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BEWHERE HOLDINGS INC. REPORTS FIRST QUARTER FINANCIAL RESULTS OF FISCAL 2019
Bewhere Holdings Inc. has released its financial results and operational highlights for the three months ended March 31, 2019.
First quarter 2019 operational highlights
The company’s mission is to disrupt the mobile asset tracking market with sophisticated low-cost solutions and to be a first mover in the mobile Internet of things (M-IoT) connected sensor market. To that end, the company progressed with a number of initiatives during and after Q1 2019.
Bewhere showcased new M-IoT solutions at the Mobile World Congress Barcelona in February, 2019. The company demonstrated its clean water-supply monitoring, highlighted on CNBC, and its connected-sensor solutions, highlighted on GSMA-TV.
The company’s technology and distribution partners launched additional marketing and awareness campaigns with Asset Tracking Fun with Mason and Macy.
The company expanded the number of technology and distribution partners, such as new valued partners Fleet Hoster and Trakopolis.
The company continues to expand its technology and distribution network with the recent signing of a distribution agreement with a Tier 1 mobile network operator and an expected product launch date in Q3 2019.
First quarter 2019 financial highlights
Revenues increased by 168 per cent year over year – Revenues for the three months ended March 31, 2019, were $1,433,928 compared with $534,614 for the three months ended March 31, 2018, an increase of $899,314.
Recurring revenue increased by 42 per cent year over year – Recurring revenues for the three months ended March 31, 2019, were $385,594 compared with $270,970 for the three months ended March 31, 2018, an increase of $114,624.
Recurring revenue increased by 17 per cent quarter over quarter – Recurring revenues for the three months ended March 31, 2019, were $385,594 compared with $330,878 for the three months ended Dec. 31, 2018, an increase of $54,716.
Net loss – Net loss for the three months ended March 31, 2019, was $506,603 compared with $454,588 for the three months ended March 31, 2018, an increase of $52,015 or 11 per cent. This is primarily due to planned increase in expenses associated to staffing levels and marketing.
The company closed a $4-million equity financing with a significant portion of the raise subscribed through insiders, management and strategic investors.
Working capital – At March 31, 2019, the company had a working capital balance of $5,087,083 including cash of $3,651,624. The company maintained a healthy working capital despite incurring development costs totalling $195,342 for its next generation of M-IoT sensors and solutions.
Three months ended March 31,
Total revenue $1,433,928 $534,614
Gross profit 188,003 159,047
Net (loss) (506,603) (454,588)
EPS – basic (0.01) (0.01)