BeWhere Holdings Inc. (TSXV: BEW) reported record profitability metrics for the second quarter of 2026 as growth in recurring revenue and a more favorable sales mix offset a decline in total quarterly revenue.
The Canadian mobile Internet of Things company reported Q2 revenue of C$5.00 million, down 9% from C$5.52 million during the same quarter of 2025. Recurring revenue, however, increased 27% to C$2.55 million from C$2.01 million.
Annual recurring revenue reached more than C$12 million at June 30, representing an increase of 46% from C$8.2 million one year earlier.
CEO and co-founder Owen Moore said the company delivered “Annual Recurring Revenue growth of 46%” while producing an adjusted EBITDA margin of 19.3%.
Gross profit increased 53% to a company record of C$2.20 million, compared with C$1.44 million in Q2 2025. The improvement lifted the quarterly gross margin to approximately 44%, compared with roughly 26% in the prior-year quarter.
EBITDA increased 208% to a record C$844,566, producing a margin of 16.9%. Adjusted EBITDA rose 56% to C$966,762 from C$618,297.
Adjusted EBITDA is a non-IFRS financial measure that excludes items including interest, taxes, depreciation, amortization, share-based compensation and certain nonrecurring gains and losses. The measure may not be directly comparable with similarly named figures reported by other companies.
BeWhere also recorded comprehensive net income of C$652,241, reversing a comprehensive net loss of C$131,781 in Q2 2025. The result was the second-highest quarterly comprehensive net income in the company’s history.
Working capital increased 78% to C$12.96 million. BeWhere ended the quarter with C$9.14 million in cash and cash equivalents, compared with C$4.50 million one year earlier. The cash balance includes proceeds from a C$5 million equity offering completed in February and accounts for the company’s acquisition of SecureQuip Systems.
BeWhere completed the SecureQuip acquisition on June 3. SecureQuip had approximately 11,000 tracking devices operating in North America at the time of the transaction. BeWhere said the acquisition expanded its equipment-tracking business and added recurring revenue and asset-recovery capabilities.
The company develops low-power 5G IoT tracking and remote-monitoring systems for transportation, construction, logistics, utilities, healthcare and government applications. Data collected from its connected devices can also be integrated into fleet-management and AI-enabled software platforms.
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Future financial reports will provide additional information on the contribution from SecureQuip and whether BeWhere can maintain its recurring-revenue and margin growth while addressing the decline in total quarterly revenue.
Other developments to monitor include the integration of SecureQuip’s customer base, potential cross-selling of BeWhere’s broader IoT platform and continued adoption of the company’s fifth-generation BeBatt tracking devices. BeWhere has not announced a release date for its third-quarter results.
Sources
- BeWhere Holdings Reports Second Quarter 2026 Results
- BeWhere Completes SecureQuip Systems Acquisition
- BeWhere Holdings Investor Website
- SEDAR+ Company Filings
Editorial Disclosure
This article is based entirely on publicly available information, including company news releases and regulatory filings. Next Gen Tech Stocks was not compensated by BeWhere Holdings Inc. for this article, and the author does not hold a position in the securities mentioned. Financial figures were reported by the company and were not independently verified by Next Gen Tech Stocks. Adjusted EBITDA is a non-IFRS measure, while BeWhere’s small-cap status, revenue variability and acquisition-integration requirements involve additional risk. Information is current as of August 20, 2026. This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Read our full disclaimer.
