Business
BeWhere Holdings Inc. Reports Second Quarter Financial Results of Fiscal 2020
Toronto, Ontario--(Newsfile Corp. - August 24, 2020) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) (...
About this update from Bewhere Holdings, Inc.
[{"type":"text","content":"BeWhere Holdings Inc. Reports Second Quarter Financial Results of Fiscal 2020Toronto, Ontario--(Newsfile Corp. - August 24, 2020) - 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 for three months ended June 30, 2020.Owen Moore, CEO and Co-Founder stated, \"The Company progressed well during the second quarter, improving its recurring revenue, which contributed 47% of Total revenue, proving the value of its products. EBITDA improved for the third consecutive quarter resulting in Company recording the largest EBITDA in its history.\" He further noted that \"As a provider of remote monitoring and \"track & trace\" solutions, BeWhere has demonstrated the critical value of its solutions during the challenges presented by COVID-19. The Company continues to expand its technology to other user cases.\"Chris Panczuk, COO and Co-Founder stated, \"We are very pleased with the second quarter results, as revenue increased in May and June despite the COVID-19 related headwinds which delayed some large government projects. The Company remains focused on increasing its Recurring Revenue which increased 57% year over year in the second quarter.\"Second Quarter 2020 HighlightsRecurring Revenue increased by 57% year over year - Recurring Revenue for the three months ended June 30, 2020 was $754,117 compared to $481,341 for the same period in 2019: an increase of $272,776.Recurring Revenue increased by 3% quarter over quarter - Recurring Revenue for the three months ended June 30, 2020 was $754,117 compared to $732,298 for the quarter ended March 31, 2020: an increase of $21,819.Total Revenue increased by 2% year over year - Total Revenue for the three months ended June 30, 2020 was $1,619,568 compared to $1,580,478 for the same period in 2019: an increase of $39,090.Total Revenue increased by 15% quarter over quarter - Total Revenue for the three months ended June 30, 2020 was $1,619,568 compared to $1,406,248 for the quarter ended March 31, 2020: an increase of $213,320. Gross Profit increased by 210% year over year - Gross profit for the three months ended June 30, 2020 was $316,502 compared to $102,085 for the same period in 2019: an improvement of $214,417 or 210%.Net loss improved by 90% year over year - Net loss for ...