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Israeli Technology Company BYND Cannasoft Enterprises Inc. Announces First Quarter 2024 Financial Results



BYND Cannasoft Enterprises
 

Vancouver, British Columbia (May 15, 2024)TheNewswire – BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (“BYND” or the “Company”), has released its financial results for three-month ended March 31, 2024. 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.

 

Q1 2024 Financial Highlights:

 
  • Revenue decreased 26% to $308,968 for the three-month period ended March 31, 2024, from $420,635 for the same period in 2023. 

  • Gross Profit decreased to 21% for the three-month period ended March 31, 2024, from 75% for the same period in 2023. 

  • Net loss increased 4,035% to $30,617,317 for the three-month period ended March 31, 2024, from $740,433 for the same period in 2023. 

  • Working capital increased to 8,591,925 for March 31, 2024, from $2,441,703 for December 31,2023. 

  • Total assets increased to $42,936,744 for March 31, 2024, from $36,801,368 for December 31,2023. 

  • Total shares outstanding as of March 31, 2024, were 3,245,069. 

 

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

 
 

Q1 2024

Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2022

Q3 2022

Revenue

308,968

205,121

202,058

251,047

$420,635

$232,186

$227,954

Gross Profit (Loss)

65,950

(56,711)

72,085

66,239

$316,943

$96,938

$126,866

Net Loss

(30,617,317)*

(15,167,579)**

(1,439,785)

(1,147,324)

$(740,433)

$(700,222)

$(325,793)

 

*Includes change in fair value of derivative warrants liabilities in the amount of $28,977,934.

 

**Includes impairments of intangible assets and asset under construction in the amount of $13,142,481.

About BYND Cannasoft Enterprises Inc.  

BYND Cannasoft Enterprises is an Israeli-based integrated software 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.

 

BYND Cannasoft owns the patent-pending intellectual property for the EZ-G device. This therapeutic 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. Commercialization of the EZ-G device is subject to receipt of regulatory approvals.

 

For further information please refer to information available on the Company’s website: www.cannasoft-crm.com, and on SEDAR+: www.sedarplus.ca.

Gabi Kabazo

Chief Financial Officer

Tel: (604) 833-6820

e‐mail: ir@cannasoft-crm.com

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 U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended and under Canadian securities laws. 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. 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, 2023 and annual information form dated April 2, 2024, 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 2, 2024. 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. 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.