Financial overview
Revenue scaled with Steer's operating footprint
Steer has grown revenue as its integration, implementation, recurring operations, incentive, and performance-linked services expanded. Annual revenue increased from $105K in 2023 to $1.2M in 2025, before contribution from the newer structured-product roadmap.
Annual revenue
USD thousands · Steer operating schedule
| Period | Revenue |
|---|---|
| 2023 | $105K |
| 2024 | $674K |
| 2025 | $1.2M |
Quarterly operating history
Steer crossed above its planning burn basis in Q2 2025 and sustained that position through the rest of the year. 2025 revenue reached $1.2M, with quarterly revenue increasing from $136.8K in Q1 to $405K in Q4. In H1 2026, revenue totaled $590K against a $360K burn basis, with Q2 revenue improving to $310K as monthly burn declined to approximately $55K.
Quarterly revenue vs burn basis
USD thousands · Steer operating schedule through 2026-Q2
| Period | Revenue | Burn basis | Revenue / burn basis |
|---|---|---|---|
| 2024-Q3 | $93.6K | $130K | 0.72× |
| 2024-Q4 | $134.2K | $195K | 0.69× |
| 2025-Q1 | $136.8K | $195K | 0.70× |
| 2025-Q2 | $323.0K | $195K | 1.66× |
| 2025-Q3 | $336.2K | $195K | 1.72× |
| 2025-Q4 | $405K | $195K | 2.07× |
| 2026-Q1 | $280K | $195K | 1.44× |
| 2026-Q2 | $310K | $165K | 1.88× |
The quarterly trend shows operating leverage in the current business before any contribution from unsigned pipeline. Revenue remained above the burn basis through both completed 2026 quarters, while Q2 burn moved down to the current planning level of approximately $55K per month.
Current operating snapshot
Steer enters H2 2026 with revenue covering the current operating base and a lean burn profile. The snapshot below is the operating baseline Steer uses for runway planning.
| Metric | Value |
|---|---|
| 2025 revenue | $1.2M |
| H1 2026 revenue | $590K |
| Q1 2026 revenue | $280K |
| Q2 2026 revenue | $310K |
| Q2 2026 monthly burn base | ~$55K |
| H1 2026 revenue / burn basis | 1.64× |
Steer uses the H1 2026 operating update as the current reference for revenue pace and burn. Earlier December 2025 cash and runway estimates are superseded by the runway view below.
Base runway and negotiated pipeline
Steer currently estimates approximately 5.5–6 months of base operating runway as of July 2026, before proceeds from this financing and excluding unsigned commercial opportunities.
Steer is also negotiating approximately 5–6 commercial contracts representing roughly $360K of potential revenue. At a burn rate below $55K per month, those contracts would represent roughly six months of operating coverage if executed and collected on the expected schedule. Steer excludes this pipeline from base runway until agreements are signed and collections are scheduled.
Revenue model spans operations, activity, and product expansion
| Revenue type | Current examples | Revenue profile |
|---|---|---|
| Recurring operations | Service retainers and ratable annual integration support | Contracted recurring when supported by an active agreement and service period |
| Activity-linked | Performance participation and incentive distribution | Variable with defined product or program activity |
| Implementation | Custom vaults, integrations, and deployment work | Generally one-time unless paired with an ongoing service agreement |
| Ecosystem programs | Chain or protocol grants tied to milestones | Non-core and separately identified from recurring customer revenue |
| Product expansion | Origination, management, policy, distribution, and licensing | Recognized only as programs become contracted, active, and billable |
Steer separates recurring revenue from pipeline, grants, one-time implementation work, and modeled product economics.
Current commercial terms
The March 2026 pricing schedule provides the following representative terms. Actual realized pricing varies by agreement, scope, activity, and partner economics.
| Revenue line | Representative term |
|---|---|
| Recurring service | $1K–$2.5K per month |
| AMM integration and support | $12K–$24K per year |
| Performance participation | 15% of defined performance |
| Rewards distribution | 1%–3% of distributed incentives |
| Rewards integration | $10K–$20K per implementation |
| Chain or ecosystem program | $50K–$300K per year, milestone dependent |
Financial materials
| Material | Period | Access | Availability |
|---|---|---|---|
| Historical annual summary | 2023–2025 | Link access | Annual revenue summary |
| Monthly P&L, balance sheet, and cash flow | 2023–latest close | NDA | Quarterly operating history; monthly package controlled |
| Revenue mix and customer concentration | Latest twelve months | NDA | Revenue model summary; customer schedule controlled |
| Current cash, burn, and runway schedule | Latest month-end | Restricted | Operating snapshot; runway summary; detailed schedule restricted |
| Management forecast | 2026E–2030E | Link access | Planning model and limitations |
| Operating forecast and use-of-proceeds model | Base and downside cases | NDA | Forward runway; detailed model controlled |
Request the underlying cash, burn, liabilities, collections, and contract-pipeline assumptions through your Steer contact. The public estimate above keeps current base runway separate from the contingent extension associated with unsigned agreements.