Cleantech

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.

Media: Sana Srithas | sana@facedrive.com Tel: 1-888-300-2228

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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 logo (CNW Group/Facedrive Inc.)

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 Value i 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.

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