Oleblue
11月前
Vancouver's Exro could bring fast charging to $25k Slate EV
Driving.ca has learned the Canadian parts supplier has been playing a big part in the development of the Bezos-backed automaker
Author of the article:
Matthew Guy
Published Apr 21, 2025 • Last updated Apr 21, 2025
Exro Technologies' Coil Driver motor controller, hooked up to an electric motor Photo by Exro Technologies
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There has been no shortage of noise made recently about a forthcoming all-electric pickup from a company called Slate Auto, to say nothing of its alleged financial backing from the might of Amazon and Jeff Bezos. Now, Driving has exclusively learned a Canadian company could be a major player in bringing the truck to market.
Pegged as a sensibly sized regular-cab truck with a targeted base price of just US$25,000, the Slate pickup (and apparently the Slate SUV) could be just the ticket for leagues of consumers from both retail and fleet markets seeking a practical electric truck that won’t break the bank. (We’ll note right here and now that “S-L-A-T-E” is an anagram for “T-E-S-L-A”; whether that’s just a coincidence or a thumb-in-the-eye to Elon Musk by Bezos is up for sizable debate.)
6 Pickup Trucks We’D Like To Haul With In 2025 | Preview | Driving
According to sources exclusive to Driving, which requested anonymity for reasons of confidentiality, Vancouver-based Exro Technologies – with roots in Vancouver, but footprints in Calgary and Michigan – appears to be playing an enormous part in the truck’s development. Absent official word, these are connections being made by reading between the lines and making educated observations, but a lot of interesting information certainly lines up.
For example, Exro’s patented Coil Driver inverter technology apparently meets performance requirements with a simplified and cost-effective powertrain design using a motor but no mechanical gearboxes. A dynamic controller is said to effectively create an intelligent gearbox inside the motor to switch to coil configuration in real time, permitting better efficiency with less driveline power loss and fewer parts.
Exro Technologies
Vancouver-based Exro TechnologiesPhoto by Exro Technologies
Exro Technologies
Exro Technologies' patented Coil DriverPhoto by Exro Technologies
Exro Technologies
Exro Technologies' Coil Driver motor controller, hooked up to an electric motorPhoto by Exro Technologies
Exro Technologies
Exro Technologies' Coil Driver motor controller, hooked up to an electric motorPhoto by Exro Technologies
That all jives with getting costs down on a $25,000 truck but some of the real cost savings could manifest through the elimination of an auxiliary onboard charger-inverter, an integral part of an electric vehicle, which operates by converting AC power from external sources, like residential outlets; into DC power to fill the EV battery. Instead of that kit, our source – and other readilyavailable if hard-to-find documents – says Exro’s Coil Driver inverter can hoover up electrons in AC form at 19 kW, and perhaps even up to 80 kW.
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That would be a huge advantage, cutting charging times to DC fast-charger levels (provided the correct infrastructure at home or business) without the attendant outsized cost of that technology. Democratizing convenient quick EV charging is a big piece of the puzzle in terms of adoption.
Read More
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The all-electric Project Arrow four-seat SUV moments after the sheet was pulled of it at CES 2023 in Las Vegas
Project Arrow receives $11 million to build a fleet of prototype vehicles
A prototype Slate Auto EV pickup truck spied in southern California by reddit user u/discostranger09
Slate teases 'everyman' EV pickup, reveal set for April 24
Again, eliminating costly parts like an onboard charger would help explain Slate Auto’s alleged US$25,000 price-point. So would eliminating the need for a slew of costly rare-earth metals. This all aligns with stories stretching back several years, ones detailing the efforts of Exro Technologies to improve EV motors. The video shown below was filmed way back in 2018, and goes into some detail about Exro’s work in the field.
Exro is publicly traded on the TSX, and reached a high of about $6.50 per share in early 2021; it now trades at about 8 cents as of this writing. If its involvement with Slate is as deep as described, and if it becomes the yet-unseen enabler of affordable EVs, don’t expect it to stay in that basement for long. The human aspect of Exro is also worth talking about, with its board chair, Rod Copes, being no stranger to electrification, boasting experience at places such as Rivian and Royal Enfield. In the early ‘90s, he was also classmates at MIT alongside people like Jeff Wilke and Miles Arnone, who also have strong ties to Amazon.
