Pond Technologies

STEER Technologies Reports Q3 2023 Financial Results

29 November 2023

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 
This email address is being protected from spambots. You need JavaScript enabled to view it.
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.

__________________

1 All figures are accurate to the hundreds

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