SOBR Safe (OTCQB: SOBR), a company developing touch-based alcohol detection systems, reported a 174% year-over-year increase in its operating losses, to $2.02 million from $737,000, for the third quarter of 2021 as it ramps up operations and plans to commercialize its debut product.
SOBR Safe, which is a pre-revenue company, saw its operating expenses grow 139% to $1.66 million from $695,978. Research and development expenses increased 272% to $566,655 from $152,123.
SOBR Safe plans to commercialize SOBR Check, its touch-based identity verification and alcohol detection device, in the fourth quarter of 2022 or first quarter of 2023.
SOBR Safe stock closed Wednesday at $3.19 per share, up 16% for the day.
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