As for the Stellantis angle: Exro and Stellantis collaborated a while back on a confidential innovation program; the NDA on that effort was recently lifted, so it can now be revealed the idea was to demonstrate the Coil Driver technology for potential applications within Stellantis passenger vehicles.
A prototype Slate Auto EV pickup truck spied in southern California by reddit user u/discostranger09
“Stellantis pushed us to evolve the Exro Coil Driver technology,” said Exro Chief Technology Officer Eric Hustedt. “They challenged us to demonstrate how our coil-switching inverter technology holds the potential to enhance system efficiency and power while also holding the potential to significantly reduce cost and accelerate the adoption of EVs globally.” Testing is said to be underway in Calgary.
If it comes to market as described, the Slate Auto pickup truck is likely to fill a hole left by trucks like the Chevrolet S-10 and old-school Ford Ranger. Those machines were light, affordable, and delivered far more in terms of utility than they ever asked for in return. Adding Canadian-born tech that may help crack the code on convenient charging would be a particularly tremendous development.
It is worth mentioning that production situations at all car companies have been complicated by recent geopolitical (read: tariff) developments. Slate Auto is promising to reveal more information about the truck on Thursday. We’ll be tuning in with interest.
The stock price shows no sign of turning up. I do not like the CEO and they made a mistake hiring her.
Oleblue
1年前
Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) (the “Company” or “Exro”), a leading clean-technology company that provides new-generation power control electronics that expand the capabilities of electric motors and batteries, today released a letter to its shareholders.
Dear Fellow Shareholders,
As we move into 2025, we reaffirm our commitment to executing on our strategy and building on the progress achieved in 2024. We remain confident in the strength of our blue-chip OEM partnerships, particularly those enhanced by our merger with SEA Electric in 2024.
Operations Update
Throughout 2024, we overcame numerous operational challenges, focused on delivering our leading technology for key customers, and improved operational efficiency. As we enter 2025, we remain dedicated to accelerating innovation and driving organizational improvements, all with the goal of achieving profitability. Most importantly, we are committed to enhancing our balance sheet.
Our commercial vehicle OEM programs have seen continued progress, with ongoing successful Coil Driver™ pilot programs. These collaborations with leading OEM partners have positioned us for growth in the commercial industrial truck segment. Notably, we have secured an additional paid pilot program for the Coil Driver™ drivetrain with a top OEM. The program has launched, and subject to successful on-road testing we aim to secure production for 2026. Please stay tuned to our social media channels for additional information on the program and other operational progress updates.
In the passenger vehicle sector, development with key OEM partners Stellantis and others under NDA are advancing, which we believe will position us for future expansion in the consumer markets for both battery-electric and hybrid applications. We continue to develop this sector to set a strong foundation for future success.
Additionally, we are gaining traction in the energy storage sector, with projects set to deliver in 2025. An update on our Cellex Energy division will be shared at our earnings call in March, as we continue to build momentum in this area.
Corporate Update
Exro continues to transform and establish the foundation for a profitable future with patented IP underpinning all of our key technology. As we evolve, we are right-sizing our business and creating the organization design to build our future.
Tony Fairweather, the founder of SEA Electric, has resigned from the Exro board. Mr. Fairweather was a founder of SEA Electric, and joined the Exro board on completion of the SEA Electric acquisition in April 2024. We thank Tony for his contributions to Exro.
We recognize that financial stability is on everyone’s mind. We are confident in the strength and continued support of our major shareholders and customer partnerships as we work on funding solutions, and we look forward to updating our shareholders prior to end of Q1.
Conclusion
Exro would like to express its sincere gratitude to its investors for their continued support. The progress we have made so far is a direct result of our collective efforts, and it is only with your commitment that we are able to make an impact in the transformation of global mobility.
Thank you for being a part of this journey. Here’s to a successful 2025!
