BeWhere Reports 3rd Quarter Financial Results Hit Record Revenue Level – 804% Year-over-Year Nine Month Growth
Toronto, Ontario (FSCwire) – (TSX-V: BEW, OTCQB: BEWFF) (“BeWhere” or the “Company”)
BeWhere, is pleased to announce today its financial results for the third quarter ended September 30, 2017, and with the following highlights:
- Revenues increased by over 804% year-over-year for the nine-month period, and 75% quarter over quarter – Revenues for the three months ended September 30, 2017 were $707 thousand compared to $42 thousand for the three months ended September 30, 2016: an increase of $665 thousand (1,583%). For the nine months ended September 30, 2017, revenues were $1,244 thousand compared to $138 thousand for the nine months ended September 30, 2016: an increase of $1,106 thousand (804%).
- Gross Profit continues to trend higher – Gross profits for the three months ended September 30, 2017 were $218 thousand compared to $22 thousand for the three months ended September 30, 2016: an increase of $196 thousand (891%), as the Company scaled its shipments as part of previously announced customer wins.
- Working Capital remains healthy and cash level increases – The Company increased its cash balance to $1.18 million, an increase of $163 thousand in the third quarter, and had a working capital balance of approximately $1.35 million at quarter end.
- On September 11, 2017 BeWhere’s Chief Executive Officer, Owen Moore, presented at the 5th GSMA Global Mobile IoT Summit in San Francisco.
- On October 11, 2017 the Company announced that it had raised a total of $2,149,500 from the successful completion of its private placement financing, whereby the Company issued 7,165,000 common shares.
- On October 13, 2017 BeWhere announced the implementation and rollout of an advanced mobile safety solution, providing enhanced security for Brinks Canada Operations.
- On November 9, 2017 BeWhere, BELL, and Huawei, together with The Premier of Ontario Kathleen Wynne, announced the successful completion of the first Low-Powered Wide Area (“LPWA”) cellular case study at Henry of Pelham Family Estate Winery in Pelham, Ontario showcasing BeWhere’s disruptive technology for environmental monitoring.
Commentary about remainder of 2017
- The Company plans a world-wide commercial launch of its LPWA cellular solution in Q4 2017 with the first shipment scheduled for December 2017
- PTCRB certification of our LPWA cellular beacon is underway and it is expected this certification process will finish successfully by the end of November
- Continued conversion throughout the remainder of 2017 of our 60 plus pilots to commercial contracts
BeWhere again achieved multiple positive milestones during the third quarter 2017 including: record revenues, and backlog, continued installations on the original Brinks contract, implementation and rollout of a new worker safety solution for Brinks Canada and successful rollout of the company’s new LPWA cellular environmental monitoring solution at Henry of Pelham Family Estate Winery with partners, BELL and Huawei. The Company believes it will continue to announce new partnerships and build its pipeline of contracted revenue throughout the remainder of 2017 and 2018 all while continuing its leading- edge product development.
Owen Moore CEO and Founder stated “the third quarter ended with record revenue and a strong balance sheet allowing the team to continue to grow revenue and backlog. We are on the cusp of rolling out our disruptive LPWA cellular solution because of strong interest from our partners. The successful pilot of this solution at Henry of Pelham Family Estate Winery in a real-world application further solidifies the disruptive nature of the technology we have created. Our distribution network of value added resellers is starting to convert pilots into revenue and the launch of our LPWAN cellular Beacon will complement our current product offering nicely and deepen our penetration into the rapidly expanding environmental monitoring and asset tracking space”.
Financial Highlights for First Quarter Ended June 30, 2017
*Additional funds of $2,149,500 were added to this cash balance based on the successful close of the equity financing after quarter end on October 11th, by way of a private placement.
BeWhere (TSX-V: BEW, OTCQB: BEWFF) is an Industrial Internet of Things (“IIOT”) solutions company that designs, manufactures, and sells hardware with sensors and software applications to track real-time information on movable assets. The company develops mobile applications, middle-ware and cloud based solutions that stand-alone or that can be readily integrated with existing software. Its solutions enable end-users a level of operational visibility that is more easily accessible and significantly easier to implement than in the past.
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.
Additional information related to the Company including the unaudited interim consolidated financial statements for the periods ended September 30, 2017 & 2016, and the Management’s Discussion and Analysis for the three and nine months ended September 30, 2017 and 2016, can be found on SEDAR at www.sedar.com.
Owen Moore CEO
1 (844) 229-4373
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Source: BeWhere Holdings Inc. (TSX Venture:BEW, OTCQB:BEWFF)
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