Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that provides proprietary motor-control and complete electric propulsion system technology for e-mobility, today provided its first update highlighting the company’s transformative shifts following the acquisition of SEA Electric on April 5, 2024. The company also released the results for the first quarter of 2024, ended March 31, 2024. The company generated revenue of C$1,263,211 driven by pilot Coil Driver(TM) unit sales and engineering services agreements completed during the quarter. Exro Technologies recorded a net loss of C$12,867,234 in Q1 2024, down from C$18,769,546 in Q4 2023. “The progress made since April 5 is a validation to the deal synergies presented in January – revenue, cost savings and complementary technologies,” said Exro CEO Sue Ozdemir. “Immediately upon closing of the deal we began initial SEA-Drive(R) propulsion system deliveries to key OEM customers, and launched a broad-based integration process focused on significant cost reduction and operational execution for critical customers and programs. We have also identified opportunities within supply chain and operations to further gain efficiencies and reduce cost as we continue to merge and integrate our Coil Driver(TM) technology into our blue-chip partnerships. We are steadily ramping our output and expect deliveries of over 250 propulsion systems within the first six months post-close and more than 1,000 systems in the 12 months post-close. The combination of Exro’s Coil Driver(TM) inverter with the SEA-Drive(R) propulsion system provides the industry with a patented and proven solution to bridge the cost-performance gap. We remain committed to our vision and innovation in motor and battery control.”
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About Exro Technologies Inc.
Exro Technologies 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 (Coil Driver(TM)) and stationary energy storage (Cell Driver(TM)), and act to accelerate adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results. For more information, visit the company’s website at www.Exro.com.
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