STEER Reports Q2 2023 Financial Results and Provides Update

TORONTO, Aug. 29, 2023 /CNW/ – STEER Technologies Inc. (“STEER” or the “Company“) (TSXV: STER), (OTCQX: STEEF), an integrated ESG technology platform, today announced and filed its Q2 interim financial statements for the quarter ended June 30, 2023 (“Q2 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 Q2 2023 Interim Financial Statements and its Management’s Discussion and Analysis of Financial Condition and Results of Operations for the quarter-ended June 30, 2023 (the “Q2 2023 MD&A“), filed on SEDAR at

For the
ended June
30, 2023
For the
ended June
30, 2022
For the six
June 30,
For the six
ended June
30, 2022
Cost of revenue1,818,07815,313,17917,252,09827,058,663
General and administration1,372 ,6081,850,0062,781,8043,854,390
Operational support833,6254,189,9192,950,1547,891,127
Research and development145,031685,425423,8451,422,904
Sales and marketing259,016525,349810,0991,116,464
Total operating expenses4,715,69423,233,85425,161,07243,034,851
OPERATING LOSS(3,708,877)(8,184,915)(8,925,234)(17,251,396)
Government grants631,6531,654,467
Foreign exchange gain
 Interest expenses(391,558)(284,021)(835,584)(524,349)
Interest income7,0606111,585118
Gain from sale of equipment12,628(24,770)32,198
Gain or Loss on
Fair value loss on
Gain from Spin off B2B
Deferred income tax
NET LOSS/PROFIT(3,949,939)(7,776,605)26,350,038(15,958,643)
Cumulative translation
Loss per share– Basic and diluted$(0.03)$(0.06)$0.21$(0.14)
Weighted average number of shares outstanding
Basic and diluted123,902,409130,929,814126,899,917114,710,3311
1 All figures are accurate to the hundreds

Furthermore, STEER announces a change to its senior management team with Jason Xie stepping down as the Company’s Chief Financial Officer due to personal reasons. Mr. Xie will continue to provide assistance to the Company on a temporary and part-time basis as part of the Company’s transition process to an interim CFO. 

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 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

Suman Pushparajah, CEO 
[email protected] 
100 Consilium Pl, Unit 400 
Scarborough, ON 
Canada M1H 3E3

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 March 31, 2023 (filed on SEDAR on May 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.

SOURCE STEER Technologies Inc.

For further information: Company Contact: Suman Pushparajah, [email protected]; Media Contact: Maria Verbytska, [email protected], Tel: 1-888-300-2228

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