TORONTO–(BUSINESS WIRE)–Facedrive Inc. (“Facedrive” or the “Company”) (TSX-V: FD), a Canadian “people-and-planet first” tech ecosystem, today announced its Q1 interim Financial Statements for the period ended March 31, 2021 (“Q1 2021”). All financial results are reported in Canadian dollars, unless otherwise stated.
Facedrive is a multi-faceted “people-and-planet first” tech ecosystem offering socially-responsible services to local communities with a strong commitment to doing business fairly, equitably and sustainably. As part of this commitment, Facedrive’s vision is to fulfill its mandate through a number of services and offerings that either leverage existing technologies of the Company or project initiatives with existing lines of business. Facedrive’s services and offerings include eco-friendly rideshare (Facedrive Rideshare); food delivery services (Facedrive Foods); its Steer electric and hybrid vehicle subscription service; contact-tracing and connected health technology services (Facedrive Health); e-commerce; and e-social platform (Facedrive Social).
Q1 2021 Interim Financial and Operational Highlights
- Revenue for Q1 2021 was $4,255,815, up from $387,901 in the same period a year earlier.
- Rideshare revenue was $79,054 in Q1 2021, compared to $287,901 in the same period a year earlier.
- Facedrive Foods revenue was $3,490,424 in Q1 2021, compared to $nil in the same period a year earlier.
- Steer subscription revenue was $596,713 in Q1 2021, compared to $nil in the same period a year earlier.
- Net loss was $5,878,405 in Q1 2021, as compared to a net loss of $1,498,142 in the same period a year earlier.
- Cost of revenue in Q1 2021 was $3,353,287, an increase from $248,490 in the same period a year earlier.
- General and administration expenses were $2,059,249 in Q1 2021, up from $578,579 in the same period a year earlier.
- Operational support expenses increased to $2,064,197 in Q1 2021, up from $361,019 in the same period a year earlier.
- Research and development expenses increased to $344,436 in Q1 2021, as compared to $233,298 in the same period a year earlier.
- Sales and marketing expenses were $2,482,098 in Q1 2021, as compared to $574,907 in the same period a year earlier.
- Basic loss per share was $0.06 in Q1 2021, as compared to $0.02 in the same period a year earlier.
Selected Financial Highlights
The following provides a summary of the Financial Results of the Company. For detailed information please refer to Facedrive’s Q1 2021 Interim Financial Statements and its Management’s Discussion and Analysis of Financial Condition and Results of Operations (the “Q1 MD&A”), filed on SEDAR at www.SEDAR.com.
| For the three months ended March 31, | 2021 | 2020 | |||
| REVENUE | $ | 4,255,815 | $ | 387,901 | |
| COSTS AND OPERATING EXPENSES | |||||
| Cost of revenue | 3,353,287 | 248,490 | |||
| General and administration | 2,059,249 | 578,579 | |||
| Operational support | 2,064,197 | 361,019 | |||
| Research and development | 344,436 | 233,298 | |||
| Sales and marketing | 2,482,098 | 574,907 | |||
| Amortization | 663,690 | – | |||
| Depreciation | 30,173 | 16,592 | |||
| Total operating expenses | 10,997,130 | 2,012,885 | |||
| OPERATING LOSS | (6,741,315) | (1,624,984) | |||
| OTHER INCOME (EXPENSES) | |||||
| Government and other grants | 1,084,882 | – | |||
| Foreign exchange gain (loss) | (49,390) | 120,908 | |||
| Interest expenses | (187,285) | (4,267) | |||
| Interest income | 9,632 | 10,201 | |||
| Gain on lease terminations | 5,071 | – | |||
| NET LOSS | $ | (5,878,405) | $ | (1,498,142) | |
| Cumulative translation adjustment | (34,084) | – | |||
| NET LOSS AND COMPREHENSIVE LOSS | (5,912,489) | (1,498,142) | |||
| Loss per share – basic and diluted | $ | (0.06) | $ | (0.02) | |
| Weighted average shares outstanding – basic and diluted | 93,746,852 | 90,326,138 |
About Facedrive
Facedrive is a multi-faceted “people-and-planet first” tech ecosystem offering socially-responsible services to local communities with a strong commitment to doing business fairly, equitably and sustainably. As part of this commitment, Facedrive’s vision is to fulfill its mandate through a number of services that either leverage existing technologies of the Company or project synergies with existing lines of business. Facedrive’s service offerings include: its (i) eco-friendly rideshare business, Facedrive Rideshare; (ii) food delivery service, Facedrive Foods; (iii) electric and hybrid vehicle subscription business, Steer; (iv) contact-tracing and connected health technology services, Facedrive Health; (v) e-commerce platform, Facedrive Marketplace; and (vi) e-social platform, Facedrive Social.
Facedrive Rideshare was among the first to offer a wide variety of environmentally and socially responsible solutions in the Transportation as a Service (TaaS) space, planting thousands of trees based on user consumption and offering choices between electric, hybrid and conventional vehicles (including, more recently, electric and hybrid vehicles on a subscription basis through Steer). Facedrive Marketplace offers curated merchandise typically created from sustainably sourced materials and linked to social causes. Facedrive Foods offers contactless delivery of a wide variety of foods right to consumers’ doorsteps, with a focus on doing so in a socially and environmentally-conscious manner. Facedrive Social strives to keep people connected in a physically-distanced world through its HiQ and other e-socialization platforms that invite users to interact based on common interests and by offering gamification and mutual community support features. Facedrive Health strives to develop and offer innovative technological solutions to the most acute health challenges including its proprietary TraceSCAN wearable technology for contact tracing. Facedrive envisions changing the ridesharing, food delivery, e-commerce, social and health tech narratives for the better, for everyone, and is currently operational in Canada and the United States.
For more about Facedrive, visit www.facedrive.com.
100 Consilium Pl, Unit 104, Scarborough, ON, Canada M1H 3E3
Forward-Looking Statements
Certain information in this press release contains forward-looking information. This information is based on management’s reasonable assumptions and beliefs in light of the information currently available to the Company 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 the Company’s 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 the Company’s 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 “Cautionary Note Regarding Forward-Looking Information” and the risk factors under “Other Business Risks and Uncertainties” respectively, as set out in the Company’s 2020 Annual MD&A, filed on SEDAR, for a discussion of the uncertainties, risks and assumptions associated with these statements. 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. The Company has no intention and undertakes 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 law.
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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