BEACN Announces Results for Q3, 2023 and Improvement from B2B Strategy

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Growth for the three-month period ended September 30, 2023 over the same period in 2022 achieved with B2B sales strategy and investment in sales & marketing.

VICTORIA, BC / ACCESSWIRE / November 24, 2023 / BEACN Wizardry & Magic Inc. (TSXV:BECN) ("BEACN" or the "Company") is pleased to announce that revenue for the three months ended September 30, 2023 increased to $886,786, an increase of 22% compared to $727,088 for the same period in 2022 and a 79% increase of the prior three-month period ended June 30, 2023. The Company has continued to invest in sales and marketing, including new regional trade events, such as PAX West, and new B2B partnerships. Sales in the three months ended September 30, 2023 included the first orders from new B2B retail partners including London Drugs and two US-based custom build PC companies. The three-month period achieved gross profit of $350,831 (40%) (2022 - $315,214 (43%) and a net loss of $616,562 (2022 - net loss of $149,893). The Company is pleased with the performance for the three-month period and will continue to strive for increased revenue and improved gross margin in the coming quarters.

For the nine-month period ended September 30, 2023, the Company reports sales revenue of $1,981,810 (2022 - $3,534,994) gross profit of $827,732 (42%) (2022 - $2,036,313 (42%) and a net loss of $1,708,863 (2022 - net income of $240,156). In the first half of 2023, BEACN experienced lower revenue than anticipated due to a single channel sales strategy and plateauing website traffic compared to product introduction and initial sales in early 2022. Proceeds from private placement rounds in 2022 and 2023 were used to increase efforts in sales & marketing, development, and logistics. Further information is available from the Company's interim financial statements for the nine-month period ended September 30, 2023, available under the Company's profile on SEDAR at www.sedar.com.

"The significant investments we've been making towards our growth strategy started to show results this past quarter. The addition of our new B2B sales partners and the launch of Mac compatibility are expected to increase revenue and introduce exciting new market opportunities for us." Says BEACN CEO, Craig Fraser.

Foto: Accesswire

BEACN attends TwitchCon 2023 in Las Vegas - demonstrating BEACN Mic, BEACN Mix, Mix Create and its new BEACN Mic Stand - photo credit - BEACN 2023

For the remainder of 2023 and into 2024 BEACN will continue to implement its B2B sales retail strategy to complement its successful B2C sales program by simultaneously expanding the reach of its e-commerce platforms. The introduction at TwitchCon 2023 of the new accessory, BEACN Mic Stand, in October 2023, is anticipated to contribute to an increase in gross margin in future periods. BEACN's continuous efforts in product design will lead to software updates and the launch of new products in 2024. These strategic initiatives are expected to positively impact quarterly earnings over the next three quarters.