BeWhere Holdings Inc. Reports 2024 Fiscal Year-End Results
BeWhere Holdings (TSXV: BEW) (OTCQB: BEWFF) reported strong financial results for FY 2024, with significant growth across key metrics. Total revenue increased 45% to $17.5M, while recurring revenue grew 36% to $6.9M. The company achieved a record-high annual gross profit of $5.8M, up 26% year-over-year.
Q4 2024 performance showed continued momentum with total revenue up 45% to $4.7M and recurring revenue increasing 51% to $2.0M. The company maintained a healthy working capital of $7.8M, including $4.5M in cash, while investing $330,778 in R&D for next-generation M-IOT sensors. Net income before tax improved 98% to $1.7M for the full year, with Q4 showing an 80% increase to $484,424.
BeWhere Holdings (TSXV: BEW) (OTCQB: BEWFF) ha riportato risultati finanziari solidi per l'anno fiscale 2024, con una crescita significativa nei principali indicatori. Il fatturato totale 猫 aumentato del 45% raggiungendo 17,5 milioni di dollari, mentre il fatturato ricorrente 猫 cresciuto del 36% attestandosi a 6,9 milioni di dollari. L'azienda ha raggiunto un utile lordo annuale record di 5,8 milioni di dollari, in aumento del 26% rispetto all'anno precedente.
Le performance del quarto trimestre 2024 hanno mostrato un momentum costante, con un fatturato totale in crescita del 45% a 4,7 milioni di dollari e un fatturato ricorrente aumentato del 51% a 2,0 milioni di dollari. L'azienda ha mantenuto un capitale circolante sano di 7,8 milioni di dollari, inclusi 4,5 milioni in liquidit脿, investendo 330.778 dollari in ricerca e sviluppo per i sensori M-IOT di nuova generazione. L'utile netto ante imposte 猫 migliorato del 98% raggiungendo 1,7 milioni di dollari per l'intero anno, con il quarto trimestre che ha registrato un incremento dell'80% a 484.424 dollari.
BeWhere Holdings (TSXV: BEW) (OTCQB: BEWFF) report贸 resultados financieros s贸lidos para el a帽o fiscal 2024, con un crecimiento significativo en m茅tricas clave. Los ingresos totales aumentaron un 45% hasta 17,5 millones de d贸lares, mientras que los ingresos recurrentes crecieron un 36% alcanzando 6,9 millones de d贸lares. La compa帽铆a logr贸 un beneficio bruto anual r茅cord de 5,8 millones de d贸lares, un 26% m谩s que el a帽o anterior.
El desempe帽o del cuarto trimestre de 2024 mostr贸 un impulso continuo, con ingresos totales que crecieron un 45% hasta 4,7 millones de d贸lares y los ingresos recurrentes que aumentaron un 51% hasta 2,0 millones de d贸lares. La empresa mantuvo un capital de trabajo saludable de 7,8 millones de d贸lares, incluyendo 4,5 millones en efectivo, mientras invert铆a 330,778 d贸lares en I+D para sensores M-IOT de pr贸xima generaci贸n. El ingreso neto antes de impuestos mejor贸 un 98% hasta 1,7 millones de d贸lares en todo el a帽o, con el cuarto trimestre mostrando un aumento del 80% hasta 484,424 d贸lares.
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BeWhere Holdings (TSXV : BEW) (OTCQB : BEWFF) a annonc茅 des r茅sultats financiers solides pour l'exercice 2024, avec une croissance significative sur les indicateurs cl茅s. Le chiffre d'affaires total a augment茅 de 45 % pour atteindre 17,5 millions de dollars, tandis que le chiffre d'affaires r茅current a progress茅 de 36 % pour atteindre 6,9 millions de dollars. L'entreprise a r茅alis茅 un b茅n茅fice brut annuel record de 5,8 millions de dollars, en hausse de 26 % par rapport 脿 l'ann茅e pr茅c茅dente.
Les performances du quatri猫me trimestre 2024 ont montr茅 un 茅lan continu avec un chiffre d'affaires total en hausse de 45 % 脿 4,7 millions de dollars et un chiffre d'affaires r茅current en augmentation de 51 % 脿 2,0 millions de dollars. L'entreprise a maintenu un fonds de roulement sain de 7,8 millions de dollars, dont 4,5 millions en liquidit茅s, tout en investissant 330 778 dollars en R&D pour les capteurs M-IOT de nouvelle g茅n茅ration. Le r茅sultat net avant imp么ts s'est am茅lior茅 de 98 % sur l'ann茅e compl猫te, atteignant 1,7 million de dollars, avec une hausse de 80 % au quatri猫me trimestre 脿 484 424 dollars.
