BeWhere Holdings (BEW) AI Stock Analysis

• Market Cap: C$80.36M
• Dividend Yield: N/A
• Average Volume (3M): 39.90K
• Price to Earnings (P/E): 113.9
• Beta (1Y): 0.86
• Revenue Growth: 27.55%
• EPS Growth: -39.69%
• Country: CA
• Employees: 10
• Sector: General
• Sector Strength: N/A
• Industry: Communication Equipment
• EPS (TTM): <0.01
• Shares Outstanding: 89,290,504
• 10 Day Avg. Volume: 20,386
• 30 Day Avg. Volume: 39,895
• PEG Ratio: 1.60
• Price to Book (P/B): 7.24
• Price to Sales (P/S): 3.54
• P/FCF Ratio: -108.17
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: C$0.92 ▲(13.95% Upside)

The score is held back primarily by negative cash flow despite profitability, and by an expensive valuation (P/E ~102.5). These risks are partially offset by steady revenue growth and a strong, low-leverage balance sheet, while technical signals are broadly neutral.

Positive Factors

Low leverage / strong balance sheet

Very low leverage gives the company durable financial flexibility to absorb operating shortfalls, fund product development or partnerships, and avoid refinancing risk. Over 2–6 months this reduces solvency risk and supports strategic options despite cash flow swings.

Recurring revenue and partnerships

A mixed hardware-plus-subscription model and strategic logistics partners create sticky, recurring revenue and cross-sell opportunities. This structural revenue mix supports predictability and customer lock-in, improving long-term revenue visibility and margin leverage.

Sustained revenue growth

Continued top-line growth indicates ongoing market adoption of IoT offerings and supports scalable unit economics. Over the next several months steady revenue momentum can underpin reinvestment in product and sales capacity, aiding durable market-share gains.

Negative Factors

Negative operating and free cash flow

Persistent negative OCF and FCF signal cash conversion or working-capital issues despite reported profits. Over months this raises funding risk for growth and operations, increasing reliance on external financing or equity dilution if cash generation doesn't recover.

Compressed profitability margins

Declining EBIT and net margins point to cost pressure or pricing erosion. If margins remain compressed, the company will face reduced reinvestment capacity and lower returns on equity, weakening resilience to competitive or industry shocks over the medium term.

Earnings volatility / EPS decline

Large negative EPS growth reflects weaker earnings momentum and potential one-offs or margin stress. Persistent EPS decline can undermine confidence, limit access to capital on favorable terms, and constrain strategic investments needed to sustain long-term growth.

BeWhere Holdings Business Overview & Revenue Model

Company Description

BeWhere Holdings Inc., an industrial Internet of Things (IIoT) solutions company, designs and sells hardware with sensors and software applications to track real-time information on fixed and movable assets. It develops mobile applications, middle-ware, and cloud-based solutions that stand-alone or that can be integrated with existing software. The company offers Mobile IoT (M-IOT) for the narrow band-IoT and long-term evolution for machines evolution of beacons, such as asset tracking, including mini USB rechargeable, ignition wired rechargeable, battery-powered, and rechargeable battery powered; environmental monitoring comprising M-IoT water pressure sensor solution, M-IoT weather station with leaf wetness sensor, M-IoT weather station with soil moisture sensor, M-IoT BeTen with soil moisture sensor, and M-IoT BeTen with water detection sensor; and asset tracking and environmental monitoring, including BeSol BLU Gateway for monitoring location, temperature zones, light exposure, and impact for goods in transit. It also provides Bluetooth beacons and fixed Bluetooth/Wi-Fi gateways. It serves emergency service, construction, utility, and transportation industries. The company was incorporated in 2003 and is based in Mississauga, Canada.

How the Company Makes Money

BeWhere Holdings generates revenue primarily through the sale of IoT hardware devices and subscription-based software services. The company charges customers for its tracking devices, which are integrated with its cloud-based software platform, allowing users to monitor and manage their assets efficiently. Additionally, BeWhere earns recurring revenue through subscriptions for ongoing software services that provide advanced analytics, reporting, and customer support. Strategic partnerships with logistics and supply chain companies further enhance BeWhere's market reach and contribute to its earnings by providing integrated solutions that meet the specific needs of various industries.

