SOBRsafe (NASDAQ: SOBR) is changing the alcohol-detection landscape with a cutting-edge alcohol-detection platform that can save lives by preventing accidents before they can occur. In fact, by offering multiple benefits over conventional detection systems, the non-invasive and highly accurate SOBRsafe platform could become one of the most impactful advancements in combatting alcohol abuse and misuse in workplaces, legal systems, and commercial enterprises.
Notably, SOBR is more than just focused on revenue growth. While creating sustainable shareholder value is a top priority, another significant part of its mission is providing a better solution to one of the world's most critical safety issues. Both objectives are being pursued through SOBRcheck, an alcohol detection system that completely transforms how companies and institutions identify and handle alcohol usage.
More than transformative, SOBRcheck is a user-friendly solution that bests traditional alcohol detection methods in accuracy, convenience, and dignity. Moreover, unlike competing platforms and devices, SOBRcheck seamlessly integrates with client infrastructures, providing real-time cloud-based reports through privacy-compliant measures to assess and report alcohol consumption during testing and continuously throughout the desired measurement period.
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A 21st-Century Solution For Preventive Screening
SOBRcheck differences are advantages, and they could accelerate widespread user adoption by hurdling the deficiencies associated with decades-old screening technologies. Remember, conventional detection methods require frequent calibration, are prone to inaccuracies, and present false positives triggered by common substances such as mouthwash or cologne. These methods also rely on intrusive detection techniques that can make the systems impractical to implement and demeaning to workers. Furthermore, most of these platforms rely on a single measurement, which can lead to false assurances of one's continued sobriety beyond that point.
SOBRsafe understands the current limitations and developed an alternative to transform how workers and employers monitor inappropriate alcohol consumption. Moreover, SOBRsafe's SOBRcheck is a better option, surpassing traditional methods in accuracy, convenience, and cost-effectiveness while offering the greater potential to prevent accidents, injuries, and fatalities from alcohol misuse. Differences are advantages.
Foremost, SOBRcheck doesn't rely on blood, saliva, or breath samples to measure for alcohol. SOBRcheck measures vapors in the skin with a simple finger touch, detecting alcohol presence with impressive 93% accuracy, surpassing the mid-80% accuracy of traditional devices. Additionally, the platform is hygienic, user-friendly and requires no special training for employees or individuals being monitored. These features make it accessible for any individual or company to use.
That's important and puts over 243,000 fleet companies in the United States alone into play. They need what SOBR can provide, comprehensive reports that can continually monitor alcohol use during work hours. That can help companies take immediate action against policy violators and provide evidence of a 100% alcohol-free period. Such data can be invaluable in reducing insurance premiums, which can be substantial for large-scale fleet, production, and transportation companies. As a result, companies may follow a trend set by others to adopt the SOBRcheck platform. They should.
Proactive Solutions To Curb Workplace Alcohol Use
Companies are becoming more aware of the costs of failing to address alcohol use during work hours. But in fairness, combating the issue can be challenging. And that's unfortunate, especially with studies showing that over 50% of workplace accidents are alcohol-related. Not only can these accidents cause a company's insurance premiums to skyrocket, but those directly involved, and their families, can suffer life-changing injuries or hardships.
However, that doesn't need to be the case. SOBR offers the perfect platform to support businesses in maintaining a 100% alcohol-free workplace, which can positively impact cost savings and potential catastrophe. In addition to that, SOBR technology has the potential to improve employee productivity, reduce the risk of injury or death in the workplace, and enable proactive treatment rather than termination. Realizing the power of these distinct advantages, SOBR is focused on raising awareness of the many benefits its next-generation platform can offer potential clients and their employees.
SOBRsafe CEO Dave Gandini recently interviewed with veteran broadcaster Jane King, a former CNN, and Bloomberg Television correspondent, the current CEO of LilaMax Media, and a consultant to the Wall Street Journal. In the interview, Gandini makes a strong case for the nationwide adoption of SOBR technology by emphasizing how their platform can make a difference in public and private sector safety by allowing for preventative measures rather than punitive ones. He specifically discussed how their technologies can benefit three targeted market segments: fleet and facility, rehabilitation, and justice agencies. And with the groundwork laid in 2021 and 2022, this year can is set up to be SOBR's best after conducting approximately 2,000 demonstrations of their groundbreaking SOBRcheck™ technology in the last year alone.
