While many companies adhere to tradition despite technological progress, some are working to introduce groundbreaking innovations capable of revolutionizing an entire industry. SOBRsafe (NASDAQ: SOBR) falls into the latter category, with a cutting-edge alcohol detection platform that aims to save lives by preventing accidents before they can occur. Offering several benefits over conventional detection systems, the non-invasive and highly accurate SOBRsafe platform could arguably become one of the most impactful advancements in combatting alcohol misuse in workplaces, legal systems, and commercial enterprises. Naturally, this advantage extends to the broader public, as SOBR technology can safeguard commuters, rideshare users, and pedestrians.
Understand that SOBR isn’t just focused on achieving appreciable revenue growth; they are driven by a larger mission to deliver a better solution to one of the world’s most critical safety issues. This objective is being pursued through the development of SOBRcheck, an alcohol detection system that completely transforms how companies and institutions identify and handle alcohol usage. SOBRcheck is a user-friendly solution that surpasses traditional alcohol detection methods in accuracy, convenience, and dignity. It seamlessly integrates with client infrastructures, providing real-time cloud-based reports. Furthermore, it is the only detection platform that employs HIPAA-compliant measures to assess and report alcohol consumption during testing and continuously throughout the desired measurement period.
SOBRcheck brings not only great news for the global business and law enforcement communities, but also holds significant promise for SOBR and its shareholders. The company’s timely campaign has allowed them to capitalize on substantial revenue-generating prospects by displacing outdated alcohol detection technologies that desperately need reimagining. Here’s why SOBR’s 21st-century solution can effectively address the numerous limitations associated with previous detection methods.
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A Modern Solution for Sober Operations
Though all can appreciate the intent, preventative solutions for monitoring alcohol intoxication in the workplace have historically been associated with deficiencies that have slowed more widespread adoption. Conventional detection methods require frequent calibration and are prone to inaccuracies; they can also have false positives triggered by common substances such as mouthwash or cologne. These outdated methods also rely on intrusive detection techniques that can make the systems impractical to implement and demeaning to workers. Furthermore, the majority of these platforms rely on a single measurement taken as a worker clocks in, which can lead to false assurances of one’s continued sobriety beyond that point.
Recognizing that these shortcomings limited the life-saving potential of existing technologies, SOBRsafe developed an alternative that could transform how workers and employers view alcohol detection and monitoring systems. SOBRsafe’s SOBRcheck surpasses traditional methods in terms of accuracy, convenience, and cost-effectiveness while offering greater potential to prevent accidents, injuries, and fatalities resulting from alcohol misuse. The platform's advantages become evident when compared to conventional approaches. Unlike invasive technologies that rely on blood, saliva, or breath samples, SOBRcheck operates by measuring vapors in the skin with a simple finger touch, detecting alcohol presence in the skin's tissues. This method achieves an impressive 93% accuracy, surpassing the mid-80% accuracy of traditional devices. Furthermore, 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.
With over 243,000 fleet companies operating solely in the United States, the growth potential for SOBR's client base in 2023 is highly promising. What sets the SOBR platform apart is its distinctive ability to provide client companies with comprehensive reports showcasing proactive alcohol use monitoring during work hours, immediate actions taken against policy violators, and evidence of a 100% alcohol-free period. Such data can be invaluable in reducing insurance premiums, which can reach astronomical figures for large-scale fleet, production, and transportation companies. As a result, companies may begin to flock toward the SOBRcheck platform as they become aware of its many benefits beyond an initial sobriety check.
SOBRsafe Supports Proactive Solutions to Alcohol Abuse
Companies are well aware of the costs associated with failing to address alcohol use during work hours, but combatting the issue can be challenging. Unfortunately, studies have shown 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, may suffer life-changing injuries or hardships as a result.
However, companies can stand out by demonstrating a verifiable and effective method to curb alcohol consumption. SOBR offers the perfect platform to support businesses in maintaining a 100% alcohol-free workplace, which can positively impact insurance providers by preventing an accident before it can occur. In addition to cost savings, SOBR believes its technology can improve employee productivity, reduce the risk of injury or death in the workplace, and enable proactive treatment rather than termination. Noting 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 demonstrated that mission last month in an interview with veteran broadcaster Jane King, who is a former correspondent for CNN and Bloomberg Television, the current CEO of LilaMax Media, and a consultant to the Wall Street Journal. In the interview, Gandini made 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 of their targeted market segments: fleet and facility, rehabilitation, and justice agencies. SOBR is now in revenue with clients in these areas, and the groundwork laid in 2021, 2022, and the ongoing year suggests that there is much more business to come.
SOBRsafe has conducted approximately 2,000 demonstrations of their groundbreaking SOBRcheck™ technology in the last year alone, earning them the potential for new business deals with over 600 qualified customer leads. Moreover, their active presence at alcohol and drug-related conferences over the past year has allowed for over 10,000 introductions, which SOBR expects to further 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 begun to materialize through signed deals with major industry players.
