Exro Technologies Announces Fourth Quarter and Full Year 2023 Financial Results
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Exro generated revenue of
$5,736,140 for the twelve months that endedDecember 31, 2023 . - The Company lifted the nondisclosure agreement with Giaffone and announced the completion of Coil DriverTM validation in Q4 2023 and acceptance of purchase order agreements which commenced in Q1 2024.
- Coil Driver™ start of production was launched in Q3 2023 with low volume production and was followed by initial deliveries to customers of sample units in Q4 2023.
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On
January 30, 2024 , Exro entered into a Merger Agreement withSEA Electric Inc. for the acquisition ofSEA Electric and an associated equity financing for gross proceeds of$30,020,000 .
"Our Company continued operational momentum through Q4 2023, closing out the year with several important milestones achieved", said Exro Chief Executive Officer,
Subsequent to year end Exro entered into a Merger Agreement ("the Transaction") with
The Transaction is expected to provide meaningful benefits to Exro, including but not limited to:
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Technology Synergy : The Transaction combines Exro's Coil Driver™ motor control technology withSEA Electric's SEA-Drive vehicle control unit (VCU) software technology. This integration is anticipated to deliver superior performance, efficiency, and total cost of ownership advantages, embedded in a complete package electric propulsion system for the commercial vehicle space.Exro and SEA Electric have been testing the technology in partnership over the prior 3 years. - Revenue Acceleration: Following the Transaction, the company is forecasting delivery of over 1,000 propulsion systems in 2024 to blue-chip original equipment manufacturers (OEMs). This strategic move is expected to drive substantial revenue growth.
- Multi-Year Commitments: Leading commercial vehicle OEMs have made multi-year commitments to the combined company. These commitments underscore the confidence in the merged entity's capabilities and potential.
In conjunction with the Transaction, the Company announced a bought deal private placement offering for gross proceeds of
Fourth quarter and subsequent operating highlights
In Q4 2023, Exro lifted the NDA and announced a partnership with
Exro successfully completed bench testing of 48V coil drivers for a hybrid diesel application with its off-highway NDA partner in
Coil Driver™ start of production was launched in Q3 2023 with low volume production and was followed by initial deliveries of sample units in Q4 2023.
With Exro's Cell Driver™ energy storage, the company announced a distribution partnership with Greentech Renewables Southwest and named Re:Build Manufacturing as the exclusive manufacturing partner for the Company's Cell Driver cabinets. Exro has onboarded 40+ distribution and installation partners across
On
The Company has disclosed additional key highlights from 2023 in the MD&A released on
Fourth quarter and year ended 2023 financial highlights
For the three months ended
- Revenue of
$935,410 (2022 –$1,807,859 ) - Comprehensive loss of
$18,201,611 (2022 –$25,301,810 ) - Selling, general and administration expense decreased by
$5,886 to$2,592,706 from$2,598,592 - Payroll and consulting fees increased by
$796,058 to$4,474,702 from$3,678,644 - Research and development increased by
$1,840,285 to$4,485,833 from$2,645,548
For the twelve months ended
- Revenue of
$5,736,140 (2022 –$2,185,448 ) - Comprehensive loss of
$50,143,198 (2022 –$39,495,905 ) - Selling, general and administration expense decreased by
$1,343,234 to$9,776,036 from$11,119,270 - Payroll and consulting fees increased by
$2,883,319 to$16,669,923 from$13,786,604 - Research and development increased by
$4,071,391 to$12,836,892 from$8,765,501
The Company generated revenue of
Exro saw an overall increase in operating costs for the twelve months ended
Liquidity and capital resources
As at
Results of operations and selected financial data
For the twelve months |
Revenue |
Comprehensive |
Basic and diluted |
Weighted average |
|
$ 5,736,140 |
$ (50,143,198) |
$ (0.31) |
161,707,518 |
|
$ 2,185,448 |
$ (39,495,905) |
$ (0.29) |
137,685,067 |
Outstanding share data
As of
Additional information
The financial statements and Management's Discussion and Analysis for the quarter ended
Unless otherwise indicated, all figures are in Canadian currency, Cdn.
About
For more information visit our website at www.exro.com.
Visit us on social media @exrotech.
On behalf of the board of directors
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 by the use of 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
Neither the
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