Moreover, their presence at alcohol and drug-related conferences over the past year has allowed for over 10,000 introductions, which SOBR expects will significantly strengthen their sales pipeline. Given the scale of many fleets, facilities, and departments in the industries targeted by SOBRsafe, know that the value of a single customer can be significant. Once implemented, SOBR's platform can generate hundreds of thousands, if not millions, in revenues over time from these clients. Best of all, investors don't need to wait. This potential has already materialized through signed deals with major industry players.
Revenue-Generating Deals Accrue
Among these agreements, SOBRsafe has signed deals with prominent companies such as Continental Services, Michigan's largest food management company, and Terra Tech, a major player in the oil and gas services industry. The company has also inked a deal with Alternatives, Inc., achieving its goal of entering the corrections and re-entry client markets. Moreover, each client has expanded original terms to implement SOBR's technologies in additional company locations, highlighting that existing deals can get more significant over time. Other factors contribute to the bullish thesis for 2023.
Those include strategic moves to enhance efficiency and quality while reducing fixed costs. The company recently announced a deal outsourcing manufacturing and customer support, signing deals with BGM Electronic Services and Helm, respectively. BGM will manage SOBRsafe's design, engineering, manufacturing, and testing. Another benefit of that relationship could provide SOBR introductions to BGM clients such as GM (NYSE: GM), Ford (NYSE: F), and Stellantis (NASDAQ: STLA). Helm, whose clients include sector giants Domino's (NYSE: DMZ), Merrell, and BMW, will also benefit SOBR by serving as a partner company managing the packaging, fulfillment, onboarding, and customer service details. Those deals should expedite revenues falling faster to the bottom line.
Keep in mind that SOBR is earning its attention. Its SOBRcheck platform has been awarded the Occupational Health & Safety 2022 New Product of the Year - Safety Monitoring Devices and the Child Safety Network Safe Family Seal of Approval. These awards indicate that SOBR and its clients aren't the only ones confident in SOBRcheck's ability to save lives by transforming how alcohol abuse is managed in and outside the workplace.
Earning Its Attention
What's different? Unlike traditional methods that involve blood samples or forceful blowing into a tube for an extended period, SOBRcheck™ utilizes finger-touch technology that analyzes the natural humidity and vapor from the skin to generate a result within 10 seconds and with an accuracy of 93%. That's impressive, considering that devices like the Breathalyzer can take up to 30 seconds of forcefully blowing into a tube and then presenting results with low to mid 80% accuracy. Other traditional technologies fare no better. But remember this when appraising the SOBR value proposition. The device is only part of SOBR's overall monetization strategy; SaaS services are another value driver.
SOBR is already monetizing the value of its SaaS capabilities through signed agreements, including a deal with a Top 100 Property & Casualty insurance company to test SOBR's technology with its fleet customers. Should the results align with expectations, this respected but unnamed carrier may explore incorporating SOBRsafe technology as a safety solution and incentive for customer discounts. Although specific revenue projections were not provided, A-Rated carriers typically possess a significant customer base.
Additional contributions from these SaaS services appear likely, given recent momentum-generating deals with the companies mentioned that endorse SOBRcheck adoption.
Strengthening Its Fundamentals, Rolling Out SOBRsure
There's another value driver to be considered. Specifically, SOBR is making significant strides to transform its ambition into dollars. Since 2022, the company has tripled its in-house sales team, specifically recruiting specialists to serve the justice, commercial fleet, and captive insurance sectors. Moreover, SOBR has implemented a "force multiplier" distributor strategy, leveraging groups' trust-based relationships with potential alcohol detection buyers. This approach aims to expedite sales of SOBRcheck™ to early adopters and innovators, all at no fixed cost to SOBRsafe. By the end of the year, these efforts led to signing contracts with 14 distributors, aligning them with 83 sales professionals and a potential user base of up to 20,000 customers.
