Beyond Commerce Reports 4% Increase in Revenue and Reduced Operating Loss for its Q3 2021

Rhea-AI Summary

Beyond Commerce, Inc. (OTC PINK:BYOC) announced its Q3 2021 financial results, reporting a 4% revenue increase to $1.0 million and a 12% gross profit increase to $0.7 million. The gross margin improved to 71.9% from 66.8%. Total operating expenses decreased by 7% to $1.5 million. The operating loss was reduced to $0.5 million, down from $0.7 million. However, the net loss for Q3 2021 was $1.5 million, compared to a net loss of $7.7 million in Q3 2020. Cash and cash equivalents were reported at $0.3 million as of September 30, 2021.

Positive

• Revenue increased 4% to $1.0 million.
• Gross profit rose 12% to $0.7 million.
• Gross margin improved to 71.9% from 66.8%.
• Operating expenses decreased by 7% to $1.5 million.
• Operating loss reduced to $0.5 million from $0.7 million.

Negative

• Net loss was $1.5 million despite improvements, compared to $7.7 million net loss in Q3 2020.
• Total operating expenses increased by $0.2 million for the nine months ended September 30, 2021.

LAS VEGAS, NV / ACCESSWIRE / November 15, 2021 / Beyond Commerce, Inc. (OTC PINK:BYOC) (the "Company"), a provider of B2B internet marketing analytics, technologies and services, today announced the Company's financial results for the third quarter ended September 30, 2021 ("Q3 2021").

Key Financial Highlights for Q3 2021 (compared with Q3 2020)

• Revenue increased 4% to $1.0 million
• Gross profit increased 12% to $0.7 million
• Gross margin increased to 71.9% from 66.8%

Management Commentary

Geordan Pursglove, Beyond Commerce's Chief Executive Officer, stated, "We are beginning to see our Service 800 clients increase their activity with us. While renewals had been strong over the past year, the revenue impact was delayed due to the pandemic and general business slowdown. Our team remains active in identifying growth opportunities that are both organic and acquisitive. We continue to analyze varying opportunities to increase our shareholder value over the long-term."

Financial Results for the Three Months Ended September 30, 2021:

• Revenue: For the three months ended September 30, 2021, revenue was $1.0 million, an increase of $0.0 million, or 4%, compared with $1.0 million for the three months ended September 30, 2020.
• Gross Profit: For the three months ended September 30, 2021, gross profit was $0.7 million, an increase of $0.1 million, or 12%, compared with $0.7 million for the three months ended September 30, 2020. The resulting gross margin was 71.9%, compared with 66.8% for the same quarter last year.
• Total Operating Expenses: For the three months ended September 30, 2021, total operating expenses were $1.5 million, a decrease of $0.1 million, or 7%, compared with $1.7 million for the same quarter last year. Operating expenses as a percentage of revenue decreased to 150% from 168% for the quarter just ended, reflecting the Company's focus on increasing revenue, reducing expenses, and performing more efficiently. Management believes this ratio will decrease going forward as revenues continue to grow at a higher rate than operating expenses.
• Operating Loss: For the three months ended September 30, 2021, operating loss was $0.5 million, a decrease of $0.2 million, compared with an operating loss of $0.7 million for the same quarter last year.
• Net Loss: For the three months ended September 30, 2021, net loss was $1.5 million, or ($0.00) per share, compared with a net loss of $7.7 million, or a net loss of ($0.00) per share, for the three months ended September 30, 2020.
• Cash: Cash and cash equivalents totaled $0.3 million as of September 30, 2021.

Financial Results for the Nine Months Ended September 30, 2021:

• Revenue: For the nine months ended September 30, 2021, revenue was $3.3 million, an increase of $0.2 million, or 8%, compared with $3.0 million for the same period last year.
• Gross Profit: For the nine months ended September 30, 2021, gross profit was $2.3 million, an increase of $0.2 million, or 12%, compared with $2.0 million for the same period last year. The resulting gross margin was 69.1%, compared with 66.9% for the same period last year.
• Total Operating Expenses: For the nine months ended September 30, 2021, total operating expenses were $5.1 million, an increase of $0.2 million, compared with $4.9 million for the same period last year. Operating expenses as a percentage of revenue decreased to 158% from 164% for the periods compared.
• Operating Loss: For the six months ended June 30, 2021, operating loss was $1.4 million, an increase of $0.1 million, compared with an operating loss of $1.3 million for the same period last year.
• Net Loss: For the nine months ended September 30, 2021, net loss was $8.8 million, or ($0.00) per share, compared with $10.3 million, or $(0.01) per share, for the same period last year.

About Beyond Commerce, Inc.

Beyond Commerce, Inc. (OTC Pink: BYOC) is focused on business combinations of "big data" companies in global B2B internet marketing analytics, technologies and services. The Company's objective is to develop and deploy disruptive strategic software technology that will build on organic growth potential and to exploit cross-selling opportunities. Beyond Commerce plans to offer a cohesive global digital product and services platform to provide clients with a single point of contact for their big data, marketing and related sales initiatives. For additional information, please visit: https://beyondcommerceinc.com and https://www.service800.com and

Twitter: @incbyoc
Facebook: fb.me/incbyoc

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are subject to the "safe harbor" created by those sections for such statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "design," "estimate," "except," "forecast," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would," or the negatives or other tense of such terms and other similar expressions intended to identify forward-looking statements and similar expressions. We use forward-looking statements relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements.

Contact Information:
investors@beyondcommerceinc.com
p702-675-8022

SOURCE: Beyond Commerce, Inc.

View source version on accesswire.com:
https://www.accesswire.com/672838/Beyond-Commerce-Reports-4-Increase-in-Revenue-and-Reduced-Operating-Loss-for-its-Q3-2021

FAQ

What were Beyond Commerce's Q3 2021 revenue figures for BYOC?

Beyond Commerce reported a revenue of $1.0 million for Q3 2021, a 4% increase from the previous year.

How did Beyond Commerce's gross profit change in Q3 2021?

The gross profit for Q3 2021 increased by 12% to $0.7 million.

What was the net loss for Beyond Commerce in Q3 2021?

The net loss for Q3 2021 was $1.5 million, an improvement from a net loss of $7.7 million in Q3 2020.

How much cash did Beyond Commerce have as of September 30, 2021?

As of September 30, 2021, Beyond Commerce had cash and cash equivalents totaling $0.3 million.

What is the outlook for Beyond Commerce regarding shareholder value?

Management indicated that they are actively seeking growth opportunities to enhance shareholder value.