Management forecast & runway

How to read this page

This page preserves Steer’s March 2026 planning model so investors can review the scale and timing assumptions embedded in the plan. It is not current performance, contracted revenue, guidance, or a probability-weighted forecast.

The model does not rely on an aggregate “committed mandate” claim. Historical working materials contain conflicting mandate totals, so deployment assumptions must be rebuilt from opportunity-level evidence before they can be presented as contracted or committed.

Modeled managed TVL and revenue

The model assumes that additional products and fee lines activate over time. Revenue grows with managed Total Value Locked (TVL) and does not follow one constant fee rate. That makes product mix, launch timing, realized activity, pricing, and partner economics material forecast assumptions.

The 2026E figures are full-year estimates prepared in March 2026. This page does not include a 2026 year-to-date actual-versus-plan bridge; that bridge is required before the model can be treated as current guidance.

Forward runway

The current operating expense base is approximately $55k per month. After the financing, the plan assumes operating expense increases to $120k per month as Steer adds product, engineering, security, and commercial capacity.

Steer plans operating expense as a staged buildout. The first 2-3 years fund the core product, engineering, security, operations, and commercial team needed to support launch and scale. After that buildout, Steer expects monthly expense to settle into a steady operating band rather than increase mechanically with revenue.

Steer’s cost base is primarily team-led. The planned increase funds senior engineering, product, security review, protocol operations, finance, legal, customer support, and go-to-market coverage. Infrastructure and audit costs rise with scale, but they are expected to remain secondary to the core team plan.

The runway model uses three operating states:

• Current base: approximately $55k per month before financing and planned hiring.
• Post-raise buildout: approximately $120k per month as Steer begins the first phase of hiring.
• Mature operating band: approximately $350k-$450k per month after the 2-3 year buildout, subject to approved hiring, security, audit, and launch budgets.

Steer expects the financing to fund the buildout period while revenue from managed capital and product launches scales. Cash coverage will be updated as hiring decisions, vendor commitments, audit timing, and revenue-collection schedules become final.

On a cash-only basis, the $3M financing would add approximately 25 months of runway at the initial $120k per month post-raise operating plan. Together with the current 5.5-6 month base runway estimate, Steer would enter the buildout period with approximately 30-31 months of gross cash coverage, before giving effect to new revenue collections.

The modeled managed TVL and revenue case extends that runway by reducing reliance on the cash balance. Under the March 2026 model, 2026E revenue covers the initial post-raise operating plan, and 2027E revenue covers the mature operating band. If those revenues are contracted and collected on schedule, the runway profile moves from a finite cash-coverage window toward a self-funded operating model, subject to approved hiring, launch budgets, taxes, working-capital timing, financing costs, and other one-time expenses.

Underwriting limits

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