Mr. Owen Moore reports

BEWHERE HOLDINGS INC REPORTS 2023 FISCAL YEAR-END RESULTS

Bewhere Holdings Inc. has released its financial results for 12 months ended Dec. 31, 2023.

Owen Moore, chief executive officer and co-founder, stated, "Key performance indicators improved across the board, with total revenue improving by 41 per cent in Q4 while generating EBITDA margin of 12 per cent." He further added, "For the fiscal year 2023, total revenue improved by 20 per cent and recurring revenue grew 31 per cent, resulting in record income before taxes of $828,902."

Chris Panczuk, chief operating officer and co-founder, stated, "We are pleased with the results as the company recorded highest ever annual Ggross profit of $4,633,361, which improved by 31 per cent in fiscal 2023." He further noted, "The company continued to invest in research and development, while controlling its operating expenses."

FY 2023 highlights

• Total revenue increased by 20 per cent year over year -- Total revenue for the 12 months ended Dec. 31, 2023, was $12,054,770 compared with $10,024,902 for the same period in 2022: an increase of $2,029,868.
• Recurring revenue increased by 31 per cent year over year -- Recurring revenue for the 12 months ended Dec. 31, 2023, was $5,071,771 compared with $3,877,020 for the same period in 2022: an increase of $1,194,751.
• Gross profit increased by 31 per cent year over year -- Gross profit for the 12 months ended Dec. 31, 2023, was $4,633,361 compared with $3,548,596 for the same period in 2022: an improvement of $1,084,765.
• Net income before taxes increased by 58 per cent year over year -- The company recorded a net income for the 12 months ended Dec. 31, 2023, of $828,902 compared with $526,134 for the same period in 2022: an improvement of $302,768.
• Working capital -- At Dec. 31, 2023, the company had a working capital balance of $5,878,157 (2022 -- $4,717,203) including cash of $4,633,704 (2022 -- $3,227,023). The company maintained a healthy working capital level despite incurring research and development costs totalling $681,647 for its next generation of M-IOT sensors and solutions.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) (non-IFRS (international financial reporting standards) measure) improved by 54 per cent year over year -- adjusted EBITDA for the 12 months ended Dec. 31, 2023, was $1,381,568 compared with $896,557 for the same period in 2022: an improvement of $485,011.

Fourth quarter 2023 highlights

• Total revenue increased by 41 per cent year over year -- Total revenue for the three months ended Dec. 31, 2023, was $3,217,734 compared with $2,282,090 for the same period in 2022: an increase of $935,644.
• Recurring revenue increased by 19 per cent year over year -- Recurring revenue for the three months ended Dec. 31, 2023, was $1,330,346 compared with $1,118,211 for the same period in 2022: an increase of $212,135.
• Gross profit increased by 33 per cent year over year -- Gross profit for the three months ended Dec. 31, 2023, was $1,247,052 compared with $935,777 for the same period in 2022: an improvement of $311,257.
• Adjusted EBITDA (non-IFRS measure) improved by 63 per cent year over year -- Adjusted EBITDA for the three months ended Dec. 31, 2023, was $371,526 compared with $227,416 for the same period in 2022: an improvement of $144,110.

About Bewhere Holdings Inc.

Bewhere is a mobile Internet of Things solutions company that designs and sells self-powered hardware with sensors and software applications. Its solutions serve two main markets: (1) asset tracking, consisting of remote location tracking various non-powered fixed and movable assets such as trailers, dry vans etc.; and (2) connected sensors, to remotely track information on assets for water pressure, water detection and soil moisture. Bewhere's devices use the latest available cellular technologies (LTE-M and NB-IoT) to transmit collected data into mobile applications and cloud-based platforms, at a much lower cost than traditional cellular networks. Bewhere also offer solutions that can be fully integrated with existing software, and white-labelled. Bewhere's solutions are cutting edge, offering low-cost sophisticated technology which allows customers to deploy remote tracking technology where cost was previously prohibitive.

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