Facedrive Reports 2021 Q2 Financial Results

TORONTO--(BUSINESS WIRE)--Facedrive Inc. (“Facedrive” or the “Company”) (TSX-V: FD), a Canadian “people-and-planet first” tech ecosystem, today announced and filed its Q2 interim Financial Statements for the period ended June 30, 2021 (“Q2 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 fulfil 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; 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).

Q2 2021 Interim Financial and Operational Highlights

• Revenue for Q2 2021 was $5,796,847, up from $93,615 in the same period a year earlier.
• Rideshare revenue was $80,110 in Q2 2021, up from $36,650 the same period a year earlier.
• Facedrive Foods revenue was $4,973,139 in Q2 2021, compared to $nil the same period a year earlier.
• Steer subscription revenue was $662,097 in Q2 2021, compared to $nil the same period a year earlier.
• Net loss was $7,559,851 in Q2 2021, as compared to a net loss of $6,656,844 in the same period a year earlier.
• Cost of revenue in Q2 2021 was $5,346,764, an increase from $125,370 in the same period a year earlier.
• General and administration expenses were $1,679,591 in Q2 2021, up from $736,616 in the same period a year earlier.
• Operational support expenses increased to $3,461,044 in Q2 2021, up from $394,337 in the same period a year earlier.
• Research and development expenses increased to $465,113 in Q2 2021, as compared to $290,559 in the same period a year earlier.
• Sales and marketing expenses were $2,213,803 in Q2 2021, as compared to $5,215,830 in the same period a year earlier.
• Basic loss per share was $0.08 in Q2 2021, as compared to $0.07 in the same period a year earlier.
• At June 30, 2021, the Company had cash totaling $12,225,316 (as compared to $10,243,947 as at June 30, 2020), working capital of $10,328,285 (as compared to $7,247,675 as at June 30, 2020) and used cash in operating activities during the six-months period ended June 30, 2021 of $10,978,755 (as compared to $2,646,813 during the six-month period ended June 30, 2020).

Selected Financial Highlights

See Facedrive’s Q2 2021 Interim Financial Statements and its Management’s Discussion and Analysis of Financial Condition and Results of Operations (the “Q2 2021 MD&A”), filed on SEDAR at www.SEDAR.com.

		For the three months ended June 30, 2021		For the three months ended June 30, 2020		For the six months ended June 30, 2021		For the six months ended June 30, 2020
REVENUE	$	5,796,847	$	93,615	$	9,666,301	$	481,516
COSTS AND OPERATING EXPENSES
Cost of revenue		5,346,764		125,370		8,717,331		373,860
General and administration		1,679,591		736,616		3,738,840		1,315,195
Operational support		3,461,044		394,337		5,648,991		755,356
Research and development		465,113		290,559		809,548		523,857
Sales and marketing		2,213,803		5,215,830		4,168,510		5,790,737
Amortization		695,064		103,901		1,358,754		103,901
Depreciation		92,004		16,734		122,178		33,326
Total operating expenses		13,953,383		6,883,347		24,564,152		8,896,232
OPERATING LOSS		(8,156,536)		(6,789,732)		(14,897,851)		(8,414,716)
OTHER INCOME (EXPENSES)
Government grants		909,373		179,049		1,994,255		179,049
Foreign exchange gain (loss)		(110,245)		(52,804)		(159,635)		68,104
Interest expenses		(193,782)		(4,110)		(381,067)		(8,377)
Interest income		9,260		10,753		18,892		20,954
Gain or Loss on Termination		(17,921)		-		(12,850)		-
NET LOSS	$	(7,559,851)	$	(6,656,844)	$	(13,438,256)	$	(8,154,986)
Cumulative translation adjustment		(39,146)		-		(73,230)		-
NET LOSS AND COMPREHENSIVE LOSS		(7,598,997)		(6,656,844)		(13,511,486)		(8,154,986)
Loss per share – Basic and diluted	$	(0.08)	$	(0.07)	$	(0.14)	$	(0.09)
Weighted average number of shares outstanding
Basic and diluted		93,788,556		90,870,804		94,522,790		90,598,4711

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 fulfil 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. Also see “Financial Risk Management Objectives and Policies” in the Q2 2021 MD&A along with the other risk and factual disclosures therein. 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.