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.
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__________________
|
|
1 All
figures are accurate to the hundreds
|
SOURCE STEER Technologies Inc.