Mr. Owen Moore reports

BEWHERE HOLDINGS INC. REPORTS 2024 FISCAL YEAR-END RESULTS

Bewhere Holdings Inc. has released its financial results for 12 months ended Dec. 31, 2024.

Owen Moore, chief executive officer and co-founder, stated, "Key performance indicators improved across the board, with total revenue improving by 45 per cent in Q4 while generating EBITDA margin of 12 per cent." He further added, "For the fiscal year 2024, total revenue improved by 45 per cent and recurring revenue grew 36 per cent, resulting in record income before taxes of $1,396,074."

Chris Panczuk, chief operating officer and co-founder, added: "We are proud to report a record-high annual gross profit of $5,825,923, representing a 26-per-cenet increase in fiscal 2024. Alongside this achievement, the company maintained a strong working capital position while strategically increasing investments in research and development. This balanced growth underscores our commitment to driving long-term innovation."

FY (fiscal year) 2024 highlights:

• Total revenue increased by 45 per cent year over year: Total revenue for the 12 months ended Dec. 31, 2024, was $17,531,574, compared with $12,054,770 for the same period in 2023, an increase of $5,476,804.
• Recurring revenue increased by 36 per cent year over year: Recurring Revenue for the 12 months ended Dec. 31, 2024, was $6,921,208, compared with $5,071,771 for the same period in 2023, an increase of $1,849,437.
• Gross profit increased by 26 per cent year over year: Gross profit for the 12 months ended Dec. 31, 2024, was $5,825,293, compared with $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 per cent year over year: The company recorded a net operating income before tax and other items for the 12 months ended Dec. 31, 2024, of $1,748,699, compared with $881,355 for the same period in 2023, an increase of $867,172.
• Working capital: At Dec. 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 totalling $330,778 for its next generation of M-IoT (mobile Internet of things) sensors and solutions.

Fourth quarter 2024 highlights:

• Total revenue increased by 45 per cent year over year: Total revenue for three months ended Dec. 31, 2024, was $4,680,409, compared with $3,217,734 for the same period in 2023, an increase of $1,462,675.
• Recurring revenue increased by 51 per cent year over year: Recurring revenue for the three months ended Dec. 31, 2024, was $2,007,702, compared with $1,330,346 for the same period in 2023, an increase of $677,356.
• Gross profit increased by 32 per cent year over year: Gross profit for the three months ended Dec. 31, 2024, was $1,648,556, compared with $1,247,052 for the same period in 2023, an improvement of $401,504.
• Net income before tax and other items increased by 80 per cent year over year: The company recorded a net operating income before tax and other items for the three months ended Dec. 31, 2024, of $484,424, compared with $268,773 for the same period in 2023, an increase of $215,651.

About Bewhere Holdings Inc.

Bewhere specializes in low-power 5G IoT (Internet of things) wide-area tracking technology, creating remote monitoring solutions that address cost, power and environmental challenges. In just six 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 power intelligent artificial intelligence (AI) management platforms. By increasing the number of connected devices, Bewhere enhances the capabilities and growth potential of AI solutions.

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