- Record quarterly revenue of C$5.3
million with C$6.7 million at
quarter end in completed units
- Exceeded targeted bill of material costs and savings of 5%,
recognizing over 10%
- Recognized cumulative annual business cost-savings of
US$7.5 million and on track to
deliver 2024 target of US$10
million
- Awarded ETL certification for the Exro Cell Driver®
stationary battery energy storage system
- Subsequent to quarter end, restructured US$53 million convertible debenture into a
promissory note, removing the dilutive potential of a convert while
providing up to an additional US$7
million in funding
CALGARY,
AB, Aug. 14, 2024 /PRNewswire/ - 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 second quarter ended June 30,
2024. The earnings presentation is available on the
Company's investor relations website here.
Highlights
- Record revenue: Exro achieved record revenue of
C$5.3 million in Q2 2024 with the
delivery of 36 propulsion system units, a significant increase from
nil reported in Q2 2023. In addition, the Company had C$6.7 million in completed units at the end of
Q2, including an additional 40 completed units being delivered in
early Q3.
- Cell Driver™ Certification: the Company
was awarded ETL certification to UL standards at the end of
June which marked the next phase of commercialization for its
proprietary battery energy storage technology.
- Path to Profitability: the initial target of
US$10 million is on track for 2024,
with US$7.5 million annualized
savings realized to date from headcount restructure, facilities,
and operational efficiencies.
Exro is focused on achieving profitability and realizing
annualized cost savings of US$10
million through operational cost reductions and bill of
material savings. The integration of the Exro Coil
Driver® technology into major OEM programs, set to
launch in Q3 and Q4, will allow for validation and initiate
production in 2025, demonstrating the technology's disruptive
potential and growing market demand.
"We are pleased about our progress immediately post-merger,"
said Exro CEO Sue Ozdemir. "We
delivered record revenue and production volumes, on track for our
cost-out targets, and integrated our technology offerings. Despite
challenges, our team's dedication has been outstanding, and we are
confident in our continued growth and industry disruption."
Conference Call Information
Management will host its
first quarterly earnings conference call for analysts and investors
at 8:30 a.m. Eastern time /
5:30 a.m. Pacific time on Thursday,
August 15, 2024. Details below:
Toll-Free Dial-In Number: 800-245-3047
Conference ID: EXROQ2
The condensed consolidated interim financial statements and
Management's Discussion and Analysis for the quarter ended
June 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.