Beyond Commerce Reports First Quarter 2022 Results and Filed Pre-14C to Align Company Name and Symbol with Re-Positioning to Electric Vehicles

Rhea-AI Summary

Beyond Commerce, Inc. (OTC PINK:BYOC) reported Q1 2022 results showing a 9% revenue decrease to $1.0 million and a 1% decrease in gross profit at $0.7 million compared to Q1 2021. Despite a gross margin increase to 71.7%, the operating loss rose by 9% to $0.6 million, while the net loss improved to $0.7 million from $6.3 million year-over-year. The company raised $1.0 million from an institutional investor and plans to rebrand, aligning with electric vehicle services.

Positive

• Gross margin improved to 71.7% from 66.0% year-over-year.
• Raised $1.0 million from a single institutional investor.
• Filed for a name change to align strategically with Electric Built's market.

Negative

• Revenue decreased by 9% to $1.0 million compared to Q1 2021.
• Operating loss increased 9% to $0.6 million.
• Total operating expenses remained stable at $1.6 million.

LAS VEGAS, NV / ACCESSWIRE / May 16, 2022 / 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 first quarter ended March 31, 2022 ("Q1 2022").

Key Financial Highlights for Q1 2022

• Revenue decreased 9% to $1.0 million
• Gross profit decreased 1% to $0.7 million
• Gross margin increased to 71.7% from 66.0%
• Operating loss increased 9% to $0.6 million
• Net loss decreased to $0.7 million

Subsequent Since the End of Q1 2022

• Raised $1.0 million from a single institutional investor
• Executed a letter of intent with Electric Built, Inc. to gain access to Electric Built's commercial business know-how, intellectual property, and business relationships and operations in electric vehicle fleet service
• Filed Pre-14C to change the name of the Company from "Beyond Commerce, Inc." to "Electric Built Holdings, Inc." or similar available name and applying for a new stock symbol

Investments Update

Cityfreighter, Inc.

On November 23, 2021, the Company entered into a simple agreement for future equity (the "SAFE") with Cityfreighter, Inc., pursuant to which the Company invested $250,000. Cityfreighter is a California based developer of electric low-floor trucks for the last mile delivery industry. Beyond Commerce received customary representations and warranties from Cityfreighter. The SAFE provides the Company with the right to either (a) future equity in Cityfreighter when it completes an Equity Financing, or (b) future equity in Cityfreighter or cash proceeds if there is a liquidity or dissolution event.

Financial Results for the Three Months Ended March 31, 2022:

• Revenue: For the three months ended March 31, 2022, revenue was $1.0 million, a decrease of $0.1 million, or 9%, compared with $1.1 million for the three months ended March 31, 2021.
• Gross Profit: For the three months ended March 31, 2022, gross profit was $0.7 million, a slight decrease of $0.0 million, or 1%, compared with $0.7 million for the three months ended March 31, 2021. The resulting gross margin was 71.7%, compared with 66.0% for the same quarter last year.
• Total Operating Expenses: For the three months ended March 31, 2022, total operating expenses were $1.6 million, a decrease of $0.1 million, or 4%, compared with $1.6 million for the same quarter last year.
• Operating Loss: For the three months ended March 30, 2022, operating loss was $0.6 million, an increase of $0.0 million, or 9%, compared with an operating loss of $0.5 million for the same quarter last year.
• Net Loss: For the three months ended March 31, 2022, net loss was $0.7 million, or ($0.00) per share, compared with a net loss of $6.3 million, or a net loss of ($0.00) per share, for the three months ended March 31, 2021.
• Cash: Cash and cash equivalents totaled $0.2 million as of March 31, 2022.

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.

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https://www.accesswire.com/701493/Beyond-Commerce-Reports-First-Quarter-2022-Results-and-Filed-Pre-14C-to-Align-Company-Name-and-Symbol-with-Re-Positioning-to-Electric-Vehicles

FAQ

What were Beyond Commerce's financial results for Q1 2022?

Beyond Commerce reported a revenue of $1.0 million, a decrease of 9% year-over-year, with a gross profit of $0.7 million.

How did the net loss change for Beyond Commerce in Q1 2022?

The net loss decreased to $0.7 million in Q1 2022 from $6.3 million in the same quarter last year.

What is the new strategic direction of Beyond Commerce as per the latest PR?

Beyond Commerce is repositioning to focus on electric vehicle services, evidenced by its letter of intent with Electric Built.

How much did Beyond Commerce raise from investors recently?

Beyond Commerce raised $1.0 million from a single institutional investor.

How did the gross margin of Beyond Commerce change in Q1 2022?

The gross margin improved to 71.7% in Q1 2022, up from 66.0% in Q1 2021.