Exro Technologis Stock Price, News & Analysis

On June 28, 2024, Exro Technologies (TSX: EXRO, OTCQB: EXROF) announced the results of its 2024 Annual General Meeting held in Mesa, Arizona. All candidates listed in the Management Information Circular dated May 21, 2024, were elected as directors. Key directors include Sue Ozdemir, Aleksandra Miziolek, Frank Simpkins, Rodney Copes, John Macleod, Anthony Fairweather, and Nancy Lee Gioia. The number of directors was set at seven, and the auditors were appointed with a high approval rate. A total of 169,778,669 shares were voted, representing 48.762% of Exro's outstanding common shares. Detailed voting results are filed on SEDAR+.

Exro Technologies has secured UL certification for its Cell Driver™ energy storage system and launched a subsidiary, Cellex Energy, focused on its commercialization.

This milestone follows over two years of development and testing, allowing immediate deployment in commercial and industrial sectors such as office buildings, hospitals, and retail centers. Achieving UL certification ensures that the Cell Driver™ meets safety and regulatory standards necessary for grid connection in the USA and Canada.

Additionally, Exro continues its cost optimization strategy, aiming to reduce annual expenses by up to $10 million in 2024. This includes recognized savings of approximately $7.5 million from redundancies and operational efficiencies post-acquisition of SEA Electric. The Cell Driver™ offers enhanced safety features and cost-saving capabilities, optimizing performance for stationary energy storage.

Exro Technologies, a clean tech company specializing in motor-control and electric propulsion systems, announced details of interest payments on its outstanding convertible debentures issued on December 30, 2022. The C$15 million debentures bear a 12% annual interest, payable semi-annually, with the latest payment due on June 30, 2023. As of June 24, 2023, the company has 14,950 debenture units outstanding, amounting to C$897,000 in interest. Exro has opted to pay this interest by issuing 1,794,000 common shares at $0.50 per share, based on the volume-weighted average trading price for five days prior to June 24, 2024. The issuance of these shares is pending approval from the Toronto Stock Exchange and other requisite conditions.

Exro Technologies (TSX: EXRO, OTCQB: EXROF), a prominent clean tech firm specializing in motor-control and electric propulsion systems for e-mobility, will participate in the 10th Annual ROTH London Conference from June 25-27, 2024.

CEO Sue Ozdemir will represent the company at the Four Seasons Hotel London at Park Lane. This event presents a significant opportunity for Exro to showcase its technology and engage with potential investors and partners through one-on-one presentations.

The focus will be on the company's operational progress and the impact of its innovations on the e-mobility sector.

Exro Technologies provided an operational update on June 13, 2024. Key highlights include the production of 46 propulsion systems in April and May, with a goal of delivering over 250 systems by the end of Q3 2024. Exro is integrating its Coil Driver™ technology with Hino Trucks and progressing deliveries with Mack Trucks. The company signed its first intellectual property licensing agreement with HB4 to serve the European market.

Partnerships with Giaffone Electric and Linamar are advancing, with successful road tests and significant attention at the ACT Expo. Exro's collaboration with global passenger vehicle OEMs and progress toward UL certification for its Cell Driver™ system are on track. Exro will begin quarterly earnings calls starting Q2 2024, with results expected on August 14th.

Exro Technologies (TSX: EXRO, OTCQB: EXROF), a leader in clean-technology for e-mobility, announced participation in the 2024 Stifel Cross Sector Insight Conference in Boston, from June 4-6. CEO Sue Ozdemir and the Exro team will present at 3:35 pm on June 5th. Attendees can engage with senior management in one-on-one sessions, discussing Exro's current operations, OEM partnerships, and technological innovations in motor-control and electric propulsion systems.

Exro Technologies (TSX: EXRO, OTCQB: EXROF) has announced its Q1 2024 financial results and highlighted significant transformations following the acquisition of SEA Electric on April 5, 2024. Exro aims to integrate SEA-Drive® propulsion systems with its Coil Driver™ technology, expecting to deliver over 250 systems in the first six months and more than 1,000 in the next year. The company targets significant cost reductions, projecting annual savings of up to $10 million in 2024. Q1 2024 revenue stood at $1.26 million, an increase from $324,769 in Q1 2023, although net loss widened to $12.87 million from $8.16 million. Exro continues its innovation program with global OEMs and anticipates UL certification of its Cell Driver™ energy storage system by Q2 2024.

Exro Technologies, a leading clean-technology company, received the prestigious 2024 Automotive News PACEpilot Innovation to Watch award for its Coil Driver™ EV traction inverter. The award celebrates Exro's contribution to technology disruption in the automotive sector, empowering automakers to deliver top-performing, efficient electric vehicles. Exro's emergence as an award winner highlights its position at the forefront of electric vehicle innovation.