Business
BeWhere Holdings Inc. Reports Third Quarter 2021 Financial Results
Toronto, Ontario--(Newsfile Corp. - November 15, 2021) - BeWhere (TSXV: BEW) (OTCQB: BEWFF)...
About this update from Bewhere Holdings, Inc.
[{"type":"text","content":"BeWhere Holdings Inc. Reports Third Quarter 2021 Financial ResultsToronto, Ontario--(Newsfile Corp. - November 15, 2021) - 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 September 30, 2021.Owen Moore, CEO and Co-Founder stated, \"The Company progressed well during the third quarter having achieved both record quarterly revenue and record net income.\" He further noted \"quarterly EDITDA of $216K represents the 8th consecutive quarter of positive EBITDA.\"Chris Panczuk, COO and Co-Founder stated, \"We are pleased with the results as we shipped a record number of devices in the third quarter, with the company poised for bigger and better things to come.\" He further noted, \"we remain focused on maintaining healthy gross profit on our products.\"Third Quarter 2021 HighlightsNet profit increased by 462% year over year - The Company recorded its highest quarterly net profit in the third quarter. Net profit for the three months ended September 30, 2021 was $145,132 compared to $25,808 for the same period in 2020: an improvement of $119,324.Gross Profit increased by 24% year over year - Gross profit for the three months ended September 30, 2021 was $542,035 compared to $438,781 for the same period in 2020: an improvement of $103,254.Total Revenue increased by 12% year over year - The Company recorded highest total revenue for the second consecutive quarter in the third quarter. Total Revenue for the three months ended September 30, 2021 was $2,421,851 compared to $2,172,029 for the same period in 2020: an increase of $249,822.Working Capital - At September 30, 2021, the Company had a working capital balance of $3,779,542 including cash of $2,715,275. The Company maintained a healthy working capital despite incurring development costs totaling $491,617 for its next generation of M-IOT sensors and solutions.Adjusted EBITDA (non-IFRS measure) - Adjusted EBITDA for the three months ended September 30, 2021 was $216,678 compared to $129,675 for the same period in 2020, an improvement of $87,003 or 67%. Adjusted EBITDA for the nine months ended September 30, 2021 was $537,808 compared to $185,757 for the same period in 2020, an improvement of $352,051 or 190%.Three months ended September 30Nine months en...