BeWhere Holdings Inc. Reports Second Quarter 2025 Fiscal Results

Executive Summary

• BeWhere reported record quarterly revenue of $5.52 million for the three months ended June 30, 2025, representing a 28% year-over-year increase.
• The company achieved its second-highest quarter in history for Product sales ($3.0 million), while Recurring Revenue grew 21% year-over-year to $2.0 million.
• Adjusted EBITDA declined 42% year-over-year to $326,565, primarily due to approximately $425,000 in higher tariff charges, though the company expects to mitigate these costs in future quarters through a revised supply chain program.

Key Details

• Total Revenue: $5,519,689 for Q2 2025, compared to $4,320,672 in Q2 2024 (an increase of $1,199,017 or 28%).
• Product Sales: Reached $3.0 million, marking the second-highest quarter in company history for product revenue.
• Recurring Revenue: Increased by 21% year-over-year to $2,005,455 (from $1,660,689 in Q2 2024).
• Annual Recurring Revenue (ARR): Stood at approximately $8.2 million as of June 30, 2025, up from $6.6 million in the prior year period (a 23% increase).
• Gross Profit: Increased by 2% year-over-year to $1,440,915 (from $1,411,263 in Q2 2024).
• Tariff Impact: Gross profit and Adjusted EBITDA were negatively impacted by higher tariff charges amounting to approximately $425,000 in Q2 2025.
• Adjusted EBITDA: Decreased by 42% year-over-year to $326,565 (from $566,317 in Q2 2024).
• Cash Position: The company ended the quarter with $4.5 million in cash on hand.
• Supply Chain Strategy: Management is enacting a revised program starting in Q3 to minimize tariff impacts and expects to mitigate most of the dollar cost impact over the coming quarters.

Notable Quotes

• Owen Moore, CEO and Co-Founder: "Despite tariff uncertainties, we are pleased to report record quarterly sales of just above $5.5M, growing 28% compared to the prior year quarter, driven by the second highest quarter in our history in Product sales at $3.0M. We believe the strong unit sales speak to the increasing demand for our products, and the growing value proposition for asset tracking realized by our clients. Demand for our product is strong and bodes well for our recurring revenue growth in the coming quarters."
• Chris Panczuk, COO and Co-Founder: "While the current tariff environment has impacted our profitability, we have assessed many supply chain options and will be enacting our revised program to minimize tariffs starting in Q3. We ended the quarter in a solid financial position with $4.5M in cash on hand."