BeWhere Holdings (TSXV: BEW) (OTCQB: BEWFF) meldete starke Finanzergebnisse f眉r das Gesch盲ftsjahr 2024 mit erheblichem Wachstum bei wichtigen Kennzahlen. Der Gesamtumsatz stieg um 45 % auf 17,5 Mio. USD, w盲hrend der wiederkehrende Umsatz um 36 % auf 6,9 Mio. USD zunahm. Das Unternehmen erzielte einen Rekord-Bruttogewinn von 5,8 Mio. USD, ein Plus von 26 % gegen眉ber dem Vorjahr.
Die Leistung im vierten Quartal 2024 zeigte weiterhin Schwung, mit einem Gesamtumsatzanstieg von 45 % auf 4,7 Mio. USD und einem Anstieg des wiederkehrenden Umsatzes um 51 % auf 2,0 Mio. USD. Das Unternehmen hielt ein gesundes Betriebskapital von 7,8 Mio. USD, darunter 4,5 Mio. USD in bar, und investierte 330.778 USD in Forschung und Entwicklung f眉r Sensoren der n盲chsten Generation M-IOT. Das Vorsteuerergebnis verbesserte sich im Gesamtjahr um 98 % auf 1,7 Mio. USD, im vierten Quartal stieg es um 80 % auf 484.424 USD.
- Total revenue increased 45% YoY to $17.5M
- Recurring revenue grew 36% YoY to $6.9M
- Record-high annual gross profit of $5.8M, up 26%
- Net income before tax increased 98% to $1.7M
- Strong Q4 performance with 51% growth in recurring revenue
- Healthy working capital position of $7.8M
- Cash position slightly decreased to $4.46M from $4.63M in 2023
Toronto, Ontario--(Newsfile Corp. - April 21, 2025) - (TSXV: BEW) (OTCQB: BEWFF) ("BeWhere" or the "Company"), a leading Mobile Internet of Things (M-IoT) company, is pleased to announce its financial results for twelve months ended December 31, 2024.
Owen Moore, CEO and Co-Founder stated, "Key performance indicators improved across the board, with Total revenue improving by
Chris Panczuk, COO and Co-Founder added, "We are proud to report a record-high annual gross profit of
FY 2024 Highlights
- Total Revenue increased by
45% year over year - Total Revenue for the twelve months ended December 31, 2024, was$17,531,574 compared to$12,054,770 for the same period in 2023: an increase of$5,476,804.
- Recurring Revenue increased by
36% year over year - Recurring Revenue for the twelve months ended December 31, 2024, was$6,921,208 compared to$5,071,771 for the same period in 2023: an increase of$1,849,437.
- Gross Profit increased by
26% year over year - Gross profit for the twelve months ended December 31, 2024, was$5,825,293 compared to$4,633,361 for the same period in 2023: an improvement of$1,191,932.
- Net income before tax and other items increased by
98% year over year - The Company recorded net operating income before tax and other items for the twelve months ended December 31, 2024, of$1,748,699 compared to$881,355 for the same period in 2023: an increase of$867,172.
- Working Capital - At December 31, 2024, the Company had a working capital balance of
$7,822,570 (2023 -$5,878,157) including cash of$4,458,322 (2023 -$4,633,704) . The Company maintained a healthy working capital level despite incurring Research and development costs totaling$330,778 for its next generation of M-IOT sensors and solutions.
Fourth Quarter 2024 Highlights
- Total Revenue increased by
45% year over year - Total Revenue for three months ended December 31, 2024, was$4,680,409 compared to$3,217,734 for the same period in 2023: an increase of$1,462,675.
- Recurring Revenue increased by
51% year over year - Recurring Revenue for the three months ended December 31, 2024, was$2,007,702 compared to$1,330,346 for the same period in 2023: an increase of$677,356.
- Gross Profit increased by
32% year over year - Gross profit for the three months ended December 31, 2024, was$1,648,556 compared to$1,247,052 for the same period in 2023: an improvement of$401,504.
- Net income before tax and other items increased by
80% year over year - The Company recorded a net operating income before tax and other items for the three months ended December 31, 2024, of$484,424 compared to$268,773 for the same period in 2023: an increase of$215,651.
About BeWhere
(TSXV: BEW) (OTCQB: BEWFF) specializes in low-power 5G IoT wide-area tracking technology, creating remote monitoring solutions that address cost, power, and environmental challenges. In just 6 years, the company has experienced rapid growth, collaborating with Fortune 500 companies, top resellers and installers to deploy hundreds of thousands of trackers across numerous sectors, including transportation, construction, logistics, utilities, health, and government.
BeWhere's tracking solutions are designed to be both cost-effective and simple to implement, significantly expanding the scope of assets that can be connected. These connected devices generate data that powers intelligent AI management platforms. By increasing the number of connected devices, BeWhere enhances the capabilities and growth potential of AI solutions.
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CONTACT INFORMATION
BeWhere Inc.
Margaux Berry, VP Strategy and Growth
1 (844) 229-4373 x 107
[email protected]
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 Consolidated Financial Statements for the period ended December 31, 2024 and 2023, together with its corresponding Management's discussion and analysis can be found under the Company's profile on SEDAR at and on the Company's website at .
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.
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