Shareholder Update - September 2025

Reporting: Pedaling Toward Precision

We’re still committed to building a performance dashboard of both financial and production metrics. For our financial dashboard, this has continued to take a back seat as we focus on operations and production. Our production efforts towards digitization are going very well and the dashboards and metrics are almost completely digitized. I would be happy to walk anyone through this progress as desired.

In the meantime, projections and presentations can be accessed HERE. Without the sales slow down as discussed below, we were on pace toward topline revenues of $1M, fueled by enhanced production capacity, though below previous forecasts due to scaling hurdles–which you’ve heard a lot about. These projections clearly depend on sales figures–more on that below. 

As always, please feel free to reach out if you would like a deeper dive. 

Fundraising

Certain shareholders have stepped up to help us navigate this year’s cashflow crunch with approx. $750k, for which we’re deeply grateful. Your introductions or additional investment can supercharge our Canadian cycling revolution. Contact us if you’re interested in topping up, have investor connections, or advice to propel us toward cash-flow positivity in 2026.

Sales, Marketing and Market Conditions

The positive reinforcement we received from the Globe and Mail article about our story was immense. We continue to collect these media assets which should assist us with our selling efforts in general, especially as the industry rights itself. As production has been improving, we have shifted our focus more towards sales and marketing. Our plan to ratchet up sales efforts as production improved has been temporarily stifled by the current market conditions as well as delays in publishing dates of several key reviews from major media players. We are still awaiting these critical ride reviews from key editors -  expect two major reviews to launch in the next month, with three more scheduled for later in the fall/winter season. We had expected and arranged them to be in Q2 this year, but they were somewhat delayed which has further inhibited our sales efforts. 

There is no way to sugarcoat it, the dealer/wholesale market is very challenging right now due to consistent industry issues that remain from the actions taken during the COVID bike boom.  As such, we have shifted our focus towards consumer direct sales, where margins are higher and therefore the need for higher volume is potentially mitigated. The change of strategy will take some time to materialize but has already shown traction

We still believe in the power of dealers, and have just brought on one of Vancouver’s largest bike shops as a partner. That said, our sales agent test in the United States led to plenty of discussions and zero sales. This is more to do with the headwinds that dealers are facing, than the person’s performance or our product offering (dealers are still very positive about the Surveyor and our brand/story). Additional media reviews launching soon should help move the needle as the dealer market continues to recover.

Sales & Marketing Execution

To help us out in navigating the sales challenge, we have met with the team at Sticky Branding to assist us with sales and marketing strategies that best suit us with respect to resources available, and sales goals. We have not made a decision to work with them yet due to expense considerations, but we are certainly in need of sales assistance. Early analysis seems to show that our efforts are best pointed to local geographies and events, with more selective global efforts. 

In August, we had a presence at the King City Gran Fondo, the Grackle Coffee Shop in Schomberg where we had 15 customers and their Surveyors show up, Northern Pass Ride to Conquer Cancer, the MADE bike show in Portland, and the Right To Play Gran Fondo in Caledon. In large part, we attend the MADE show for editor meetings and relationship building. It also helps being amongst the cool kids. We were able to build on a relationship with a critical dealer in Portland, as well as hand-off one of our custom painted bikes to a very highly respected editor. 

In addition, Bridge’s annual race was held in Schomberg on Aug 16. It is called Uncle Frank’s Invitational. It is steadily growing each year and many of our customers come out to race, chat, eat and drink. It has turned into a fantastic customer appreciation event, as well as a soft selling opportunity as many Surveyors are being ridden… with their riders on the podium of one of the more challenging courses in Ontario. 

Late August and early September has shown an uptick in sales at approx 15 units. This is lower than desired, but we believe the momentum is still very strong and that the downturn is going to show relief coming into 2026. Additionally, we have plans to attend several prominent local events and races in October, continuing the local momentum we have seen.

In addition, and mentioned below as well, we increased our prices at the end of August from $6k to to $6.5K. The newly introduced paint programs will also significantly assist in higher margin purchases. 

Production

We now have close to 200 units on the road. We continue to use lean practices to fine tune our production, with the addition of adding company policies to ensure our largest expense, our people, have clear guidelines and expectations. We are close to digitizing all of our production flow and inputs, further improving efficiency. 

We experienced some turnover in our production crew at the end of August. This will slow things down a bit, but the timing couldn't be better. We have already replaced the people who left. There was tension between what Bridge was - a start-up developing product, to a more mature young company that is implementing processes and procedures - that led to some employees fighting the changes we needed to make. Their departure has given us the opportunity to start fresh with all that we have implemented and the results so far are terrific. The attitudes are positive and it has led to a much improved community. These individuals are also much more affordable than those that left, which will also improve our COGS.    

We also have our first opportunity to build up some inventory of ready to paint framesets, which will reduce our lead times from 12 weeks to 4 weeks. The lead-times will be flexible based on quantity of orders received, but we have never been faster. The wait for a Surveyor was something that challenged our sales efforts (aside from industry headwinds). We anticipate that having them ready to paint will negate that issue and product should flow out the door with greater ease.

In consideration of the complexities and challenges of producing such a highly engineered, world class product, we have also introduced new elevated pricing as well as custom paint offerings that should significantly improve margins, and help mitigate for potentially lower sales volumes as the industry continues to recover towards more typical buying patterns. There has been no negative impact of this that we can measure and most customers have seen it as a better alignment with the world-class nature of our product. 

This month, we will also begin the design of a new product! The next bike will be chosen very specifically based on market trends toward gravel and adventure riding combined with all of the production lessons that we have learned in order to improve efficiency as much as possible. We have already engaged in conversations with some potential OE partners to ensure that new product is as forward-looking and future-proof as possible.