Exro Technologis Stock Price, News & Analysis

Exro Technologies (TSX: EXRO, OTCQB: EXROF) has learned of a threatened class action lawsuit filed in the Court of King's Bench, Alberta. The proposed securities class action represents investors who purchased Exro securities between January 30 and November 13, 2024. The lawsuit, which names Exro, its CEO, and board chair as defendants, relates to the merger with SEA Electric that closed on April 5, 2024. The plaintiff alleges misrepresentations in Exro's January 30, 2024 material change report led to investor losses. The company disputes these allegations and plans to defend against the claim.

Exro Technologies (EXROF) hosted its inaugural Analyst Day in Mesa, AZ, announcing the launch of OEM vehicles integrated with its Coil Driver technology in partnership with Nidec Motor The company unveiled its Medium Duty driveline after 18 months of testing and provided financial guidance projecting revenues of $24-$28 million for 2024 and $85-$110 million for 2025. Integration of Coil Driver into series production systems is scheduled for second half of 2025, with EBITDA breakeven expected by year-end 2025.

Exro Technologies reported record Q3 2024 results with revenue reaching $11.0 million, a 108% increase from Q2. The company delivered 74 e-propulsion systems to OEM customers, up 106% from Q2. Exro achieved over US$15 million in cost savings through operational efficiencies, including a 35% headcount reduction. The company announced Stellantis N.V. as its automotive passenger vehicle OEM partner and completed a $25 million public offering. In technology validation, their Coil Driver® successfully powered a 17-tonne commercial electric vehicle up an 18% grade during pilots in Brazil.

Exro Technologies (TSX: EXRO, OTCQB: EXROF) announced its participation in the 13th Annual ROTH Technology Conference in New York City on November 19-20, 2024. The conference, hosted by Roth Capital Partners, will feature over 120 growth companies.

Senior executives will engage in one-on-one meetings with institutional investors to showcase the company's electric propulsion technologies, recent developments, and e-mobility partnerships. Exro's innovative solutions, including the Coil Driver®, SEA-Drive®, and Cell Driver™, focus on enhancing electric propulsion systems, motors, and batteries performance while maintaining cost-effectiveness.

Exro Technologies has announced its Q3 earnings release for November 13, 2024, followed by an Analyst Day event at their Mesa, Arizona headquarters on November 14. The company addresses recent stock volatility, noting a 50% decline since September due to the expiration of SEA Electric merger lock-up agreements. Key developments include enhanced investor relations through partnership with The Blueshirt Group, successful navigation of supply chain challenges, and operational cost reductions. The company has secured additional capital to support SEA-Drive® production scaling for two OEMs, emphasizing their focus on operational excellence and path to profitability.

Exro Technologies Inc. has announced Stellantis N.V. as its automotive OEM partner for a passenger vehicle innovation program. The announcement follows 14 months of collaboration integrating Exro's Coil Driver® technology into Stellantis' next-generation electric powertrains. Exro has also been named a finalist for Best Supplier in the Innovation Category at the Stellantis Supplier Awards 2024.

The partnership has progressed through multiple technical, performance, and cost study milestones. Exro's technology aims to enhance system efficiency and power while potentially reducing costs and accelerating EV adoption. Stellantis recognized Exro for its innovative motor control technology, which improved electrified motor design, enhanced performance, and reduced costs in passenger car EVs.

Exro Technologies (TSX: EXRO, OTCQB: EXROF) reported record quarterly revenue of C$5.3 million in Q2 2024, with 36 propulsion system units delivered. The company had C$6.7 million in completed units at quarter-end, including 40 units for early Q3 delivery. Exro achieved ETL certification for its Cell Driver® battery energy storage system and is on track to deliver its 2024 target of US$10 million in cost savings, having already realized US$7.5 million. The company restructured a US$53 million convertible debenture into a promissory note, removing dilution potential and securing up to US$7 million in additional funding. Exro is focused on profitability and integrating its Coil Driver® technology into major OEM programs launching in Q3 and Q4, aiming for production in 2025.

Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) has announced progress in integrating its Coil Driver™ inverter technology with its proprietary EV propulsion system for the SEA 5e, a Class 5 Battery Electric Truck. This integration project is a important step towards commercialization, aiming to reduce costs in commercial electric vehicles. The 120a propulsion system, controlled by the Coil Driver inverter, can increase system efficiency and reduce costs, offering flexibility in packaging for various truck bed configurations.

The project aligns with the Advanced Clean Truck (ACT) and Advanced Clean Fleet (ACF) standards, supporting the adoption of zero-emission vehicles in commercial fleets. Exro's technology contributes to regulatory compliance while driving cost reductions and efficiency improvements in the commercial transportation sector.

Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) has announced a strategic agreement through its division Cellex Energy Inc. with a premier North American 'Energy as a Service' (EaaS) partner. The agreement includes a binding purchase order for 10 Cell Driver™ pilot units to be deployed in key US energy markets, focusing on California and New England. This follows the Cell Driver™ receiving ETL certification to UL standard 9540 in June.

The EaaS partner will own and operate the Cell Driver™ energy storage systems, showcasing various operational modes including backup power, solar assistance, and grid-tied features. The systems will participate in local demand response programs as part of a virtual power plant. The 12-month pilot phase will demonstrate the scalability and effectiveness of the technology, with payment terms spanning up to two years from delivery.