Sincerely,
Sue Özdemir
Chief Executive Officer
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new-generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating 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.
Contact Information
Investor inquiries: ir@exro.com
Media inquiries: media@exro.com
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, which 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, 2023, and financial statements and related MD&A for the financial year ended December 31, 2023, 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 which 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.
https://mailchi.mp/4557fdfaae8f/exro-technologies-provides-operational-update-and-announces-third-quarter-2022-financial-results-14191586?e=b84aa33157
Oleblue
1年前
Exro’s Cellex Division Completes Installation of First Cell Driver™ Energy Storage System at Red Deer Polytechnic
Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) (the “Company” or “Exro”), a leading clean-technology company that provides new-generation power control electronics that expand the capabilities of electric motors and batteries, announced today the successful installation of its first in-field Cell Driver™ Battery Energy Storage System (“Cell Driver™”) at Red Deer Polytechnic (“RDP”). The installation was led by Cellex Energy Inc, Exro’s subsidiary dedicated to Cell Driver™ development and commercialization, and was completed earlier this month. This achievement will be celebrated with an official ribbon cutting ceremony this morning with members of RDP, Exro, and local officials.
The RDP installation integrates Exro’s Cell Driver™ system with a 1.6-megawatt rooftop solar system (nearly 4,200 solar panels) and a one-megawatt Combined Heat and Power Unit installed in partnership with Inferno Solar, at RDP’s Energy Innovation Centre. The project is intended to demonstrate how clean energy technologies can be incorporated into existing commercial buildings -- potentially a significant market opportunity for the deployment of Cell Driver™. The installation of the Cell Driver™ system at RDP is a use-case for educational facilities and municipalities committed to meeting net-zero standards and is expected to enhance the institution’s efforts in advancing alternative energy research, education, and green technology adoption in Alberta. It will be a component of Red Deer Polytechnic’s Energy Living Lab, which allows industry experts and students to explore energy innovation on a large scale at a systems level.
“We are pleased to have successfully completed the installation of the first Cell Driver™ system at Red Deer Polytechnic,” said John Meekison, General Manager of Exro’s Cellex division.“ As we work toward the goal of commercializing our Cell Driver™ technology this application serves as a powerful proof of concept for future opportunities, demonstrating how our system can lower energy costs and improve operational efficiency for commercial and industrial users. We’re excited to demonstrate how our technology can drive sustainable energy solutions”
RDP’s Energy Innovation Centre research staff, along with industry partners and students who engage within this innovation space, will assess how the new Cell Driver™ energy storage system works to help determine its capabilities and how it can best be used to support reliable, affordable energy generation in other organizations across Alberta. The province’s cold winter climate often creates challenges for battery and power generation systems to work efficiently and effectively.
“The partnership with Exro to install the Cell Driver™ system on Red Deer Polytechnic’s main campus has been a great success in showcasing our Energy Living Lab and how we support the industry to find and use innovative solutions that contribute to a more sustainable and secure energy future. This directly impacts organizations and people in Alberta and beyond,” said Tonya Wolfe, Associate Vice President, Applied Research, at Red Deer Polytechnic. “This installation also addresses a need at our post-secondary institution to provide a state-of-the-art energy storage solution that enriches our students’ learning experiences. The Cell Driver™ will offer hands-on opportunities for students to work with next-generation technology, preparing them for career success in green energy roles and sectors. We look forward to continuing our collaboration with Exro.”
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new-generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating 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.
ABOUT RED DEER POLYTECHNIC
Focused on advancing the economic and social priorities of Alberta, Red Deer Polytechnic (RDP) provides more than 80 industry-relevant programs and a breadth of credentials to approximately 10,000 credit, non-credit, and apprenticeship students. With modern teaching and learning spaces, and state-of-the-art research and innovation centres, RDP provides education and applied research opportunities in partnership with industry and communities. Red Deer Polytechnic’s main campus is located on Treaty 7, Treaty 6 and Métis ancestral lands. This is where we will strive to honour and transform our relationships with one another.??
