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CANADA, 12 August 2023: Exro Technologies Inc, a leading clean technology company specializing in innovative power control electronics for electric motors and batteries, announced robust financial results for the second quarter ended June 30, 2023.
Revenue Highlights
Exro generated significant revenue of USD 2,443,292 for the three-month period concluding on June 30, 2023, and USD 2,768,061 for the six months of the same period. These results showcase the company’s continued growth and market presence.
Strategic Partnerships and Agreements
In May, Exro successfully inked a definitive commercialization agreement with Linamar Corporation, a prominent global tier-1 automotive supplier. This collaboration centers around the development of integrated electric axle technology that utilizes former’s Coil Driver traction inverter. This partnership reflects Exro’s commitment to advancing electric vehicle technology.
Strategic Goals Check-In
Exro’s strategic goals for 2023 have been systematically advancing. These objectives include:
- Expanding partnerships: Exro has signed agreements with notable players in the automotive industry, such as Wolong Electric Group and Linamar Corporation.
- Delivering innovative designs: The company has made strides in delivering low-voltage and high-voltage design-for-manufacture (DFM) samples for customer validation.
- Commercial agreements: The company has been engaged in discussions for commercial agreements that enhance its Coil Driver order backlog.
- Product development and production: The company is on track to start production of its Coil Driver and Cell Driver products, with deliveries and in-field pilots planned for Q3 2023.
- Nasdaq listing evaluation: The company remains focused on evaluating the right market conditions for a potential Nasdaq up-listing.
Financial Overview
For the six months ended June 30, 2023, Exro achieved revenue of USD 2,768,061, compared to USD 246,338 for the same period in 2022. The comprehensive loss for the same six-month period was USD 20,761,344, a progression from the USD 18,911,341 loss in 2022. Operating costs increased due to investments in research and development, talent acquisition, and other strategic initiatives.
Liquidity and Capital Resources
As of June 30, 2023, Exro had a strong financial position with USD 34,966,644 in cash and USD 338,302 in amounts receivable. The company continues to allocate resources to support its production plans and innovative endeavors.
Outstanding Share Data
As of August 10, 2023, Exro had 168,656,309 Common Shares issued and outstanding. Additionally, there were options, warrants, restricted stock units (RSUs), and performance stock units (PSUs) in circulation, reflecting the company’s potential for future growth and value creation.
Conclusion
Exro Technologies’ Q2 2023 financial results demonstrate substantial progress across various fronts, including strategic partnerships, product development, and revenue generation. With a focus on advancing electric vehicle technology and expanding its market presence, the company is well-positioned for continued success in the evolving clean technology landscape.
