Bewhere Holdings Inc. (BEW.V) has released its financial results for the second quarter ended June 30, 2017.
Highlights and update:
- Revenues increased 337 per cent to $404,816 for the three months ended June 30, 2017, over the $92,450 reported for the three months ended June 30, 2016. Revenue will continue to grow quarter over quarter throughout the rest of 2017.
- Gross margin for the three months ended June 30, 2017, was 39.55 per cent versus 29.96 per cent for the three months ended June 30, 2016.
- Liquidity remains strong with approximately $1.3-million of cash and working capital on hand at June 30, 2017, and the company continues to operate an efficient capital deployment strategy focused on product development geared toward the growing IIOT (industrial Internet of things) market needs.
- The company will launch a low-powered wide area network (LPWAN) cellular beacon in the fall of 2017, continues to garner strong interest for its LPWAN technologies and is in the process of finalizing certification for its product with a number of carriers across the globe. Additionally, the company has been invited to speak at the Mobile World Congress Innovators Showcase debut in September in San Francisco.
- The implementation of the Bewhere solution with a Fortune 500 international provider of security solutions, announced on April 7, 2017, contributed to revenue growth in the second quarter and is expected to increase in the third quarter. Additional opportunities, both in North America and internationally, are being actively pursued.
- On May 15, 2017, the company announced that Aphria Inc. selected Bewhere to provide asset management solutions throughout the medical cannabis supply chain in its Leamington, Ont., facilities with the initial order having been delivered and installed.
- On June 1, 2017, Bell Canada announced it will launch the first LTE-M network in Canada to transform the way Canadians use the Internet of things. To date, Bewhere has demonstrated its LPWA cellular beacon on the Bell network and is in final discussions on the launch of this product for tracking real-time information.
- On June 28, 2017, Huawei, a leading global information and communications technology (ICT) solutions supplier, partnered with Bewhere to develop mobile IoT (Internet of things) LPWA applications to enable the deployment of smart city technologies.
The company expects to continue to announce new partnerships and build its pipeline of contracted revenue throughout the rest of 2017 while continuing its leading-edge product development.
Owen Moore, chief executive officer and founder, stated: "It was a great quarter on many levels, it's comforting to know we are in solid financial position and I'm very proud of the team for delivering on a great quarter. During the past 12 months, five full-time-equivalent employees were added, which will allow us to execute on the opportunities in front of us and give us the scalability to significantly ramp our revenues. I'm really looking forward to the fall launch of our LPWA technologies and telling the world more about this exciting new technology in San Francisco in September."
FINANCIAL HIGHLIGHTS FOR SECOND QUARTER Q2 2017 Q2 2016 Revenue $404,816 $92,450 Net (loss) ($388,393) ($368,569) Basic and diluted (loss) per share (0.01) (0.01)
About Bewhere Holdings Inc.
Bewhere is an industrial Internet of things solutions company that designs and sells hardware with sensors and software applications to track real-time information on movable assets. The company develops mobile applications, middleware and cloud-based solutions that stand alone or that can readily integrate with existing software. Its solutions enable end-users a level of operational visibility that is more easily accessible and significantly easier to implement than in the past.