For more information about RDP’s sustainability initiatives visit www.rdpolytech.ca/sustainability
Visit us on social media at facebook | X | instagram????
?Contact Information
Investor inquiries: ir@exro.com
Media inquiries: media@exro.com or media@rdpoltyech.ca
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, which 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, 2023, and financial statements and related MD&A for the financial year ended December 31, 2023, 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 which 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.
While the price has bottomed at $.07, the OBV has not turned up so there is still more tax loss selling
Oleblue
2年前
CALGARY, Alberta (November 6, 2024) – Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) (the “Company” or “Exro”), a leading clean technology provider specializing in proprietary motor control and complete electric propulsion systems for e-mobility, today announced the release of a shareholder letter. The letter provides details on the upcoming Q3 earnings release, scheduled for November 13, 2024, as well as an Analyst Day event to be hosted at the Company's U.S. headquarters in Mesa, Arizona, on November 14, 2024. The letter also addresses recent stock volatility and reaffirms Exro's commitment to advancing its strategic initiatives and driving long-term growth in the electrification sector.
Dear Exro Shareholders,
Despite recent headwinds, Exro’s proprietary intellectual property continues to position us for strong growth. Our patented and proven technology is designed to make the transition to electrification more cost-effective while improving performance. The acquisition of SEA Electric was a strategic move to accelerate the integration of our Coil Driver® technology into OEM platforms, a development expected to drive market adoption and revenue growth. We are pleased to report that this integration is progressing as planned and will be showcased at our upcoming Analyst Day.
In light of recent market volatility, we are committed to continuing to enhancing our investor relations strategy. Shareholders can look forward to the following updates:
Enhanced Investor Relations Support: We are committed to continuously improving our investor relations efforts with more frequent updates and more transparent communication channels to ensure investors continue to have timely access to information and a comprehensive understanding of Exro’s progress. In this light, Exro recently engaged leading North American investor relations firm, The Blueshirt Group, to manage and support Exro’s IR strategy. The Blueshirt team is comprised of Wall Street and industry veterans who have extensive relationships and established credibility with analysts, bankers, institutional investors, VCs and the media through years of strong execution.
Q3 Results Announcement on November 13, 2024: We will announce our Q3 results after the market closes. Management will host a conference call for analysts following the release of Q3 results with details to be provided in advance on our website.
Analyst Day on November 14, 2024: We are hosting our inaugural Analyst Day in Mesa, Arizona. This invitation-only event will showcase our technology with on-site demos of vehicles. Attendees will have the opportunity to speak with customers, industry experts and Exro executives to better understand the disruptive nature of our technology. Additionally, we will provide an update on our business strategy and path to profitability. Video recordings from the event will be posted to our investor relations website following the event.
Our resilience is rooted in our strong partnerships with blue-chip OEMs and a commitment to quality and innovation. Following our merger with SEA Electric, we have made significant strides in addressing key operational challenges, including:
Supply Chain Management: We successfully navigated many inventory and parts shortages that were highlighted in our Q2 results, ensuring minimal disruption to our operations.
Operational Efficiencies: We remain focused on cost reductions and right-sizing the business to meet OEM demand. To that end, we’ve achieved substantial annualized cost savings through headcount reductions, facility closures, and proactive resource management, positioning Exro on a clear path to profitability.
Financial Stability: We recently raised additional capital to support our working capital needs as we scale SEA-Drive® production volumes for two OEMs, which will drive both growth and profitability.
In recent weeks, our share price has faced significant downward pressure, with a decline of over 50% since late September. We understand the concerns this has raised among our shareholders and want to reassure you of our ongoing commitment to achieving long-term, profitable growth.
We believe the recent pressure on our stock is primarily attributable to the expiration of the lock-up agreement related to our merger with SEA Electric. Specifically, SEA shareholders received Exro shares with a six-month lock-up period, which expired in early October. This event, combined with weak broader market conditions for electric vehicle-related stocks, resulted in trading volumes more than three times the average daily levels, which contributed to the downward pressure on the share price.