BeWhere Holdings Financial Statement Overview

Summary

Revenue is growing (TTM +5.4% to ~20.5M) and the balance sheet is conservatively financed (very low debt-to-equity ~0.06). However, profitability has softened (TTM net margin ~3.4%, EBIT margin ~6.4%), and cash generation is a major concern with negative operating and free cash flow in TTM and 2024 (about -0.7M each).

Income Statement

TTM (Trailing-Twelve-Months) revenue grew 5.4% to ~20.5M, showing continued top-line momentum versus prior years. Profitability is positive but has compressed: TTM net margin is ~3.4% and EBIT margin ~6.4%, down from stronger annual levels in 2023–2024, indicating higher costs and/or pricing pressure. The company has recovered meaningfully from 2020 losses and remains profitable, but earnings quality looks less stable given the recent margin decline.

Balance Sheet

The balance sheet looks conservatively financed with very low leverage (TTM debt-to-equity ~0.06) and a steadily growing equity base (equity ~10.0M TTM vs ~8.6M in 2024). Returns on equity are positive (TTM ~7.5%), though below 2024 levels, suggesting profitability has softened. Overall financial risk from debt appears low, but returns are modest relative to the capital base.

Cash Flow

Cash generation is the key weak spot: operating cash flow and free cash flow are negative in TTM (about -0.7M each) and were also negative in 2024, despite positive net income—suggesting working-capital drag and/or cash conversion issues. This contrasts with 2022–2023, when the business produced solid positive operating and free cash flow. The swing to sustained negative cash flow increases funding risk if it persists, even though leverage is currently low.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	20.50M	17.53M	12.05M	10.03M	8.54M	7.04M
Gross Profit	6.71M	5.83M	4.63M	3.55M	2.29M	1.66M
EBITDA	1.54M	1.73M	1.27M	986.03K	761.42K	-1.60M
Net Income	697.48K	814.05K	554.63K	2.08M	416.52K	-1.97M
Balance Sheet
Total Assets	14.15M	12.28M	9.77M	8.71M	5.66M	5.64M
Cash, Cash Equivalents and Short-Term Investments	4.14M	4.46M	4.63M	3.23M	2.56M	2.47M
Total Debt	585.83K	728.27K	805.69K	742.72K	34.71K	23.92K
Total Liabilities	4.11M	3.72M	2.60M	2.06M	1.07M	1.60M
Stockholders Equity	10.04M	8.56M	7.17M	6.65M	4.58M	4.04M
Cash Flow
Free Cash Flow	-718.35K	-573.39K	1.47M	606.22K	-4.06K	34.37K
Operating Cash Flow	-699.92K	-559.74K	1.48M	640.16K	690.08K	840.20K
Investing Cash Flow	-350.92K	-13.65K	-10.63K	-33.94K	-694.14K	-805.84K
Financing Cash Flow	41.94K	-127.16K	-68.10K	62.13K	96.11K	40.00K

BeWhere Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.81
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BEW, the sentiment is Positive. The current price of 0.81 is below the 20-day moving average (MA) of 0.87, below the 50-day MA of 0.83, and above the 200-day MA of 0.78, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 61.87 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BEW.

BeWhere Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
BEW	55 Neutral	C$80.36M	113.92	7.70%	―	27.55%	-39.69%
VCM	53 Neutral	C$245.33M	-12.45	-8.77%	2.14%	-11.70%	-199.55%
IMI	41 Neutral	C$18.13M	-9.21	―	―	37.33%	-7.55%
YFI	41 Neutral	C$10.76M	-4.74	―	―	―	-716.67%
BYL	39 Underperform	C$38.16M	-11.21	―	―	―	―

BeWhere Holdings Corporate Events

BeWhere Holdings Reports Record Q3 2025 Financial Results

BeWhere Holdings Inc. reported record financial results for the third quarter of 2025, with a 21% increase in quarterly revenue and a 42% rise in gross profit year over year. The company’s strategic supply chain initiatives and innovative product offerings have contributed to a significant improvement in financial performance, positioning BeWhere as a strong player in the asset tracking and inventory management markets.

The most recent analyst rating on (TSE:BEW) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on BeWhere Holdings stock, see the TSE:BEW Stock Forecast page.