Vancouver, British Columbia – TheNewswire - November 14, 2023 - BYND Cannasoft Enterprises Inc. (Nasdaq:BCAN), (CSE:BYND) (“BYND” or the “Company”) has released its financial results for the nine-month period ended September 30, 2023. Full versions of BYND's unaudited consolidated interim financial statements and management discussion and analysis for the period can be found on www.sedarplus.ca.

 

Q3 2023 Financial Highlights:

 

• Revenue decreased 2% to $873,740 for the nine-month period ended September 30, 2023 from $890,86 in 2002. 

• Gross Profit decreased to 52% for the nine-month period ended September 30, 2023, from 58% in 2022. 

• Net loss increased 245% to $3,327,542 for the nine-month period ended September 30, 2023 from $964,462 in 2022. 

• Working capital decreased to 2,601,644 on September 30, 2023, from $2,987,975 on December 31, 2022. 

• Total assets decreased to $49,553,665 for September 30, 2023, from $49,903,208 for December 31, 2022. 

• The total shares outstanding as of September 30, 2023, were 39,643,681 

 

Summary of Quarterly Comparison of Revenue, Gross Profit and Net Loss

 

	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Revenue	202,058	251,047	$420,635	$232,186	$227,954	$207,653	$455,279
Gross Profit	72,085	66,239	$316,943	$96,938	$126,866	$37,657	$355,111
Net Loss	(1,439,785)	(1,147,324)	$(740,433)	$(700,222)	$(325,793)	$(473,386)	$(165,283)

  

Mr. Yftah Ben Yaackov, BYND's CEO, noted, "We are very pleased with the Company's financial results during Q3 of 2023 as we were able to keep investing in our future products. With the proceeds from the recent public offering, we are able to continue investing in our patent registrations and the creation of the EZ-G prototype, and we plan to introduce the products to the market in the first half of 2024."

 

Despite the decline in gross profit percentage, the Company remains focused on its long-term growth strategy and product development initiatives. The net loss for Q3 2023 increased significantly compared to the same period last year. This can be attributed to the strategic investments made by the Company to fuel its growth and innovation. These investments are part of a well-defined plan to bring new products to the market, enhancing BYND's position as a pioneer in the sexual wellness industry.

 

The decrease in working capital and total assets is a result of planned expenditures and investments for the development of new products and the enhancement of existing ones. The Company remains well-capitalized to support its growth and expansion plans.

 

Investors and stakeholders are encouraged to review the complete consolidated interim financial statements and management discussion and analysis for deeper insights into BYND's financial performance during Q3 2023. BYND believes in its long-term strategy and the positive impact it will have on the Company's growth and profitability as they continue to focus on expanding its patent portfolio and advancing product development.

About BYND Cannasoft Enterprises Inc.

 

BYND Cannasoft Enterprises is an Israeli-based integrated software and cannabis company. BYND Cannasoft owns and markets "Benefit CRM," a proprietary customer relationship management (CRM) software product enabling small and medium-sized businesses to optimize their day-to-day business activities such as sales management, personnel management, marketing, call center activities, and asset management. Building on our 20 years of experience in CRM software, BYND Cannasoft is developing an innovative new CRM platform to serve the needs of the medical cannabis industry. The Cannabis CRM System will include a Job Management (BENEFIT) and a module system (CANNASOFT) for managing farms and greenhouses with varied crops.

 

BYND Cannasoft owns the patent-pending intellectual property for the EZ-G device. This device uses proprietary software to regulate the flow of low concentrations of CBD oil, hemp seed oil, and other natural oils into the soft tissues of the female reproductive system to potentially treat a wide variety of women's health issues. The EZ-G device includes technological advancements as a sex toy with a more realistic experience, and the prototype utilizes sensors to determine what enhances the users' pleasure. The user can control the device through a Bluetooth app installed on a smartphone or other portable device. The data will be transmitted and received from the device to and from the secure cloud using artificial intelligence (AI). The data is combined with other antonymic user preferences to improve its operation by increasing sexual satisfaction. There is no guarantee that the device will be sold in the market on the date it will happen; all is subject to regulatory approvals. The early registrations are not binding and are made to create a waiting list, so there is no guarantee that the people that registered will order the device as there is no financial commitment from their side at this point.

 

For Further Information, please refer to the information available on the Company's website: www.cannasoft-crm.com, the CSE’s website: www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc and on SEDAR+: www.sedarplus.ca

Gabi Kabazo

Chief Financial Officer

Tel: (604) 833-6820

e‐mail: ir@cannasoft-crm.com

For Media and Investor Relations, please contact:

 

David Kugelman

(866) 692-6847 Toll Free - U.S. & Canada

(404) 281-8556 Mobile and WhatsApp

dk@atlcp.com

Skype: kugsusa

 

Cautionary Note Regarding Forward-Looking Statements

 

This press release includes certain statements that may be deemed "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect," and similar expressions are intended to identify forward‐looking statements. Those forward-looking statements include, without limitation, statements regarding the Company's expectations for the growth of the Company's operations and revenue. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements.

 

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including future financial performance, unanticipated regulatory requests and delays, final patents approval, and those factors discussed in filings made by the Company with the Canadian securities regulatory authorities, including (without limitation) in the Company's management's discussion and analysis for the year ended December 31, 2022 and annual information form dated March 31, 2023, which are available under the Company's profile at www.sedarplus.ca, and in the Company's Annual Report on Form 20-F for the year then ended that was filed with the U.S. Securities and Exchange Commission on April 27, 2023. Should one or more of these factors occur, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements except as required by law. The Company has an effective shelf registration statement as of June 2023 and is intending to raise funds in the very near future. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Shareholders are cautioned not to put undue reliance on such forward-looking statements.