Of course, leveraging resources to expand market presence can be immediately accretive to growth. And so can marketing other products, including its SOBRsure™ wristband, a wearable alcohol detection and monitoring device that has earned considerable attention in the fleet, rehabilitation, and justice sectors. A clear indication of that interest was shown in an announcement in July last year, in which SOBR shared that an innovative in-home alcohol treatment provider placed a pre-order for 1,150 white-label bands. In another update, SOBR announced that a specialized, member-based rideshare company has committed to equipping its highly vetted drivers with SOBRsure™ upon its commercial launch. This opens up possibilities within the expansive market for school-bus drivers and related services that depend on the sobriety of its employees to keep customers, which can include millions of children, safe.
The advantages of SOBRsure™ could put substantial additional revenues in play. Note that this value could be added in the near term, as SOBR expects a full-scale launch of the wristband in Q3, with pre-orders of SOBRsure available now. Remember that SOBRsure™ is not just a one-time snapshot but a continuous monitoring device that offers real-time data to interested parties. This is particularly valuable for individuals, including parents, who want access to updated information that cannot be manipulated. What sets SOBRsure apart is its affordability and ease of maintenance, making it a more accessible option than locking devices and other immobilizers.
Given the wristband's ability to assure continued sobriety beyond an initial detection, expect the device to significantly contribute to SOBR's revenue streams. Those can add to others.
Expanding Its Market Presence
SOBR's commitment to preventing alcohol abuse in the workplace has landed them deals with businesses across North America. The company recently announced a software as a service (SaaS) agreement with the Fox Group, based in British Columbia, Canada, and with operations in the United States. The Fox Group is a leader in North American commercial driver education, counting Provincial Driver Training Institute (PDTI), North Shore Driving School (North Shore), and Fox Professional Driver Training Centers (FoxPro) among its portfolio holdings. SOBR said The Fox Group will initially install the SOBRcheck alcohol detection technology in select Canadian locations, potentially expanding that implementation to cover its training organization of over 3,500 employees and all student drivers. The Fox Group noted it's further evaluating SOBRsafe's technology for uniform installation across all portfolio holdings and recommendations to its customers, meaning that this initial agreement could earn them several others.
Another deal has SOBRsafe entering into an agreement with global distributor Alco Prevention Canada. Founded in 1989, Alco is a leading provider of preventative alcohol detection solutions, selling to more than 5,000 customers across 45 countries. The deal immediately contributes to new revenue streams inherent to Alco purchasing SOBRcheck™ inventory, executing a defined plan, and dedicating resources to launch SOBRsafe's touch-based technology in Canada. Alco said it performed nearly 100 tests on the device, proving it was easy to operate and highly accurate. Impressed by its potential, they expect substantial demand for SOBRcheck™ technology worldwide. There's still more to support the bullish proposition.
SOBRsafe also announced signing a software-as-a-service agreement with a prominent Native American tribe, a self-governing nation serving thousands of members in the United States. Terms call for initially implementing the SOBRcheck™ technology to ensure its transit fleet is 100% alcohol-free. Like its others, this deal can get bigger faster, noting that it could open pathways to additional implementations across other critical, safety-sensitive functions and potentially expedite SOBR earning further business from among the 574 tribal nations in the United States.
Set Up For Significant Growth In 2023
All told and combining the sum of its parts, SOBR appears set up to score potentially transformative growth in 2023. In fact, its unrivaled alcohol-detection technology could make them a breakout company, serving industries that have long demanded a better system for preventing one of the most common causes of workplace accidents. And judging by the fact that many of SOBR's existing deals have been renewed and expanded upon, it's more apparent than ever that the path of least resistance for SOBR, and likely its stock, is higher.
That outcome wouldn't be surprising. Instead, it's expected to result from SOBR's accurate and non-invasive detection systems, real-time data monitoring and statistics, and ease of implementation providing a better, cost-effective solution that clears a pathway to grow revenues through increased product adoption. In other words, with the past two years having provided the set-up, the best for SOBRsafe may be yet to come.
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