BeWhere Holdings (BEW.V / BEWFF) - A Software Business Focused on The Internet of Things
ARR now covers all fixed expenses, so growth creates significant contribution margin as the platform scales.
BeWhere presents a compelling high-growth opportunity within the $26B IoT asset-tracking market. The company has sold over 475,000 MIOT units globally. The Q3 2025 results demonstrate significant operational "torque," featuring record quarterly revenue of $6.1M and record Adjusted EBITDA.
The company’s "Hardware Enabled SaaS" (HSaaS) model is a key differentiator, driving high-margin scalability with Annual Recurring Revenue (ARR) reaching $8.6M (up 21% YoY). Recent milestones, including an 8,000-unit FirstNet order and successful direct-to-satellite connectivity tests, validate BeWhere’s technological leadership and its ability to disrupt legacy pricing models. Currently trading at a significant discount (3.1x LTM revenue) compared to the 8.2x industry peer average, BeWhere offers a rare combination of profitability, innovative tech, and an insider-aligned team poised to capitalize on a massive, fragmented global market.
In this discussion, Trevor Treweeke and I have a conversation with CEO Owen Moore. BeWhere was profiled on MicroCapClub in 2016. You can follow the ongoing discussion on BeWhere on our community here.
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