Exro Technologies Inc., a prominent company in the clean technology sector that specializes in providing proprietary motor-control and complete electric propulsion system technology for e-mobility, recently released their financial results for the second quarter ending June 30, 2024. The company reported significant achievements during this period, such as recording quarterly revenue of C$5.3 million and completing C$6.7 million in units by the end of the quarter.
Moreover, Exro Technologies Inc. exceeded their targeted bill of material cost savings by over 10%, recognizing cumulative annual business cost-savings of US$7.5 million. The company is on track to achieve their 2024 target of US$10 million in cost savings. Additionally, Exro Technologies Inc. obtained ETL certification for their Exro Cell Driver stationary battery energy storage system, signifying a significant milestone in their technological advancements.
Subsequent to the quarter’s end, Exro Technologies Inc. restructured a US$53 million convertible debenture into a promissory note, eliminating the dilutive potential of a conversion and potentially providing up to an additional US$7 million in funding.
Looking ahead, Exro Technologies Inc. is focused on achieving profitability and realizing annualized cost savings of US$10 million through operational cost reductions and bill of material savings. The company plans to integrate their Exro Coil Driver technology into major OEM programs set to launch in the upcoming quarters, positioning them for production in 2025.
Exro CEO, Sue Ozdemir, expressed satisfaction with the progress made post-merger, highlighting the record revenue, production volumes, cost-out targets, and technology integration. The company remains optimistic about continued growth and industry disruption moving forward.
Management will host a quarterly earnings conference call on August 15, 2024, to provide further insights into Exro Technologies Inc.’s financial performance and strategic direction. Detailed information regarding the conference call can be found in the provided contact details. Interested parties can access the condensed consolidated interim financial statements and Management’s Discussion and Analysis on the company’s investor relations website and SEDAR platform.
Exro Technologies Inc. is committed to innovation in clean technology, aiming to optimize energy use through advanced power control electronics. Their cutting-edge technologies support the transition towards a circular electrified economy, offering maximum results with minimal energy consumption. For more information about Exro Technologies Inc., visit their official website and review their corporate presentation for additional details.
