TORONTO,
Aug. 29, 2022 /CNW/ -
Facedrive Inc. ("STEER" or "the Company")
(TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology
platform, today announced and filed its interim financial
statements for the quarter ended June 30,
2022 ("Q2 2022"). All financial results are reported
in Canadian dollars, unless otherwise stated.
STEER reported a quarterly revenue record of $15,048,939 in Q2 2022, up from $4,521,548 in Q2 2021, representing 232.83%
year-over-year growth. Q2 2022 revenue also represents 40.19%
quarter-over-quarter growth compared to Q1 2022 revenue of
$10,734,515. All revenue growth was
organic. The Company also reported a record Gross Merchandize
Valuei of $ 21,661,109 in Q2 2022, up
from $14,304,750 during Q2 2021,
representing 51.43% year-over-year growth. Compared to $19,465,604 in Q1 2022, this also represents
approximately 11.28% quarter-over-quarter growth.
Net loss was $7,776,605 compared
to $7,559,851 in Q2 2021,
representing 2.87% year-over-year increase. Compared to
$8,182,039 in Q1 2022, STEER has
achieved 4.96% quarter-over-quarter net loss decrease.
As a result, the Company's Management is confident that the
streamlining measures undertaken thus far in 2022 including: (i)
operational realignment (with a view to centralizing and
consolidating resources and focusing on selling Subscription and
On-demand offerings); and (ii) continued improvements in expense
management, will continue to result in increased operational
efficiency. As such, STEER is experiencing revenue growth at a
faster pace than the corresponding increase in operational
expenses. The Company is confident this trend will further
strengthen in Q3 and Q4 Fiscal 2022.
Q2 2022 Interim Financial and Operational Highlights
Revenues
|
For the three
months ended
June 30, 2022
|
Δ
(YoY)
|
For the three
months ended
June 30, 2021
|
Δ(QoQ)
|
For the three
months ended
March 31, 2022
|
|
($'000)
|
|
($'000)
|
|
($'000)
|
On-Demand
Offerings
|
Q2
2022
|
|
Q2
2021
|
|
Q1
2022
|
B2B
Marketplace
|
12,730.37
|
476.81 %
|
2,207.04
|
52.82 %
|
8,330.04
|
Suppr APP (Foods
Delivery, Rideshare, Daas, Health )
|
1,523.53
|
-6.05 %
|
1,621.70
|
-7.46 %
|
1,646.37
|
Subtotal On-Demand
Offerings
|
14,253.90
|
272.29
%
|
3,828.75
|
42.88
%
|
9,976.41
|
Subscription-Based
Offerings
|
|
|
|
|
|
Vehicle
subscription
|
699.28
|
5.62 %
|
662.10
|
5.51 %
|
662.78
|
EcoCRED
|
95.76
|
211.87 %
|
30.71
|
0.46 %
|
95.32
|
Subtotal
Subscription-Based Offerings
|
795.04
|
14.76
%
|
692.80
|
4.87
%
|
758.10
|
Total
Revenue
|
15,048.94
|
232.83
%
|
4,521.55
|
40.19
%
|
10,734.52
|
"In Q2 2022, STEER continued a strong growth trajectory set in
Q1 2022. This past quarter, we more than tripled revenues as
compared to Q2 2021 and continue to increase our operational
efficiencies while focusing on growth and expansion. Therefore, the
platform we have built continues to demonstrate that we can
increase revenues significantly while managing costs, which is
evident in our Q2 results.
Q2 has also been remarkable for STEER in the sense that the
Company significantly expanded the geographical presence of its EV
subscription platform, STEER EV. Having launched the service in
Texas and British Columbia, Management for the Company
feels that STEER is well-positioned to capitalize on the burgeoning
demand in the personal vehicle subscription sector. Moreover,
we continue to enhance our ESG reporting tool suite as well as
extend our ESG mandate throughout all of the Company's business
processes", said Suman Pushparajah,
Chief Executive Officer of the Company.
