TORONTO–(BUSINESS WIRE)–STEER Technologies Inc. (“STEER” or the “Company”) (TSXV: STER), (OTCQX: STEEF), an integrated ESG technology platform, today announced its 2022 (“Fiscal 2022”) operational and financial results for the year ended December 31, 2022. All financial results are reported in Canadian dollars, unless otherwise stated.1 Highlights include a Company-record revenue of $54,921,300 in Fiscal 2022, up from $25,416,500 in Fiscal 2021, representing a 116% year over year growth. STEER’s B2B marketplace revenue grew to $46,365,600 in Fiscal 2022, up from $15,679,900 in Fiscal 2021, representing remarkable 196% growth that allowed for the Company to execute a successful sale of a portion of such segment as part of securing an $18 MM direct investment in early 2023, as announced in STEER’s press releases dated January 23, 2023, March 7, 2023, March 24, 2023, and March 30, 2023.
1 All figures are accurate to the hundreds.
Fiscal 2022 Financial and Operational Highlights
- Revenue for Fiscal 2022 was $54,921,300, up from $25,416,500 in the fiscal year ended December 31, 2021.
- Revenue for Q4 2022 was $14,846,100, up from $10,310,300 in the same period a year earlier.
- B2B Marketplace revenue was $46,365,600 in Fiscal 2022, up from $25,416,500 in Fiscal 2021, with the Company estimating that 1 in 5 independent restaurants in Ontario have an account on its platform.
- STEER EV subscription revenue was $2,972,700 in Fiscal 2022, up from $2,804,700 in Fiscal 2021. In 2022, the Company also focused on replacing aging vehicles and generally updating its fleet, as well as expanding its operations to new geographies in North America.
- Net loss was $33,440,500 (of which $17,412,200 was cash) in Fiscal 2022, as compared to a net loss of $29,310,800 (of which $19,886,700 was cash) in Fiscal 2021, meaning that while net loss has grown 12%, revenue has grown 116% for the same period.
- General and administration expenses were $6,738,200 in Fiscal 2022, down from $7,352,400 in Fiscal 2021.
“We are thrilled to announce our record-breaking revenue of $54.9 million for Fiscal 2022, representing impressive 116% year-over-year growth and continuing the growth trajectory demonstrated by our 2020, 2021 and 2022 financial results. Our focus on cost optimization and operational efficiency has resulted in a reduction of general and administration expenses while driving sales and maintaining customer account growth. Despite the volatile market conditions observed in 2022, as well as aggressive interest rate hikes affecting the auto leasing industry in particular, our resilience and commitment to our mission have allowed us to achieve such remarkable numbers. We are also proud to report that our B2B marketplace revenue has increased by 196%, vindicating what we feel is robust demand for the adoption of our ESG technology platform. We remain committed to driving sustainable impact and creating value for our stakeholders,” said Suman Pushparajah, Chief Executive Officer of STEER.
For detailed information please refer to STEER’s 2022 Annual Consolidated Financial Statements and its Management Discussion and Analysis of Financial Condition and Results of Operations for the years ended December 31, 2022 and 2021 (the “2022 Annual MD&A”), filed on SEDAR at www.SEDAR.com. The following table provides a summary of the Company’s financial results for the years ended December 31, 2022 and 2021:
For the years ended December 31, 2022 2021 (Restated)
| REVENUE | $ | 54,921,277 | $ | 25,416,461 | |||
| Cost of revenue | 58,980,897 | 27,428,288 | |||||
| General and administration | 6,738,225 | 7,352,384 | |||||
| Operational support | 13,554,630 | 11,754,957 | |||||
| Research and development | 2,556,581 | 2,079,063 | |||||
| Sales and marketing | 2,263,322 | 2,999,199 | |||||
| Amortization | 1,397,765 | 2,721,518 | |||||
| Depreciation | 1,734,804 | 413,526 | |||||
| Total operating expenses | 87,226,224 | 54,748,935 | |||||
| OPERATING LOSS | (32,304,947) | (29,332,474) | |||||
| OTHER INCOME (EXPENSES) | |||||||
| Government grants | 1,654,467 | 4,104,361 | |||||
| Foreign exchange gain (loss) | 78,705 | (17,166) | |||||
| Interest expenses | (1,381,170) | (811,256) | |||||
| Interest income | 3,075 | 38,077 | |||||
| Loss from sale of equipment | (13,845) | – | |||||
| Gain or Loss on Termination | 729,158 | 42,300 | |||||
| Derecognition of long-term investment | – | – | |||||
| Fair value loss on investment | (90,999) | (3,476,245) | |||||
| Impairment of intangible assets | (2,054,874) | (67,803) | |||||
| NET LOSS BEFORE INCOME TAXES | $ | (33,380,430) | $ | (29,520,206) | |||
| Income tax expense | (66,124) | (85,170) | |||||
| Deferred income tax recovery | 6,078 | 294,623 | |||||
| NET LOSS | (33,440,476) | (29,310,753) | |||||
| Cumulative translation adjustment | (54,441) | (31,096) | |||||
| NET LOSS AND COMPREHENSIVE LOSS | (33,494,917) | (29,341,849) | |||||
| Loss per share – Basic and diluted | $ | (0.27) | $ | (0.31) | |||
| Weighted average shares outstanding – Basic and diluted | 123,902,409 | 95,251,514 |
About the Company
STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company’s goal is to build a one-of-a-kind ecosystem that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company’s offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, B2B marketplace, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company’s platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company’s impact on carbon reductions and offsets.
For more about the Company, visit www.steeresg.com.
Suman Pushparajah, CEO
[email protected]
STEER
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.steeresg.com
Forward-Looking Information
Certain information in this press release contains forward-looking information, including with respect to the Company’s business, operations and condition, management’s objectives, strategies, beliefs and intentions, and the company’s forward plans to rebrand. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events, such as those pertaining to success of the Company’s financial performance going forward from the above 2022 results, may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements
See “Forward-Looking Information” and “Risk Factors” in the Company’s Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on May 2, 2022) and its interim MD&A for the period ended March 31, 2022, June 30, 2022, September 30,2022 (filed on SEDAR on May 30, 2022, August 29, 2022 and November 29, 2022 respectively) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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