BeWhere Holdings Inc. Reports First Quarter 2026 Fiscal Results

Toronto, Ontario–(Newsfile Corp. – May 26, 2026) – BeWhere (TSXV: BEW) (OTCQB: BEWFF) (“BeWhere” or the “Company”), a leading Mobile Internet of Things (M-IoT) company, is pleased to announce its financial results for three months ended March 31, 2026.

BeWhere started 2026 on a solid footing, delivering record first quarter results in revenue, EBITDA and Adjusted EBITDA, all driven by a favourable sales mix. Equally important, the Company achieved the highest Gross Profit in its history as Gross Profit grew 34% year over year to $2.1M, yielding record Gross Margin of 45.5%. Incorporating a successful equity LIFE offering, the Company ended the quarter with a strong balance sheet including $9.6M in cash to support its planned growth initiatives.

As BeWhere embarks on a new growth phase, the Company is introducing its “Vision 20/20 Plus“ 3-year financial growth objectives. The plan targets more than $20M in ARR (Annual Recurring Revenues) exiting 2028 through a combination of organic growth from new production introductions, expansion into new geographies, entry into new adjacent market verticals, as well as the pursuit of strategic acquisition opportunities. Exiting 2028, the Company also aims to reach a 20% Adjusted EBITDA margin run-rate through scaling efficiency gains including from increased process automation and the use of AI tools in operational tasks.

Owen Moore, CEO and Co-Founder stated, “We recently celebrated our 10^th year as a public company and are excited about the next phase in our growth evolution. In Q1 we reached nearly $10M in ARR, putting us in a comfortable trajectory to achieve our stated financial objectives.” Added Chris Panczuk, COO and Co-Founder, “As we continue to scale the business, our focus remains on managing costs prudently to drive margins expansion and profitability. Q1 Adjusted EBITDA margin of 14% represents a 600 basis point expansion over the prior year period and demonstrates both our resolve and the opportunity ahead of us.”

First Quarter 2026 Highlights

• Quarterly revenue increased by 12% year over year – Total Revenue for the three months ended March 31, 2026, was $4,701,418 compared to $4,214,793 for the same period in 2025: an increase of $486,625.

• Recurring Revenue increased by 14% year over year – Total Recurring Revenue for the three months ended March 31, 2026, was $2,444,828 compared to $2,142,310 for the same period in 2025: an increase of $302,518.

• ARR increased by 16% year over year – ARR stands at approximately $9.7M ending March 31, 2026, vs. $8.3M for the same period in 2025.

• Gross Profit increased by 34% year over year – Gross profit for the three months ended March 31, 2026, was a record $2,138,506 compared to $1,595,993 for the same period in 2025: an improvement of $542,513.

• EBITDA increased by 102% year over year – EBITDA for the three months ended March 31, 2026, was $573,073 compared to $284,313 for the same period in 2025: an improvement of $288,760. Q1 2026 EBITDA margin was 12.2%

• Adjusted EBITDA increased by 96% year over year – Adjusted EBITDA for the three months ended March 31, 2026, was $652,658 compared to $333,260 for the same period in 2025: an improvement of $319,398. Q1 2026 Adjusted EBITDA margin was 13.9%.

• Total comprehensive net income increased by 19% year over year – Total comprehensive net income for the three months ended March 31, 2026, was $372,327 compared to $312,679 for the same period in 2025: an increase of $59,648.

• Working Capital increased by 76% year over year – The Company recorded working capital on March 31, 2026 of $13,398,089 compared to $7,611,938 for the same period in 2025: an increase of $5,786,151. At March 31, 2026, the cash balance was $9,583,584 including net proceeds from a LIFE equity offering compared to $5,766,063 for the same period in 2025.

Non-IFRS Measures

Adjusted EBITDA is a non-IFRS measure and does not have standardized meaning as it relates to performance measures and may not be comparable to other issuer disclosures of similar performance measures. The Company has provided a reconciliation of Adjusted EBITDA to IFRS profit (loss) in the Management’s Discussion and Analysis for the period ended March 31, 2026. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, share-based compensation, and other non-recurring gains and losses. Management believes that Adjusted EBITDA is a useful measure that facilitates period to period operating comparisons. Adjusted EBITDA should not be considered superior to IFRS net income (loss).

About BeWhere

BeWhere (TSXV: BEW) (OTCQB: BEWFF) specializes in low-power 5G IoT wide-area tracking technology, creating remote monitoring solutions that address cost, power, and environmental challenges. Over the last 6 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 powers intelligent AI management platforms. By increasing the number of connected devices, BeWhere enhances the capabilities and growth potential of AI solutions.

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Cautionary Statements Regarding Forward-Looking Information
Certain statements in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs of future performance, are “forward-looking statements.”

We caution you that such “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including technology development, anticipated revenues, projected size of market, and other information that is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

BeWhere Holdings Inc. (the “Company“) does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technology development and marketing activities, the Company’s historical experience with technology development, uninsured risks. Actual results may differ materially from those expressed or implied by such forward-looking statements.

The Company’s audited Consolidated Financial Statements for the period ended March 31, 2026 and 2025, together with its corresponding Management’s discussion and analysis can be found under the Company’s profile on SEDAR at www.sedarplus.ca and on the Company’s website at www.bewhere.com.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the Policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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