- BeWhere Holdings (BEW) announced record quarterly revenue and net income in the second quarter of 2021
- The company’s net profit increased by a record 432 per cent year-over-year
- Total quarterly revenue also reached a record high, nearing $2.28 million
- The company maintained a healthy working capital despite incurring development costs
- BeWhere Holdings is a mobile Internet of Things solutions company
- BeWhere Holdings (TSXV:BEW) is up 13.16 per cent, trading at $0.215 per share
BeWhere Holdings (BEW) announced record quarterly revenue and net income in the second quarter of 2021.
“The company progressed well during the second quarter,” said BeWhere CEO and co-founder Owen Moore. “Record quarterly EBITDA of $248K represents the 7th consecutive quarter of positive EBITDA.”
The company’s net profit increased by a record 432 per cent year-over-year, reaching $129,873 compared to a net loss of $39,133 for the same period in 2020.
Total quarterly revenue also reached a record high, nearing $2.28 million compared to $1.6 million for the same period in 2020.
The company maintained a healthy working capital despite incurring development costs totalling $317,919 for its next generation of M-IOT sensors and solutions.
As of June 30, 2021, BeWhere had a working capital balance of nearly $3.7 million, including cash amounts of $2.5 million.
Chris Panczuk, COO and co-founder of BeWhere Holdings, commented on the company’s future with these promising results in mind.
“We shipped a record number of devices during the second quarter, with the company poised for bigger and better things to come,” he said. “We are pleased to see both strong demand for existing products in addition to the excitement generated with pre-sales for new product.”
BeWhere Holdings is a mobile Internet of Things solutions company that designs and sells self-powered hardware with sensors and software applications.
The company provides real-time information on equipment, tools, and inventory in the emergency service, construction, utility, and transportation industries.
BeWhere Holdings (TSXV:BEW) is up 13.16 per cent, trading at $0.215 per share as of 9:33 am ET.