- Delivered 74 e-propulsion systems to blue-chip OEM
customers, a 106% increase over Q2 2024 and a new quarterly
record.
- Record quarterly revenue of $11.0
million, a 108% increase over Q2 2024.
- Recognized cumulative annual business cost-savings of more than
US$15 million in cost
savings.
- Announced the completion of a public offering for proceeds of
$25 million.
- Announced Stellantis N.V. as its automotive passenger
vehicle OEM partner, lifting a more than year-long nondisclosure
agreement.
- Management will host a conference call for analysts today at
6:00 p.m. ET.
CALGARY,
AB, Nov. 13, 2024 /CNW/ - Exro Technologies
Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company" or
"Exro"), a leading clean-technology company that provides
proprietary motor-control and complete electric propulsion system
technology for e-mobility, today announced its financial results
for the third quarter ended September 30,
2024.
Highlights
- Record revenue: Exro achieved record revenue of
$11.0 million in Q3 2024 with the
delivery of 74 propulsion system units, an increase from
$5.3 million in Q2 2024.
- Path to profitability. To date the Company has
achieved more than US$15 million in
cost savings, having recognized operational efficiencies, including
a reduction in headcount by approximately 35% in the last six
months. Additionally, the Company continues to drive down costs
related to the bill of materials of its e-propulsion system having
recognized more than 18% savings with visibility to an additional
20% by the end of Q2 2025.
- Technology performance. In on-road pilots in
collaboration with Giaffone for an industry-leading beverage
company in Brazil, a fully loaded
17-tonne commercial electric delivery vehicle equipped with Exro's
Coil Driver® successfully navigated an 18% grade at speed.
"We are pleased with our progress in Q3 and momentum heading
into Q4," said Exro CEO Sue Ozdemir.
"We achieved key milestones on a number of fronts including units
shipped, cost reduction in both our design and cost structure, as
well as negotiated a strategic partnership which will accelerate
our growth trajectory. We remain focused on driving profitability
through execution by the end of next year."
Exro is well-positioned to meet the evolving needs of the EV
market. With industry-leading technology, consistent growth in
deliveries to blue-chip OEM customers, and a strong focus on
profitability, the Company is set to penetrate the commercial truck
market and build on its Q3 success.
Given the decline in the Exro's share price from April 5, 2024 through the end of Q3, combined
with the lower than forecasted outlook from April, the
Company was obligated to complete an impairment test which resulted
in a write-down of all goodwill and a portion of intangibles
related to the SEA Electric acquisition. This is a non-cash
adjustment to the carrying value of these assets.
Conference Call Information
Management will host a quarterly earnings conference call for
analysts and investors at 6:00 p.m. Eastern
time / 3:00 p.m. Pacific time
today, Wednesday, November 13, 2024.
Details below:
Toll-Free Dial-In Number: 800-445-7795
Conference ID: EXROQ3
The condensed consolidated interim financial statements and
Management's Discussion and Analysis for the quarter ended
September 30, 2024, are available at
www.exro.com/investors and on SEDAR+ under Exro Technologies
Inc. at www.sedarplus.ca.
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc. is a leading clean technology company
that has developed new generation power control electronics that
change how the world optimizes energy by expanding the capabilities
of electric motors and batteries. The company's innovative
technologies serve to bridge the performance-cost gap in e-mobility
(Exro Coil Driver®) and stationary energy storage (Exro Cell
Driver®), and act to accelerate adoption towards a circular
electrified economy by delivering more with less – minimum energy
for maximum results.
For more information visit our website at www.exro.com.
To view our Corporate Presentation visit us at
www.exro.com/investors
Visit us on social media @exrotech.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
STATEMENTS
This news release contains forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified using terminology such as "plans", "expects",
"estimates", "intends", "anticipates", "believes" or variations of
such words, or statements that certain actions, events or results
"may", "could", "would", "might", "will be taken", "occur" or "be
achieved". Forward looking statements involve risks, uncertainties
and other factors disclosed under the heading "Risk Factors" and
elsewhere in the Company's filings with Canadian securities
regulators, that could cause actual results, performance,
prospects, and opportunities to differ materially from those
expressed or implied by such forward-looking statements. Although
the Company believes that the assumptions and factors used in
preparing these forward-looking statements are reasonable based
upon the information currently available to management as of the
date hereof, actual results and developments may differ materially
from those contemplated by these statements. Readers are therefore
cautioned not to place undue reliance on these statements, which
only apply as of the date of this news release, and no assurance
can be given that such events will occur in the disclosed times
frames or at all. Except where required by applicable law, the
Company disclaims any intention or obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
This information is qualified in its entirety by cautionary
statements and risk factor disclosure contained in filings made by
the Company with the Canadian securities regulators, including the
Company's annual information form for the financial year ended
December 31, 2022, and financial
statements and related MD&A for the financial year ended
December 31, 2022, filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedar.com. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated,
believed, estimated or expected. Although the Company has attempted
to identify important risks, uncertainties, and factors that could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated, or intended. The
Company does not intend, and does not assume any obligation, to
update this forward-looking information except as otherwise
required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry
Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this press
release.
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SOURCE Exro Technologies Inc.