- Total revenue surged 45% year-over-year to $17.5 million for FY 2024.
- Recurring revenue increased by 36% to $6.9 million, contributing to a record-high annual gross profit.
- Net income before tax saw a substantial growth of 98%, reaching $1.7 million.
BeWhere Holdings Inc. (TSXV: BEW) (OTCQB: BEWFF), a leader in Mobile Internet of Things (M-IoT) technology, reported impressive financial results for the fiscal year ending December 31, 2024. The company experienced a 45% increase in total revenue, amounting to $17.5 million compared to $12.05 million in the previous year. This significant growth is attributed to a robust increase in recurring revenue, which rose by 36% to $6.9 million.
The company's annual gross profit reached a record $5.8 million, marking a 26% improvement year-over-year. In the fourth quarter of 2024, BeWhere Holdings maintained its growth trajectory with total revenue rising by 45% to $4.7 million, while recurring revenue jumped 51% to $2.0 million.
Net income before tax for the full year showed an impressive climb of 98%, totaling $1.7 million. For Q4 2024, the net income before tax stood at $484,424, an 80% increase from the same period in 2023. The company also reported a stable working capital of $7.8 million as of December 31, 2024, including $4.5 million in cash.
Strategically investing in future advancements, BeWhere allocated $330,778 to Research and Development for its next-generation M-IoT sensors. This investment underscores the company’s commitment to innovation and long-term growth in the tech industry.