Selected Financial Highlights
The following provides a summary of the Financial Results of the
Company. For detailed information please refer to Facedrive's Q2
2022 Interim Financial Statements and its Management's Discussion
and Analysis of Financial Condition and Results of Operations for
the quarter-ended June 30, 2022 (the
"Q2 2022 MD&A"), filed on SEDAR at
www.SEDAR.com.
For the three months
ended June 30
|
|
2022
|
|
2021
|
REVENUE
|
$
|
15,048,939
|
$
|
4,521,548
|
COSTS AND OPERATING
EXPENSES
|
|
|
|
|
Cost of
revenue
|
|
15,313,179
|
|
5,346,764
|
General and
administration
|
|
1,850,006
|
|
1,679,591
|
Operational
support
|
|
4,189,919
|
|
3,461,044
|
Research and
development
|
|
685,425
|
|
465,113
|
Sales and
marketing
|
|
525,349
|
|
938,504
|
Amortization
|
|
286,559
|
|
695,064
|
Depreciation
|
|
383,417
|
|
92,004
|
Total costs and
operating expenses
|
|
23,233,854
|
|
12,678,084
|
OPERATING
LOSS
|
|
(8,184,915)
|
|
(8,156,536)
|
|
|
|
|
|
OTHER INCOME
(EXPENSES)
|
|
|
|
|
Government and other
grants
|
|
631,653
|
|
909,373
|
Foreign exchange
loss
|
|
(115)
|
|
(110,245)
|
Interest
expenses
|
|
(284,021)
|
|
(193,782)
|
Interest
income
|
|
61
|
|
9,260
|
Gain from sale of
equipment
|
|
-
|
|
-
|
Gain or Loss on
termination
|
|
47,684
|
|
(17,921)
|
Fair value loss on
investment
|
|
-
|
|
-
|
LOSS BEFORE INCOME
TAXES
|
$
|
(7,789,653)
|
$
|
(7,559,851)
|
Deferred income tax
recovery
|
13,048
|
|
-
|
NET
LOSS
|
|
(7,776,605)
|
|
(7,559,851)
|
Cumulative translation
adjustment
|
|
(44,864)
|
|
(39,146)
|
NET LOSS AND
COMPREHENSIVE LOSS
|
$
|
(7,731,741)
|
$
|
(7,598,997)
|
Loss per share –
basic and diluted
|
$
|
(0.06)
|
$
|
(0.08)
|
Weighted average
shares outstanding – basic and diluted
|
|
130,929,814
|
|
93,788,556
|
|
|
|
|
|
|
|
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 system 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.facedrive.com.
Suman Pushparajah, CEO
suman@facedrive.com
STEER
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3
www.facedrive.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 scale up its electric vehicle subscription
business. 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 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),its
interim MD&A for the period ended March
31, 2022 (filed on SEDAR on May 30,
2022), and its interim MD&A for the period ended
June 30, 2022 (filed on SEDAR on
August 29, 2022) 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.
_________________________
i "Gross Merchandise Value" (GMV) means the
total value of all merchandise and services sold over a given
period of time through the Company's ESG platform of product and
services offerings. Gross Merchandise Value is a metric most
commonly used by e-commerce companies. It is intended to
measure the growth of the business or use of a platform to sell
merchandise and services, some or all of which may be owned by
others and is therefore not all revenue to the platform owner or
provider (such as the Company). In the Company's case, GMV includes
the value of the food, supplies and merchandise ordered and the
gross fees charged by the Company to customers on account of rides
and deliveries, a substantial portion of which the Company does not
recognize as revenue. The most directly comparably or correlated
GAAP financial measure in the context of our Company is revenue
which, for Q2 2022 was $15,048,939
and $4,521,939 in Q2 2021. Note that
GMV is a non-GAAP financial measure, meaning that it is not a
standardized financial measure under the financial reporting
framework used to prepare the Company's financial statements and it
might not be comparable to similar financial measures disclosed by
other issuers.
SOURCE Facedrive Inc.