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Yahoo
16-05-2025
- Automotive
- Yahoo
Exro Technologies Reports First Quarter 2025 Results
CALGARY, AB, May 15, 2025 /CNW/ - Exro Technologies Inc. (TSX: EXRO) ("Exro" or the "Company"), a leading technology company specializing in power control solutions for electric vehicles and energy storage, today announced its financial results for the first quarter ended March 31, 2025. 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 To view our Corporate Presentation visit us at 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 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. View original content to download multimedia: SOURCE Exro Technologies Inc. View original content to download multimedia: Sign in to access your portfolio
Cision Canada
16-05-2025
- Automotive
- Cision Canada
Exro Technologies Reports First Quarter 2025 Results
CALGARY, AB, May 15, 2025 /CNW/ - Exro Technologies Inc. (TSX: EXRO) ("Exro" or the "Company"), a leading technology company specializing in power control solutions for electric vehicles and energy storage, today announced its financial results for the first quarter ended March 31, 2025. 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 To view our Corporate Presentation visit us at 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 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.
Yahoo
23-04-2025
- Business
- Yahoo
Exro Technologies Responds to Market Activity
CALGARY, AB, April 23, 2025 /CNW/ - Exro Technologies Inc. (TSX: EXRO) ("Exro" or the "Company"), a leading technology company specializing in power control solutions for electric vehicles and energy storage, at the request of CIRO today issued the following statement in response to recent trading activity in its common shares. Exro confirms that it is not aware of any undisclosed material change to the Company's business or operations that would account for the recent increase in its share price and trading volume. As previously disclosed, the Company continues to actively explore financing alternatives to support its business plan and remains focused on executing its strategic initiatives. 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 To view our Corporate Presentation visit us at 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 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. View original content to download multimedia: SOURCE Exro Technologies Inc. View original content to download multimedia:
Yahoo
01-04-2025
- Automotive
- Yahoo
Exro Technologies Announces Fourth Quarter and Full Year 2024 Financial Results
CALGARY, AB, March 31, 2025 /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, announced today its financial results or the fourth quarter and full year ended December 31, 2024. In 2024, Exro experienced a transformative year, delivering its innovative e-propulsion system technologies to major OEMs, implementing strategic cost reductions, advancing key programs, and strengthening partnerships. The company completed and integrated its merger with SEA Electric Inc. ("SEA"), resulting in record annual revenue of $23.1 million. Significant cost reductions, including facility closures, bill of material cost optimizations, and workforce restructuring, contributed to substantial savings, which are expected to be realized in 2025. "2024 was a defining year for Exro, highlighted by record revenue, the merger and integration with SEA, and critical cost-saving initiatives,," said Exro CEO Sue Ozdemir. "Despite industry-wide macroeconomic challenges, we have demonstrated resilience and adaptability. The first half of the year was focused on merger integration, while the latter half established a strong foundation for future growth. As we enter 2025, we remain dedicated to scaling operations and driving commercialization in a dynamic market." Over the nine months following the SEA merger, Exro delivered 153 electric propulsion systems to OEM partners and made significant advancements in its Coil Driver™ and Cell Driver™ programs. Key highlights include the launch of an innovation program with Stellantis N.V. for Coil Driver™ in passenger vehicles, the initiation of a new powertrain pilot program with a major commercial vehicle OEM, and the achievement of ETL Certification to UL standards for the Cell Driver™ battery energy storage system, reflecting Exro's commitment to innovation and commercial progress. 2024 Financial Highlights For the twelve months ended December 31, 2024 Record Revenue: $23,074,027, driven by the delivery of 153 e-propulsion systems. Cost Optimization: Exro exceeded its cost-saving target, achieving over US$15 million in annualized savings against an initial goal of US$10 million. Workforce optimization reduced payroll expenses by more than 50%, from 266 employees in April 2024 to approximately 130 by March 31, 2025. Operations Update Commercial Vehicle OEM Programs: Series production deliveries of e-propulsion systems continue into 2025 for Exro's two blue-chip OEM partners. A pilot program with a third top-five OEM, launched in December 2024, is progressing as planned, with Exro's Coil Driver™ integrated with a Nidec motor in a Class-6 vehicle. On-road trials are expected to begin by Q3 2025. Coil Driver™ Integration: Exro has further optimized its Coil Driver™ technology, leading to cost reductions while maintaining performance. By H2 2025, Coil Driver™ is expected to become the core component of all propulsion system deliveries. Passenger Vehicle OEMs: Exro is making continued progress with key passenger vehicle partners, positioning itself for expansion in the battery-electric and hybrid markets. The company's innovation program with Stellantis is on track, transitioning from design and simulation to prototype motor-Coil Driver™ testing in Calgary, AB. Additionally, in Q1 2025, Exro was awarded innovation pilots with two additional major automotive OEMs, funded by the OEMs to evaluate the integration of Exro's Coil Driver™ into their electric and hybrid platforms. These pilots have moved past the initial design and simulation phase and are anticipated to begin OEM motor-Exro Coil Driver™ prototype testing in Q2 2025. As with the Stellantis program, the details of these new partnerships will remain under NDA until officially released by the OEMs. Energy Storage: The ongoing pilot on our Calgary facility continues to demonstrate the benefits of cell level control and progress our commercialization efforts. The Cell Driver™ installation completed at Red Deer Polytechnic in Q4 2024 is performing well and gathering valuable run-time data. Commercial discussions continue to advance in early 2025 for additional units in both Canada and the USA. 2025 Outlook While Exro's technology continues to perform well, market uncertainty related to incentives under the new U.S. administration has introduced volatility. Changes in regulations, tariffs, and supply chain factors have led to temporary hesitancy among dealers and fleet operators. Despite these near-term challenges, several OEMs are investing in new U.S. manufacturing facilities to support commercial EV adoption. Emerging markets such as Texas and Florida are experiencing strong growth, driven by corporate electrification investments, even in the absence of state-level incentives. Companies are taking a long-term approach, positioning themselves for expansion over the next two years, with significant acceleration expected by 2027. Given these fluctuating market conditions, Exro is withdrawing its previously issued annual revenue guidance for 2025. This decision reflects the company's commitment to accurate disclosure amid ongoing market uncertainty. The company will reassess guidance as conditions stabilize. While short-term market conditions are challenging, Exro remains focused on executing its strategy, improving margins, and adapting to evolving industry dynamics. The long-term outlook remains favorable, with ongoing investments in electrification and regulatory support. Funding Update Exro is actively exploring financing alternatives to support its business plan. As of March 31 2025, the company has received financial support from an existing investor and is continuing to evaluate other potential funding options with the assistance of third-party financial advisors. There is no guarantee that support from the existing shareholder will continue, nor that the company will secure an alternative source of funding. Exro will keep stakeholders informed of any developments as they arise. 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 To view our Corporate Presentation visit us at 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 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. View original content to download multimedia: SOURCE Exro Technologies Inc.