While we are currently navigating short-term market challenges, we remain focused on operational excellence, revenue growth, and profitability through scale. The long-term market outlook remains positive as demand for electrified commercial vehicles continues to grow. In 2023, commercial truck sales in the U.S. and Europe tripled compared to the previous year, and this growth trend is expected to continue. OEMs are increasingly seeking innovative technology solutions to bridge the performance-cost gap. With our strong OEM partnerships and industry-leading technology, Exro is well-positioned to become the market leader in this space.
We deeply appreciate the continued support of our shareholders and look forward to updating you on our progress in the coming weeks. We are confident that we are building a better future, where sustainability and innovation work hand in hand.
Thank you for your ongoing trust and support.
Sue Ozdemir
CEO, Exro
Rod Copes
Board Chair, Exro
Contact Information
Investor inquiries: jodowd@exro.com
Media inquiries: media@exro.com
Oleblue
2年前
Exro Technologies Announces Fourth Quarter and Full Year 2023 Financial Results
April 1, 2024
At a Glance
Exro generated revenue of $5,736,140 for the twelve months that ended December 31, 2023.
The Company lifted the nondisclosure agreement with Giaffone and announced the completion of Coil DriverTM validation in Q4 2023 and acceptance of purchase order agreements which commenced in Q1 2024.
Coil Driver™ start of production was launched in Q3 2023 with low volume production and was followed by initial deliveries to customers of sample units in Q4 2023.
On January 30, 2024, Exro entered into a Merger Agreement with SEA Electric Inc
Exro Technologies Announces Fourth Quarter and Full Year 2023 Financial Results
Calgary, Alberta (April 1, 2024) – Exro Technologies Inc. (TSX: EXRO, OTC QB: EXROF) (the “Company” or “Exro”), a leading clean technology company which has developed new generation power control electronics that expand the capabilities of electric motors and batteries, announced today its financial results for the quarter ended December 31, 2023.
"Our Company continued operational momentum through Q4 2023, closing out the year with several important milestones achieved", said Exro Chief Executive Officer, Sue Ozdemir. "2023 already feels like a distant memory with Exro entering into transformational merger with electric vehicle technology company SEA Electric in Q1 2024, setting the stage for accelerated revenue growth, technology deployments, and path to profitability. We look forward to closing the transaction and delivering on commitments to our major commercial and passenger vehicle OEM partners in 2024 and beyond."
Exro and Sea Electric Merger
Subsequent to year end Exro entered into a Merger Agreement ("the Transaction") with SEA Electric Inc. ("SEA Electric"). The Transaction is expected to enhance Exro's technology offerings, accelerate revenue growth, and contribute to its path to profitability.
The Transaction is expected to provide meaningful benefits to Exro, including but not limited to:
Technology Synergy: The Transaction combines Exro’s Coil Driver™ motor control technology with SEA Electric’s SEA-Drive vehicle control unit (VCU) software technology. This integration is anticipated to deliver superior performance, efficiency, and total cost of ownership advantages, embedded in a complete package electric propulsion system for the commercial vehicle space. Exro and SEA Electric have been testing the technology in partnership over the prior 3 years.
Revenue Acceleration: Following the Transaction, the company is forecasting delivery of over 1,000 propulsion systems in 2024 to blue-chip original equipment manufacturers (OEMs). This strategic move is expected to drive substantial revenue growth.
Multi-Year Commitments: Leading commercial vehicle OEMs have made multi-year commitments to the combined company. These commitments underscore the confidence in the merged entity’s capabilities and potential
In conjunction with the Transaction, the Company announced a bought deal private placement offering for gross proceeds of $30 million through the offering of 31,600,000 subscription receipts at a price of $0.95 per subscription receipt. The subscription receipts will be exchanged for common shares upon close of the Transaction and proceeds released to the Company. The Transaction is expected to be completed on April 5, 2024, subject to customary closing conditions, including regulatory approvals and approval by Exro shareholders.
Fourth quarter and subsequent operating highlights
In Q4 2023, Exro lifted the NDA and announced a partnership with Giaffone Electric, further expanding its strategic collaborations into South America. In Q1 2023, Exro and Giaffone integrated Coil Driver™ systems within commercial delivery vehicles for a global leading food and beverage company. Additional systems were ordered and deliveries continued through Q1 2024.
