STEER Technologies Inc. (“STEER” or the
“Company”) (TSXV: STER), (OTCQX: STEEF), an integrated ESG
technology platform, today announced and filed its Q1 interim
financial statements for the quarter ended March 31, 2023 ("Q1
2023"). All financial results are reported in Canadian dollars,
unless otherwise stated.1
Highlights include a Company quarterly revenue record of
$15,229,000 in Q1 2023, up from $10,734,500 in Q1 2022,
representing 41.9% year-over-year growth. All revenue growth was
organic. STEER's subscription-based revenues grew to $795,100 in Q1
2023, up from $758,100 in Q1 2022 while STEER's on-demand revenues
grew to $14,433,900, up from $9,976,400 in Q1 Fiscal 2022. Net
profit was $30,300,000 compared to a net loss of $8,182,000 in Q1
2022, due to successful sale of a minority portion of the Company’s
Digital Restaurant Supply business and its spinoff into a new
entity, FoodsUp Inc. (“FoodsUp”), as announced in STEER’s
press releases dated January 23, 2023, March 7, 2023, March 24,
2023, and March 30, 2023.
Q1 2023 Interim Financial and Operational Highlights
- Revenue for Q1 2023 was $15,229,000, up from $10,734,500 in the
same period a year earlier.
- STEER’s subscription revenue was $795,100 in Q1 2023, up from
$758,100 in the same period a year earlier.
- STEER’s on-demand revenue was $14,433,900 in Q1 2023, up from
$9,976,400 in the same period a year earlier.
- Net profit was $30,300,000 in Q1 2023, as compared to a net
loss of $8,182,000 in the same period a year earlier, due to sale
of a minority portion of STEER’s Digital Restaurant Supply
business.
- General and administration expenses were $1,409,200 in Q1 2023,
down from $2,004,400 in the same period a year earlier.
"At STEER, our commitment to innovation and sustainability
continues to drive exceptional results. We are thrilled to announce
record-breaking Q1 2023 revenues of $15,229,000, reflecting a
remarkable 41.9% year-over-year growth. Such growth, bolstered by
robust subscription-based and on-demand revenues, showcases the
strength and resilience of our integrated ESG technology platform.
Moreover, the successful sale of a minority portion of our Digital
Restaurant Supply business contributed to a net profit of
$30,300,000, a remarkable turnaround from the net loss of
$8,182,000 in Q1 2022. These outstanding achievements demonstrate
our ability to deliver value to our stakeholders while maintaining
a lean and efficient operation. We remain dedicated to advancing
our mission and driving sustainable solutions in the ever-evolving
landscape of ESG technology,” said Suman Pushparajah, Chief
Executive Officer of the Company.
___________________________________ 1 All figures are accurate
to the hundreds
Selected Financial Highlights
The following provides a summary of the Financial Results of the
Company. For detailed information please refer to Facedrive's Q1
2023 Interim Financial Statements and its Management's Discussion
and Analysis of Financial Condition and Results of Operations for
the quarter-ended March 31, 2023 (the "Q1 2023
MD&A"), filed on SEDAR at www.SEDAR.com.
For the three months ended March
31
Notes
2023
2022
REVENUE
$
15,229,021
$
10,734,515
Cost of revenue
15,434,020
11,745,485
General and administration
1,409,195
2,004,384
Operational support
2,116,529
3,701,208
Research and development
278,814
737,478
Sales and marketing
551,083
591,115
Amortization
196,869
664,538
Depreciation
458,868
356,788
Total operating expenses
20,445,378
19,800,996
OPERATING LOSS
(5,216,357)
(9,066,481)
OTHER INCOME (EXPENSES)
Government grants
-
1,022,814
Foreign exchange gain (loss)
(31,599)
(7,945)
Interest expenses
(444,026)
(240,328)
Interest income
4,525
56
Gain from sale of equipment
(24,770)
19,570
Gain on lease termination
96,596
86,774
Fair value loss on investment
(30,704)
132
Gain from Spin off B2B Marketplace
35,946,312
-
PROFIT BEFORE INCOME TAXES
$
30,299,977
$
(8,185,408)
Deferred income tax recovery
-
3,369
NET PROFIT
30,299,977
(8,182,039)
Cumulative translation adjustment
(23,931)
(22,988)
NET PROFIT AND COMPREHENSIVE
PROFIT
30,276,046
(8,205,027)
NET PROFIT FROM CONTINUED
OPERATION
31,569,288
-
NET LOSS FROM DISCONTINUED
OPERATION
(1,293,242)
-
Profit per share – Basic and
diluted
$
0.24
$
(0.08)
Weighted average shares outstanding -
Basic and diluted
123,902,409
98,310,931
Although the Company retains a 62.5% equity ownership stake in
FoodsUp, the Company has currently accounted for the sale of 37.5%
of FoodsUp on March 30, 2023 as a loss of control of FoodsUp on
that date and therefore the Company expects to account for the
activities and performance of FoodsUp using the equity method from
that date forward (as opposed to the consolidation method), as
reflected in the Company’s Q1 2023 financial statements. However,
the Company is working with its accounting advisors and is
reviewing IFRS 10 “Consolidated Financial Statements” which
outlines the requirements for the preparation and presentation of
consolidated financial statements, requiring entities to
consolidate entities it controls. Control requires exposure or
rights to variable returns and the ability to affect those returns
through power over an investee. The Company will provide another
update about these accounting determinations as they apply to the
facts involving the Company and FoodsUp if an alternate
determination is made. For more information, see the Company’s Q1
2023 MD&A.
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 suman@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 Q1 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230530005706/en/
For further information: Company Contact: Suman Pushparajah,
suman@steeresg.com Media Contact: Maria Verbytska,
maria@steeresg.com, Tel: 1-888-300-2228
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