compared to $1,077,677 for the same period in 2023: an improvement of $333,586.Net income before taxes increased by 510% year over year - The Company recorded net income for the three months ended June 30, 2024, of $558,892 compared to $91,623 for the same period in 2023: an increase of $467,269. Working capital and Cash in hand - At June 30, 2024, the Company had working capital of $6,768,741. Cash balance on June 30, 2024 was $4,780,030.Adjusted EBITDA (non-IFRS measure) improved by 118% year over year - Adjusted EBITDA for the three months ended June 30, 2024, was $566,317 compared to $259,536 for the same period in 2023, an improvement of $306,781.About BeWhereBeWhere (TSXV: BEW) (OTCQB: BEWFF) is a Mobile Internet of Things (\"M-IoT\") solutions company that designs and sells self-powered hardware with sensors and software applications. Our solutions serve two main markets: (1) Asset Tracking, consisting of remote location tracking various non-powered...