That includes more than the revenue-generating opportunities from transportation and manufacturing companies. While the market potential from those sectors can be worth billions over time, appreciable value can also accrue from other target markets like rehabilitation, justice, and teen driving. Each adds considerable revenue-generating potential, with the best news being that they shouldn't be hard to penetrate. After all, SOBR provides the simplest, fastest, and most accurate way to measure alcohol consumption. Not just a single time, either. Its devices can continually monitor throughout the day, including at check-in, after lunch, between appointments, and during random testing.
But know this: SOBR technology isn't to micromanage employees. It's a tool to keep roads, workplaces, and people safe. Considering the over 243,000 fleet companies in
What it does do, is allow companies to generate reports showing it proactively monitors for alcohol use during work, takes actions to remove anyone violating policy, and demonstrates a 100% alcohol-free period of measure. That data can be instrumental in lowering insurance premiums, which can be in the millions for large fleet, production, and transportation companies.
Addressing A Major Problem
Don't think companies aren't aware of the problems and associated costs. Statistics show that over 50% of workplace accidents are alcohol-related, which raises insurance rates across the board. However, showing insurance providers a verifiable and accurate method and intent to curb workplace alcohol consumption can separate them from the pack. SOBR believes that with its ability to prove to an insurance provider its commitment to a 100% alcohol-free workplace, premiums can be significantly reduced. In addition, SOBR technology can drive increased productivity, employee retention, and proactive treatment to rehabilitate instead of terminate.
CEO
SOBRsafe expects to benefit quickly from the groundwork laid to leverage a sales pipeline from the over 10,000 introductions made during alcohol and drug-related conferences last year. There, SOBR conducted roughly 2,000 SOBRcheck(TM) demonstrations that they believe will yield significant new business from the over 600 qualified customer leads. Keep in mind that a single customer can be worth more than hundreds or thousands in revenues; it can sometimes deliver millions. And that may be the case with deals already signed.
Video Link: https://www.youtube.com/embed/wAdasIM1ny0
Those include signed agreements with Continental Services,
Supporting the expected adoption, SOBR announced a deal outsourcing manufacturing and customer support to minimize fixed costs and maximize quality and scalability to help revenues fall faster to its bottom line, signing deals with BGM Electronic Services and Helm, respectively. BGM will manage SOBRsafe's design, engineering, manufacturing, and testing, with SOBR getting a potential boost in popularity from possible introductions to BGM clients, including
Remember, agreements between smallcaps and companies of that size generally don't come easy. But helping establish those connections is the value inherent to the company's SOBRcheck(TM) and its embedded technology, awarded the
SOBRcheck Differences Are Advantages
The SOBRcheck(TM) platform is unlike and far more robust than traditional alcohol-detection methods. It requires no blood sample or forcefully blowing into a tube for up to 30 seconds. Instead, it uses finger-touch technology that analyzes the natural humidity and vapor of the skin and generates 93% accuracy within 10 seconds. That bests more traditional and current detection technology that provides low to mid 80% accuracy. That's the device side of the equation. Its SaaS services are equally impressive.
SOBR also aims to monetize that value, signing SaaS agreements in the fleet and facility spaces. In addition to its deal with Continental Services, SOBR signed a contract with a Top 100 Property & Casualty insurance company to test the technology with fleet customers. If results confirm expectations, this unnamed but A-Rated carrier may consider embedding SOBRsafe as a safety solution for customer discounts. While no numbers were provided to model for revenues, A-Rated carriers typically have a substantial customer base. That count, coupled with the push by the
That's starting to happen. As mentioned, SOBRsafe signed a SaaS deal with oil and gas services provider Terra Tech. But here's the better part that wasn't said. Terra Tech is in the final phases of installing the technology at each of its 19 locations, which immediately expands SOBRcheck's presence across the United State's markets. And better news, from a business perspective, is with statistics showing oil and gas industry workers experience the highest rate of binge drinking, the deal with Terra Tech could be the first of many in the space, especially with validation at Terra Tech justifying the implementation of SOBRcheck(TM) or its SaaS product into significantly more industry companies.
Scaling From Milestones Reached
SOBRsafe is making sure that path is a viable one. In 2022, SOBR tripled its in-house sales staff, adding specialists in justice, commercial fleet, and captive insurance. Additionally, SOBR deployed its "force multiplier" distributor strategy, leveraging groups' trust-based relationships with alcohol detection buyers. The intent is to accelerate SOBRcheck(TM) sales to early adopters and innovators at no fixed cost to SOBRsafe. By the end of Q4, that strategy resulted in SOBR signing deals with 10 distributors, aligning them with 30 U.S. sales professionals, approximately 525 established customers, and up to 52,000 potential users.
All of that is immediately accretive to growth. As critical to supporting future growth, its value today can't go underappreciated. Work done and deals made position SOBR to accelerate growth in key markets, including for SOBRsure(TM), its wearable alcohol detection and monitoring device. The early indication is that demand for it, like SOBRcheck(TM), will be robust.
Evidence of that is a deal announced last July whereby an innovative in-home, comprehensive alcohol treatment program submitted a pre-order for 1,150 white-label bands. In addition, a specialized, member-based rideshare company committed to equipping its rigorously vetted drivers with SOBRsure(TM) upon the band's commercial launch. From there, opportunities could be in play from a massive school-bus driver and services market where sober driving is paramount to those companies' missions to keep children safe. Seizing that opportunity can be a revenue game changer.
And because SOBRsure(TM) is a continuous monitoring device providing real-time data to management, tapping into that potential is far from a long-shot opportunity. Remember, besides a locking device, which is costly and sometimes installation prohibitive, nothing provides as much utility to stop drunk drivers from taking the road or operating workplace machinery. So, using an analogy from SOBR, 2022 was a productive pre-season scale-up. And its work completed and relationships made have prepared the company for a breakout regular season in 2023.
Methodically Seizing A Global Market Opportunity
And not only in
SOBRsafe also signed a deal with global distributor
Last month, SOBRsafe announced signing a software-as-a-service agreement with a prominent Native American tribe, a self-governing nation serving thousands of members in
Recent Rally A Precursor To More
The bottom line, supported by the above, is simple to understand. At current prices and using only parts of its tangibles, SOBR looks appreciably undervalued. And that's despite its recent April rally sending prices higher by 27% to
Yes, that's a bullish target, but considering the technology, speed and accuracy, and ability to record and report real-time data, the opportunities in play for SOBR in 2023 can be more than targets; they are in the crosshairs. And better still, with ample firepower to score significant contracts across multiple billion-dollar sectors, SOBR's shots to secure potentially exponential growth can be considered close range.
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