Commercial & financial documents
Commercial and financial materials
This folder supports Steer’s revenue model, customer relationships, current programs, pricing, financial performance, and financing plan. The Financial overview provides the sanitized summary. Contract, invoice, collection, customer, accounting, cash, and forecast records are controlled NDA materials.
Revenue model
| Revenue type | Current examples | Treatment |
|---|---|---|
| Recurring operations | Monthly service and ratable annual integration support | Contracted recurring revenue when supported by an active agreement and service period |
| Activity-linked | Performance participation and incentive distribution | Reported from realized product or program activity |
| Implementation | Custom vaults, integrations, and deployment work | One-time unless an agreement includes ongoing service |
| Ecosystem programs | Chain or protocol grants tied to milestones | Reported separately from recurring customer revenue |
| Product expansion | Origination, management, policy, distribution, and licensing | Included as products become contracted, active, and billable |
Revenue stream expansion
Steer’s structured-product roadmap expands the revenue surface beyond asset-linked protocol fees. Management materials identify origination, monitoring, execution, performance participation, distribution, and infrastructure licensing as potential fee lines.
| Revenue stream | Management assumption |
|---|---|
| Origination / structuring | $75K fixed fee plus 0.66% |
| Protocol management / monitoring | 1.33% of assets under management |
| Execution / automation | 3% of transaction costs |
| Performance participation | 10% participation |
| Licensing / white-label infrastructure | $75K fixed fee plus 10% revenue share |
| Grants | $150K per chain |
These streams are additive only where product design, customer contracts, and partner economics support them. Investor diligence should validate which fee lines are contracted, which are forecast assumptions, and which depend on new structured-product launches.
Representative commercial terms
| Revenue line | Representative term |
|---|---|
| Recurring service | $1K–$2.5K per month per client |
| AMM integration and support | $12K–$24K per year |
| Performance participation | 15% of defined performance |
| Custom vault or configuration | $1K–$2K per deployment |
| Rewards distribution | 1%–3% of distributed incentives |
| Rewards integration | $10K–$20K per implementation |
| Chain or ecosystem program | $50K–$300K per year, milestone dependent |
These are representative schedule terms. The controlled contract register provides customer-specific term, duration, renewal, support obligation, and realized pricing.
Current program records
| Program | Current status and controlled record | Access |
|---|---|---|
| USDM1 | Deployed · funded. Counterparty, scope, activity, commercial status, and next milestone | NDA |
| Reserve DTFs | Deployed · funded. Current roster and scope, operating history, contract, billing, and expansion status | NDA |
| Liquity Stability Vaults | Deployed. Scope, Steer responsibility, activity, terms, and next milestone | NDA |
| Solver liquidity layer | Deployed · funding pending. Counterparty, integration, usage, reliability, policy boundaries, and next milestone | NDA |
Document index
| Material | Period | Access |
|---|---|---|
| Historical annual financial summary | 2023–2025 | Link access |
| Monthly P&L and cash flow | 2023–latest close | NDA |
| Customer contract and pricing register | Current | NDA |
| Current program and opportunity register | Current | NDA |
| Cash, burn, and runway schedule | Latest month-end | Runway summary; detailed schedule restricted |
| Operating forecast and use-of-proceeds model | Base and downside cases | Forward runway |
The public financial overview contains the current management runway estimate. The dated cash, burn, liabilities, collections, contract-pipeline, and runway schedule remains restricted and subject to finance approval.