TORONTO, Aug. 29, 2023 /CNW/ – STEER Technologies Inc. (“STEER” or the “Company“) (TSXV: STER), (OTCQX: STEEF), an integrated ESG technology platform, today announced and filed its Q2 interim financial statements for the quarter ended June 30, 2023 (“Q2 2023“). All financial results are reported in Canadian dollars, unless otherwise stated.1
Selected Financial Highlights
The following provides a summary of the Financial Results of the Company. For detailed information please refer to STEER’s Q2 2023 Interim Financial Statements and its Management’s Discussion and Analysis of Financial Condition and Results of Operations for the quarter-ended June 30, 2023 (the “Q2 2023 MD&A“), filed on SEDAR at www.SEDAR.com.
| For the three months ended June 30, 2023 | For the three months ended June 30, 2022 | For the six months ended June 30, 2023 | For the six months ended June 30, 2022 | ||||||||||
| REVENUE | $ | 1,006,817 | $ | 15,048,939 | $ | 16,235,838 | $ | 25,783,455 | |||||
| COSTS AND OPERATING EXPENSES | |||||||||||||
| Cost of revenue | 1,818,078 | 15,313,179 | 17,252,098 | 27,058,663 | |||||||||
| General and administration | 1,372 ,608 | 1,850,006 | 2,781,804 | 3,854,390 | |||||||||
| Operational support | 833,625 | 4,189,919 | 2,950,154 | 7,891,127 | |||||||||
| Research and development | 145,031 | 685,425 | 423,845 | 1,422,904 | |||||||||
| Sales and marketing | 259,016 | 525,349 | 810,099 | 1,116,464 | |||||||||
| Amortization | 196,865 | 286,559 | 393,734 | 951,097 | |||||||||
| Depreciation | 90,471 | 383,417 | 549,338 | 740,206 | |||||||||
| Total operating expenses | 4,715,694 | 23,233,854 | 25,161,072 | 43,034,851 | |||||||||
| OPERATING LOSS | (3,708,877) | (8,184,915) | (8,925,234) | (17,251,396) | |||||||||
| OTHER INCOME (EXPENSES) | |||||||||||||
| Government grants | – | 631,653 | – | 1,654,467 | |||||||||
| Foreign exchange gain (loss) | 143,436 | (12,743) | 111,837 | (20,687) | |||||||||
| Interest expenses | (391,558) | (284,021) | (835,584) | (524,349) | |||||||||
| Interest income | 7,060 | 61 | 11,585 | 118 | |||||||||
| Gain from sale of equipment | – | 12,628 | (24,770) | 32,198 | |||||||||
| Gain or Loss on Termination | – | 47,684 | 96,596 | 134,458 | |||||||||
| Fair value loss on investment | – | – | (30,704) | 132 | |||||||||
| Gain from Spin off B2B Marketplace | – | – | 35,946,312 | – | |||||||||
| NET LOSS/PROFIT BEFORE INCOME TAXES | $ | (3,949,939) | $ | (7,789,653) | $ | 26,350,038 | $ | (15,975,059) | |||||
| Deferred income tax recovery | – | 13,048 | – | 16,417 | |||||||||
| NET LOSS/PROFIT | (3,949,939) | (7,776,605) | 26,350,038 | (15,958,643) | |||||||||
| Cumulative translation adjustment | 35,172 | 44,864 | 11,243 | 21,875 | |||||||||
| NET LOSS/PROFIT AND COMPREHENSIVE LOSS/PROFIT | (3,914,767) | (7,731,741) | 26,361,281 | (15,936,768) | |||||||||
| Loss per share– Basic and diluted | $ | (0.03) | $ | (0.06) | $ | 0.21 | $ | (0.14) | |||||
| Weighted average number of shares outstanding | |||||||||||||
| Basic and diluted | 123,902,409 | 130,929,814 | 126,899,917 | 114,710,3311 | |||||||||
| ____________________ |
| 1 All figures are accurate to the hundreds |
Furthermore, STEER announces a change to its senior management team with Jason Xie stepping down as the Company’s Chief Financial Officer due to personal reasons. Mr. Xie will continue to provide assistance to the Company on a temporary and part-time basis as part of the Company’s transition process to an interim CFO.
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 Q2 2023 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, 2022 (filed on SEDAR on May 1, 2023) and its interim MD&A for the period ended March 31, 2023 (filed on SEDAR on May 30, 2023) 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.
SOURCE STEER Technologies Inc.
For further information: Company Contact: Suman Pushparajah, [email protected]; Media Contact: Maria Verbytska, [email protected], Tel: 1-888-300-2228
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