BEACN Announces Financial Results for Year Ended December 31, 2024
BEACN Announces Financial Results for Year Ended December 31, 2024
Not for distribution to United States Newswire Services or for dissemination in the United States
VICTORIA, BC / ACCESS Newswire / April 30, 2025 / BEACN Wizardry & Magic Inc. (TSX-V:BECN) ("BEACN" or the "Company") is pleased to announce that its annual financial statements and accompanying MD&A for the fiscal year ended December 31, 2024 (the "Annual Financial Documents") have been filed. For the year ended December 31, 2024, the Company achieved sales revenue of $3,466,706 (2023 - $2,933,180), gross profit of $1,376,066 (40%) (2023 - gross profit of $1,079,875 (37%)) and incurred a net loss of $1,351,109 (2023 - loss of $2,281,917). Revenue in the final quarter was up 26% compared with the same period in the previous year due to stronger performance through BEACN's Amazon sales channel during the holiday sales period and the addition of BEACN Studio, a "2PC" dual-USB audio interface.
Further information is available from the Company's financial statements for the year ended December 31, 2024, available under the Company's profile on SEDAR at www.sedar.com.
BEACN continues to invest in product development and plans to introduce new product in the near term. The Company is also pleased with its continued growth into B2B sales and expects that an increased retailer base, its growing strategic distribution network and the introduction of additional products will lead to increased sales and profitability in the future.
"2024 was an exciting year of new product releases, industry-first feature introductions, and expansion of both our retail and eCommerce business. BEACN capitalized on the introduction of BEACN Mic Stand in late 2023 and the introduction of BEACN Studio in September 2024. BEACN Studio follows in the successful footsteps of BEACN Mic, bringing BEACN's patented signal processing algorithms and studio quality audio to XLR microphone customers. Additionally, BEACN Studio boasts revolutionary "2PC" dual-USB multi-channel audio communications with remote application management capability, representing yet another industry-first innovation for streamers and creators. Both products offered opportunities to introduce additional direct-to-consumer bundles across the BEACN product lineup", says BEACN CEO, Craig Fraser
In 2025, BEACN will continue to pursue its B2B retail and distribution strategy, increase sales and marketing initiatives, and bolster its distribution network for enhanced delivery access to consumers and B2B customers.
About BEACN
BEACN (TSX-V: BECN), a Victoria BC based consumer electronics company, develops innovative audio equipment, peripherals and technology for gamers, live streamers, and content creators. BEACN is committed to delivering premium products that enable everyone to produce studio-quality content. BEACN's award-winning product ecosystem includes BEACN Mic, BEACN Studio, BEACN Mix and BEACN Mix Create. BEACN is listed on the TSXV under the symbol BEACN.
Media & Investor Enquiries
Craig Fraser
[email protected]
+1 (778) 561-1450
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates", or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, among other things, statements relating to: (a) [B2B Retail Strategy]; (b) [Online, Direct to Consumer Sales Strategy]; (c) [Product Design & Introduction]; and (d) [Quarterly Earnings].
Such forward-looking statements are based on a number of assumptions of management, including, without limitation: (a) [Company's cost and timing expectations are accurate]; (b) [Company will be successful in the deployment of its resources and personnel]; (c) [Company's ability to maintain manufacturing volume for its products and its ability to sustain sales of products to customer]; and (d) [general economic and market conditions will not change in an adverse manner; political and regulatory stability including in financial and capital markets ].
Additionally, forward-looking statements involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) [risks that the supply chain disruption that may lead to a shortage of inventory for sale and/or delay introduction of new product]; (b) [risks that economic or other factors beyond the control of the Company may influence the purchasing behavior of customers]; (c) [risks that the volatility of global capital markets may adversely impact the Company's business and operations]; and (d) [risks that the Company could face technology or software disruptions].
The forward-looking statements contained in this press release represent management's best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this press release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this press release by you or any of your representatives or for omissions from the information in this press release. We seek safe harbor.
Reader Advisory
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: BEACN Wizardry & Magic Inc.
View the original press release on ACCESS Newswire
R.Gutierrez--RTC
