Record quarterly revenue of C$5.3 million with C$6.7 million at quarter end in completed units
Exceeded targeted bill of material costs and savings of 5%, recognizing over 10%
Recognized cumulative annual business cost-savings of US$7.5 million and on track to deliver 2024 target of US$10 million
Awarded ETL certification for the Exro Cell Driver® stationary battery energy storage system
Subsequent to quarter end, restructured US$53 million convertible debenture into a promissory note, removing the dilutive potential of a convert while providing up to an additional US$7 million in funding
Exro Technologies Inc. (the "Company" or "Exro"), a leading clean-technology company that provides proprietary motor-control and complete electric propulsion system technology for e-mobility, announced its financial results for the second quarter ended June 30, 2024. The earnings presentation is available on the Company's investor relations website here.
Highlights
Record revenue: Exro achieved record revenue of C$5.3 million in Q2 2024 with the delivery of 36 propulsion system units, a significant increase from nil reported in Q2 2023. In addition, the Company had C$6.7 million in completed units at the end of Q2, including an additional 40 completed units being delivered in early Q3.
Cell Driver™ Certification: the Company was awarded ETL certification to UL standards at the end of June which marked the next phase of commercialization for its proprietary battery energy storage technology.
Path to Profitability: the initial target of US$10 million is on track for 2024, with US$7.5 million annualized savings realized to date from headcount restructure, facilities, and operational efficiencies.
Exro is focused on achieving profitability and realizing annualized cost savings of US$10 million through operational cost reductions and bill of material savings. The integration of the Exro Coil Driver® technology into major OEM programs, set to launch in Q3 and Q4, will allow for validation and initiate production in 2025, demonstrating the technology's disruptive potential and growing market demand.
"We are pleased about our progress immediately post-merger," said Exro CEO Sue Ozdemir. "We delivered record revenue and production volumes, on track for our cost-out targets, and integrated our technology offerings. Despite challenges, our team's dedication has been outstanding, and we are confident in our continued growth and industry disruption."
Conference Call Information
Management will host its first quarterly earnings conference call for analysts and investors at 8:30 a.m. Eastern time / 5:30 a.m. Pacific time on Thursday, August 15, 2024. Details below:
Toll-Free Dial-In Number: 800-245-3047
Conference ID: EXROQ2
The condensed consolidated interim financial statements and Management's Discussion and Analysis for the quarter ended June 30, 2024, are available at www.exro.com/investors and on SEDAR+ under Exro Technologies Inc. at www.sedarplus.ca.