Promising Deals Drive Revenue Growth
Among these notable agreements, SOBRsafe has secured partnerships 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. With each client opting to expand the original terms to implement SOBR’s technologies in additional company locations, these deals highlight the diversified and significant revenue potential of SOBR’s business model. Several other factors also contribute to the optimistic outlook for 2023.
To maximize the revenue-generating opportunities of existing and prospective agreements, SOBR has made strategic moves to enhance efficiency and quality while reducing fixed costs. The company recently announced a deal outsourcing manufacturing and customer support to pursue that objective, signing deals with BGM Electronic Services and Helm, respectively. BGM will manage SOBRsafe's design, engineering, manufacturing, and testing, which could additionally benefit SOBR through potential 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 moves should expedite revenues falling faster to the bottom line, so keep this in mind when appraising SOBR at its current levels.
Finalizing an agreement between smaller companies and larger corporations can be challenging, which makes SOBR’s existing business relationships particularly valuable. As seen by the expansions of ongoing contracts, clients appreciate the technology offered by SOBRsafe and are eager to support its mission of promoting greater workplace safety nationwide.
Not only can these deals boost SOBR’s recognition among industry peers; awards from regulatory agencies and safety organizations give additional credibility to the company’s portfolio. Some of SOBRcheck’s accolades include being awarded the Occupational Health & Safety 2022 New Product of the Year - Safety Monitoring Devices, as well as the Child Safety Network Safe Family Seal of Approval. These awards indicate that SOBR isn't the only one confident in its products' ability to save lives by transforming how alcohol abuse is managed in the workplace and beyond.
Competitive Advantages Elevate SOBR
SOBR’s innovation in the field of alcohol detection and monitoring not only helps them stand out from the pack, but it could secure a competitive edge for years to come. 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 of the skin to generate its reading. The device can deliver a result within a mere 10 seconds and with an accuracy of 93%, which are impressive figures compared to the low to mid 80% accuracy of conventional systems. Keep in mind that the device itself is only part of SOBR’s overall monetization strategy; SaaS services can be another key value driver.
SOBR is already monetizing the value of its SaaS capabilities through signed agreements with clients in the fleet and facility spaces. This includes a deal with a Top 100 Property & Casualty insurance company to test SOBR’s technology with the company’s fleet customers. Should the results align with expectations, this respected but unnamed carrier may explore incorporating SOBRsafe as a safety solution for customer discounts. Although specific revenue projections were not provided, A-Rated carriers typically possess a significant customer base. When combined with the growing emphasis on workplace safety from entities such as the NTSB and other public and private sector organizations, SaaS applications can facilitate substantial new revenue streams and, as a result, increased share prices.
Continued growth from these services appears likely, especially given SOBR’s recent product and SaaS deals with oil and gas services provider Terra Tech. The agreement with Terra Tech presents significant opportunities for SOBR, with research indicating that workers in the oil and gas industries experience an exceptionally high rate of binge drinking relative to adjacent spaces. This unfortunate fact demonstrates a critical need for a more effective alcohol detection and management system for employers in the sector. Thus, a successful implementation of SOBRcheck™ or its SaaS product at Terra Tech could serve as a compelling endorsement for further adoption of its technologies as industry peers see how the platform can reduce insurance rates, prevent accidents, and save lives.
SOBR is Equipped for Growth
SOBRsafe is making significant strides in transforming its ambition into tangible financial success. 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 10 distributors, aligning them with 30 U.S. sales professionals, approximately 525 established customers, and a potential user base of up to 52,000 individuals.
The company’s dedication to expanding its market presence can be immediately accretive to growth. However, additional value drivers in play provide advantages that conventional alcohol-detection technologies can't even begin to match. One of those assets includes SOBRsure™, a wearable alcohol detection and monitoring device that has garnered 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 program 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 safe.
The unique advantages of SOBRsure™ could put substantial untapped 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. Keep in mind 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 compared to locking devices and other immobilizers. Given the wristband’s ability to assure continued sobriety beyond an initial detection, expect the device to become a significant contributor to SOBR’s revenue streams.
A Growing Market Presence
SOBR’s commitment to the prevention of 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 entire 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 recommendation to its customers, meaning that this initial agreement could earn them several others.
Another significant deal saw 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 groundbreaking 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.
2023 Can Be Transformative for SOBR
Simply put, SOBR’s unrivaled alcohol-detection technology could make them a breakout company among industries that have long demanded a better system for preventing one of the most common causes of workplace accidents. Judging by the fact that many of SOBR’s existing deals have been renewed and expanded upon by its clients, it’s clear that the advantages of its technologies are greatly appreciated by the industries it serves.
If this trend of contract renewals continues, which it should, SOBR’s momentum could multiply with each new deal the company secures. Through its accurate and noninvasive detection systems, real-time data monitoring and statistics, and ease of implementation, SOBR could become a go-to provider of alcohol management systems as regulatory bodies push for stronger enforcement in the fight against drunk driving. While unmet market demand creates a valuable market opportunity on its own, the unmatched capabilities of SOBRsafe’s technology make this investment opportunity too good to overlook.
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