Exro successfully completed bench testing of 48V coil drivers for a hybrid diesel application with its off-highway NDA partner in Europe. Commercial discussions for units and systems are underway, with negotiations involving the lifting of the NDA.
Coil Driver™ start of production was launched in Q3 2023 with low volume production and was followed by initial deliveries of sample units in Q4 2023.
With Exro’s Cell Driver™ energy storage, the company announced a distribution partnership with Greentech Renewables Southwest and named Re:Build Manufacturing as the exclusive manufacturing partner for the Company’s Cell Driver cabinets. Exro has onboarded 40+ distribution and installation partners across North America and the Caribbean
On March 6, 2024 Exro announced that it has completed the testing program required to receive UL certification for its Cell Driver™ stationary energy storage system. The test results are currently being reviewed by approved UL certifier Intertek Laboratories, followed by an audit of Exro’s contract manufacturer for the Cell Driver™, Re:Build Manufacturing. It is anticipated that final UL certification will be received in Q2 2024. Commercial sales and marketing activities continue.
The Company has disclosed additional key highlights from 2023 in the MD&A released on April 1, 2024.
Fourth quarter and year ended 2023 financial highlights
For the three months ended December 31, 2023
Revenue of $935,410 (2022 – $1,807,859)
Comprehensive loss of $18,201,611 (2022 – $25,301,810)
Selling, general and administration expense decreased by $5,886 to $2,592,706 from $2,598,592
Payroll and consulting fees increased by $796,058 to $4,474,702 from $3,678,644
Research and development increased by $1,840,285 to $4,485,833 from $2,645,548
For the twelve months ended December 31, 2023
Revenue of $5,736,140 (2022 – $2,185,448)
Comprehensive loss of $50,143,198 (2022 – $39,495,905)
Selling, general and administration expense decreased by $1,343,234 to $9,776,036 from $11,119,270
Payroll and consulting fees increased by $2,883,319 to $16,669,923 from $13,786,604
Research and development increased by $4,071,391 to $12,836,892 from $8,765,501
The Company generated revenue of $935,410 and $5,736,140, for the three and twelve months ended December 31, 2023, respectively through the execution on engineering services agreements.
Exro saw an overall increase in operating costs for the twelve months ended December 31, 2023, which was driven largely by higher payroll and research and development costs compared to the same period in 2022, offset by a reduction in selling, general and administration expenses. In addition the Company saw higher expenses related to non-cash items including a loss on investment in SEA, fair value loss on derivative assets, interest expense settled through the issuance of shares in the Company, and higher depreciation and share-based payments.
Liquidity and capital resources
As at December 31, 2023, the Company had cash and cash equivalents of $6,241,176 and accounts receivable of $4,233,672. The Company had accounts payable and accrued liabilities of $8,629,951.
Results of operations and selected financial data
Outstanding share data
As of April 1, 2024, there were 170,121,818 Common Shares issued and outstanding.
Additional information
The financial statements and Management’s Discussion and Analysis for the quarter ended December 31, 2023, released April 1, 2024, can be viewed at www.exro.com/investors or on SEDAR+ under Exro Technologies Inc. at www.sedarplus.ca.
Unless otherwise indicated, all figures are in Canadian currency, Cdn.
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 (Coil Driver™) and stationary energy storage (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.
Visit us on social media @exrotech.
On behalf of the board of directors
Sue Ozdemir, Chief Executive Officer
Contact information
Investor inquiries: ir@exro.com
Chief Investment Officer, Darrell Bishop: dbishop@exro.com
Media inquiries: media@exro.com
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 by the use of 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, 2023, and financial statements and related MD&A for the financial year ended December 31, 2023, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca. 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 which 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.
https://www.exro.com/news/exro-technologies-announces-fourth-quarter-and-full-year-2023-financial-results?utm_source=mailchimp&utm_medium=email&utm_campaign=newsletter&utm_content=april-2024-newsletter
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