Business
BeWhere Holdings Inc. Reports Third Quarter 2023 Results
Toronto, Ontario--(Newsfile Corp. - November 21, 2023) - BeWhere (TSXV: BEW) (OTCQB: BEWFF) ("...
About this update from Bewhere Holdings, Inc.
[{"type":"text","content":"BeWhere Holdings Inc. Reports Third Quarter 2023 ResultsToronto, Ontario--(Newsfile Corp. - November 21, 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 nine months ended September 30, 2023.Owen Moore, CEO and Co-Founder stated, \"The Company recorded a 91% year-over-year increase in Net income before income tax expense in the third quarter of 2023.\" He further noted, \"The Company continued to perform well with Q3 2023, representing our 10th consecutive quarter of positive net income and our 16th 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 $1,250,649.\" He further noted, \"The Company continued to improve on all its key metrics, while controlling its operating expenses.\"Third Quarter 2023 HighlightsTotal Revenue increased by 16% year over year - Total Revenue for the three months September 30, 2023, was $3,075,102 compared to $2,648,541 for the same period in 2022: an increase of $426,561. Recurring Revenue increased by 23% year over year - Recurring Revenue for the three months ended September 30, 2023, was $1,286,885 compared to $1,044,624 for the same period in 2022: an increase of $242,261.Gross Profit increased by 25% year over year - Gross profit for the three months ended September 30, 2023, was $1,250,649 compared to $997,221 for the same period in 2022: an improvement of $253,428.Net income before income tax expense increased by 91% year over year - The Company recorded net income before taxes for the three months ended September 30, 2023, of $413,260 compared to $216,771 for the same period in 2022: an increase of $196,489. The Company's efforts to increase recurring revenue, coupled by new products launched and product improvements, are showing desired results.Research and development - The Company spent $144,121 on research and development in the three months ended September 30, 2023, for its next generation M-IoT device. For the nine months ending September 30, 2023, research and development spend was $541,908 compared to $373,287 for the same period in 2022: an increase of $168,621.Cash in hand - The Company had $4,108,767 of cash in hand on S...