TORONTO, May 8, 2024 /CNW/ - STEER Technologies Inc. ("STEER" or the "Company") (TSXV:STER), (OTCQX:STEEF), an integrated ESG technology platform, today announced its operational and financial results for the year ended December 31, 2023 ("Fiscal 2023"). All financial results are reported in Canadian dollars, unless otherwise stated.1 Highlights include annual revenue of $17,732,500 in Fiscal 2023, down from $54,921,300 in the year ended December 31, 2022, due to spin off of B2B Marketplace that allowed for the Company to secure an $18 MM direct investment in early 2023, as announced in STEER's press releases dated January 23, 2023, March 7, 2023, March 24, 2023, and March 30, 2023. 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 December 31, 2023 and 2022 (the "2023 Annual MD&A"), filed on SEDAR+ at www.sedarplus.ca. The following table provides a summary of the Company's financial results for the years ended December 31, 2023 and 2022: For the years ended December 31, 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