Beyond Commerce Reports First Quarter 2021 Results

Rhea-AI Summary

Beyond Commerce, Inc. (BYOC) reported its Q1 2021 financial results, showing a revenue of $1.1 million, an 11% decrease year-over-year. The gross profit also fell 11% to $0.7 million, maintaining a gross margin of 66%. Operating loss was $0.5 million, a 3% improvement compared to the previous year. The company secured a $1.0 million investment and strengthened its cash position to $1.4 million. Despite challenges from COVID-19, management is actively pursuing acquisitions to enhance future revenue growth.

Positive

• Secured a $1.0 million investment.
• Operating expenses decreased by 9%.
• Cash balance increased to $1.4 million.

Negative

• Revenue decreased by 11% to $1.1 million.
• Net loss increased to $6.3 million, up from $0.4 million.

Cash Balance of $1.4 Million

Continues to Evaluate a Robust Pipeline of Acquisitions that are Expected to Drive Sizable Revenue Growth in 2021

LAS VEGAS, NV / ACCESSWIRE / May 17, 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 its first quarter ended March 31, 2021.

Key Financial Highlights for Q1 2021:

• Gross margin of 66%
• Operating expenses decreased by 9%
• Operating loss decreased by 3% to $0.5 million
• Cash balance of $1.4 million
• Total assets of $6.7 million
• Restructured convertible debt into convertible preferred
• Secured $1.0 million investment

Management Commentary

"While we have been awarded a lot of new business and renewed most existing clients for 2021, traction has remained limited due to the Covid-19 pandemic and the slowness at which our clients are returning to normal business, commented, Geordan Pursglove, Beyond Commerce's Chief Executive Officer. As we seek to create and grow shareholder value with our existing business, we are actively engaged in discussions with acquisition targets that range from $5 million to more than $50 million in annual revenues, are cash flow positive, growing revenues 20%+ annually and require minimal operational capital."

Pursglove, concluded, "More recently, Beyond Commerce has executed several corporate initiatives that we believe will enhance shareholder value. Most importantly, we have strengthened our balance sheet by eliminating a large part of our debt and increasing our cash position. We look forward to reporting on the progress of these potential highlights over the remainder of 2021."

Financial Results for the Three Months Ended March 31, 2021:

Revenue for the three months ended March 31, 2021 was $1.1 million, a decrease of $0.1 million or 11%, compared to $1.2 million for the three months ended March 31, 2020. The decrease in revenues is attributable to the adverse effects of COVID-19 as we work on building back to pre-covid revenues.

Gross profit for the three months ended March 31, 2021 was $0.7 million, a decrease of $0.1 million or 11%, compared to $0.8 million for the three months ended March 31, 2020. The resulting gross margin was 66.0% for the three months ended March 31, 2021, as compared to 66.1% for the three months ended March 31, 2020.

Selling, General and administrative expenses for the three months ended March 31, 2021 were $0.2 million, a decrease of $0.1 million or 33%, compared to $0.3 million for the three months ended March 31, 2020.

Payroll expenses for the three months ended March 31, 2021 were $0.7 million, an increase of $0.1 million or 8%, compared to $0.7 million for the three months ended March 31, 2020.

Professional expenses for the three months ended March 31, 2021 were $0.2 million, a decrease of $0.1 million or 21%, compared to $0.2 million for the three months ended March 31, 2020.

Depreciation and amortization for the three months ended March 31, 2021 were $0.1 million, a slight decrease of $0.0 million or 7%, compared to $0.1 million for the three months ended March 31, 2020.

Operating loss for the three months ended March 31, 2021 was $0.5 million, a decrease of $0.0 million or 3%, compared to $0.5 million for the three months ended March 31, 2020.

Net loss for the three months ended March 31, 2021 was $6.3 million, an increase of $5.9 million, compared to a net loss of $0.4 million for the three months ended March 31, 2020. Of note, the Company reported non-operating expense of $5.8 million for the three months ended March 31, 2021, an increase of $5.5 million compared to $0.3 million for the three months ended March 31, 2020 mainly attributable to the changes in the derivative related expenses and loss on extinguishment of debt associated with our convertible notes.

The resulting EPS loss for the three months ended March 31, 2021 was ($0.00) per diluted share, compared to ($0.00) per diluted share for the three months ended March 31, 2020.

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 https://www.ccsdelivered.com.

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/647664/Beyond-Commerce-Reports-First-Quarter-2021-Results

FAQ

What were the key financial results for BYOC in Q1 2021?

In Q1 2021, Beyond Commerce reported revenue of $1.1 million, a decrease of 11% from Q1 2020, with a gross profit of $0.7 million.

How did Beyond Commerce's operating expenses change in Q1 2021?

Operating expenses decreased by 9% in Q1 2021 compared to the previous year.

What is the current cash balance reported by BYOC?

Beyond Commerce reported a cash balance of $1.4 million as of March 31, 2021.

What was the net loss reported by BYOC for Q1 2021?

The net loss for Q1 2021 was $6.3 million, significantly higher than the $0.4 million lost in Q1 2020.

What strategic actions is Beyond Commerce taking to drive revenue growth?

The company is evaluating a robust pipeline of acquisitions to drive revenue growth, targeting companies with $5 million to $50 million in annual revenues.