TORONTO, Nov. 29, 2023 /CNW/ - STEER Technologies Inc. ("STEER" or the "Company") (TSXV: STER), (OTCQX: STEEF), an integrated ESG technology platform, today announced and filed its Q3 interim financial statements for the quarter ended September 30, 2023 ("Q3 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 Q3 2023 Interim Financial Statements and its Management's Discussion and Analysis of Financial Condition and Results of Operations for the quarter-ended September 30, 2023 (the "Q3 2023 MD&A"), filed on SEDAR at www.SEDAR.com.
Notes
For the three months ended September 30, 2023
For the three months ended September 30, 2022
For the nine months ended September 30, 2023
For the nine months ended September 30, 2022
REVENUE
5
$
884,373
$
14,291,749
$
17,120,212
$
25,783,455
COSTS AND OPERATING EXPENSES
Cost of revenue
6
1,459,145
14,694,325
18,711,244
27,058,663
General and administration
7
377,350
1,378,028
3,159,154
3,854,390
Operational support
8
526,690
3,371,088
3,476,844
7,891,127
Research and development
9
122,573
670,790
546,419
1,422,904
Sales and marketing
10
128,732
577,055
938,830
1,116,464
Amortization
15
196,865
225,757
590,599
951,097
Depreciation
19, 28
87,677
516,974
637,016
740,206
Total operating expenses
2,899,032
21,434,017
28,060,105
43,034,851
OPERATING LOSS
(2,014,659)
(7,142,268)
(10,939,894)
(17,251,396)
OTHER INCOME (EXPENSES)
Government grants
29
-
-
-
1,654,467
Foreign exchange gain (loss)
112,740
(23,838)
224,578
(20,687)
Interest expenses
(374,528)
(379,871)
(1,210,113)
(524,349)
Interest income
396
758
11,437
118
Gain from sale of equipment
-
10,189
(24,770)
32,198
Gain or Loss on Termination
3,660
170,237
100,256
134,458
Fair value loss on investment
17
(2,860,412)
(29,623)
(30,704)
132
Gain from Spin off B2B Marketplace
18
-
-
35,946,312
-
NET LOSS/PROFIT BEFORE INCOME TAXES
$
(5,132,803)
$
(7,394,416)
$
24,077,101
$
(15,975,059)
Deferred income tax recovery
-
33,478
-
16,417
NET LOSS/PROFIT
(5,132,803)
(7,360,938)
24,077,101
(15,958,643)
Cumulative translation adjustment
(70,936)
53,627
(59,695)
21,875
NET LOSS/PROFIT AND COMPREHENSIVE LOSS/PROFIT
(5,203,739)
(7,307,311)
24,017,406
(15,936,768)
Loss per share
– Basic and diluted
$
(0.04)
$
(0.06)
$
0.18
$
(0.14)
Weighted average number of shares outstanding
Basic and diluted
132,277,899
131,942,719
132,277,899
114,710,3311
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 food delivery, 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.
Junaid Razvi, CEO junaid@steeresg.com 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 June 30, 2023 (filed on SEDAR on August 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.
Steer Technologies Inc. is a Canada-based company engaged in providing an integrated environmental, social, and governance (ESG) technology platform that moves people and delivers things through subscription and on-demand services. The Companyâs 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, business-to-business (B2B) marketplace, delivery-as-a-service (DaaS) and rideshare businesses. Its DaaS business provides a flexible logistics solution, empowering businesses to meet evolving client demands and streamline operations. Its rideshare platform connects passengers to reliable transportation options. The Companyâs 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 Companyâs impact on carbon reductions and offsets.