Exro Technologies Reports First Quarter 2025 Results
Q1 2025 Highlights
Revenue of $4.4 million from delivery of 23 electric propulsion units and aftersales services.
Continued integration of Coil Driver™ technology with a third commercial EV platform.
Strategic engagements advanced with Stellantis and two additional global automotive OEMs.
Workforce reduced by 19% and cost optimization initiatives began to deliver gross margin improvements.
"During the first quarter, Exro made meaningful progress executing against its commercialization roadmap," said Exro CEO Sue Ozdemir. "We continued propulsion system deliveries to our commercial vehicle OEM customers, advanced new OEM programs, and began realizing the benefits of targeted cost reductions and margin improvements. With the electrification market continuing to evolve, we remain focused on disciplined execution, strategic capital deployment, and delivering long-term value."
Financial Results
Revenue for Q1 2025 totaled $4.44 million, compared to $87,828 in Q1 2024. This increase reflects the Company's transition from technology validation to commercial deliveries.
Gross profit, excluding amortization, was negative $2.3 million, an improvement from prior quarters, driven by early cost reductions, inventory efficiencies, and product mix optimization. Gross margin per unit improved significantly compared to Q4 2024, continuing the trend toward profitability.
Net loss from continuing operations was $23.5 million (or $0.04 per share), compared to a loss of $12.9 million (or $0.08 per share) in Q1 2024. The increase in loss is primarily attributable to non-cash charges, including $7.4 million in depreciation and amortization and $3.8 million in interest expense related to senior secured debt and convertible notes.
As of March 31, 2025, the Company held $0.76 million in cash and reported a working capital deficit of $7.0 million. Operating cash flow was negative $11.5 million, reflecting the scaling of commercial operations.
Strategic and Operational Update
Exro is delivering propulsion units to two of the top five commercial vehicle OEMs in North America and remains in advanced discussions with two others.
The Company is pursuing an additional OEM contract for 2026 production.
An additional 20% reduction in bill-of-materials costs is targeted by year-end.
Additional Cell Driver™ pilot deployments are scheduled across North America.
Following quarter-end, Exro is continuing to explore viable funding opportunities to support its business plan. The Company received US $4.0 million ($5,615,510) in additional funding from its existing senior secured creditor.
Strategic Wind-Down of APAC Subsidiary
As part of its focus on core markets and capital efficiency, Exro has initiated an orderly wind-down of its Australia-based subsidiary. Legal counsel has been retained, and the Company is working to resolve all lease, employment, and regulatory matters. This strategic decision supports the Company's ongoing focus on cost reductions and reallocation of resources to high-impact markets with stronger commercial traction and more efficient capital deployment.
Outlook
While macroeconomic conditions continue to affect the broader automotive sector, Exro remains confident in the long-term demand for cost-efficient electrification solutions.
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading 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.
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, 2024, and financial statements and related MD&A for the financial year ended December 31, 2024, 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 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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