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Beyond Commerce Reports 4% Increase in Revenue and Reduced Operating Loss for its Q3 2021

By: Beyond Commerce, Inc. via AccessWire

November 15, 2021 at 08:30 AM EST

LAS VEGAS, NV / ACCESSWIRE / November 15, 2021 / Beyond Commerce, Inc. (OTC PINK:BYOC) (the "Company"), a provider of B2B internet marketing analytics, technologies and services, today announced the Company's financial results for the third quarter ended September 30, 2021 ("Q3 2021").

Key Financial Highlights for Q3 2021 (compared with Q3 2020)

Revenue increased 4% to $1.0 million
Gross profit increased 12% to $0.7 million
Gross margin increased to 71.9% from 66.8%

Management Commentary

Geordan Pursglove, Beyond Commerce's Chief Executive Officer, stated, "We are beginning to see our Service 800 clients increase their activity with us. While renewals had been strong over the past year, the revenue impact was delayed due to the pandemic and general business slowdown. Our team remains active in identifying growth opportunities that are both organic and acquisitive. We continue to analyze varying opportunities to increase our shareholder value over the long-term."

Financial Results for the Three Months Ended September 30, 2021:

Revenue: For the three months ended September 30, 2021, revenue was $1.0 million, an increase of $0.0 million, or 4%, compared with $1.0 million for the three months ended September 30, 2020.
Gross Profit: For the three months ended September 30, 2021, gross profit was $0.7 million, an increase of $0.1 million, or 12%, compared with $0.7 million for the three months ended September 30, 2020. The resulting gross margin was 71.9%, compared with 66.8% for the same quarter last year.
Total Operating Expenses: For the three months ended September 30, 2021, total operating expenses were $1.5 million, a decrease of $0.1 million, or 7%, compared with $1.7 million for the same quarter last year. Operating expenses as a percentage of revenue decreased to 150% from 168% for the quarter just ended, reflecting the Company's focus on increasing revenue, reducing expenses, and performing more efficiently. Management believes this ratio will decrease going forward as revenues continue to grow at a higher rate than operating expenses.
Operating Loss: For the three months ended September 30, 2021, operating loss was $0.5 million, a decrease of $0.2 million, compared with an operating loss of $0.7 million for the same quarter last year.
Net Loss: For the three months ended September 30, 2021, net loss was $1.5 million, or ($0.00) per share, compared with a net loss of $7.7 million, or a net loss of ($0.00) per share, for the three months ended September 30, 2020.
Cash: Cash and cash equivalents totaled $0.3 million as of September 30, 2021.

Financial Results for the Nine Months Ended September 30, 2021:

Revenue: For the nine months ended September 30, 2021, revenue was $3.3 million, an increase of $0.2 million, or 8%, compared with $3.0 million for the same period last year.
Gross Profit: For the nine months ended September 30, 2021, gross profit was $2.3 million, an increase of $0.2 million, or 12%, compared with $2.0 million for the same period last year. The resulting gross margin was 69.1%, compared with 66.9% for the same period last year.
Total Operating Expenses: For the nine months ended September 30, 2021, total operating expenses were $5.1 million, an increase of $0.2 million, compared with $4.9 million for the same period last year. Operating expenses as a percentage of revenue decreased to 158% from 164% for the periods compared.
Operating Loss: For the six months ended June 30, 2021, operating loss was $1.4 million, an increase of $0.1 million, compared with an operating loss of $1.3 million for the same period last year.
Net Loss: For the nine months ended September 30, 2021, net loss was $8.8 million, or ($0.00) per share, compared with $10.3 million, or $(0.01) per share, for the same period last year.

About Beyond Commerce, Inc.

Beyond Commerce, Inc. (OTC Pink: BYOC) is focused on business combinations of "big data" companies in global B2B internet marketing analytics, technologies and services. The Company's objective is to develop and deploy disruptive strategic software technology that will build on organic growth potential and to exploit cross-selling opportunities. Beyond Commerce plans to offer a cohesive global digital product and services platform to provide clients with a single point of contact for their big data, marketing and related sales initiatives. For additional information, please visit: https://beyondcommerceinc.com and https://www.service800.com and

Twitter: @incbyoc
Facebook: fb.me/incbyoc

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are subject to the "safe harbor" created by those sections for such statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "design," "estimate," "except," "forecast," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would," or the negatives or other tense of such terms and other similar expressions intended to identify forward-looking statements and similar expressions. We use forward-looking statements relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements.

Contact Information:
investors@beyondcommerceinc.com
p702-675-8022

SOURCE: Beyond Commerce, Inc.

View source version on accesswire.com:
https://www.accesswire.com/672838/Beyond-Commerce-Reports-4-Increase-in-Revenue-and-Reduced-Operating-Loss-for-its-Q3-2021

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Beyond Commerce Reports 4% Increase in Revenue and Reduced Operating Loss for its Q3 2021

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