STEER Reports Fiscal 2023 Financial Results
For detailed information please refer to STEER's 2023 Annual Consolidated Financial Statements and its Management Discussion and Analysis of Financial Condition and Results of Operations for the years ended
For the years ended |
|
|
2023 |
|
|
|
2022 |
REVENUE |
|
$ |
17,732,500 |
|
|
$ |
54,921,300 |
Cost of revenue |
|
|
20,212,900 |
|
|
|
58,980,900 |
General and administration |
|
|
3,866,100 |
|
|
|
6,738,200 |
Operational support |
|
|
4,319,400 |
|
|
|
13,554,600 |
Research and development |
|
|
606,800 |
|
|
|
2,556,600 |
Sales and marketing |
|
|
1,015,000 |
|
|
|
2,263,300 |
Provision for trade and other receivable |
|
|
1,082,000 |
|
|
|
- |
Amortization |
|
|
671,800 |
|
|
|
1,397,800 |
Depreciation |
|
|
715,900 |
|
|
|
1,734,800 |
Total operating expenses |
|
|
32,489,400 |
|
|
|
87,226,200 |
OPERATING LOSS |
|
|
(14,756,900) |
|
|
|
(32,304,900) |
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSES) |
|
|
|
|
|||
Government grants |
|
|
(48,400) |
|
|
|
1,654,500 |
Foreign exchange gain |
|
|
9,900 |
|
|
|
78,700 |
Net interest and finance charges |
|
|
(1,508,200) |
|
|
|
(1,378,100) |
Loss from sale of equipment |
|
|
(24,800) |
|
|
|
(13,800) |
Net (loss) gain on derecognition of right-of- |
|
|
(9,993,900) |
|
|
|
729,200 |
Gain from spin-off of a subsidiary |
|
|
33,791,900 |
|
|
|
- |
Share of loss of an associate |
|
|
(5,737,900) |
|
|
|
- |
Fair value loss on investment |
|
|
(919,100) |
|
|
|
(91,000) |
Impairment of intangible assets |
|
|
- |
|
|
|
(2,054,900) |
NET INCOME (LOSS) BEFORE |
|
$ |
812,600 |
|
|
$ |
(33,380,400) |
Income tax recovery (expense) |
|
|
33,500 |
|
|
|
(66,100) |
Deferred income tax recovery |
|
|
70,000 |
|
|
|
6,100 |
NET INCOME (LOSS) |
|
|
916,000 |
|
|
|
(33,440,500) |
Cumulative translation adjustment |
|
|
109,600 |
|
|
|
(54,400) |
NET INCOME (LOSS) AND |
|
|
1,025,700 |
|
|
|
(33,494,900) |
Income (loss) per share – basic and |
|
$ |
0.01 |
|
|
$ |
(0.27) |
Weighted average shares outstanding – |
|
|
132,944,600 |
|
|
|
123,902,400 |
_______________________________ |
1 All figures are accurate to the hundreds |
"Today, STEER has announced Fiscal 2023 revenue of
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.
junaid@steeresg.com
STEER
44
L4B 1G8
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 2022 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 2023 Annual MD&A (filed on SEDAR on
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