BeWhere Holdings Inc Reports 2023 Fiscal Year-end Results

Rhea-AI Summary

BeWhere Holdings Inc reported its 2023 fiscal year-end results, showcasing significant improvements in total revenue, recurring revenue, gross profit, net income before taxes, and adjusted EBITDA. The company achieved a 20% increase in total revenue, a 31% increase in recurring revenue, and a 31% increase in gross profit year over year. Net income before taxes saw a 58% improvement, and adjusted EBITDA improved by 54% year over year. The company maintained a healthy working capital balance and continued to invest in research and development for its M-IoT sensors and solutions.

Positive

• Total revenue increased by 20% year over year, reaching $12,054,770 for the twelve months ended December 31, 2023.
• Recurring revenue grew by 31% year over year, totaling $5,071,771 for the same period.
• Gross profit saw a 31% improvement year over year, reaching $4,633,361 for the twelve months ended December 31, 2023.
• Net income before taxes increased by 58% year over year, reaching $828,902 for the twelve months ended December 31, 2023.
• Adjusted EBITDA improved by 54% year over year, totaling $1,381,568 for the twelve months ended December 31, 2023.
• The company maintained a working capital balance of $5,878,157 at December 31, 2023, including cash of $4,633,704.
• Fourth quarter highlights include a 41% increase in total revenue, a 19% increase in recurring revenue, and a 33% increase in gross profit year over year.
• Adjusted EBITDA for the fourth quarter improved by 63% year over year, reaching $371,526.
• Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, share-based compensation, and other non-recurring gains and losses.

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - April 18, 2024) - 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 twelve months ended December 31, 2023.

Owen Moore, CEO and Co-Founder stated, "Key performance indicators improved across the board, with Total revenue improving by 41% in Q4 while generating EBITDA margin of 12%." He further added, "For the fiscal year 2023, Total revenue improved by 20% and Recurring revenue grew 31%, resulting in record income before taxes of $828,902."

Chris Panczuk, COO and Co-Founder stated, "We are pleased with the results as the company recorded highest ever annual Gross profit of $4,633,361, which improved by 31% in fiscal 2023." He further noted, "The Company continued to invest in research and development, while controlling its operating expenses."

FY 2023 Highlights

• Total Revenue increased by 20% year over year - Total Revenue for the twelve months ended December 31, 2023, was $12,054,770 compared to $10,024,902 for the same period in 2022: an increase of $2,029,868.

• Recurring Revenue increased by 31% year over year - Recurring Revenue for the twelve months ended December 31, 2023, was $5,071,771 compared to $3,877,020 for the same period in 2022: an increase of $1,194,751.

• Gross Profit increased by 31% year over year - Gross profit for the twelve months ended December 31, 2023, was $4,633,361 compared to $3,548,596 for the same period in 2022: an improvement of $1,084,765.

• Net income before taxes increased by 58% year over year - The Company recorded a net income for the twelve months ended December 31, 2023, of $828,902 compared to $526,134 for the same period in 2022: an improvement of $302,768.

• Working Capital - At December 31, 2023, the Company had a working capital balance of $5,878,157 (2022 - $4,717,203) including cash of $4,633,704 (2022 - $3,227,023). The Company maintained a healthy working capital level despite incurring Research and development costs totaling $681,647 for its next generation of M-IOT sensors and solutions.

• Adjusted EBITDA (non-IFRS measure) improved by 54% year over year - Adjusted EBITDA for the twelve months ended December 31, 2023, was $1,381,568 compared to $896,557 for the same period in 2022: an improvement of $485,011.

Fourth Quarter 2023 Highlights

• Total Revenue increased by 41% year over year - Total Revenue for the three months ended December 31, 2023, was $3,217,734 compared to $2,282,090 for the same period in 2022: an increase of $935,644.

• Recurring Revenue increased by 19% year over year - Recurring Revenue for the three months ended December 31, 2023, was $1,330,346 compared to $1,118,211 for the same period in 2022: an increase of $212,135.

• Gross Profit increased by 33% year over year - Gross profit for the three months ended December 31, 2023, was $1,247,052 compared to $935,777 for the same period in 2022: an improvement of $311,257.

• Adjusted EBITDA (non-IFRS measure) improved by 63% year over year - Adjusted EBITDA for the three months ended December 31, 2023, was $371,526 compared to $227,416 for the same period in 2022: an improvement of $144,110.

Non-IFRS Measures

Adjusted 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 the Management's Discussion and Analysis for the period ended December 31, 2023. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, share-based compensation, and other non-recurring gains and losses. Management believes that Adjusted EBITDA is a useful measure that facilitates period to period operating comparisons. Adjusted EBITDA should not be considered superior to IFRS net income (loss).

About BeWhere

BeWhere (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 fixed and movable assets such as trailers, dry vans etc., and (2) Connected Sensors, to remotely track information on assets for water pressure, water detection and soil moisture. BeWhere's devices use the latest available cellular technologies (LTE-M and NB-IoT) to transmit collected data into mobile applications and cloud-based platforms, at a much lower cost than traditional cellular networks. BeWhere also offers solutions that can be fully integrated with existing software, and white-labeled. BeWhere' solutions are cutting edge, offering low-cost sophisticated technology which allows customers to deploy remote tracking technology where cost was previously prohibitive.

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CONTACT INFORMATION
BeWhere Inc.
Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 107
info@bewhere.com

Cautionary Statements Regarding Forward Looking Information

Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs of future performance, are "forward-looking statements".

We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements.

Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

BeWhere Holdings Inc. (the "Company") does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company's historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.

The Company's audited Interim Consolidated Financial Statements for the period ended December 31, 2023 and 2022, together with its corresponding Management's discussion and analysis can be found under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.bewhere.com.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the Policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205981

FAQ

What were BeWhere Holdings Inc's total revenue for the twelve months ended December 31, 2023?

BeWhere Holdings Inc's total revenue for the twelve months ended December 31, 2023, was $12,054,770.

How much did BeWhere Holdings Inc's recurring revenue increase by year over year?

BeWhere Holdings Inc's recurring revenue increased by 31% year over year, totaling $5,071,771 for the twelve months ended December 31, 2023.

What was the gross profit for BeWhere Holdings Inc for the twelve months ended December 31, 2023?

BeWhere Holdings Inc's gross profit for the twelve months ended December 31, 2023, was $4,633,361.

How much did BeWhere Holdings Inc's net income before taxes increase by year over year?

BeWhere Holdings Inc's net income before taxes increased by 58% year over year, reaching $828,902 for the twelve months ended December 31, 2023.

What is Adjusted EBITDA for BeWhere Holdings Inc and how did it improve year over year?

BeWhere Holdings Inc's Adjusted EBITDA for the twelve months ended December 31, 2023, was $1,381,568, showing a 54% improvement year over year.